By Bisi Bamishe
Leadway Assurance Company Limited has reaffirmed its commitment to safeguarding the welfare of annuitants under African Alliance Insurance, ensuring timely and uninterrupted payment of benefits.
The company has commenced a comprehensive verification exercise, a crucial step following its successful takeover of African Alliance’s annuity portfolio.
A statement from Leadway explained that the verification process is designed to accurately identify all existing annuitants and update their records. “The verification exercise is a direct response to the regulatory measures introduced by the National Insurance Commission (NAICOM) to protect policyholders and strengthen confidence in the sector. By participating in this exercise, retirees under the African Alliance portfolio can transition seamlessly to the Leadway brand, ensuring the continuity of their payments without disruption,” the statement reads.
Olufunmilayo Amanwa, Executive Director, Technical & Operations at Leadway Assurance, elaborated on the initiative: “The verification of annuitants is more than just a process; it demonstrates our commitment to retirees. We want to ensure that their years of service and contributions are rewarded with financial certainty and dignity. The validation exercise establishes a solid foundation for timely benefit payments and maintaining the trust placed in us.”
Amanwa added that the transfer followed NAICOM’s intervention in appointing an interim management team to address outstanding annuity payments. “The successful transfer to Leadway not only secures the immediate welfare of annuitants but also represents a broader step toward strengthening Nigeria’s insurance ecosystem,” he said.
To complete the verification, all African Alliance annuitants are encouraged to contact Leadway through dedicated support lines.
The takeover follows NAICOM’s earlier decision to remove the Board and Management of African Alliance Insurance Plc, one of Nigeria’s oldest life assurance companies, due to insolvency and persistent failure to meet annuitants’ obligations. The Commission announced the takeover effective October 30, 2024, after an extensive review of the company’s financial condition, governance, and operations revealed serious concerns about its ability to operate safely.
NAICOM appointed an Interim Management Board to oversee African Alliance’s affairs. The team included Dr. Haruna Mustapha as Chairman; Mr. Jacob Erhabor as MD/CEO; Mr. Wasiu Amao as Executive Director, Technical; Ms. Oremeyi Longe as Executive Director, Finance; and Non-Executive Directors Mr. Anthony Achebe and Haj. Halimatu M. Khabeeb.
Since the appointment, the Interim Board has been supervising operations, enforcing regulatory compliance, and implementing reforms. While the move has helped stabilise the company, some annuitants had previously raised concerns over delays in payments.
Leadway’s verification exercise is therefore pivotal, ensuring that retirees’ benefits are secured, transitions are smooth, and confidence in Nigeria’s insurance sector is strengthened. Amanwa emphasised the company’s focus on trust, transparency, and efficiency: “No delays, no compromise. Retirees deserve certainty, and we are committed to delivering it.”
