The National Insurance Commission (NAICOM) has sacked the Board and Management of African Alliance Insurance Plc, following years of failure to meet the obligations of annuitants and policyholders.
NAICOM disclosed this in a statement issued in Abuja on Wednesday, noting that the decision followed extensive monitoring and review of the company’s financial condition, governance, and operational practices.
“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 Director
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.
African Alliance Insurance Plc is one of Nigeria’s oldest life assurance companies.
