Connect with us

E-News

Sovereign Trust Insurance Pays Claims From EndSARS Protests, Others Totalling N2.9B

Published

on

 

Sovereign Trust Insurance Plc paid claims totaling N2, 900,626,054.21 to various insured spread across the country in 2020, in keeping faith with its promise to pay all genuine claims as and when due.

The company’s Spokesperson, Mr. Segun Bankole pointed out that the underwriting firm is committed to claims settlement as and when due beyond lips service. He stated that the claims experience in 2020 was quite interesting in the sense that the company had to settle some claims that emanated as a result of the civil commotion in the country occasioned by the EndSARS protests in major parts of the country.

He further said that a very significant number of customers have really come to appreciate the role of insurance in their everyday life and that accounted for the sum paid as claims in 2020.

The summary of the claims paid in 2020 shows that Motor had the highest figure of N948 million with energy Insurance ranking second with total claims settled to the tune of N802.3 million. Fire Insurance claims amounted to N562.8 million, while Marine & Aviation claims stood at N284.6 million. The total sum of N236.6 million was paid as claims on General Accident Policy, with Engineering insurance accounting for N66.4 million.

While commenting on the intent of the organisation as regards claims settlement, the Executive Director, Technical Operations, Mr. Jude Modilim had this to say, “there is no compromise to genuine claims settlement in Sovereign Trust Insurance Plc because the major focus of the company is to ensure that our teeming customers get to enjoy the benefits of taking out any form of insurance policy with us through prompt settlement of their claims when the need arises. That to us, is the only way to prove that we are well and alive to our responsibilities as an Underwriting Firm in the country. We intend to uphold this obligation and we will always continually strive to make good our promise.

In the same vein, the Managing Director/CEO of the organisation, Mr. Olaotan Soyinka also stated that the company has put in place a friendly-claim-process with the major aim of putting smiles on the faces of its various customers across the country by ensuring that claims are settled within the shortest period possible on completion of all necessary documentation.

Our commitment to uphold the tenets of our Vision and Mission has made the company one of the country’s most relevant and responsive insurance companies in the country. Sovereign Trust Insurance Plc is no doubt a formidable force to reckon with in the Nigerian Insurance landscape with a network of offices in all the major cities of the country buoyed by cutting-edge technology in delivering seamless and convenient insurance service to all teeming customers in the country and beyond.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

E-News

Focus On Gumi, Shekau Before Chasing Me, Igboho Tells FG

Published

on

By

Yoruba activist, Sunday Adeyemo , better known as Sunday Igboho , has advised the Federal Government to channel its energy towards arresting Boko Haram leader , Ibrahim Shekau , and Islamic cleric, Sheikh Ahmad Gumi, who has been holding meetings with bandits .
Igboho said this during an interview with The PUNCH on Friday while reacting to the face – off between him and security agents around the Guru Maharaji bus stop along the Lagos -Ibadan Expressway .
The Yoruba activist, who has been in the news for serving a quit notice on Fulani herdsmen in some parts of the South -West , said he was never invited before they attempted to arrest him .
When asked if he would honour a police invitation, Igboho said , “ Go and ask them to invite Gumi and Shekau first before disturbing me . Let them face the bandits instead .”
Igboho also said he would not run , adding that he had returned to his base in Ibadan .
When asked if he would go into hiding , he said , “ What for ? I am in the neighbourhood . I cannot run . ”
Igboho also affirmed that his bank account was initially frozen but the restriction was lifted recently .
He said he had done nothing wrong but fight for the rights of his people .

Continue Reading

E-News

EFCC Arraign Insurance Brokers For N26bn PHCN Severance Benefit

Published

on

By

 

The Economic and Financial Crimes Commission (EFCC), on Thursday, arraigned Abiodun Waheed Hassan and his company, Bestworth

Insurance Brokers Limited, before Justice S.C Oriji of the Federal
Capital Territory High Court, Apo, Abuja on a five count charge of
alleged criminal breach of trust and misappropriation of funds to the
tune of over Twenty Six Billion Naira (N26billion).
The defendant allegedly diverted humongous sums of money earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), into the corporate account of entities.

Count one of the charge reads: “That you, Abiodun Waheed Hassan, Director, Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers Limited on or about 15th January 2015, in Abuja within the jurisdiction of the High Court of the Federal Capital Territory, while being entrusted with certain property to wit:

the sum of N26,236,594,986.00 (Twenty-six Billion, Two Hundred and
Thirty-six Million, Five Hundred and Ninety-four Thousand, Nine Hundred
and Eighty-six Naira only) paid into Bestworth Insurance Brokers
Limited’s Skye Bank Account No. 1771645118 from PHCN STAFF Severance Benefits account with the Central Bank of Nigeria, being funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), did
commit criminal breach of trust in respect of the said property by
dishonestly misappropriating the sum of N2,500,000,000.00( Two Billion
Five Hundred Million Naira only) thereof when you transferred the said
sum into Kakatar CE Limited’s Zenith Bank Account No.1012637660 and you
thereby committed an offence punishable under Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria, (Abuja) 2004.”

Count Five states, “that you , Abiodun Waheed Hassan, Director, Bestworth Insurance Brokers Limited and Bestworth Insurance Brokers
Limited on or about 18th December 2014, in Abuja within the jurisdiction
of the High Court of the Federal Capital Territory, while being
entrusted with certain property to wit: the sum of N26,236,594,986.00
(Twenty-six Billion, Two Hundred and Thirty-six Million, Five Hundred
and Ninety-four Thousand, Nine Hundred and Eighty-six Naira only) paid
into Bestworth Insurance Brokers Limited’s Skye Bank Account No.
1771645118 from PHCN STAFF SEVERANCE Benefits account with the Central Bank of Nigeria, being funds earmarked for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria (PHCN), did commit criminal breach of trust in respect of the said property by dishonestly misappropriating the sum of N6,000,000,000.00 ( Six Billion Naira only) thereof when you
transferred the said sum into PJO Venture Limited’s Skye Bank Account
No.1771645235 and you thereby committed an offence punishable under
Section 315 of the Panel Code Cap 532 Laws of the Federation of Nigeria,
(Abuja) 2004.”

The defendant pleaded ‘not guilty’, when the charges were read to him.
Based on his plea, prosecution counsel, Benjamin Lawan Menji, ask for a
trial date and prayed the Court to remand the defendant at the
Correctional Service pending the trail.

Counsel for the defendant, Ade Olusalako told the court that the defense
had filed a motion for bail of his client and pleaded for the remand of
the defendant in the custody of the EFCC pending the determination of his bail application on the grounds that “the defendant has been on administrative bail for almost five years and he has an underlining sickness”.

However, the prosecution counsel objected to the application. “As he
rightly submitted, we received the application but we shall vehemently
be opposing the application; we said vehemently so that the court will
know that we have a strong opposition. Moreover, our facility is
overstretched because of the issue of the Covid-19 Pandemic, the little
we have we are trying to manage them. The proper place of detention or
custody is the Correctional Service which the government has done its
best in providing”, Menji told the court.

However, Justice Oriji adjourned the matter till March 4, 2021 for
hearing on the bail application and remanded defendant in EFCC custody.

Continue Reading

E-News

Niger Delta Militants Threaten To Attack Lagos, Abuja

Published

on

By

Niger Delta militants under the aegis of Supreme Egbesu Liberation Fighters have threatened to destroy infrastructure in Lagos State and Abuja .
In a video posted on Tuesday by AIT , members of the group were seen wearing masks and putting on a military uniform .
One of them , who read a statement on behalf of the group , lamented poor implementation of the amnesty programme in the region, saying , “ there are no schools , no potable water , no light , no hospital and access roads for our people to enjoy till date” .
He said , “ Over the years, the Niger Delta people have made frantic efforts to create an enabling environment but to our great dismay, the Nigerian government over the years has decided to handle the issues of the Niger Delta with kid gloves .
“ They have betrayed the struggle and have left the people to their fate ,” a member of the group read from a statement .
“ Rather, what is visible is the presence of military gunboat and the numerous military personnel dispersed to the Niger Delta who are killing, raping , and maiming the innocent people of the region.
“ Look at the security surveillance contract taking place in our region through the federal government these agencies in place have decided to shortchange our people . Now in our territorial waters , it is an Israeli company that is providing waterway security which we have competent hands with expert knowledge to manage.
“ Don ’t worry, because we are coming to destroy all your infrastructure in Abuja and Lagos . As a group committed to giving total liberation to our people , we will destroy the oil facilities both onshore and offshore in no distant time , we will be seen to be crippling the Nigerian economy. ”

Continue Reading