Appoints interim management boa
By Rosemary Iwunze
The NationalInsurance Commission NAICOM has sacked the Board and Management of African Alliance Insurance Plc, one of Nigerias oldest life assurance companies, following years of financial difficulties and failure to meet the obligations of annuitants and policyholders.
Speaking to the media yesterday on the development, Commissioner for Insurance, Mr. Segun Omosehin, stated This decision follows an extensive monitoring and review of the companys 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 Dr. Haruna Mustapha will serve as Chairman Mr. Jacob Erhabor - MD/CEO Mr. Wasiu Amao - Executive Director, Technical Ms. Oremeyi Longe - Executive Director, Finance Mr. Anthony Achebe - Non-Executive Haj. Halimatu M. Khabeeb - Non-Executive Director.