The National Insurance Commission (NAICOM) has dissolved the board and management of African Alliance Insurance Company.
The Commissioner for Insurance, Olusegun Omosehin, announced this at a press briefing held at the Commission’s Lagos office on Wednesday.
He said the commission took control of the board and management of the company effective from Wednesday.
Omosehin said: “This decision follows a thorough review and monitoring of the company’s financial health, governance, and operational practices, which revealed significant concerns about its ability to operate securely and responsibly. For some time, this has raised uncertainties around claims settlement and payments to annuitants.
NAICOM has since appointed an Interim Management Board to steer the company’s affairs.
The board is headed by Dr. Haruna Mustapha as Chairman and Mr. Jacob Erhabor as managing director.
Other members of the board are:
· Mr. Wasiu Amao – Executive Director, Technical.
· Ms. Oremeyi Longe – Executive Director, Finance
· Mr. Anthony Achebe – Non-Executive Director, and
· Haj. Halimatu M. Khabeeb – Non-Executive Director.
Omosehin stressed that the interim management board would oversee the company’s operations, enforce regulatory compliance, and introduce necessary reforms.
He added: “The Commission will collaborate with all stakeholders, including annuitants, policyholders, employees, and investors, to minimize disruptions and ensure continuity.
“Our commitment remains with maintaining the stability and integrity of Nigeria’s insurance industry. Today’s actions underscore our dedication to addressing concerns and protecting annuitants, policyholders, and the public interest.”
By: Babajide Okeowo
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