Nkemjika Okeke, a Lagos resident, subscribed to a policy contribution with African Alliance Insurance Limited in 2015. The policy was meant to mature in 2023, but when Okeke requested his surrender value, the insurance company failed to fulfil its end of the bargain.

Now, African Alliance has asked Okeke to wait for months without an update.

Okeke told EQ on Friday that he contacted African Alliance in April to claim his surrender value, and the company gave him a slip to fill out for the surrender to be initiated, but he has been left hanging.

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Policy agreement between Okeke and African Alliance Insurance Company

Okeke said he went swiftly to the African Alliance office in Ikoyi to salvage the situation.

“I went there on two occasions. The first time, they said they would pay the money by the end of August. I went there again in September but nothing was done,” Okeke told EQ.

During his second visit in September, Okeke had the rude awakening that he was not the only one in that situation, as he met many people at the African Alliance office lobbying to get their money out.

Okeke said he heard of policemen who were also policyholders with African Alliance and helpless as others.

“That was when I saw that many people were there, complaining that things were going wrong,” Okeke said.

“There is a police station just opposite them (African Alliance) in Ikoyi. So, I crossed to the police station to make a report. The police said they were not going to answer my report, that those people (African Alliance) are fraudsters, that could not even pay police officers their claims.”

READ ALSO: African Alliance Insurance Won’t Pay Lawyer’s N730,380 Policy Surender Value

When EQ called African Alliance on Wednesday, a representative said that they had told all customers that they were having some financial challenges.

“I’m very sure that we explained to this person that we were having some financial issues,” she said.

“And we are restructuring the company again. Once we are done with that, everybody we are owing will definitely get their money.”

When EQ asked for the specific date that the money would be paid, the representative said that they had told their customers that they did not have a specific date yet, but they (customers) had been informed that they (African Alliance) should be able to pay before the end of 2024.
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