Muonyililo Gregory, a pharmacist resident in Lagos, has narrated how Niger Insurance PLC defaulted in the payment of his N386,498 after the maturity of his plan.

Gregory told FIJ that he had subscribed to a three-year insurance plan with the company in October 2015, and the plan reached maturity in September 2018.

He said he put N10,000 monthly into the life insurance and savings policy plan for three years.

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“When I subscribed to this plan, the catch was that I could save for a life insurance plan if anything happened. And if nothing happened, my beneficiaries would get the total value even if I didn’t complete the payment,” he said.

“On the other hand, I was also saving towards my house rent for the following three years,” he said.

“After the plan elapsed in 2018, I visited their office and paid for stamp. What they told me was that they had prepared everything and would award the payment soon. They said I should just provide my account details.

“Later in 2021, I visited their office in Anthony, but it has since been one story or another.

“They keep telling me they will pay, and till now, nothing has happened. They said my money is not gone, and that I should be patient as they are having some management crises.

“Even if all they pay is N360,000, which is my base investment, I will be fine.”

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When FIJ contacted the Niger Insurance branch in Anthony, Lagos, Ms. Ojumah Cynthia, a worker at the company, said the complainant should meet with the agent through whom he subscribed to his savings plan.

This report was produced with support from the Wole Soyinka Centre for Investigative Journalism (WSCIJ) under the Collaborative Media Engagement for Development Inclusivity and Accountability project (CMEDIA) funded by the MacArthur Foundation