In a bold regulatory step, the National Insurance Commission (NAICOM) has appointed an Interim Management Board led by Dr. Haruna Mustapha as Chairman and Mr. Jacob Erhabor as Managing Director/CEO of a 64 years African Alliance Insurance Plc in operations. This move follows NAICOM’s decision to dissolve the previous board and management team of the historic life insurance company, citing persistent financial instability and failure to meet obligations to policyholders and annuitants.
According to Halilu Abba, Head of Corporate and Strategic Communications at NAICOM, this leadership change reflects the Commission’s commitment to safeguarding stakeholders’ interests and restoring stability in African Alliance Insurance Plc found in 1960. NAICOM’s decision came into effect on October 30, 2024, following an in-depth review of the company’s financial health, governance, and operational practices, which revealed significant concerns regarding its long-term viability and raised doubts among policyholders regarding claims settlements and annuity payments.
The newly appointed Interim Board, tasked with implementing key reforms and ensuring regulatory compliance, includes:
1. Dr. Haruna Mustapha – Chairman
2. Mr. Jacob Erhabor – Managing Director/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
Under the leadership of Dr. Mustapha and Mr. Erhabor, the Interim Management Board will focus on stabilizing African Alliance Insurance Plc, restoring policyholder trust, and guiding the company back to financial health. The team will work closely with all stakeholders—including policyholders, annuitants, employees, and investors—to ensure smooth operations and continuity.
NAICOM emphasized its dedication to protecting public interest in the insurance sector, stating, “Our actions today reflect our unwavering commitment to maintaining industry integrity, protecting policyholders, and fostering a sustainable environment for insurers.” Through this intervention, NAICOM aims to position African Alliance Insurance Plc for long-term success and security for all its stakeholders.