NAICOM has banned sacked African Alliance Directors from future board appointments in insurance sector.
NewsOnline Nigeria reports that the National Insurance Commission (NAICOM) has ruled out the reappointment of the sacked directors of African Alliance Insurance Company (AAI) to the company’s board or any other board within Nigeria’s insurance industry.
This was disclosed by the Commissioner for Insurance, Olusegun Omosehin, during a Q&A session at the 2025 Annual Seminar for Insurance Journalists held in Abeokuta, Ogun State.
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Recall that in October 2024, NAICOM dissolved the board and management of African Alliance Insurance, citing financial mismanagement and insolvency concerns, and replaced them with an Interim Management Board (IMB) mandated to stabilise the firm and protect policyholders’ interests, particularly annuitants.
Omosehin stated that those found responsible for the company’s insolvency will never be allowed to return to the board of AAI or hold similar positions in any insurance firm.
“The entity used to be solvent, and some people ran it down. Every individual who had been on that board and was responsible for the insolvency will never be appointed on that board again or on any other board for that matter,” Omosehin declared.
He explained that NAICOM is currently managing the company’s portfolio and is in the process of disposing of some assets to settle outstanding claims.
“We’ve taken over their portfolio and are completing the disposal of some of their assets to generate funds to settle liabilities. Once we match those portfolios and resolve outstanding claims, we will hand the company back to its owners—provided they meet the regulatory capital requirements. Failure to do so will result in licence cancellation,” he said.
The NAICOM boss emphasized that the Commission would no longer allow policyholders to suffer due to corporate mismanagement or greed.
“Policyholders’ funds are not private property. The era when owners misused such funds and walked away while Nigerians bore the losses is over,” Omosehin stressed.
Adding further insight, Dr. Usman Jankara, NAICOM’s Deputy Commissioner (Technical), said African Alliance is currently under strict regulatory limits regarding new business intake.
“Ordinarily, we shouldn’t allow African Alliance to take fresh business when existing claims are unresolved. However, we created a hybrid intervention model allowing limited operations within defined boundaries to prevent further liabilities,” he said.
The African Alliance board was dismissed in 2024 following widespread complaints from annuitants over unpaid claims. Since then, the Interim Management Board (IMB) led by Dr. Haruna Mustapha (Chairman) and Mr. Jacob Erhabor (MD/CEO) has reportedly cleared all outstanding dues.
Other IMB members include Mr. Wasiu Amao (Executive Director, Technical), Ms. Oremeyi Longe (Executive Director, Finance), Mr. Anthony Achebe (Non-Executive Director), and Ms. Halimatu Khabeeb (Non-Executive Director).
NAICOM reaffirmed its commitment to ensuring accountability, transparency, and policyholder protection in Nigeria’s insurance sector.
