Connect with us

Business

African Alliance Insurance Pays N780m to Annuitants

Published

on

326 Views

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

President Tinubu Leaves for Kenya, Rwanda and France to Strengthen Strategic Partnerships

At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

Published

on

By

40 Views

President Bola Ahmed Tinubu will depart Abuja on Saturday, May 2nd, on a visit to Kenya, Rwanda and France.

The itinerary details are provided by Bayo Onanuga,Special Adviser to the President(Information & Strategy), as follows:

” President Tinubu’s first stop will be in France, after which he will depart for Nairobi, Kenya, to attend the Africa-France Summit scheduled to begin next week.

Co-chaired by President Emmanuel Macron and President William Ruto, the summit focuses on energy transition, green industrialisation, digital transformation, restructuring of global financing architecture, and climate action.

President Tinubu’s participation at the summit from May 11- 12 will underscore Nigeria’s unwavering commitment to strengthening strategic partnerships with African nations and the French Republic.

The summit, with the theme – “Africa Forward: Africa-France Partnerships for Innovation and Growth” – will provide a high-level platform for African leaders and their French counterparts to deliberate on critical issues affecting the continent, including economic transformation, climate resilience, infrastructure development, youth empowerment, technological advancement, and peace-building initiatives.

At the end of the Kenyan summit, President Tinubu will depart for Kigali, Rwanda, to attend the annual Africa CEO Forum, taking place between May 14th and 15th.

With the theme “Scale or Fail”, this year’s Africa CEO Forum will be the largest gathering of African private sector leaders, investors, and policymakers, focusing on accelerating economic transformation through shared scale, regional integration, and increased cross-border investment.

Held in partnership with the International Finance Corporation (IFC), the summit brings together over 2,000 top executives and national leaders to debate strategies for building resilient, competitive industries.

At the two summits, President Tinubu will deliver statements highlighting his administration’s ongoing reforms to reposition the nation as a prime destination for investment and growth. He will also hold high-level meetings with top-tier global and African business leaders.

President Tinubu will be accompanied on the trip by some of his ministers and senior aides.

He will return to Nigeria at the end of the Rwanda summit. “

Continue Reading

Business

Nigerian Lawmakers Demand Arrest of World Bank Official Calling for Reinstatement of Petroleum Import Licences

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

Published

on

By

62 Views

The House of Representatives Committee on Petroleum Resources (Downstream) has call for the dismissal and arrest of the World Bank official responsible for the April 7, 2026 Nigeria Development Update, which recommended the reinstatement of petroleum import licences.

The Committee described the recommendation as a reckless move capable of undermining Nigeria’s indigenous refining capacity.

In a formal resolution, the Committee condemned the World Bank report, which claimed that imported petroleum products are 12 percent cheaper than those from the Dangote Refinery.

It rejected the position as contrary to Nigeria’s national economic interest and an unacceptable interference in the country’s sovereign petroleum policy.

Declaring the unnamed World Bank official persona non grata, the Committee gave the Bank 30 days to issue a public retraction and written apology.

It further demanded that the staff member responsible for the report be relieved of their duties and subjected to investigation.

Continue Reading

Business

Senate approves Tinubu’s $516.3m loan

The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.

Published

on

By

57 Views

The Senate has approved the $516.3 million loan requested by President Bola Ahmed Tinubu.

The money will be used for the construction of the Sokoto-Badagry Superhighway (Section One, Phase 1A and B).

The approval was given on Wednesday after the Senate considered the report of its Committee on Local and Foreign Debts.

The committee, chaired by Senator Magatagarda Wamakko, recommended the approval of the loan.

The syndicated financing facility is being sought from Deutsche Bank, according to a letter of request Tinubu sent to the Senate last Thursday.

Continue Reading

Trending