First Bank urges the court to wind up Niger Insurance

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The First Bank of Nigeria has requested a Federal High Court in Lagos to declare Niger Insurance Plc bankrupt due to its inability to pay a debt of N137.2 million.

In a suit filed on its behalf by Barrister Onyeka Ofoegbu, the bank claimed that a vessel named LB Tamuno was insured and registered with a group of insurance companies, including Niger Insurance, sometime in 2016.
The vessel drowned in deep waters in August 2018. All attempts to save it were futile.
The bank requested N2.496 billion from the consortium of insurers for the overall loss caused by the sinking of the LB Tamino.

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The insurers’ consortium lowered the claim to N1.263 billion. The amended claim did not sit well with the Petitioner.

The claim was enhanced to N1,572 billion after a review by loss adjusters engaged by the consortium of insurers.

In May 2019, First Bank agreed to the new claim and signed a form of acceptance.

According to the bank, Niger Insurance, among other insurers, was supposed to pay 10% of the agreed value of N157,248,000.00.

It further claimed that Niger Insurance only paid N20 million instead of the agreed-upon N157,248,000.00, and that the company has since refused to pay the balance.

The insurance company, according to First Bank, is financially weak and thus unable to pay its debts.

The bank believes that making the directors of Niger Insurance accountable for the company’s debts will best serve justice in the case.

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The bank tells the court that winding up the company is just and equitable in the circumstances.

The case has been postponed to June 23, 2022, by Justice Ayokunle Faji.

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