8th December, 2023
By Akin Kuponiyi
The Pension Transitional Arrangements Directorate, PTAD, 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 petition filed before a Federal High Court, Lagos on behalf of Federal Government Pension Transitional Arrangements Directorate, by a Lagos attorney, Fred Onuobia SAN, it was stated 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 its 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.
“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.
“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 to the petitioner”.
PTAD said the insurance company who was dissatisfied with the Judgment, filed an appeal before the Court of Appeal, Lagos. However, on January 9, 2023 when the appeal came up before the Court of Appeal, the company applied to withdraw it. Consequently, the Court of Appeal dismissed the appeal.
PTAD said after the dismissal of the appeal, its solicitors served on Godlink, a letter dated January,10,2023, requesting it to abide by the Federal High Court judgement by paying the judgement sum into its account domiciled in the Central Bank of Nigeria. Although the insurance company in a letter confirmed its indebtedness in a response to PTAD’s letter, it still failed to pay the sum as it sought for time to enable it comply.
PTAD said it on May 25, 2023, made a statutory demand via a letter dated May 12, 2023, on the respondent for it to pay the amount not later than three weeks from the date. It said the company neglected to do that.
PTAD then stated that Godlink had become insolvent and asked that the company be wound up by the court under the provisions of the Companies and Allied Matters Act, 2020 (as amended).
The case has been adjourned till 19th of February, 2024 for hearing.