Business

NAICOM Hands Over African Alliance Insurance to New Board, Management team

The Commissioner charged the newly constituted Board OF Directors to work collaboratively with shareholders while upholding the highest standards of corporate governance, regulatory compliance, and operational transparency.

Published

3 months ago

June 16, 2026

OCHEFA

226 Views

The National Insurance Commission (NAICOM), has handed over the operations of African Alliance Insurance plc to a new Board of Directors and a new management team.

The new board is chaired by Rear Admiral Anthony Odogba Isa while the management team is led by Mr. Abayomi Olakunle Ogunkeye as the Managing Director.

The new board was nominated by the company’s shareholders, following the successful conclusion of a regulatory intervention commenced by NAICOM in the company in October 2024.

The handover marks a significant milestone in restoring the company’s financial stability, safeguarding the interests of policyholders and annuitants, and repositioning the organisation for sustainable growth.

NAICOM had in October 2024, intervened in African Alliance Insurance after it faced severe liquidity challenges, a backlog of unsettled claims particularly annuity obligations regulatory breaches, and reputational damage that threatened its continued existence and undermined policyholders confidence.

To address these challenges, NAICOM appointed an Interim Management Board (IMB) and an interim management team, with a clear mandate to stabilise the company, unlock liquidity, settle outstanding liabilities, conduct forensic and actuarial reviews, and restore stakeholder confidence.

Speaking during the handover ceremony, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, highlighted the transformative impact of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025.

He noted that the legislation strengthens regulatory oversight, enhances public confidence, and supports deeper insurance penetration in Nigeria.

According to him, a major milestone under the Act is the establishment of the Insurance Policyholders Protection Fund (IPPF) a landmark mechanism designed to provide financial relief to policyholders in the event of insurer distress, insolvency, or liquidation.

The Fund represents a significant advance in consumer protection and aligns Nigeria’s regulatory framework with global best practices.

He emphasised the importance of sustaining policyholder confidence through prompt claims settlement, sound solvency management, and prudent business practices.

He further directed the board to strengthen corporate governance structures, restructure portfolios, update and reconcile policyholder records as well as reinforce transparency and accountability.

Source : ThisDay

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Business

US Bond Selloff Pushes Benchmark Yield Past 5%, Stocks Rattled

Published

13 minutes ago

September 15, 2026

Charles Flames

2 Views

A sharp selloff in the US bond market has driven the benchmark Treasury yield above 5%, sending shockwaves through equity markets and heightening investor anxiety.

The surge in yields, particularly on the 10-year Treasury note, reflects growing concerns over persistent inflation, the outlook for interest rates, and the broader path of monetary policy. As bond prices fell, yields climbed past the psychologically important 5% threshold, marking a significant move that has unsettled risk assets.

US stock markets reacted with broad declines, as higher yields increased the attractiveness of fixed-income investments relative to equities and raised borrowing costs for companies. Major indices came under pressure, with investors reassessing valuations amid the rising cost of capital.

Market analysts note that the rapid move higher in yields has intensified volatility across asset classes. Traders are closely watching upcoming economic data and any signals from the Federal Reserve for clues on whether the upward pressure on yields will persist.

The development underscores the sensitivity of both bond and equity markets to shifting expectations around inflation and monetary policy in the world’s largest economy.

Business

Dangote at IPO Listing, Charges Public,”I don’t want to be called richest man in Africa”

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Published

22 hours ago

September 14, 2026

OCHEFA

24 Views

The trading floor of the Nigeria Exchange Limited (NGX) is agog this morning as billionaire industrialist,Aliko Dangote, declared opened trading activities for the day.

“I don’t want anybody again to call me the richest man in Africa. I want to be called the wealthiest man in Africa so that I can create wealth for others,” he said.

Dangote made the remarks on Monday while sounding the gong at the Nigerian Exchange (NGX) in Lagos to formally launch the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals.

The billionaire businessman said the IPO provided an opportunity for investors to participate in what he described as a transformational phase for Nigeria and Africa’s economies.

“Today, we are not merely offering shares. We are offering an opportunity to participate in the transformational chapter of not only Nigeria’s economy, but Africa’s economy,” Dangote said.

He urged Nigerians to deepen the capital market and promote wider ownership of wealth.

“Together, let us deepen our capital market. Together, let us create prosperity through ownership. Together, let us build a stronger Nigeria. Together, let us ensure prosperity for Africa,” he said.