Several annuitants of African Alliance Insurance Plc have raised the alarm over the non-payment of their entitlements, saying the prolonged delay has severely impacted their livelihoods and health.
Speaking with The PUNCH, the retirees revealed they have not received their monthly annuity payments for several months, with some claiming they have been owed since September 2024.
The situation persists despite the intervention of the National Insurance Commission (NAICOM), which in October 2024 dissolved the board and management of African Alliance Insurance. The Commission subsequently appointed an interim board headed by Dr Haruna Mustapha as Chairman and Mr Jacob Erhabor as Managing Director/Chief Executive Officer.
At the time, the Commissioner for Insurance, Mr Olusegun Omosehin, said the takeover was part of efforts to safeguard public interest and restore stability in the insurance sector.
“One of the core mandates of the National Insurance Commission, as the primary supervisor of the insurance sector, is to ensure the integrity and stability of insurance companies and, by so doing, take all necessary steps in the interest of the public,” Omosehin had stated during a press briefing.
However, nearly six months later, several annuitants say their expectations for improved disbursement have not materialised.
Gbadebo Adetokunbo, an affected retiree, expressed deep frustration over the unpaid benefits, threatening spiritual retaliation in a message to The PUNCH.
“After seven months of non-payment of my annuity by AAI, let nobody blame me if I report AAI and collaborators to ‘Sango Obakoso’ for immediate sanction,” he wrote. “It is my right to get paid when due, and AAI has denied me this entitlement from August 2024 to April 2025.”
Another annuitant, Babatunde Asije, said the financial hardship has taken a toll on his health and well-being.
“The last payment was made in August 2024. In late March, they managed to pay two months after much protest. Those of us in Abuja went to the Ministry of Finance and NAICOM,” he said. “I can’t buy my medications or feed my family. I feel like a beggar. I served this country for over 35 years. Is this how to treat pensioners?”
He also questioned the lack of accountability for the previous management of AAI, saying, “They are walking free. Why has no one been questioned?”
Another annuitant, Dele Deeje, confirmed receiving two months’ payment—September and October 2024—but said five months remained unpaid.
“It’s by the grace of God I’m still alive,” he said. “For the past year, I’ve battled health challenges without money for food or medication.”
Some retirees with accounts in microfinance banks reported receiving only one month’s payment, while others said they had yet to receive anything.
The annuitants criticised the regulatory body, NAICOM, for what they described as inadequate oversight. They claimed the commission had failed in its responsibility to ensure timely payments, further exacerbating their suffering.
As complaints mount, NAICOM, when contacted, said a robust response would be provided soon.
African Alliance Insurance had earlier disclosed in public filings that it had paid approximately N780 million to annuitants, though it is unclear how many recipients were covered by the disbursement.
The company is currently facing legal challenges to NAICOM’s takeover, while the fate of hundreds of retirees hangs in the balance.