NewStats: 3,262,652 , 8,177,798 topics. Date: Tuesday, 03 June 2025 at 07:58 AM 1n1f3v

African Alliance company PLC has refused to pay me and many others their insured money, months and years after maturity.
THEY HID UNDER THE CLOAK OF ISLAM, WITH THEIR FRAUDULENT TAKAFUL SAVINGS PLAN TO DEFRAUD PEOPLE.
I have written several emails to them without a single response.
I have been to their office at Ikoyi last month to warn them and that my return won't be good...

I HAVE WRITTEN SEVERAL COMPLAINTS AND REPORT TO THE USELESS NIACOM THAT'S SUPPOSED TO BE INSURANCE COMPANY POLICE TO PUT THEM TO CHECK, BUT THE USELESS NIACOM IS NOT EVEN RESPONDING.
I THINK AFRICAN ALLIANCE INSURANCE COULD HAVE BRIBED THEM...

Please I want suggestions from people who have had similar experiences with these evil and criminal insurance companies and how they were able to retrieve their money.

What did they say when you went to their office? These insurance companies are dubious. Mutual benefits extended the maturity of investors funds twice! From 5 years to 10 years! If you want to withdraw your funds, it will come with penalties and you'll be given like 70% of your initial deposit. It's like they're secretly hoping the investors die before the investment matures.

Most things in Nigeria is being run by 419 people... Don't believe everything you see

dominique:
What did they say when you went to their office? These insurance companies are dubious. Mutual benefits extended the maturity of investors funds twice! From 5 years to 10 years! If you want to withdraw your funds, it will come with penalties and you'll be given like 70%. It's like they're secretly hopinh the investors die before investment matures.

They said that they're having issues blablabla.
That their former CEO made some bad investment and lost a huge amount of money.
I said okay, is that why they don't respond to people's email, pick their calls etc? The lady was just looking at me like mumu and later said that they're sorry.
What I think is that they're just being deliberately evil. Everyone I met there the day I went came for similar claim, some have been waiting for the past 3 years. These guys are still collecting some people's money actively, even though they know they won't be able to pay them when the money mature.

I told them to just please tell me exactly when I'll be paid, that I don't mind waiting till the end of the year, that I just need a specific time range and unfortunately, they can't even tell me that.
I think those criminals just need publicity. People need to know their shady activities so that more people won't fall victim. NAICOM too needs to be queried, because they're not doing their job.

dominique:
What did they say when you went to their office? These insurance companies are dubious. Mutual benefits extended the maturity of investors funds twice! From 5 years to 10 years! If you want to withdraw your funds, it will come with penalties and you'll be given like 70%. It's like they're secretly hopinh the investors die before investment matures.

Just take your 70percent and bail out
Its already a bad deal

Willie2015:


Just take your 70percent and bail out
Its already a bad deal

This doesn't make sense.
Let's say someone started 30k monthly contributions 5 years ago when the value of 30k is like 100k now, or roughly 40k round the years in total, even if the person is given back 100% of the total contributions, IT'S STILL A LOSS!
If 30% is taking out of 2m, that's 600k.
Why will 600k be deducted from someone's money? For what? As what?

Willie2015:


Just take your 70percent and bail out
Its already a bad deal

70% of initial deposit after waiting for over 5 years? They know it's only people in desperate need for money that will accept that condition

dominique:


70% of initial deposit after waiting for over 5 years? They know it's only people in desperate need for money that will accept that condition

Whats the guarantee you will get if after 10 years ?

Owon:

They said that they're having issues blablabla.
That their former CEO made some bad investment and lost a huge amount of money.
I said okay, is that why they don't respond to people's email, pick their calls etc? The lady was just looking at me like mumu and later said that they're sorry.
What I think is that they're just being deliberately evil. Everyone I met there the day I went came for similar claim, some have been waiting for the past 3 years. These guys are still collecting some people's money actively, even though they know they won't be able to pay them when the money mature.

I told them to just please tell me exactly when I'll be paid, that I don't mind waiting till the end of the year, that I just need a specific time range and unfortunately, they can't even tell me that.
I think those criminals just need publicity. People need to know their shady activities so that more people won't fall victim. NAICOM too needs to be queried, because they're not doing their job.

You need to keep going there to press them, expose them on social media if you have to. They know some investors will not aggressively go after the funds. It's the ones constantly in their faces that they will settle first. I'm just ing my former area where one man bought a highly sought after plot of land and built a massive duplex in less than 6 months. He works for this same AA company cos he drives their branded vehicle. He goes on yearly trips outside the country with his family. Be like say dem don use your money build house and live large o.

Insurance company executives are some of the biggest frauds we have in this country and nobody is saying anything about it

Owon:

This doesn't make sense.
Let's say someone started 30k monthly contributions 5 years ago when the value of 30k is like 100k now, or roughly 40k round the years in total, even if the person is given back 100% of the total contributions, IT'S STILL A LOSS!
If 30% is taking out of 2m, that's 600k.
While will 600k be deducted from someone's money? For what? As what?

Whats the guarantee you will get it after 10yrs ?
None...
And they expect you to continue to contribute
while the years moved on...
This is a bad deal
Cut your loss and move on...
U dont use good money to chase bad money!

Willie2015:


Whats the guarantee you will get if after 10 years ?

A lot of people would rather wait till the maturity than collecting 70% of their initial deposit. That's a terrible loss after waiting over half a decade

dominique:


You need to keep going there to press them, expose them on social media if you have to. They know some investors will not go after the funds. It's the ones constantly in their faces that they will settle first. I'm just ing my former area where one man bought a highly sought after plot of land and built a massive duplex in less than 6 months. He works for same AA company cos he drives their branded vehicle. He goes on yearly trips outside the country with his family. Be like say dem don use your money build house and live large o.

Insurance company executives are some of the biggest frauds we have in this country and nobody is saying anything about it

It's not easy to leave work and go there as much as I'd love to go. Also, I don't live in Lagos where their headquarter is situated.

What I believe will get to them is social media exposure of their evil and if I can gather a few people like me in the same situation. We gather and mobilise there to press their neck. One person alone won't have impact but if I can just see like 5 of us, it's enough. We'll make a scene there till it gets to the appropriate person that will answer us.
Also, I believe that if this post gets to front page, it'll will help a lot.

dominique:


A lot of people would rather wait till the maturity than collecting 70% of their initial deposit. That's a terrible loss after waiting over half a decade

I was in the same scenario..
I cut my loss and never invest with any insurance outfit again
Even at maturity, they can still force you to extend it..
Like the scenario explained with Mutual Benefit...
Even their regulatory body will not do anything...

Legal action

Owon:

They said that they're having issues blablabla.
That their former CEO made some bad investment and lost a huge amount of money.
I said okay, is that why they don't respond to people's email, pick their calls etc? The lady was just looking at me like mumu and later said that they're sorry.
What I think is that they're just being deliberately evil. Everyone I met there the day I went came for similar claim, some have been waiting for the past 3 years. These guys are still collecting some people's money actively, even though they know they won't be able to pay them when the money mature.

I told them to just please tell me exactly when I'll be paid, that I don't mind waiting till the end of the year, that I just need a specific time range and unfortunately, they can't even tell me that.
I think those criminals just need publicity. People need to know their shady activities so that more people won't fall victim. NAICOM too needs to be queried, because they're not doing their job.

go on Twitter and drag them..... nairaland kinda wrong place

Anything insurance company in Nigeria, run ooo

Simply sue them to court.
And do not forget to include the costs already incurred by you in all forms. Please get a good lawyer and make an example of them.

Insurance companies like that make people lose interest in insurance in Nigeria.

Most insurance companies are scammers

Naija

Companies and shady deals...

Put it on twitter, im ready to repost daily.

dominique:
What did they say when you went to their office? These insurance companies are dubious. Mutual benefits extended the maturity of investors funds twice! From 5 years to 10 years! If you want to withdraw your funds, it will come with penalties and you'll be given like 70% of your initial deposit. It's like they're secretly hoping the investors die before the investment matures.

It's no secret. That calls for celebration.

l

bassdow:
l

[quote author=bassdow post=129259647][/quote]

Owon:

African Alliance company PLC has refused to pay me and many others their insured money, months and years after maturity.
THEY HID UNDER THE CLOAK OF ISLAM, WITH THEIR FRAUDULENT TAKAFUL SAVINGS PLAN TO DEFRAUD PEOPLE.
I have written several emails to them without a single response.
I have been to their office at Ikoyi last month to warn them and that my return won't be good...

I HAVE WRITTEN SEVERAL COMPLAINTS AND REPORT TO THE USELESS NIACOM THAT'S SUPPOSED TO BE INSURANCE COMPANY POLICE TO PUT THEM TO CHECK, BUT THE USELESS NIACOM IS NOT EVEN RESPONDING.
I THINK AFRICAN ALLIANCE INSURANCE COULD HAVE BRIBED THEM...

Please I want suggestions from people who have had similar experiences with these evil and criminal insurance companies and how they were able to retrieve their money.

Go and properly brief a practicing lawyer in your area.

He will write them a demand letter that your money should be paid within a specific period.

They know the consequences of not complying with that demand letter.

Don’t waste your time and energy through other means, they will likely play the game on you.

That's part of the problem you clients that goes to the Insurance company directly to buy your respective Policy instead going through an Insurance Broker.

A broker will save you all this problem and stress you are currently going thru and you are not paying extra fee to use the Broker. A broker can even negotiate a lower rate for you with the Insurance company.

Kindly DM or call 08135102690 to solicit with your Insurer

Owon:

African Alliance company PLC has refused to pay me and many others their insured money, months and years after maturity.
THEY HID UNDER THE CLOAK OF ISLAM, WITH THEIR FRAUDULENT TAKAFUL SAVINGS PLAN TO DEFRAUD PEOPLE.
I have written several emails to them without a single response.
I have been to their office at Ikoyi last month to warn them and that my return won't be good...

I HAVE WRITTEN SEVERAL COMPLAINTS AND REPORT TO THE USELESS NIACOM THAT'S SUPPOSED TO BE INSURANCE COMPANY POLICE TO PUT THEM TO CHECK, BUT THE USELESS NIACOM IS NOT EVEN RESPONDING.
I THINK AFRICAN ALLIANCE INSURANCE COULD HAVE BRIBED THEM...

Please I want suggestions from people who have had similar experiences with these evil and criminal insurance companies and how they were able to retrieve their money.

Owon:
...I have been to their office at Ikoyi last month to warn them and that my return won't be good...

How come You said and did the above, without a clear plan first ?

Meanwhile, you've got more chance following @Mosetgg suggestion. In fact, Being the only one doing something different, increases your chance because they would just see it as settling you to get you out of their hair

I had the same experience with SALife (Standard Alliance Life Assurance Limited). After visiting the branch several times without success.

I gave up the money eventually after hearing from one of the staff that their CEO used our money to run for politics but unfortunately lost.

I can't just fathom the kind of country we are living in. All this body like NAICOM, NDIC are just there like mumu figure heads.