By Niyi Jacobs
The National Insurance Commission (NAICOM) has dissolved the Board and Management of African Alliance Insurance Plc, a longstanding life insurance provider in Nigeria, due to ongoing insolvency and challenges in fulfilling obligations to annuitants and policyholders. Effective October 30, 2024, NAICOM has appointed an Interim Management Board to stabilize the company’s operations.
After an in-depth review of African Alliance’s financial health and governance practices, NAICOM determined that significant issues undermined the insurer’s ability to operate safely, causing delays in claims settlements and payouts. The Interim Board is led by Dr. Haruna Mustapha as Chairman, with Mr. Jacob Erhabor appointed as Managing Director/CEO, supported by other experienced executives and non-executive members.
The Interim Management is tasked with restoring regulatory compliance, protecting stakeholder interests, and implementing vital reforms for the insurer’s recovery. NAICOM emphasized its commitment to safeguarding Nigeria’s insurance sector, stating that this intervention aims to uphold industry stability, integrity, and public trust.