AIICO Insurance Pushes To be Dominate In Africa
OpenLife Nigeria reports that AIICO Insurance Plc is pushing to be the dominant insurance company on the African Continent.
This enthusiastic projection was disclosed by Mr. Akshat Kumar, Chief Learning Officer, AIICO Insurance Plc at the February breakfast meeting organized by the Nigeria-South Africa Chamber of Commerce in Lagos.
Speaking as a keynote speaker on the topic- Building Future-Proof Leaders: Equipping Your Workforce for Disruption and Change, Akshat Kumar identified Curiosity, Creativity and Courage, 3Cs, as factors for future leadership growth.
He called for the embrace of Artificial Intelligence, AI, saying that AI would engineer “The most profound innovation in leadership scale.”
He noted that the management of AIICO Insurance is structured to enhance professionalism, efficiency as well as profitability.
He added that though escalating claims have cast shadow on the premium growth rate and overall profitability of insurance firms in the country, due largely to economic challenges, inflation, and an upsurge in fraudulent activities, AIICO Insurance is still surging to dominate the industry.
He pointed that the 60 years old insurance company currently boasts of over N317 billion in assets with shareholders of over 90,000 and about 600 workforce.
Meanwhile, AIICO Insurance Plc is struggling to recoup a whopping sum of N73, 380 million, belonging to it’s policyholders, but allegedly defrauded by one of it’s marketing officers, Chidinma Kalu.
The Marketing Officer, it was learnt, defrauded the firm’s policyholders of the said sum, through electronic means. She was alleged to have received the sums from policyholders under the pretence of investing the monies in a Single Premium Policy and Life Insurance Policy.
The Marketing Officer who worked at both Ikeja and Lagos Island branches of the insurance firm, was alleged to have manipulated and tempered AIICO’s data base and computer devices, to commit the monumental fraud.
It was further learnt that upon the discovery of the fraud, the Marketing Officer, became evasive, and the matter was reported at Lagos State Police Command’s Criminal Investigation Department (SCID) Panti-Yaba, Lagos, whose operatives after sting operation, apprehended her.
Consequently, upon her arrest and conclusion of the investigation, she was charged to a Lagos Chief Magistrate’s Court, Lagos.
However, while the matter was withdrew from the magistrate court, a 15 count-charge was filed against her before a Lagos Federal High Court.
Meanwhile, the Marketing Officer, Chidinma Kalu, has been arraigned before a Lagos Federal High Court, on a 15 count-charge of conspiracy, forgery and cybercrimes and fraud of N73, 380, 000 million, before Justice Friday Ogazi.
The prosecutor, Barrister Joseph Ebosereme, while arraigning the defendant, informed the court that she committed the alleged crimes between the year 2018 and the month of May, 2023.
The prosecutor, told the court that the Marketing Officer conspired with some others now at large to commit the offences.
He told the court that the Marketing Officer illegal acts contravened sections 27, 14(2), 33 (1) 17(3), 36(2), of the Cybercrime (Prohibition Prevention ETC ) Act Laws of Federal Republic of Nigeria 2015.
Parts of the 15 counts charge read: “That you Chidinma Kalu ’F’ and others at large on or before the year 2018 at AlICO Insurance premises at Ikeja area of Lagos and Island Area of Lagos, within the Federal High Court Lagos judicial division did conspire amongst yourself to commit felony to wit; manipulating of computer devices, TAMPERING OF AiiCO Insurance Data Base to defraud, and forgery and thereby committed an offence contrary to and punishable under section 27 of the Cybercrime (Prohibition Prevention ETC ) Act Laws of Federal Republic of Nigeria 2015.
“That you Chidinma Kalu ’’F’ and others at large between the year 2018 and the month of May, 2023 while in the employment of AIiCO insurance Company Plc as Marketer at Ikeja area of Lagos and Island Area of Lagos, in the Federal High Court, Lagos judicial division with intent to defraud, without authorization from the management of your employer AIICO Insurance Company Plc, cause the lost of Twenty Five Million Four Hundred and Sixty Thousand Naira, (N25, 460; 000;00) which part was transferred into your account and part AIICO insurance account by different insured persons by altering And/or Suppressing the Data base of your company as contained in the company computer system and thereby committed an offence! contrary to and punishable under Section 14 of the Cybercrime (Prohibition Prevention ETC ) Act, Laws of the Federal Republic of Nigeria 2015.
“That you Chidinma Kalu ’F’ and others at large on or before the year 2018 at AlICO Insurance premises at Ikeja area of Lagos and Island Area of Lagos, within the Federal High Court Lagos judicial division did conspire amongst yourself to commit felony to wit; manipulating of computer devices, TAMPERING OF AiiCO Insurance Data Base to defraud, and forgery and thereby committed an offence contrary to and punishable under section 27 of the Cybercrime (Prohibition Prevention ETC ) Act Laws of Federal Republic of Nigeria 2015.
“That you Chidinma Kalu ‘F and others at large between the year 2018 and the month of May, 2023 while in the employment of Aiico Insurance Company pic as marketer at Ikeja area of Lagos and ISLAND Area of Lagos, within the Federal High Court Lagos Judicial Division fraudulently redirect the sum of Twenty Two Million Naira (N22,000;000;00) which was transferred to AIICO Insurance Plc financial account BY one Okwuma Ikenna Thadeus to Rosemary Amos and Azubike Amos and other accounts Electronically, contrary to and Punishable under Section 36(2) of the Cybercrime (Prohibition and Prevention) Act Laws of the Federal Republic of Nigeria 2015.
“That you Chidinma Kalu ‘F’ and others at large, between the year 2019 and May 2023 while in the employment of AllCO Insurance Company Plc as marketer at Ikeja area of Lagos and Island area of Lagos, within the Federal High Court, Lagos Judicial Division fraudulently redirect the sum of Five Million And Fifty Thousand Naira (N5,050;000;00) which was transferred to AIICO Insurance Plc Financial Account By Stanley Osabhe Idemudia to Rosemary Amos and Azubike Amos and others account Electronically, contrary to and punishable under Section 36(2) of the Cybercrime (Prohibition, Prevention Etc) Act Laws of the Federal Republic of Nigeria 2015.”
The defendant denied the allegations and pleaded not guilty to all the counts of the charge.
Following her not guilty plea, the prosecutor asked for a trial date, and also urged the court to remand her at the Nigerian Correctional Services (NCoS) facility, till the determination of the charge.
He added that his client was formerly charged before a magistrate court in Lagos before being brought to court for another charge on the same matter.
He therefore urged the court to admit his client to the most liberal terms, saying that his client has never for once jumped bail while standing trial of the matter at the lower court.
In his ruling on the bail application, Justice Ogazi admitted the defendant to bail in the sum of N5 million with one surety in like sum.
The judge ordered that the sureties could be either a Civil servant in Grade Level 12 and above or a landed property owner with Certificate of Occupancy. Adding that the surety must submit their two passports photograph and evidence of tax payment.
The judge while adjourning the matter to May 29, for trial, ordered that the defendant be remanded in NCoS’ custody till when she is able to meet the bail terms.
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