The interim management of African Alliance Insurance has disbursed approximately N780m to its annuitants.
According to The PUNCH, this was made known in a statement released on Tuesday, adding that this development follows the dismissal of the company’s former board and management by the National Insurance Commission in October.
The Commissioner for Insurance, Olusegun Omosehin, announced the decision at the commission’s Lagos office, citing the need to safeguard customer confidence.
Under the new leadership, annuitants with valid claims have begun receiving payments.
Speaking on the progress, the Managing Director/Chief Executive of African Alliance, Jacob Erhabor, emphasized the company’s commitment to honouring its obligations.
“We are taking deliberate steps to ensure that all genuine claims are paid promptly in the new dispensation,” Erhabor stated. “This marks the beginning of a new era for the African Alliance. We understand the importance of trust in the insurance industry and we are fully committed to rebuilding confidence among our stakeholders. African Alliance will be great again.”
The interim board highlighted that this payment initiative is part of a comprehensive strategy to stabilize operations, boost financial strength, and improve efficiency.
Erhabor also noted that stringent measures are being implemented to validate claims, ensuring that only legitimate claims are settled.
The company’s management urged policyholders and stakeholders to maintain confidence as efforts continue to restore African Alliance to its leading position in Nigeria’s insurance sector.
