PTAD clears African Alliance of Indebtedness to legacy funds, commends the firm’s leadership.

Posted on: 31st Jul 2021

African Alliance's Management Team with the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD)

The Pension Transitional Arrangement Directorate (PTAD) has given the all-clear to African Alliance Insurance PLC after the legacy life insurer settled its outstanding indebtedness to the directorate. Consequently, the directorate has presented the widely acclaimed foremost life insurer with a certificate of non-indebtedness at a brief presentation in Abuja.

At the presentation, the Executive Secretary, PTAD, Dr. Chioma Ejikeme, while handing over the certificate to a team of senior management staff from African Alliance, commended the leadership of the company for its commitment to settling the debts against all odds.

She said: “My congratulations go to the MD and her team for this uncommon accomplishment. While we thank African Alliance Insurance PLC for her commitment towards the liquidation of this lingering debt within the shortest period of time by the current MD, Mrs. Joyce Ojemudia, we must add, without fear of contradiction, that the Directorate will not hesitate to approach African Alliance Insurance PLC for further clarification on Legacy Funds and Assets whenever the need arise.”

She further called on all other Insurance underwriters holding on to Legacy Funds and Assets to release the funds as a matter of urgency for the Directorate to meet obligations to pensioners.

In her response, the visibly excited Managing Director/Chief Executive Officer of African Alliance Insurance PLC, Mrs. Joyce Ojemudia, thanked the Almighty God for making the settlement of the debt possible whilst acknowledging the unstinting support of the board as well as the drive of the in-house committee on PTAD.

“With God, all things are possible. And with a Board like ours, ably led by the inimitable banker and financial guru, Dr. Anthony Okocha, impossible is nothing. I am grateful for the Board’s support throughout this process, indeed, their support was the sail under our wings.

I must not forget to thank my team, especially our amazing and reliable Executive Director, Finance, Mrs. Olabisi Adekola, for working assiduously with the PTAD Committee, as we call them in-house, to make this happen.

African Alliance Insurance has scaled yet another hurdle in our quest to aggressively grow our market share and bring viable and humane life insurance to more Nigerians.”

Incorporated in 1960, African Alliance Insurance PLC is recognized as the strongest specialist life insurer in these climes. Following the assumption of Joyce Ojemudia as the MD/CEO under a year ago, the firm has continued to experience an upward trajectory in its overall growth, branch network, staff emancipation, and consistent payment of claims.

Recently, the firm demonstrated its drive to expand its market with the opening of a new branch in Abeokuta, the first of two planned for 2021, as well as hosting the body of Brokers in Lagos and Abuja with the Port Harcourt leg soon to happen.


Bankole Banjo

Brand, Media and Communications Manager

African Alliance Insurance PLC

African Alliance's Management Team with the Executive Secretary, Pension Transitional Arrangement Directorate (PTAD)

L-R: Patrick Eka-Iloma, Risk and Compliance Officer; Olabisi Adekola, Executive Director, Finance; Joyce Ojemudia, MD/CEO, all of African Alliance Insurance; Dr. Chioma Ejikeme, Executive Secretary, Pension Transitional Arrangement Directorate (PTAD); Amaka Okafor, Head, Northern Region and Bode Raji, Head, Finance, both of African Alliance Insurance at the handing over of the certificate of non-indebtedness to the foremost life insurer today in Abuja.

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