Good day Nairalanders,

I need your input and direction on how to recover my money. I graduated in 2007 and got a job in a company in Nigeria (which I am currently no longer working in). To save for my future, i decided to invest in SPRING LIFE ASSURANCE, an insurance firm with the defunct SPRING BANK cum Heritage Bank. I did a plan called DIAP, it is a long time plan that allowed me save twenty thousand naira (N20,000.00) monthly over a fifteen year period, with a sum assured of Three million five hundred thousand naira (N3,500.000.00) only. When NAICOM first suspended their license over liquidity, i informed my insurance officer who then told me that it has been resolved. When the problem persists and SPRING LIFE ASSURANCE was to be sold to new buyers, i quickly wrote them officially terminating my contract policy with them.

Three years later i was called by one of their agents to sign a discharge voucher worth five hundred thousand naira(N500,000.00) only, this was in 2013, now eleven years now I haven't even seen a dime. i have been trying to reach them to no avail.
Life has been through ever since as there is no hope in sight. They even went ahead and changed the banks name just to frustrate us further.

All their mobile number i have been calling is either switched off or no longer available, only few said they no longer work there as the insurance company is completely out of business.

I still have all the policy document and receipt of every cash paid.

Please anyone with useful information on how to recover my money by any means necessary will be appreciated.

I am also using this medium to appeal to the relevant authorities to intervene to ensure our monies are fully recovered. Please help me and others facing the same challenges.

Please, any useful information will be appreciated.


Thank you!

You wasted valuable time in bringing this up to a public forum.. you should have raised public alarm much earlier in 2013.. get all those affected together in a group and you all should have fought this as a group. This doesn't look like a fight to do alone..

Now it's even more difficult because the Heritage Bank that inherited the defunct Spring Bank has just got its licence revoked by the CBN. NDIC has been told to take over their assets and liabilities. So it's going to be a long shot for you to get a recovery.

My advice.. for your peace of mind, zero your mind from that money and move on.