Nigeria's insurance regulator, the National Insurance Commission (NAICOM), has turned over the operations of African Alliance Insurance to a new Board of Directors and management team.
According to news platform This Day, the new board is chaired by Rear Admiral Anthony Odogba Isa, while Mr Abayomi Olakunle Ogunkeye, the Managing Director, leads the management team.
NAICOM commenced its regulatory intervention in October 2024, due to the insurer's severe liquidity challenges, a backlog of unsettled claims, particularly annuity obligations, regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholder confidence.
The return of operations to shareholders marks a significant milestone, as it translates to restored company financial stability, safeguarded interests of policyholders and annuitants and future sustainable growth.