Standard Life Alliance Empowerment

19.05.2022 Featured After Denying Investors Their Funds at Maturity, Standard Alliance Life Assurance Shuts Down Offices

Published 19th May, 2022

By Tola Owoyele

John Ajayi, a civil servant, has narrated how Standard Alliance Life Assurance Ltd., a Nigerian investment company, refused to pay him N300,000, the proceeds of an investment plan he subscribed to in 2016.

In an interview with FIJ, the civil servant said his troubles began when the company would not pay him his money at the expiration of his plan in 2021.

Ajayi's subscription plan
Ajayi’s subscription plan

“In 2016, I subscribed to one of their plans that would see them deduct N5,000 from my account on a monthly basis for five years. The investment was supposed to end in December 2021,” Ajayi told FIJ.

John Ayayi’s payment voucher

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“This means that last year December, I was supposed to get a N300,000 payment from the company. That was what we agreed on. On getting to their office in Lekki, I submitted all relevant documents needed so that my plan could be terminated and I could get my money back.

Subscriber's comments
Subscriber’s comments

“However, till this moment, I am yet to get my money back from the company. As it is now, they have even shut down their Lekki office. Only God knows where they are now. I am not the only customer who is yet to get his money from the company. Other people are complaining about them as well. Many subscribers now believe they are scammers.”

Johnson Egu Chukwu
Johnson Egu Chukwu

Findings by FIJ showed that the company owes several customers who were supposed to have been paid at the expiration of their plans.

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“All I know is no peace for the wicked. Your office in Onitsha is closed and your manager is a wicked woman. You guys have my money. I dropped messages in your DM. I need someone to talk to me. That’s wickedness!” Ngozi Eribo, one of the company’s subscribers, wrote under an Instagram post made on the company’s official page.

Tayo Awodiya
Tayo Awodiya

Standard Aliance’s website lists Johnson Egu Chukwu, Tayo Awodiya and Oduniyi Odusi as the company’s chairman, managing director and executive director respectively.

Oduniyi Odusi
Oduniyi Odusi

FIJ sent a text to the company via the messaging system made available on its website for comments, but a response had not been received at press time.

Published 19th May, 2022

By Tola Owoyele


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