Saturday, December 21, 2024
25.3 C
Lagos

NAICOM Sacks Board of African Alliance Insurance, Erhabor is Interim CEO

In the exercise of its regulatory powers, the National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, following years of insolvency and failure to meet the obligations of annuitants and policyholders.

The Commission, as the primary regulator of the Insurance Sector, announced that it has taken over the Board and Management of African Alliance Insurance Plc, effective today, 30th October, 2024.

This decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The Commission has therefore appointed an Interim Management Board to manage the affairs of African Alliance Insurance Plc. The composition of the Interim Board is as follows:

  1. Dr. Haruna Mustapha – Chairman
  2. Mr. Jacob Erhabor – MD/CEO
  3. Mr. Wasiu Amao – Executive Director, Technical
  4. Ms. Oremeyi Longe – Executive Director, Finance
  5. Mr. Anthony Achebe – Non-Executive
  6. Haj. Halimatu M. Khabeeb – Non-Executive Director

The Interim Management Board will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

The Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.

The objective of this takeover 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 is committed to maintaining the stability and integrity of Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

Signed

Management

 

spot_img
spot_img
spot_img

Hot this week

PenCom Targets N22tn Pension Contributions by End 2024

The National Pension Commission (PenCom) says it expects pension...

PalmPay, Jumia Launch Holiday Campaign to Reward Users

This holiday season just got a whole lot more...

Adekunle Gold, Wande Coal, Young Jonn Set to Thrill Fans at Lagos Shopping Festival

Lagosians are in for the most exciting music extravaganza...

Mediacraft Associates Continues to Blaze the Trail in Awards

  Group CEO Voted ‘Legend of Marketing Comms’ John Ehiguese, CEO...

Committee of Banks in Nigeria Donates Multimillion Naira Relief Materials to Jigawa Flood Victims

The Committee of Banks in Nigeria on Thursday lifted...

Topics

CBN Sacks Skye Bank Chiefs, Appoints Interim Board

The Central Bank of Nigeria yesterday sacked the...

Sterling One Woman Partners Society for Corp Governance on IWD

L-R: HEAD, ONE WOMAN, STERLING BANK, IFUNANYA UGBOKO; CHIEF...

Stock Market Statistics: Tuesday, 3rd January, 2017

Market Cap (N'bn)              ...

9mobile on the Verge of Collapse

The decision of Teleology Holdings Limited to exit 9mobile...

AMCON Takes Over Assets of Pan Ocean Group over N240bn Debt

Hon. Justice A.M. Liman of the Federal High Court,...

Zenith Bank Earnings FY 2018: Lower Income, Improved Efficiency

Lower Income but Improved Efficiency Zenith Bank Plc recently released...

Access Bank to Host Corporate Customers Forum 2024 Sept 19

Nigeria’s top financial organisation with the largest customer base...
spot_img

Related Articles

Popular Categories

spot_imgspot_img