Leadway Assurance Company Limited has initiated a crucial verification exercise for thousands of retirees formerly under the African Alliance Insurance annuity scheme. This move follows the transfer of the insurer's annuity portfolio and aims to ensure the uninterrupted flow of benefit payments to pensioners.
Securing Retirement Livelihoods Through Validation
The verification process, which started on 8 January 2026, marks the first phase of the transition. Its primary goal is to validate annuitants' records meticulously. This step is critical for guaranteeing the seamless continuation of benefit payments and protecting the welfare of retirees who depend on this annuity income for their post-employment livelihood.
Industry stakeholders view this development as a reflection of heightened regulatory vigilance by the National Insurance Commission (NAICOM). The action is designed to safeguard policyholders and prevent any disruptions in annuity payments, a vital concern during a period of rising cost of living and increased scrutiny of long-term insurance liabilities.
A Commitment Beyond Administration
Leadway has stated that the verification will enable the accurate identification of annuitants, allow for updates to their records, and establish a reliable payment framework under the Leadway brand. This is intended to ensure complete continuity without disruption for the affected retirees.
Speaking on the initiative, Olufunmilayo Amanwa, Executive Director of Technical and Operations at Leadway Assurance, emphasized that the exercise transcends mere administrative requirements. She stated it is fundamentally about addressing the financial security and dignity of Nigeria's retirees.
"The verification of annuitants is more than just a process; it demonstrates our commitment to retirees," Amanwa said. "We want to ensure that their years of service and contributions are rewarded with financial certainty and dignity."
Regulatory Intervention and Market Implications
The transfer of African Alliance's annuity portfolio to Leadway occurred after NAICOM's intervention. This included the appointment of an interim management team as part of broader efforts to resolve the company's outstanding annuity obligations. Industry observers note that the decision to move the portfolio to a stronger underwriter underscores the regulator's strategy of using portfolio transfers to stabilize weak institutions and protect policyholders.
This development comes at a significant time for Nigeria's insurance sector. Insurers are facing heightened expectations ahead of the 2026 recapitalisation deadline. Long-term products like annuities are increasingly viewed as a key test of an insurer's financial strength, governance standards, and operational capacity.
With annuity assets forming a critical pillar of retirement income planning, stakeholders believe that the successful integration of African Alliance annuitants into Leadway's robust system could help rebuild public trust in income-based retirement products. This, in turn, is expected to support broader market growth and stability.
Leadway has urged all affected African Alliance annuitants to participate actively in the verification exercise to ensure their benefit payments remain uninterrupted. Retirees can complete the process by contacting the company via its dedicated customer support line.
