As though continuing the trend of corporate resignations this week, African Alliance Insurance Plc has announced that one of its Non-Executive Director, Ambassador Nurain Abayomi Mumuni has resigned from it Board of Directors.
So far this week, two non-executive directors of companies listed on the Nigerian Stock Exchange (NSE) have stepped down from their positions; including United Capital’s former Group Chief Executive Officer, Toyin F. Sanni, and Dolika Banda, a former Director at Ecobank.
Earlier today, Addax Petroleum also confirmed the resignation of its Managing Director, Colin Klappa.
According to a press statement published on the NSE website, Mumuni’s resignation was confirmed, even as the management of African Alliance Insurance Plc praised him for his many contributions to the company’s growth while wishing him “all the best and success in his future endeavours.”
“African Alliance Insurance Plc (“the company”) wishes to announce the resignation of Hon. Ambassador Murain Abayomi Mumuni from the Board of the company effective from 15th May, 2018.
On behalf of the Board, management and shareholders of the company, we wish to thank him for the support, dedication, commitment and brilliant contributions he brought to Board deliberations and also in assisting the company to achieve its business goals and objectives.” – African Alliance
In April 2017, the company announced the resignation of the board chairman, Cyril Ajagu. The company also announced the retirement of its Managing Director/Chief Executive Officer (CEO), Aphonse Okpor, after his attainment of the company retirement age of 60 years. He was replaced by Olufunmilayo Omo, who still sits as the company’s MD/CEO.
Ambassador Nurain Abayomi Mumuni was appointed a Non-Executive Director of African Alliance in 2010.
He has a Masters degree in Public Administration (MPA) from the Nnamdi Azikiwe University, Awka. He also studied at Obafemi Awolowo University for a Post-Graduate Diploma in Public Administration.
Mumuni is quite experienced in the area of public affairs, thanks to his many qualifications which include
Incorporated in May 1960, African Alliance Insurance Plc (formerly African Alliance Insurance Limited) is an insurance company based in Lagos, which was listed in theNigerian Stock Exchange (NSE) in 2009. The company’s shares traded at N0.20 on Thursday’s trading session on the NSE. Year to date, the stock is down 60%.
The company is yet to release its full-year results for the 2017 financial year due to a delay in a foreign subsidiary releasing its results.
An X compliance report released in April this year by the NSE, revealed the company had been fined N46.1 million in 2017.
The company in July 2013 was among several firms fined by the NSE for late submission of their audited results.
In July 2017, the company once more fell under the NSE hammer as it was suspended for non-submission of its audited results.