The Enugu State government said its new airline, Enugu Air, and the concession of the Akanu Ibiam International Airport, will support its plan of growing the state’s economy from $4.4 billion to $30 billion by 2031.

In a statement, the Secretary to the State Government, Chidiebere Onyia, outlined how the state government plans to use aviation, tourism, and agriculture to drive economic growth.

He said that the airport concession is part of a broader strategy by Governor Peter Mbah’s administration to re-position Enugu as a major economic hub in the South East.

“We looked at Enugu as an economic hub where tourism, hospitality, investment, and aviation can work together to drive growth,” he said.

Mr Onyia said that the state expects an increase in visitor traffic in the coming years and believes air transport will play an important role in supporting that growth.

He further explained that the government’s projections are linked to plans to attract tourists, investors and businesses to the state

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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.

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.

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