The Guardian (Nigeria)

Underwrite­r demands N10 billion from NIA over expulsion

- By Bankole Orimisan

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 DirectorGe­neral 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.

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