The National Insurance Commission (NAICOM) has dismissed the Board and Management of African Alliance Insurance Plc due to persistent insolvency and the inability to fulfill obligations to annuitants and policyholders. Segun Omosehin, NAICOM’s Commissioner for Insurance, the decision comes after extensive review and monitoring of African Alliance’s financial health, which revealed serious governance and operational concerns that impacted the insurer’s capacity to meet claims and maintain stability in its services.
NAICOM has installed an Interim Management Board to stabilize African Alliance’s operations and oversee necessary reforms to bring the company into compliance with regulatory standards. The new board is led by Haruna Mustapha as Chairman and includes Jacob Erhabor as MD/CEO, with additional executive and non-executive directors appointed to manage specific areas. This interim team is tasked with ensuring regulatory compliance, improving the company’s financial standing, and restoring trust among policyholders.
NAICOM has assured stakeholders, including annuitants, employees, and investors, of minimal disruption during this transition and reaffirmed its commitment to the stability of the Nigerian insurance sector. By intervening, NAICOM aims to safeguard public interest and reinforce confidence in the industry, emphasizing that the takeover reflects its dedication to maintaining industry integrity and protecting policyholders’ interests.
