By Rosemary Iwunze
The management of Standard Alliance Insurance Plc has demanded N10 billion as damages for loss of reputation resulting from its expulsion from the Nigerian Insurers Association (NIA).
The management of the company accused the NIA of denying it the right to fair hearing before proceeding to publish its expulsion and demanded that the association should immediately withdraw the letter of suspension, termination and expulsion not exceeding seven clear days and pay N10 billion as damages for loss of reputation resulting from the malicious publication.
The underwriting firm made the demand in a letter entitled: RE: Purported Expulsion of Standard Alliance Insurance PLC From the Membership of Nigerian Insurers Association, dated Monday, July 5, 2021, signed by its lawyer, Ebun-Olu Adegboruwa (SAN) and addressed to the Director-General of NIA, Mrs Yetunde Ilori.
The solicitor alleged a circumvention of his client’s right to fair hearing as guaranteed by the 1999 Constitution, stating that there is nothing in the Association’s Constitution or within professional ethics in the insurance industry which entitles the Association to publish to the general public such expulsion and to give such malicious reason so calculated to damage the credibility and reputation of his client to the insuring public and indeed the whole world.
“In the light of the foregoing, we have our client’s firm instructions to demand the immediate withdrawal of the letter of suspension, termination and expulsion not exceeding seven (7) clear days from the date of receipt of this letter.
“The same to be published with an unconditional apology in all the national newspapers wherein it was advertised, with similar or greater prominence. In addition, our client demands from the Association, the payment of N10,000.000.000.00 (Ten Billion Naira Only) as damages for loss of its reputation resulting from the malicious publication,” he said.
He noted that if, at the expiration of the seven days from the date of receipt of the letter, the request on behalf of his client is not met, they shall have no further recourse to NIA but will proceed to execute his client’s further instructions to explore all lawful means of redress against the Association including taking steps to nullify the purported expulsion and to seek damages.