By Ijeoma Agbafo
The National Insurance Commission (NAICOM) has transferred the operational control of African Alliance Insurance Plc to a newly constituted Board of Directors nominated by the company’s shareholders, marking a new phase in the insurer’s corporate governance structure.
The announcement was made on Tuesday in Abuja by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin. He said the development reflects the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act 2025, which is designed to strengthen regulatory oversight, boost public confidence, and deepen insurance penetration across Nigeria.
Omosehin charged the new Board to work closely with shareholders while maintaining the highest standards of corporate governance, regulatory compliance, and operational transparency. He emphasised the need to sustain policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.
The insurance regulator also directed the Board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records, and reinforce transparency and accountability within the organisation. These measures, according to NAICOM, are critical to ensuring the long-term stability and growth of the company.
Meanwhile, the outgoing Interim Management Board Chairman, Haruna Mustapha, assured stakeholders that the new Board would build on the progress already achieved. He pledged continued commitment to regulatory compliance, effective risk management, and strong corporate governance practices.
