Not compliant
African Alliance Insurance does not pass Shariah screening under the AAOIFI Standard.
NGX: AFRINSURE · Financial services · Screened 31 Aug 2026
African Alliance Insurance Plc was incorporated on 6 May 1960 and was the first indigenous company to carry out life assurance business in Nigeria. It provides life assurance, annuities and other long-term financial products, combining protection products such as term assurance and group life with savings and investment products. It operates through Life Insurance, Catering and Air Freight segments, across a network of 18 branch offices. The company is a subsidiary of Conau Plc and is reinsured by Munich Reinsurance Company. It holds a 100% stake in Axiom Air Plc, a cargo airline, and in Frenchies Foods (Nigeria) Plc, a restaurant and catering services company.
In October 2024, the National Insurance Commission (NAICOM) dissolved the company's board and management due to significant financial challenges, persistent delays in claims settlement, and an inability to meet obligations to annuitants. NAICOM appointed an Interim Management Board to stabilize the company, safeguard policyholders' interests, and ensure regulatory compliance. The Commissioner for Insurance stated the action was taken to protect the public from "the greed of a few individuals" and that those responsible for the insolvency would be barred from future board appointments.
Three segments: Life Insurance, Catering and Air Freight.
No. As of 31 August 2026, African Alliance Insurance (AFRINSURE) does not pass Shariah screening under the AAOIFI Standard.
Qistal re-screens every NGX ticker when new audited or interim accounts are filed. This page always shows the date of the most recent screen.
Yes. Compliance drifts as a company borrows, raises cash, or changes its business mix, so a verdict describes a moment rather than a permanent status.