A Federal High Court sitting in Lagos, South-West Nigeria, presided over by Justice Ibrahim Buba has entered judgment in favour of Pension Transitional Arrangement Directorate, PTAD, against Goldlink Insurance Plc. in the sum of One Billion, Two Hundred and Thirty-Eight Million, Two Hundred and Thirty-Four Thousand, Three Hundred and Eighty-Three Naira, Ninety-Six Kobo (N1,238,234,383.96) and 10% interest per annum until the judgment sum is settled.
This is being the outstanding balance of the Federal Government Legacy Funds and Assets which has been in the custody of the Insurance Company.
The judgement was obtained after the initial out-of-Court settlement between PTAD and Goldlink Insurance Plc (which was anchored by the National Insurance Commission) failed.
PTAD had requested Goldlink Insurance Plc to provide the Directorate with relevant information on their ongoing recapitalization process, including the Prospectus and other relevant documentations, manifestly specifying assets and liabilities to ensure that the interest of PTAD is indisputably secured in their future plans.
PTAD also demanded that Goldlink Insurance Plc should execute a Memorandum of Understanding with the Directorate to be endorsed by the National Insurance Commission strikingly specifying its obligations to repay the outstanding Legacy Funds and Assets over a period not exceeding 12 months after their recapitalization.
However, Goldlink Insurance failed to take advantage of the arrangement which necessitated the Directorate to seek for the Court intervention on the repayment.
PTAD commended other insurance companies that have paid their outstanding of the Legacy Funds in their custody.
According to PTAD, other Insurance companies with outstanding Legacy Funds and Assets are Unic Insurance Plc and Standard Alliance Life Insurance Plc.
Source: Voice of Nigeria