NAICOM Appoints Interim Board To Oversee African Alliance Insurance

In a regulatory intervention, the National Insurance Commission (NAICOM) has dissolved the Board and Management of African Alliance Insurance Plc and appointed an Interim Management Board (IMB) to oversee the company’s operations. This action, carried out under Sections 41, 42, and 50 of the NAICOM Act No.1 of 1997, aims to restore stability and address issues related to financial management, governance, and delayed claims processing.

The move comes as African Alliance Insurance has faced challenges in settling claims and annuity payments, prompting NAICOM to step in to protect policyholders’ interests and maintain stakeholder confidence. According to NAICOM, the IMB will assume full oversight responsibilities, ensuring the company addresses critical operational gaps and continues to grow in a sound and sustainable manner.

The newly – appointed IMB includes:

Haruna B. Mustafa – Chairman
Jacob Erhabor – Managing Director/CEO
Ms. Oremeyi Longe – Executive Director, Finance
Wasiu Ajani Amao – Executive Director, Technical
Anthony Achebe – Non-Executive Director
Halimatu M. Khabeeb – Non-Executive Director

The IMB is tasked with stabilizing the company’s financial practices, streamlining operations, and reinforcing governance standards, aiming to position African Alliance Insurance for long-term growth and a renewed commitment to its policyholders.