₦airaland Forum

awesomeJ:
That's around $8k in '08.

If you had put it as USD in a vehicle that did just 5% p.a compounded, it would have been around N27. 5m today.

It could have been higher if you had purchased land with it in almost any part of Lagos.

But N1.7m is still better than nothing too.

CHAI

oluwaleokey:
Gurus in the house please i need guidance regarding my insurance policy issue, i know this might not be the right thread however its still boils down to investment.

Five years ago, I subscribed to the Flex Edu Insurance Policy with First Bank Insurance for my daughter’s education, which was due to mature this year. Along the way, the policy management was moved to Sanlam Nigeria (a partner company, as I was informed). Despite the transition, everything seemed smooth until recently.

A few weeks before the maturity date, I contacted the company to confirm that all was in order. They responded promptly, acknowledged the upcoming maturity, and provided me with a statement of account. (Also note I had exchange several mails before and they responded swiftly)

Five days before maturity, I was forwarded a form & asked to complete a payment voucher for the full benefit. However, it has now been several weeks since maturity, and I am yet to receive any payment. To make matters worse, I even noticed an over-debit on my account, which I raised with the company, but my emails have since gone unanswered. I have sent multiple follow-ups to every contact I have, including those I previously engaged with, but there has been no response.

Currently, I can no longer access my account online, which raises even more concern. After diligently saving monthly for five years for my daughter’s education, I feel deeply frustrated and disappointed by this experience.

I kindly seek your advice on how best to call out these people?
How I can recover my funds after years of committed savings.

Is First Bank Insurance is still directly involved in this matter? and What formal steps I can take to escalate this issue if Sanlam Nigeria continues to be unresponsive

This situation feels unfair and distressing, and I would appreciate any support, guidance, or escalation channels you can provide to help resolve it.

I will appreciate every single help I could get on here
Thanks

I advice you reach the office. You should be paid. Its your right. I work with insurance firm. Are you in North? Say Kaduna or Abuja? Do you have the policy documents. I might refer you to someone.

Streetinvestor2:
They are just fraudulent. That is why I don't take what ever the government sign as document as serious.
I and my inlaw did assurance with standard alliance those days for 3 yrs to boost the target of family member working with them
Oga when it was matured to even collect our principal was wahala. It became physical fight at thr office to collect our money. U know I be street. After that client she brought was calling to threaten as she resigned even uniform clients she brought in. The company finally closed shop without paying many matured claims.
The only insurance I will ever do again in this life is third party for my car
Friends who did compressive insurance for thr cars as new vehicles never got claims when the cars had accident or stolen in kaduna.
They will always come with excuses why they won't pay or engage criminal lawyers who will frustrate u.
I dey wait the insurance that will come to collect the money they are signing for buildings.Have u seen any insurance company take up third party responsible in any situation concerning the car in an accident

Mr Street, No firm will officially come to defraud you yojr hard earned money. Each policy had its own technicalities. You were not aware of it. An insurance company will happily pay you. Non want a fight with NICOM. As for solvency, even banks go solvent. I don't want to agree a whole Standard Alliance will do that.

There is a difference between insurance policies sold out there. Although, certain firms have been indicted.

Received. Check your account

adamx23:
I have also not received.
Do you use Stanbic Stockbrokers?

Kashif:
It's way lower than half the value now. I put in 850k in that stock then

Pele

lexy2lexy:
Please is there anyone yet to receive Presco dividends? I am yet to receive mine

Received mine, added it to loot from RoyalExhang and picked more Presco.

awesomeJ:
That's around $8k in '08.

If you had put it as USD in a vehicle that did just 5% p.a compounded, it would have been around N27. 5m today.

It could have been higher if you had purchased land with it in almost any part of Lagos.

But N1.7m is still better than nothing too.

A land in the remotest part of Lagos bought since 2008 without a structure on it would have been long gone by now
Investment in landed properties is not as straight forward as some of us think.

machine606:
Mr Street, No firm will officially come to defraud you yojr hard earned money. Each policy had its own technicalities. You were not aware of it. An insurance company will happily pay you. Non want a fight with NICOM. As for solvency, even banks go solvent. I don't want to agree a whole Standard Alliance will do that.

There is a difference between insurance policies sold out there. Although, certain firms have been indicted.

So many fallacies in your comment.

1. No firm will officially come to defraud you of your money. TOTALLY FALSE especially in Nigeria.

2. An insurance company will HAPPILY pay you. REALLY? ARE YOU KIDDING ME? HAVE YOU EVER BEEN HAPPILY PAID BY AN INSURANCE COMPANY? WHAT IS YOUR DEFINITION OF HAPPILY? Bros, be kiaful o!

3. Non wants a fight with NAICOM. PARTIALLY TRUE. If they do not want a fight with NAICOM, they will not wait for you to report them to NAICOM before doing the needful. A student that does not want wahala will not wait till you report them to the principal.

3. Standard Alliance? Abeg , don't go there especially with standard alliance. I had a personal experience with them and if you might want to know, there is a branch at Ikorodu road.

On a personal level, a certain policy of mine after 15 years at IGI required a letter from a lawyer at the law firm of Akeredolu for me to be paid .

You are just trying to defend. I am not sure you are even into insurance. If people share their experiences, mouth go open you. No be you go open mouth.

some of the evil of insurance company

oluwaleokey:
Gurus in the house please i need guidance regarding my insurance policy issue, i know this might not be the right thread however its still boils down to investment.

Five years ago, I subscribed to the Flex Edu Insurance Policy with First Bank Insurance for my daughter’s education, which was due to mature this year. Along the way, the policy management was moved to Sanlam Nigeria (a partner company, as I was informed). Despite the transition, everything seemed smooth until recently.

A few weeks before the maturity date, I contacted the company to confirm that all was in order. They responded promptly, acknowledged the upcoming maturity, and provided me with a statement of account. (Also note I had exchange several mails before and they responded swiftly)

Five days before maturity, I was forwarded a form & asked to complete a payment voucher for the full benefit. However, it has now been several weeks since maturity, and I am yet to receive any payment. To make matters worse, I even noticed an over-debit on my account, which I raised with the company, but my emails have since gone unanswered. I have sent multiple follow-ups to every contact I have, including those I previously engaged with, but there has been no response.

Currently, I can no longer access my account online, which raises even more concern. After diligently saving monthly for five years for my daughter’s education, I feel deeply frustrated and disappointed by this experience.

I kindly seek your advice on how best to call out these people?
How I can recover my funds after years of committed savings.

Is First Bank Insurance is still directly involved in this matter? and What formal steps I can take to escalate this issue if Sanlam Nigeria continues to be unresponsive

This situation feels unfair and distressing, and I would appreciate any support, guidance, or escalation channels you can provide to help resolve it.

I will appreciate every single help I could get on here
Thanks

Redoil:
some of the evil of insurance company

Expect more rip-off with this latest promotions and signing of new Insurance law by Mr President. All in thlis his 1$ trillion economy. Eyes will cry but, you will not see the tears. I just abhor anything in Insurance before now because it doesn't work in our clime. I don't see the magic that will make it work overnight.

ppogba:
So many fallacies in your comment.

1. No firm will officially come to defraud you of your money. TOTALLY FALSE especially in Nigeria.

2. An insurance company will HAPPILY pay you. REALLY? ARE YOU KIDDING ME? HAVE YOU EVER BEEN HAPPILY PAID BY AN INSURANCE COMPANY? WHAT IS YOUR DEFINITION OF HAPPILY? Bros, be kiaful o!

3. Non wants a fight with NAICOM. PARTIALLY TRUE. If they do not want a fight with NAICOM, they will not wait for you to report them to NAICOM before doing the needful. A student that does not want wahala will not wait till you report them to the principal.

3. Standard Alliance? Abeg , don't go there especially with standard alliance. I had a personal experience with them and if you might want to know, there is a branch at Ikorodu road.

On a personal level, a certain policy of mine after 15 years at IGI required a letter from a lawyer at the law firm of Akeredolu for me to be paid .

You are just trying to defend. I am not sure you are even into insurance. If people share their experiences, mouth go open you. No be you go open mouth.

They have a very long way to go in order to earn people's trust

Mutual fund sector after the insurance must have operated for 40 years, the Asset Under Management by Mutual Fund Managers is almost N5 Trillion.

Nigerians prefer self insurance by investing in Mutual Funds than buying Insurance life policies

jonnysessy:
Expect more rip-off with this latest promotions and signing of new Insurance law by Mr President. All in thlis his 1$ trillion economy. Eyes will cry but, you will not see the tears. I just abhor anything in Insurance before now because it doesn't work in our clime. I don't see the magic that will make it work overnight.

Insurance policy will work from 15 to 20 years time.

jonnysessy:
Expect more rip-off with this latest promotions and signing of new Insurance law by Mr President. All in thlis his 1$ trillion economy. Eyes will cry but, you will not see the tears. I just abhor anything in Insurance before now because it doesn't work in our clime. I don't see the magic that will make it work overnight.

But that sector is looking bullish in the long term...

My opinion

ppogba:
A land in the remotest part of Lagos bought since 2008 without a structure on it would have been long gone by now
Investment in landed properties is not as straight forward as some of us think.

You are 💯 right

Okomu interim dividend landed. This is how dividend should come. Very early in the morning

machine606:
Mr Street, No firm will officially come to defraud you yojr hard earned money. Each policy had its own technicalities. You were not aware of it. An insurance company will happily pay you. Non want a fight with NICOM. As for solvency, even banks go solvent. I don't want to agree a whole Standard Alliance will do that.

There is a difference between insurance policies sold out there. Although, certain firms have been indicted.

Oga I did not do insurance. I and my inlaw did assurance which was for 3 yrs.This is package u contribute a particular amount monthly for 3 yrs at maturity u collect ur principal with interest. It is another way savings account. The person who made us do it is very close to me.She won best marketer in two states she worked with them.You maybe thinking I am de marketing STA.And became head of marketing too
Let me now really de market the company. They became fraudulent and refused to pay many at maturity. Infact many yrs the person left the company and relocated. Many of the client she brought whr still calling. And some military ones whr threatening to deal with here still believing she is still in those state.
Standard alliance is fraudulent incase u are one of thr staff. This person worked in jos and kaduna for them.Thr is no technicalities anywhere. It is only when u default in contribution it affects the interest. You principal was guaranteed at maturity. It took physical wahala to get our principal.we no see kobo interest

megawealth01:
You are 💯 right

Dividends always carries feelings of fulfillment when it lands your account anytime.

Hence I always tell folks around me, INVEST because it's the money you invested out of the money you make that is yours, the rest belongs to those who gives you goods and services.

Today is Friday.
Remember to buy the deepest.
The Egyptians you see today,you shall see no more.

ppogba:
A land in the remotest part of Lagos bought since 2008 without a structure on it would have been long gone by now
Investment in landed properties is not as straight forward as some of us think.

You're exactly right.
That's why we need everyone's opinion here.
I was only looking at prices then and now. You brought a balanced perspective. Thanks.

jonnysessy:
Okomu interim dividend landed. This is how dividend should come. Very early in the morning

I didn't even know I qualified, waking up to see it, I almost thought it was a mistake. 😁

https://www.youtube.com/watch?v=jAZboY9puLY

A few stocks that may be in play in today's trading session on the NGX.

The Chief Jijoist himself.

We wait and see how it goes today.

Locotrader:
Today is Friday.
Remember to buy the deepest.
The Egyptians you see today,you shall see no more.

Ding

DING!!!

emmasoft:
Dividends always carries feelings of fulfillment when it lands your account anytime.

Hence I always tell folks around me, INVEST because it's the money you invested out of the money you make that is yours, the rest belongs to those who gives you goods and services.

Dividends and coupons give what I call financial orgasm

awesomeJ:
I didn't even know I qualified, waking up to see it, I almost thought it was a mistake. 😁

E get has they calculate their thing sha. I once mistakenly sold off one of my stock like that before BONUS QUALIFICATION DATE was shocked to see my heavy bonus intact when they released it

emmanuelewumi:
Dividends and coupons give what I call financial orgasm

"Financial Orgasm" Dr. Charles Akpoki

megawealth01:
Small pull back people don dey form "I tell una"

Make una cover una face when Uncle green show face ooooo

lexy2lexy:
Received. Check your account

Still nothung.
When did you get it?

Royalex moving up

Bottom Bottom Bottom

If you enter market today especially the insurance,nothing do you.

We said we are waiting for Royalex at 1.21.
Here we stand to actualize it.