- NAICOM sacked the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies
- This occurred after years of insolvency and failure to meet the obligations of annuitants and policyholders
- This decision follows an extensive review of the company’s financial condition, governance, and operational practices
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
African Alliance Insurance Plc, one of Nigeria’s oldest life insurance businesses, had its board and management fired by the National Insurance Commission (NAICOM).
This came after years of insolvency and noncompliance with policyholder and annuitant obligations.
As the main watchdog over the insurance industry, the Commission declared in a press release that as of October 30, 2024, it has assumed control of the Board and Management of African Alliance Insurance Plc.
According to the commission, this …