18 Months After, NAICOM Hands Over African Alliance Insurance Plc To New Board
By Sunday Etuka
The National Insurance Commission (NAICOM) has formally handed operational control of African Alliance Insurance Plc back to a newly constituted Board nominated by the company’s shareholders, ending an 18-month regulatory intervention that began in October 2024 over liquidity problems, unpaid claims and annuity arrears, and regulatory breaches at the insurer.
NAICOM’s Commissioner for Insurance, Ayo Omosehin, while speaking during the handover ceremony, said the Nigerian Insurance Industry Reform Act (NIIRA) 2025, including its new Insurance Policyholders Protection Fund, would help shield policyholders in future cases of insurer distress.
He charged the new board to strengthen governance, restructure the company’s portfolio and reconcile policyholder records.
During its tenure, the Interim Management Board cleared an annuity arrears backlog that had reached 15 months, sold a 49% stake in an investment to raise cash, transferred the company’s annuity portfolio to another insurer, and completed forensic and actuarial audits.
Also speaking at the event, the outgoing interim board’s chairman, Dr. Haruna Mustapha, thanked NAICOM for its support and said the new board would build on the progress made.
NAICOM said African Alliance would stay under close regulatory watch on solvency and recapitalisation. Abayomi Olakunle Ogunkeye is the company’s new Managing Director, with Rear Admiral Anthony Odogba Isa as Chairman.
