The National Insurance Commission (NAICOM) has ruled out the reappointment of the sacked directors of African Alliance Insurance Plc to the company’s board or to any other board in the Nigerian insurance industry. Commissioner for Insurance, Mr. Olusegun Omosehin, disclosed this during a question-and-answer session at the annual seminar for insurance journalists in Abeokuta, Ogun State.
NAICOM dissolved the board and management of African Alliance Insurance in October 2024, replacing them with an interim board mandated to safeguard policyholders’ interests, particularly annuitants.
Omosehin explained that those responsible for the company’s insolvency would be permanently excluded from future appointments in the sector. “When we are handing over that entity, 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. Those are clear guidelines,” he said.
He added that NAICOM was in the process of disposing of the company’s assets to raise funds for settling outstanding claims. Once liabilities are cleared and minimum capital requirements are met, the company would be returned to its owners; otherwise, its licence would be revoked.
Omosehin stressed that the regulator would no longer tolerate practices that put the public at risk. “Policyholders’ money is not theirs; the government will not close its eyes and allow that to continue,” he warned.
Deputy Commissioner (Technical), Dr. Usman Jankara, further explained that African Alliance Insurance is currently restricted from taking on new business beyond controlled boundaries, to prevent accumulation of fresh liabilities.
So far, the interim management board, led by Dr. Haruna Mustapha as Chairman and Mr. Jacob Erhabor as Managing Director/CEO, has cleared outstanding claims owed to annuitants. Other members include Mr. Wasiu Amao (Executive Director, Technical), Ms. Oremeyi Longe (Executive Director, Finance), Mr. Anthony Achebe, and Hajia Halimatu Khabeeb (Non-Executive Directors).
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