Goldlink Insurance Company in N1Billion Insurance Claim Saga

 A creation of pension Reform Act PRA, Federal Government Pension  Transitional Arrangements Directorate FGPTAD set up as an independent pension department for the public service of the Federation has filed a winding up petition against Goldlink Insurance Plc over the inability of the insurance company to pay N1,238,234,383,.96 insurance contribution.

In the said winding up petition filed before a Federal high court, Lagos on behalf of Federal Government Pension Transitional Arrangements Directorate, by a Lagos Attorney, Barrister Fred Onuobia SAN, it was stated thus that:

      Consistent with its mandate under the Pension Reform Act PRA the Petitioner wrote a Letter dated February 17, 2017 to Goldlink Insurance company instructing it to transfer the Pension Legacy Funds and Assets in its possession and custody to the Petitioner’s account with the Central Bank of Nigeria.

By a Letter dated 13th, March,2017 from the respondent to the Petitioner, the Respondent informed the petitioner that it was holding the Pension Legacy Funds and Assets PLFA worth N1,243,234,383.96 One Billion, Two Hundred and forty three million Eighty-Three Naira ninety-six Kobo.

      The Petitioner, thereafter, wrote  a  final demand letter dated December 27, 2017 to the Respondent for the payment of the PLFA value to the Petitioner.

Thereafter, the Respondent paid the sum of N5,000,000 to the petitioner leaving an outstanding sum of N1,238,234,383.96 One Billion Two hundred Thirty-Eight Million, Two Hundred and thirty four thousand Three hundred and Eighty Three Naira ninety-six Kobo

The Respondent failed and neglected to transfer the Outstanding Sum to the petitioner. The Petitioner thereafter, instituted an action at the Federal High Court, Lagos in Suit No: FHC/L/CS/519/2018 – PTAD v. Goldlink Insurance Plc to recover the Outstanding Sum from the Respondent.

     By a judgment delivered on October 11, 2018, the Federal High Court in the Suit ordered the Respondent to pay N1,238,234,383.96 (One Billion, Two Hundred and Thirty-Eight Million, Two Hundred and Thirty-Four Thousand, Three Hundred and Eighty-Three Naira, Ninety-Six Kobo) to the Petitioner

Dissatisfied with the Judgment, the insurance company filed Appeal No: CA/L/1483/2018-

Goldlink Insurance Plc v PTAD before the Court of Appeal, Lagos against the Judgement.

However, on January, 9, 2023 when the Appeal came up before the court of appeal the Solicitors to the Respondent applied to Withdrawal the Appeal relying on the notice of withdrawal of Appeal dated January 9, 2023 filed by the respondent, consequently, the court of Appeal dismissed the Appeal

After the dismissal of the Appeal,the petitioner’s Solicitors served on the Respondent a letter dated January, 10, 2023 requesting the Respondent to abide by the Judgement and pay the judgement sum into the account of the Petitioner domiciled in CBN Account. The Respondent still failed to pay the Judgment Sum to the Petitioner, despite being served with the Petitioner ‘s Solicitor’s letter of January 10, 2023

In response to the petitioner’s Solicitors’ letter of January 10,2023, the Respondent wrote to the Petitioner’s Solicitors letter dated January 18, 2023. confirming the respondent’s indebtedness to the Petitioner, but requested for time within which to settle the Respondent’s indebtedness.

    The Petitioner on May 25, 2023 made a statutory demand via a Letter dated May 12, 2023  on the Respondent for the payment of the Judgment sum to the Petitioner not later than the expiration of three (3) weeks from the date of the receipt of the Letter of Demand by the Respondent. 

    However,the Respondent has failed, refused and neglected to pay the same, three weeks after the Letter of Demand was served on the Respondent. 

   In the above circumstances, the Petitioner states that the Respondent is insolvent and is unable to pay its debts to the Petitioner and it would be just and equitable that the Respondent be wound up by this Honourable Court.

    The Petitioner, therefore, humbly prays the Honourable Court as follows:

That Goldlink Insurance Plc (RC 192814) be wound up under the provisions of the Companies and Allied Matters Act, 2020 (as amended); and such other order(s) may be made in the premises as shall be just.

Meanwhile,the case has been adjourned till 19th of February,2024 for hearing.