The National Insurance Commission (NAICOM) has returned control of African Alliance Insurance Plc. to a shareholder-nominated board, ending an 18-month regulatory intervention that rescued the company from severe financial distress and protected its policyholders and annuitants.
Commissioner for Insurance and CEO of NAICOM, Mr. Olusegun Ayo Omosehin announced the handover, calling it proof of effective regulatory oversight and linking the outcome to strengthened rules under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and the new Insurance Policyholders Protection Fund (IPPF), which would have eased uncertainty during the crisis.
NAICOM intervened in October 2024 because African Alliance faced liquidity shortfalls, unpaid claims and annuities, regulatory breaches, and reputational damage. The Commission installed an Interim Management Board (IMB) and management team to restore liquidity, settle liabilities, conduct forensic and actuarial reviews, tighten governance, and rebuild stakeholder confidence.
The IMB’s achievements include recovering trapped dividend income and other inflows to pay annuity arrears and legacy claims; unlocking funds by competitively selling 49% of an investment; transferring an admitted annuity portfolio to a stronger underwriter; completing forensic and actuarial reviews; fixing regulatory breaches; and implementing operational and ICT reforms.
NAICOM has also warned that supervision will continue, monitoring solvency, recapitalisation and compliance. The company has named Mr. Abayomi Olakunle Ogunkeye as Managing Director and Rear Admiral Anthony Odogba Isa as Board Chairman. The Commissioner urged the new board to uphold strict governance, transparency, prompt claims settlement, solvency management, policyholder record updates, and accountability.
