Nkereuwem Asuqwo is a retired Assistant Commissioner of Police (ACP). But before his retirement about three years ago, he had taken a Life Assurance policy with Standard Alliance Insurance Plc.
Asuquo was a Chief Superintendent of Police, (CSP) when a staff of Standard Alliance Insurance Plc convinced him to buy the life policy in Ughelli, Delta State.
The retired police officer reportedly began the policy on 2nd June 2014, with a monthly premium of N30,000. The maturity date for the policy was 1st July 2019, when he was expected to cash out N1.8 million, the sum assured.
Mr Asuquo was serving at Ughelli when he made the investment that he thought would cushion the effects of retirement on him. He retired in January 2020 as ACP. Since retirement, however, he had made several efforts to access the sum assured to no avail.
The retired ACP says he was asked to submit all the documents about the investment, including receipts of payment which he did. But that Standard Alliance Insurance Plc has failed, refused and neglected to pay him his entitlement.
A Standard Alliance Insurance Plc printout on the company letterhead shows Mr Asuquo’s statement of receipts including his monthly contributions from 2nd June 2014, to 28th December 2018. In all, it showed that he contributed One Million, Six Hundred and Fifty Thousand Naira (N1.650) only.
Just as he was expecting to reap from his investment, what ACP Asuquo received from the insurance company was as shocking as unexpected. Standard Alliance Insurance Plc reportedly sent a ‘Discharge Voucher’ asking the retired police officer to sign for the sum of Six Hundred and Sixty-Nine Thousand, Eight Hundred and Seventy-Eight Naira, Ninety-Six Kobo (N669,878.96) as ” full settlement of my maturity benefit due on the undermentioned policy”.
The company gave his policy number as SIP/14/0004955/UGH.
The discharge voucher further stated: “I hereby give Standard Alliance Insurance Plc full and complete discharge of its liabilities under this policy in respect of the maturity value and relieve Standard Alliance Insurance Plc of any future claims which could be made against it by the virtue of this policy by me or anyone whomsoever, for the maturity value benefit claimed.”
ACP Asuquo didn’t blink an eyelid in rejecting the offer even as he mandated an insurance broker, Etim Antai of Verve Insurance Brokers to write a letter to Standard Alliance Insurance Plc communicating his position.
“We write to inform you that your offer of Six Hundred and Sixty-Nine Thousand, Eight Hundred and Seventy-Eight Naira, Ninety-Six Kobo (N669,878,.96) only as shown in your discharge voucher is not acceptable to us and our client.
“According to our client, he started the contribution of Thirty Thousand Naira ( N30,000.00) only monthly since 2nd June 2014 and has completed his five years maturity. Given this, the total amount arrived at is One Million, Eight Hundred Thousand Naira ( N1,800,000) only and not Six Hundred and Sixty-Nine Thousand, Eight Hundred and Seventy-Eight Naira, Ninety-Six Kobo (N669,878,.96) only.
“In the light of the above explanation, we reject your offer and hereby request that you use your good offices and give us a duly amended offer acceptable to our client.”
Meanwhile, when contacted, the Head, Legal Department, Standard Alliance Insurance Plc, Kasoki Olikanma asked for time to peruse the matter.
He was to later assure that the issue would be sorted out. However, Rulers’ World reports that nothing has been done at press time even as calls to Barrister Olikanma were no longer answered.
Standard Alliance Insurance Plc is owned by a two-time governorship aspirant in Delta State, Chief O’tega Emerhor. He contested the Peoples Democratic Party (PDP’s) Delta State gubernatorial primaries in 2007.
In 2013, he contested the Delta Central Senatorial by-election becoming the first candidate to contest any election in the then newly registered All Progressives Congress (APC). He is currently the leader of the APC in Delta State and contested on this platform in the April 2015 gubernatorial election.
