EXCITING NEWS: TNG WhatsApp Channel is LIVE…
Subscribe for FREE to get LIVE NEWS UPDATE. Click here to subscribe!
By Emman Ovuakporie
National Insurance Commission, NAICom and Anchor Insurance Plc are expected to appear before the House of Representatives committee on Insurance and Actuarial Services over alleged unpaid claim of N163million.
In a petition dated 19th November 2019 and signed by the Managing Director of Scratch ‘n’ Pay LTD, Mr Olaonipekun Famoroti and addressed to the committee and NAICOM the petitioner is demanding payment of N163m claim since 2014.
The House Committee is also expected to unravel how Scratch’n’Pay distributors’ premium ended up in the personal accounts of Anchor Insurance staff and other collaborators.
The petitioner in the petition said”we wish to bring to your notice our intention to commence litigation against Anchor
Insurance Plc and its collaborators, and hold Anchor Insurance responsible for losses incurred by our company as a result of its careless handling of our claims by Anchor Insurance since 2014.
“This notice is to guide your Commission as Anchor Insurance lures unsuspecting investors into
impending litigation
“Scratch ‘n’ Pay distributors took Insurance cover from Anchor Insurance Plc in 2014 to the
tune of over ₦1 Billion (One Billion Naira) to protect our business, since we sell to our
distributor on Credit.
” Each distributor paid the agreed 0.5% Insurance Premium to Anchor Insurance to
obtain an insurance BOND which guarantees that Anchor Insurance pays our company in the
case of default by any distributor.
“In the course of adjudication at NAICOM, we discovered that Anchor insurance staff, Mr.
Wale Ibitayo, the then Regional Manager of Anchor Insurance conspired,
connived and FRAUDULENTLY diverted the Premium to personal use alongside other collaborator
and yet Anchor Insurance issued ORIGINAL Policy Documents to the distributors
and Scratch ‘n’ Pay.
“The documents were duly signed by the then Managing Director of
Anchor Insurance, and company secretary.
“All the documents
were later destroyed within Anchor Insurance to cover the fraud, while NAICOM did
absolute nothing despite having good knowledge of the fraud.
“Even NAICOM, under the watch of Mohammed Kari, saw nothing wrong with an Insurance
company under its control, not keeping records of policies it insured.
The governing body acknowledged in a letter to us that Anchor Insurance could not produce any document relating to the policies , and yet lWale Ibitayo, who diverted the premium for personal use still remained in the insurance industry.
Unknown officials of NAICOM unfortunately aided and conspired, with Anchor Insurance to cover up and twist the facts of the matter, changing decisions reached at the adjudication ,
to assist Anchor Insurance evade responsibility for their unprofessionalism.
“After over three (3) years of failed adjudication by NAICOM on the issue, we have no other
option than escalate the issue to your Committee for justice to be served since Anchor
Insurance and NAICOM decided to throw professionalism to the gallery.
“We have done all in our capacity to resolve this issue amicably since 2014 to no avail and we
are left with no other option than approach the court and the mass media to resolve the
issue.
“We have our business as a result of trusting the Insurance
Industry in Nigeria, and we have nothing else to lose”