Annuitants with African Alliance Insurance Plc have called for clarity as to the insurance firm to which the annuity business of the firm would be transferred.

The call came as the firm paid the August benefits to retirees.

About a year ago, the National Insurance Commission sacked the board and management of African Alliance Insurance Plc and appointed an interim board/management to oversee the company and pay what was owed to annuitants and other stakeholders. Following the appointment of the interim board, annuitants had hoped that their payments would become regular.

Speaking with The PUNCH about the latest development, a contributory pensioner on AAI Annuity, Olatokunbo Gbadebo, said, “The payment of August 25 just dropped into my bank account, but there is no information on the company to continue our services/payment from now on. We wish to know our future insurance company and other plans for all the annuities.”

Gbadebo added that two months out of the arrears were paid as of Tuesday, August 26, 2025.

“We hope that we shall receive the balance soon and be moved to another reputable insurance firm for the continuation of our services on annuity,” he said, calling for the prosecution of the sacked board and management.

“We hereby express our appreciation once again to the National Pension Commission for coming to our aid in this sad experience, while urging NAICOM to prosecute those [Board/Management of AAI] that led us into this sad incident,” he concluded.

In April, The PUNCH reported how some annuitants of African Alliance Insurance lamented the non-payment of their annuity by the insurance firm, revealing its impact on their overall well-being.

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