African Alliance annuitants receive eight months arrears, others demand full payment
African Alliance Insurance Plc (AAI)
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Respite has finally come the way of some annuitants of African Alliance Insurance Plc as the company commenced payment of pension arrears, settling eight months’ backlog ending in July 2025.
Several retirees who confirmed receipt of their long-awaited payments to Daily Economy expressed relief, though many revealed that up to four months’ entitlements are still outstanding.
One of the beneficiaries, Mr. Oladele Deeje, acknowledged receiving eight months payment but lamented the hardship retirees endured during the months of default. “It was a very difficult time for many of us. We hope this will mark the end of our pension default,” he said.
Another annuitant, Mr. Aderemi Adedibu, confirmed receiving part of his pension but stated that he is still owed four months’ arrears. He expressed disappointment in the company’s inconsistency and called on authorities to ensure annuitants benefit from the ₦758 billion bond released by the Federal Government to support pensioners.
Similarly, Mr. Abdul-Raheem Salihu, who also received his eight months arrears, questioned how the situation was allowed to deteriorate to such a level before regulatory intervention. He praised the efforts of the National Insurance Commission (NAICOM) but called for the smooth transfer of annuity funds to another reputable insurance company to ensure consistent and transparent pension disbursement.
Another retiree, Alhaji Gbadebo Olatokunbo, confirmed receiving arrears covering eight months up to July. He expressed hope that the balance for August 2025 would be paid soon.
“It’s our hope that we shall receive the August payment soon and be moved to another reputable insurance firm for the continuation of our annuity services. We appreciate PenCom for intervening in this sad experience and urge NAICOM to prosecute those in the former board and management of African Alliance who led us into this crisis,” he said.
It will be recalled that NAICOM, exercising its regulatory authority, dissolved the Board and Management of African Alliance Insurance Plc in October 2024. This action followed years of financial insolvency and the company’s failure to meet obligations to annuitants and policyholders.
Following the dissolution, NAICOM appointed an Interim Management Board to oversee operations and begin restoring public confidence in the embattled insurance firm.
