Great Nigeria Insurance PLC has filed an appeal against a judgment by Justice Sonia Akinbiyi of the Ijebu Ode High Court, which ordered the company to pay N16,056,370 to Ade Distribution and Investment Company Limited. The judgment, delivered on July 15, 2018, involved a claim for losses from a burglary at the claimant’s warehouse, which were covered under a burglary insurance policy with Great Nigeria Insurance.
The case, marked suit no HCJ/129/2023, centered on a robbery that occurred on January 14, 2013, where goods valued at N15,956,570 were stolen from the company’s warehouse. The court held that Ade Distribution was entitled to compensation under the insurance policy after the company provided the required documents, including a police report, to substantiate the claim.
However, Great Nigeria Insurance denied liability, citing the principle of “No Premium, No Cover,” arguing that the premium payment was made after the incident occurred. The insurer also contended that the second defendant, Alhaji Femi Oluderu, who facilitated the policy, was not their authorized agent. Despite these arguments, the court ruled in favor of Ade Distribution, holding that the insurance company was liable for the loss and damages.
Dissatisfied with the ruling, Great Nigeria Insurance has appealed to the Ibadan division of the Court of Appeal, challenging the lower court’s decision. The company insists that the premium was not paid in advance as required by Section 50(1) of the Insurance Act and argues that Justice Akinbiyi erred in recognizing the second defendant as its agent.
The appeal, initially set for October 8, 2024, was postponed, and the court is yet to announce a new hearing date.
