An underwriter, Standard Alliance Insurance Plc., has demanded that the Nigerian Insurance Association (NIA) issued an apology alongside the sum of N10 billion for the reputational damages.
This was stated in a letter to NIA signed by the firm’s lawyer, Ebun-Olu Adegboruwa (SAN), addressed to the Director-General of NIA, Yetunde Ilori.
In the letter, the NIA is expected to apologise in national newspapers, as it had made the expulsion of Standard Alliance Insurance Plc. public knowledge.
The letter said, “In the light of the foregoing, we have client’s firm instructions to demand the immediate withdrawal of the letter of suspension, termination, and expulsion not exceeding seven clear days from the date of receipt of this letter.
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“The same is to be published with an unconditional apology in all the national newspapers wherein it was advertised, with similar or greater prominence.
“In addition, the firm demands from the Association, the payment of N10, billion naira only) as damages for loss of its reputation resulting from the malicious publication.”
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