The National Insurance Commission, NAICON, the insurance regulatory body in Nigeria has dismissed the board and management of African Alliance Insurance Company.
This was announced by the Commissioner for Insurance, Olusegun Omosehin, on Wednesday during a press briefing at the Commission’s Lagos office.
In July, NAICOM instructed the Board of African Alliance Insurance Plc to address and settle all outstanding claims from customers and to present a turnaround plan due to concerns over delayed payments to annuitants.
Speaking at the briefing, Omosehin stated, “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.”
The appointed interim board and management members include Dr Haruna Mustapha as Chairman, Mr Jacob Erhabor as MD/CEO, Mr Wasiu Amao as Executive Director (Technical), Ms Oremeyi Longe as Executive Director (Finance), Mr Anthony Achebe as Non-Executive Director, and Halimatu M. Khabeeb as Non-Executive Director.
