A Senior Elderly Citizen and medical doctor, Dr. Darlington Amadasu, of No.11, Remi Street, Off St. Patrick Road Ojo Lagos State, has dragged AIICO INSURANCE PLC before a Federal high court in Lagos, over alleged breach of contract….CONTINUE READING
Amadasu asserts that in 1980 when he was doing his residency at Teaching Hospital LUTH, American International Insurance PLC (AIICO) with office at Plot PC 12,Church gate Street, Victoria Island, Lagos State, Nigeria, through its broker, approached him to enroll in AIICO Whole Life Insurance Policy. He further asserted that in 1982 when he was travelling to the United States of America, the policy was changed to a short term of 20 years. The premium was agreed on yearly basis.
The Plaintiff stated that he started paying the premium all these years from his base in United States of America. At the maturity of the policy, the defendant allegedly refused to inform him about the maturity.
He added that when the Insurance company refused to pay him the cash benefit or value of the policy, he made several phone calls from United States of America to the company to pay him and provide him with detailed computations and statements of the policy from inception to 2002, but the defendant failed to do so. The Defendant reportedly informed the Plaintiff that it was reviewing the policy, but the Plaintiff was not contacted after so long.
He added that he came back to Nigeria in 2008 and went to the Defendant at its office headquarters at Victoria Island on 22/1/2008, where he was informed that his policy has been matured since 1/8/2002. On that day 22/1/2008, he was informed by the Defendant that the policy maturity payable value was N6,262.14 (six thousand two hundred and sixty-two Naira, fourteen Kobo) due on 1/8/2002.
The Plaintiff avers that the Defendant asked about his policy he informed them that it was part of his properties that were carted away when his house was burgled. The Defendant reportedly instructed the Plaintiff to depose to an affidavit to that effect for the Defendant to indemnify him, which he did. He revealed that the affidavit was sworn to in United States of America on 31/7/2008.
The Defendant reportedly issued a release that it will pay N6,262.14 (six thousand two hundred and sixty-two Naira, fourteen Kobo). This release was signed on 22/1/2008. The Plaintiff executed the release which was signed in United States of America, notarized on 31/7/2008.
However, AIICO Insurance reportedly failed or neglected to pay the cash value of the policy into his bank account up till this date of filling this suit and failed to provide detailed computation and statement of the policy. On 12/9/2008, he noted that he wrote a sequel or addendum letter dated 12/9/2008 reminding the Defendant that the N6,262.14 (six thousand two hundred and sixty-two Naira fourteen Kobo) must be paid on or before 30/9/2008 and also gave the Defendant prior notice that, if it fails to pay the money into his bank account which the Defendant declared to do, a yearly 35 percent compounding interest at 35 percent shall beginning and continue run and accrue on, sum up N6,262.14 (six thousand two hundred and sixty-two Naira, fourteen Kobo).
Dr. Amadasu states that from 1/8/2002 till total and full payment is made, that he also warned the Defendant that if he should recover this money by ligation or through a lawyer,the Defendant shall be liable for cost .
The Plaintiff states that he warned the Defendant that it has 14 days to comply, object, reject the content of his letter dated 12/9/2008 failure to do so the Defendant cannot deny to have accepted the contents of his letter.
The Plaintiff averse that on 30/9/2008, he checked his bank account with First bank the very officer informed him that no money from the Defendant has been paid into his account.
The Plaintiff averse that he wrote a letter dated 30/9/2008 demanding for detailed computation of the very policy account from 1980 to 2002, demanded for payment of cash value or benefit, and demanded for value of the accrued compounding interest at 35 percent. The Defendant is put on notice to produce the original of the policy.
The Plaintiff states that on 31/9/2012, he wrote a reminder demand for details computation and statement of policy account from 1980 to maturity date being 1/8/2002, and also demand for benefit of accrued interest, notice of yearly full payment, but the Defendant did not respond.
The Plaintiff averse that on 18/2/2016, he wrote a reminder to the Defendant to pay his benefit and accrued interest, the letter was sent through the Defendant’s agency administrator at Isolo Lagos State. The Defendant is put on notice to produce the original of the policy.
The Plaintiff states that on 18/2/2020, was again continue reminder of the Defendant’s indebtedness to the Plaintiff, written by the Plaintiff to the Defendant through Defendant’s agency administrator in Benin City branch. The Defendant is put on notice to produce the original of the policy.
The Plaintiff also averse that on 20/6/2020, that he wrote to the Defendant as a final reminder, where he made computation:
(a) Of the estimated value of N6,262.14 (six thousand two hundred and sixty-two Naira fourteen Kobo).
(a) Compounding interest at 35 percent for 20 years and 4 months sum of N6,963,795.83K, so cash value and accrue interest came up to N6,970,57.97K.
Whereof the Plaintiff claims as follows:
The Plaintiff claims the sum of N6,963,795.83K (six million, nine hundred and sixty three thousand, seven hundred and ninety -five Naira, eighty-three Kobo) as the insured valued and 35 percent compounding interest for 20 years and four months; N2,000,000.00 (Two million Naira) general damages for breach of contract; N600,000.00 (six hundred thousand Naira) for costs of this action.
(iv ) 35% compound interest on the judgment sum per month until the judgment sum is paid or finally executed.
The case has been adjourned till 29th November,2023..
The Defendant, in it’s statement of defense, states that assuming without conceding that the Plaintiff has any claim against the it which is vehemently denied, the Plaintiff’s claim is stale, statute barred and unenforceable in court by legal action.
Wherefore, the Defendant avers that the Claimant’s suit as presently constituted is unsustainable, stale, lacking in conferring Jurisdiction on this Honourable Court and should be dismissed with substantial costs in favour of the Defendant….CONTINUE READING
The case has been adjourned till 29th November, 2023.
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