The Nigeria National Insurance Commission has transferred operational control of African Alliance Insurance Plc to a newly constituted board nominated by the company’s shareholders, ending a regulatory intervention that began in October 2024. The handover follows a stabilization program launched after the insurer faced severe liquidity stress, a large backlog of unsettled claims including annuity obligations, regulatory breaches and reputational damage that threatened its viability. During the intervention, the commission’s interim management board and team were tasked with restoring liquidity, settling liabilities, conducting forensic and actuarial reviews and stabilizing operations. Reported outcomes included securing trapped dividend funds and other inflows to clear a substantial backlog of annuity arrears that had reached 15 months and other legacy claims, selling 49% of an investment stake to raise funds, transferring the admitted annuity portfolio to another underwriting institution, completing forensic and actuarial audits, addressing compliance gaps and advancing IFRS 17 readiness. African Alliance will remain under regulatory oversight as the commission continues to monitor solvency, recapitalization progress and compliance with prudential standards. The new board has been directed to strengthen governance, restructure portfolios, reconcile policyholder records and maintain transparency, with an emphasis on prompt claims settlement and sound solvency management.

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