The National Insurance Commission (NAICOM) has dissolved the Board and Management of African Alliance Insurance Plc, one of Nigeria’s longstanding life insurance providers, citing prolonged insolvency issues and failure to fulfill obligations to annuitants and policyholders.
This decisive action follows extensive monitoring and review, according to the Commissioner for Insurance, Mr. Segun Omosehin, who announced the takeover today at a press briefing in Lagos.
Omosehin emphasized that NAICOM, as the sector’s regulatory authority, had observed “significant concerns regarding [African Alliance’s] ability to continue operating in a safe and sound manner,” noting that the company’s ongoing financial instability had sparked uncertainties over claims settlement and payments to annuitants.
As a response, the Commission has appointed an Interim Management Board to stabilize the company’s operations, chaired by Dr. Haruna Mustapha, with Mr. Jacob Erhabor as MD/CEO, and a team of experienced directors.
Omosehin further assured that the Interim Board will prioritize regulatory compliance, necessary reforms, and continuity for all stakeholders, saying, “The Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruption.”
He emphasized that the goal of this intervention is to safeguard the interests of all involved and uphold stability in the Nigerian insurance industry.
