A respite has come the way of some African Alliance Insurance Plc annuitants who for months did not get payment for their monthly annuities due to the company’s insolvency.
The Interim Management and Board (IMB) of African Alliance Insurance Plc has commenced the payment of all genuine claims and annuities with an initial release of N780 million, a bold step towards restoring public confidence and repositioning the company for sustained growth.
This comes barely 30 days after the inauguration of the interim management and board by the National Insurance Commission (NAICOM).
This significant move underscores the company’s renewed commitment to upholding its core values of integrity, transparency, and customer-centricity, the company said in a statement on Tuesday.
The new leadership of African Alliance said it has resolved to address all outstanding claims swiftly, ensuring that policyholders and beneficiaries experience the reliability and trust that have been the hallmark of the African Alliance brand for decades.
Speaking on this positive development, Jacob Erhabor, managing director/chief executive of African Alliance, affirmed the company’s dedication to fulfilling its contractual obligations.
“We are taking deliberate steps to ensure that all genuine claims are paid promptly in the new dispensation” This marks the beginning of a new era for the African Alliance. We understand the importance of trust in the insurance industry, and we are fully committed to rebuilding confidence amongst our stakeholders. ”African Alliance will be great again.”
This initiative is part of a broader strategic plan to stabilize the company, strengthen its financial position, and enhance operational efficiency. The management is implementing robust measures to verify and authenticate reported claims with a view to ensuring that only genuine claims are settled by the company.
Policyholders and other stakeholders are encouraged to remain confident in the brand as the new management and board work tirelessly to restore African Alliance to its rightful place of prominence and reliability in the Nigerian insurance ecosystem.
Read also: African Alliance Insurance says it is still in operation, serving its clients
African Alliance remains steadfast in its mission to provide dependable insurance solutions that cater to the evolving needs of individuals groups and businesses. With this renewed focus, the company is set to regain its rightful position as a leading player in the Nigerian insurance industry.
NAICOM had on 30th October 2024 sacked the Board Management of African Alliance Insurance, appointing Interim Management Board as the announcement was made by Segun Omosehin, commissioner for Insurance/CEO, NAICOM.
Omosehin said this decision follows an extensive monitoring and review of the company’s 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: Haruna Mustapha – chairman; Jacob Erhabor – MD/CE. Others are Wasiu Amao – Executive Director, Technical: Oremeyi Longe – executive director, Finance; Anthony Achebe, non-executive,vHalimatu M. Khabeeb, non-executive director
The Interim Management Board has the mandate to oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
