JUST-IN: NAICOM Sacks Board, Management Of African Alliance Insurance Over Unpaid Claims, Annuity

The National Insurance Commission (NAICOM) has sacked the board and management of African Alliance Insurance Plc following the inability of the insurer to pay its huge unpaid annuity and claims running into several billions of Naira to policyholders.

The development, which takes effect, on Wednesday, 30th October, 2024, according to NAICOM, was to bring sanity into the system and ensure that affected policyholders receive their unpaid annuity and claims.

NAICOM’s Commissioner for Insurance/CEO, Mr. Segun Omosehin, announced the sack on Wednesday during a press conference at the Commission’s head office.

He added that an interim board chaired by Dr. Haruna Mustapha, will be take over immediately.

Mustapha was a former Director in the Central Bank of Nigeria (CBN) until his retirement from the apex bank in June, 2024.

Similarly, NAICOM announced Mr. Jacob Irabor as the new managing director/CEO; Oreniyi Longe as the executive director, Finance; Mr. Wasiu Amoo as the executive director, Technical, while Mr. Anthony Achebe and Hajia Halimatu Khabeeb are on the board and management of the new team.

Omosehin announced that the new team has an initial turnaround time of six months which can also be renewed for another six months to change the current fortune of the company.

Details later…