NAICOM Bars Sacked African Alliance Directors from Returning to Any Insurance Board

The National Insurance Commission (NAICOM) has ruled out the possibility of reinstating the dismissed directors of African Alliance Insurance Company, declaring that they will not return to the company’s board or serve on any other board within the Nigerian insurance industry.

This was made known by the Commissioner for Insurance, Olusegun Omosehin, during a question-and-answer session at the annual seminar for insurance journalists in Abeokuta, Ogun State.

NAICOM had dissolved the board and management of African Alliance Insurance in October 2024, appointing an interim team to stabilise the company and safeguard the interests of policyholders, particularly annuitants.

Speaking nearly one year after the intervention, Omosehin said:

> “The entity used to be solvent, and some people ran it down. Nobody who had been on that board and was responsible for the insolvency will ever return—not to that board or to any other in the industry. Those are clear guidelines.”



He explained that NAICOM had taken over African Alliance’s portfolio and was liquidating some assets to meet outstanding obligations. According to him, the annuity portfolio will be transferred to another insurer with the capacity to manage it, while the company itself will only be handed back to its owners if they meet capital requirements. Otherwise, its licence would be revoked.

Omosehin stressed that the regulator would no longer allow the public to bear the cost of mismanagement:

> “Policyholders’ money is not for private pockets. The government will not sit back and watch entrepreneurs enrich themselves while companies collapse and the people suffer.”



The Deputy Commissioner (Technical), Dr Usman Jankara, added that African Alliance was only allowed to take limited new business under a hybrid model, stressing that it would be reckless to pile up more liabilities when previous claims remained unsettled.

NAICOM had removed the company’s board in response to mounting complaints from annuitants over unpaid claims. Since then, the Interim Management Board (IMB), led by Dr Haruna Mustapha with Mr Jacob Erhabor as Managing Director/CEO, has cleared all outstanding obligations. Other 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).