NAICOM sacks board, management of major Nigerian company

The National Insurance Commission (NAICOM) has removed the board and management of African Alliance Insurance Plc, citing prolonged insolvency and failure to meet obligations to annuitants and policyholders.

In a statement issued in Abuja on Wednesday, NAICOM disclosed that the decision was made after a thorough review of the company’s financial health, governance structure, and operational practices.

The review, according to NAICOM, uncovered serious concerns about the insurer’s ability to operate sustainably. “The company’s condition has, for some time, raised uncertainties around claims settlements and payments to annuitants,” the statement read.

To stabilize the company’s operations, NAICOM has appointed an interim management board. The new leadership includes Dr. Haruna Mustapha as Chairman and Mr. Jacob Erhabor as Managing Director. Other members are Mr. Wasiu Amao as Executive Director (Technical), Ms. Oremeyi Longe as Executive Director (Finance), and Mr. Anthony Achebe and Halimatu Khabeeb as Non-Executive Directors.

The Commission noted that the interim management would oversee operations, ensure regulatory compliance, and implement necessary reforms. NAICOM assured stakeholders—annuitants, policyholders, employees, and investors—of efforts to minimize disruption and maintain continuity.

“The objective of this intervention is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry, while ensuring the company’s return to stability and compliance,” the Commission emphasized.

The regulatory body reiterated its commitment to upholding the stability and integrity of Nigeria’s insurance industry. “Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders, and public interest,” the statement added.

African Alliance Insurance Plc is recognized as one of Nigeria’s oldest life insurance providers.