Underwriter demands N10 billion from NIA over expulsion
Following its expulsion from the Nigerian Insurers Association (NIA), Standard Alliance Insurance Plc has demanded N10 billion from the body as damages to its reputation, resulting from malicious publications by the association.
The underwriting firm stated this in a letter addressed to NIA and dated Monday, July 5, 2021. The letter signed by its lawyer, Ebun-Olu Adegboruwa (SAN), and addressed to the Director-General of NIA, Mrs. Yetunde Ilori, alleged circumvention of the right to fair hearing as guaranteed by the 1999 Constitution.
It stated that there was nothing in the association’s constitution or within professional ethics in the insurance industry that entitles the association the right to publish such expulsion and to give such malicious reason calculated to damage the credibility and reputation of the company.
“In the light of the foregoing, we have client’s firm instructions to demand the immediate withdrawal of the letter of suspension, termination, and expulsion not exceeding seven clear days from the date of receipt of this letter. The same is to be published with an unconditional apology in all the national newspapers wherein it was advertised, with similar or greater prominence.
“In addition, the firm demands from the Association, the payment of N10, billion naira only) as damages for loss of its reputation resulting from the malicious publication,” the lawyer wrote.
He noted that if at the expiration of the seven-day ultimatum the requests were not met, the law firm would proceed to execute further instructions to explore all lawful means of redress against the association, including taking steps to nullify the purported expulsion and to seek damages.