Some members of the minority shareholder community have hailed the National Insurance Commission for sacking the board and management of Africa Alliance Insurance Plc effective Wednesday.
Announcing the sack at the commission’s Lagos office in Lagos, the Commissioner for Insurance, Olusegun Omosehin, said that the action was taken to protect the confidence of the customers.
He stated, “One of the core mandates of the National Insurance Commission, as the primary supervisor of the insurance sector, is to ensure the integrity and stability of insurance companies and, by doing so, take all necessary steps in the interest of the public.
“The National Insurance Commission has removed the board and management of African Alliance and, in their place, appointed an interim board and management effective today. The new board is tasked with managing the affairs of the company and, above all, ensuring the interests of policyholders, particularly annuitants, are safeguarded.”
The appointed interim board and management members include Dr Haruna Mustapha as chairman; Mr Jacob Erhabor as MD/CEO; Mr Wasiu Amao as executive director (Technical), Ms Oremeyi Longe as executive director (Finance); Mr Anthony Achebe and Halimatu Khabeeb as non-executive directors.
The CFI added that the objective of the takeover was to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
He also said one of the mandates of the interim board was to open up the annuity portfolio for possible acquisition by interested parties.
