The National Insurance Commission (NAICOM) has announced that the directors removed from African Alliance Insurance Company in 2024 will not return to the company’s board or serve on any other board in the insurance sector.
Commissioner for Insurance, Olusegun Omosehin, disclosed this during a media seminar in Abeokuta, Ogun State. He said those responsible for running down the once-solvent insurer would not be allowed to repeat such failures elsewhere.
“The entity used to be solvent, and some people ran it down. Every individual who had been on the board and was responsible for the insolvency will never be appointed on that board or any other board,” Omosehin said.
He explained that NAICOM has taken over the company’s portfolio and is disposing of assets to settle claims. He stressed that African Alliance would no longer manage annuity portfolios, which will be transferred to firms with stronger capacity.
Omosehin warned that if the company fails to meet capital requirements after the intervention, its licence would be revoked. He said the regulator would no longer tolerate situations where policyholders suffer due to mismanagement.
“The Nigerian people will no longer be exposed to the whims and greed of entrepreneurs where policyholders’ money is taken to fill their pockets. That money is not theirs. It belongs to the public,” he declared.
Deputy Commissioner (Technical), Dr. Usman Jankara, added that the commission has restricted African Alliance’s ability to take on new business until existing liabilities are cleared.
The interim board, chaired by Dr. Haruna Mustapha with Jacob Erhabor as MD/CEO, has so far cleared outstanding dues owed to annuitants. Other members include Wasiu Amao, Oremeyi Longe, Anthony Achebe, and Halimatu Khabeeb.
