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

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President of Dangote Group, Aliko Dangote, has disclosed plans to develop a large-scale industrial and free trade zone at Olokola in Ondo State.

According to him, the proposed Olokola project would go beyond a conventional free trade zone, emphasising that the move, as a power-driven investment hub, will be designed to attract manufacturers.

Dangote disclosed this during a courtesy visit to Governor Lucky Aiyedatiwa in his office in Akure, yesterday.

Dangote stressed that the free trade zone would be equipped with power, water and logistics infrastructure to enable investors to operate without delays associated with basic utilities.

The initiative, according to Dangote, will address Nigeria’s long-standing power deficit, which he described as the country’s biggest industrial constraint for over 30 years, noting that most manufacturers currently rely on self-generated electricity.

He said that the absence of reliable power had slowed industrial expansion across the country, adding that the new model would integrate a dedicated energy supply into the industrial zone.

Dangote said the group had previously attempted to develop investments in Olokola but was constrained by operational challenges at the time, leading to the concentration of projects in Lagos.

He said the renewed engagement reflects improved conditions and stronger collaboration prospects with the state government.

On his part, Ondo State Governor, Lucky Aiyedatiwa, views development as a major milestone in Ondo State’s industrialisation agenda, stating that the project aligns with his administration’s efforts to position the state as a leading industrial destination in South-West, noting its strategic location along the Lagos-Calabar Coastal Highway corridor.

Aiyedatiwa also highlighted the state’s deep seaport licence, describing it as a key logistics advantage capable of handling large vessels without transshipment.

He disclosed that limestone deposits in the state had been tested and found suitable for industrial use, signalling potential for cement production expansion.

Source: The Guardian