NAICOM Removes African Alliance Insurance Board, Management

By Aduragbemi Omiyale

The board and management of African Alliance Insurance Plc have been fired by the National Insurance Commission (NAICOM).

The regulatory agency for the insurance company in Nigeria announced the development at a press briefing on Wednesday in Lagos.

At the chat with journalists yesterday, the Commissioner for Insurance, Mr Olusegun Omosehin, announced an interim team to lead the underwriting firm.

He announced Mr Haruna Mustapha as Chairman, Mr Jacob Erhabor as MD/CEO, Mr Wasiu Amao as Executive Director for Technical, Ms Oremeyi Longe as Executive Director for Finance, Mr Anthony Achebe as Non-Executive Director, and Ms Halimatu Khabeeb as Non-Executive Director.

Recall that in July, NAICOM asked African Alliance Insurance to address and settle all outstanding claims from customers and to present a turnaround plan due to concerns over delayed payments to annuitants.

It was stated that nothing concrete was done by the insurance company, which necessitated the change in leadership by the regulator to ensure integrity and stability of the industry, especially as efforts are being made to deepen insurance penetration in Nigeria.

“One of the core mandates of the National Insurance Commission, as the primary supervisor of the insurance sector, is to ensure the integrity and stability of insurance companies and, by so doing, take all necessary steps in the interest of the public.

“The National Insurance Commission has removed the board and management of African Alliance and, in their place, appointed an interim board and management effective today.

“The new board is tasked with managing the affairs of the company and, above all, ensuring the interests of policyholders, particularly annuitants, are safeguarded,” Mr Omosehin said yesterday at the agency’s office in Lagos.