Business
African Alliance Insurance Pays N780m to Annuitants
The interim management/board of African Alliance Insurance has paid about N780 million to annuitants.
The new management appeals to policyholders and other stakeholders are encouraged to remain confident in the brand as the new management and board is working tirelessly to restore the African Alliance to its rightful place of prominence and reliability in the Nigerian insurance ecosystem.
This was disclosed in a statement on Tuesday.
In October, the National Insurance Commission sacked the board and management of African Alliance Insurance Company.
The Commissioner for Insurance, Olusegun Omosehin, said that the action was taken to protect the confidence of the customers.
The new management said that the annuitants with genuine claims are being paid. Speaking on this development, the Managing Director/Chief Executive of African Alliance, Jacob Erhabor, affirmed the company’s dedication to fulfilling its contractual obligations. “We are taking deliberate steps to ensure that all genuine claims are paid promptly in the new dispensation”
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,” Erhabor said.
The interim management/board said this initiative is part of a broader strategic plan to stabilise the company, strengthen its financial position, and enhance operational efficiency.
He added that the management was implementing robust measures to verify and authenticate reported claims to ensure that only genuine claims are settled by the company.
BLACK/ PARALLEL MARKET RATES
₦1370 DOLLAR (USD)
₦1800 POUND (GBP)
₦1510 EURO (EUR)
₦970 CANADIAN DOLLAR (CAD)
₦65 SOUTH AFRICAN RAND (ZAR)
₦350 UAE DIRHAM (AED)
₦190 CHINESE YUAN (CNY)
₦100 GHANAIAN CEDI (GHS)
₦2300 WEST AFRICAN CFA F.(XOF)
₦2200 CENTRAL AFRICAN CFA F.(XAF)
₦850 AUSTRALIAN DOLLAR AUSSIE (AUD)
CBN OFFICIAL RATES
DOLLAR (USD)₦1331.61
POUND (GBP)₦1764.26
EURO (EUR)₦1490.48
SWISS FRANC (CHF)₦1608.23
JAPANESE YEN (JPN)₦8.4
CFA FRANC (XOF)₦2.27
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1802.33
CHINESE YUAN (CNY)₦199.01
SAUDI RIYAL (SAR)₦354.83
SOUTH AFRICAN RAND (ZAR)₦80.49
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