NAICOM Appoints New Board for African Alliance Insurance

The National Insurance Commission (NAICOM) has officially handed over African Alliance Insurance PLC to a newly constituted board and management team, effective October 2024. This transition, led by Mr. Abayomi Olakunle Ogunkey as Managing Director, follows NAICOM's regulatory intervention aimed at addressing severe liquidity challenges faced by the company, including a backlog of unsettled claims, particularly concerning annuity obligations.

The appointment of the interim management board, which includes Rear Admiral Anthony Odogba as Chair, is part of a strategy to stabilize the company and restore stakeholder confidence. NAICOM's Chief Executive Officer, Mr. Olusegun Ayo Omosehin, noted the significance of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025, which enhances regulatory oversight and public confidence.

The new board is tasked with ensuring compliance with corporate governance standards and managing sound business practices to facilitate timely claim settlements and improve financial health.