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Chuks Udo Okonta
African Alliance Insurance Plc annuitants and their family members have continued to react to recent decisions taken by the National Insurance Commission (NAICOM) to save the ailing firm.
While some applauded the regulator, others believed the decisions came very late as they have been subjected to hardship due to non-payment of their pension benefits.
Below are some of the reactions
Prince
The African Alliance Company is owing my Mom 6 Months Pension Funds till now. They’ve not paid her… This is so painful, I heard someone died on this Pension. And this African Alliance Company hasn’t pay most people. What’s all this?
Roseline Bitrus
My father is a retired ASP but this year has been difficult for him. He is in a very bad shape because of African Alliance Insurance, they have refused to pay him his pension since February 2024 as a result of this his health conditions is getting worse. Thank you
Comfort Modupe Oyinlola
This is an action in good direction from NAICOM. The pensioners are waiting to see good result from the new appointed management. We want the good result as soon as possible ‘cos the pensioners and other annuitants are really suffering.
Thanks to NAICOM and commissioner for Insurance.
Oduche Okafor
Good effort, even though belated because NAICOM as a regulator would have nipped the problem in the bud and prevented the exposure of annuitants to untold hardship immediately the insolvency issues started years back. Now is NAICOM saying that it will take a year before annuitants are paid?
Batari Musa.
Good day NAICOM.
I am an Annuitant to African Alliance Plc. I will like to comment as follows:
NAICOM ought to have intervened earlier thank now if it has been monitoring the activities and operations of African Alliance Plc (AAP).
For NAICOM to sack the Board and Management of AAP in October, 2024 is not good enough. Annuitants have not been paid since May, 2024 and no official communication as to what is happening to AAP has been made is really unfortunate.
In fact,from March, 2024, Annuitants started to experience delays in payment by AAP. From May, 2024 to date no payment is made to annuitants.
As it is, the interim is to turn around AAP within one year. Does that mean that no payment to annuitants until after one year when the interim management would have turned around AAP?.
NAICOM should put itself in the position of the Annuitants who from May 2024 have not been paid and going by your statement,AAP is expected to be turned around within one year. So Annuitants will continue to remain without payment for about 19 months.
Considering the hard economic situation we are experiencing,I will like to appeal to NAICOM to ensure that the interim management pays annuitants the outstanding payments ( May to October, 2024) and as they continue with the turn around efforts,monthly payments to annuitants should start from November, 2024.
Thank you.
Paul Aminu Samuel
Iam an Annuity pension policy holder of African Alliance Insurance company. Retirees are owed up to 6 month pension arrears.
Please what will happen to our fund in the ?distressed Insurance company.?
Nathaniel Igbinigie
This is a welcome development. I am a pensioner and for the past six months, the African Alliance Insurance has denied me my legitimate entitlement ( pension). Only God knows the stress I have been through. My prayer is that this new development would pay off. Thank you NAICOM
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