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AIICO Insurance Exposed To N4bn Claims Due To 31 Outstanding Court Cases - Business - Nairaland

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AIICO Insurance Exposed To N4bn Claims Due To 31 Outstanding Court Cases by moneycentral20: 11:22pm On Mar 25, 2022
AIICO Insurance Plc has 31 outstanding cases in court that amounted to claims of N4 billion as at December 2021, according to data from the audited financial statements.

The company operates in the insurance industry and is subject to legal proceedings in the normal course of business.

The good tidings are that the Directors, having sought legal opinion, are of the view that insurer stands a good chance on those cases and hence do not foresee those cases having any material effect on the its results and financial position.

Some time ago, AIICO Insurance Plc filed a suit against Megamound Investment Limited and Indemnity Finance Limited (“the defendants”) for the recovery of its outstanding loan plus interest of N1.4 billion.

The insurer won the case and the court ordered that the defendant execute and deliver a property in respect of the 1.5 hectares of land at Lekki County Home Estate it had allocated to the claimant (AIICO) in 2007.

Read more: https://moneycentral.com.ng/exclusive/article/aiico-insurance-exposed-to-n4bn-claims-due-to-31-outstanding-court-cases/
Re: AIICO Insurance Exposed To N4bn Claims Due To 31 Outstanding Court Cases by abuwidad(m): 11:53pm On Mar 25, 2022
moneycentral20:
AIICO Insurance Plc has 31 outstanding cases in court that amounted to claims of N4 billion as at December 2021, according to data from the audited financial statements.

The company operates in the insurance industry and is subject to legal proceedings in the normal course of business.

The good tidings are that the Directors, having sought legal opinion, are of the view that insurer stands a good chance on those cases and hence do not foresee those cases having any material effect on the its results and financial position.

Some time ago, AIICO Insurance Plc filed a suit against Megamound Investment Limited and Indemnity Finance Limited (“the defendants”) for the recovery of its outstanding loan plus interest of N1.4 billion.

The insurer won the case and the court ordered that the defendant execute and deliver a property in respect of the 1.5 hectares of land at Lekki County Home Estate it had allocated to the claimant (AIICO) in 2007.

Read more: https://moneycentral.com.ng/exclusive/article/aiico-insurance-exposed-to-n4bn-claims-due-to-31-outstanding-court-cases/

Good for them

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