Firm debunks allegations of breach of contract

The Management of AIICO Insurance Plc., has debunked the allegation of breach of contract in the suit filed by a Lagos-based lawyer, Chief Abdullai Tony Dania.

The lawyer had slammed a N12,987,343.42 suit on AIICO Insurance company over alleged breach of contract.

According to an affidavit sworn to by the Litigation Manager, Mr. Abimbola Mayowa in the office of Dania’s counsel, the plaintiff entered into an insurance policy contract with AIICO in the year 2007, with policy No. 12028081.

“The Plaintiff kept to his side of the contract and made financial deposits to the Insurance company periodically though he missed some years when he was on admission at Igbobi Orthopedic Hospital after surviving a fatal motor accident.

“As agreed, he ought to be paid the sum of N1,987,343.42 by the defendant, on the maturity date, which is April 24, 2022.

“He wrote a letter dated March 28, 2022 upon suspicion of fraudulent acts in their relationship either on the part of the defendant or her agents or intermediaries, requesting to be furnished with a full Statement of Account and a proper update on his policy no. 12028081.

“Defendant responded to the letter under reference above vide their letter dated April 11, 2022 and stated that receipts of payments were wrongly posted to one of the claimant’s mature policies, which caused variation in the assumed calculation of the surrender benefit given on the stated policy,” he swore.

But AIICO in a statement said the widely circulating story on some online media with the headline ‘Lagos lawyer drags AIICO Insurance company to court over breach of contract,’ is sensational and misleading.

“It is important to clarify that the headline implies that AIICO Insurance breached the contract with its client, whereas the reality is that the client failed to fulfill his contractual obligations to the letter, which failure actually undermined the purport of his insurance contract.

“As a responsible corporate entity, we choose not to engage in any commentary regarding the ongoing legal case, allowing the legal proceedings to follow its due course.

“We firmly believe in the judicial system and its ability to determine the truth and dispense of the matter accordingly.

“Consequently, we refrain from making any public statements until the conclusion of the current judicial process, whereupon we will address the matter appropriately.

“We remain steadfast in upholding our commitment to transparency, integrity, and the principles of justice,” AIICO said.