The interim management of African Alliance Insurance Company has announced the payment of N780 million to annuitants, signaling a renewed commitment to honoring its financial obligations. This follows a major leadership overhaul by the National Insurance Commission (NAICOM) in October 2024.
The new management disclosed this development in a statement on Tuesday, affirming its pledge to rebuild trust and ensure operational efficiency.
Leadership Overhaul to Restore Confidence
NAICOM dismissed the previous board and management of African Alliance Insurance in a decisive move to protect customer confidence and address longstanding concerns. Announcing the change, the Commissioner for Insurance, Olusegun Omosehin, emphasized that the action was necessary to safeguard the interests of policyholders and other stakeholders.
Commitment to Genuine Claims
Jacob Erhabor, the interim Managing Director and CEO, highlighted the company’s dedication to rebuilding trust and fulfilling its contractual obligations.
“We are taking deliberate steps to ensure that all genuine claims are paid promptly in this new dispensation. This marks the beginning of a new era for African Alliance. Our goal is to restore confidence among stakeholders and reaffirm our commitment to excellence. African Alliance will be great again,” Erhabor said.
The interim leadership also emphasized the importance of verifying and authenticating claims, implementing robust processes to ensure only legitimate claims are settled.
Strategic Plan for Stability
The payment to annuitants is part of a broader strategy to stabilize the company, strengthen its financial position, and enhance operational efficiency. The interim board is focused on creating a sustainable path forward for African Alliance, one that prioritizes transparency and reliability.
Reassuring Policyholders
Policyholders and other stakeholders are being encouraged to remain confident in the company’s renewed direction. The interim management has assured its commitment to restoring African Alliance’s prominence and reliability within Nigeria’s insurance sector.
With this bold move, African Alliance Insurance is signaling a fresh start and a renewed focus on meeting its obligations and rebuilding its reputation in the industry.
