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Leadway Assurance Company In Trouble Over Multi-Million Naira Fraud – Customer Claims

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An Abuja-based man, Jolayemi Woleola has accused an insurance corporation, Leadway Assurance Company of fraud.

He described the attitude and disposition of the company to his insurance claim as appalling, disappointing, annoying and frustrating.

Jolayemi said Leadway Assurance Company came up with different excuses and outright lies to avoid the fulfilment of their obligation towards him.

The statement reads in part, “I entered into a vehicle insurance contract with Leadway covering my Mercedes Benz E 300 2017 model. The insured car was involved in an accident with a trailer on Kubwa express in Abuja on 23/07/2021.

“I presented my claim to Leadway after relevant documents like the police report were issued. The Leadway insurance has maliciously refused to reinstate me to the position I was in prior to the accident.

“Leadway has been coming up with excuses including outright lies to refuse the fulfilment of their obligation towards me.

“Leadway started from questioning the veracity of an accident which threatened my life to outright lies of claiming to visit the hospital where I was treated of bleeding and being told no patient was treated on that day to twisting outright glaring facts as to the value of the Vehicle prior to insuring same.

“They did not go to the hospital and they lied that they went there. When I went back to the hospital, I requested for CCTV footage of the said day that I came to the hospital, the hospital management asked me why and I showed them Leadway letter.

“The hospital said nobody came to their hospital and they said they don’t even discuss their patients’ medical reports or histories with third parties. They decided to issue a medical report to me which I sent to Leadway again.

“The company went as far as making false allegations against me just in a bid to unjustly refuse reinstating my vehicle back to the position it was before the accident.

“Even a demand that I want the vehicle fixed as opposed to being paid cash for the claim has been recalcitrantly treated by Leadway. I think it is pertinent to let the world know of the disposition of Leadway towards insurance claims as evidenced by my situation.

“The pertinent question is – with attitude such as displayed by Leadway, what is the hope for insurance and adequate/efficient service delivery in Nigeria.”

“At a time when public perception of the concept of insurance as a financial tool of protection is low and Nigerian Government’s effort to improve service delivery in the insurance sector and build confidence in the sector, the attitude and disposition of Leadway as a major player in that sector is appalling, disappointing, annoying and frustrating,” he added.

But in a letter to Jolayemi Woleola from Leadway Assurance Company, which was dated September 10, 2021 and signed by Okanke Eze of Claims Department and E.0. Soje for Divisional Director, the company accused the policyholder of breaching the “policy terms and condition guiding the principles of insurance”.

In the letter titled, ‘Re: Our Claim No: AB21C000098PM Our Policy No: PM210002781 AB Accident Involving Mercedes Benz E 300 With Reg No. RBC 123 BL on 23/07/2021 Insured: JOLAYEMI WOLEOLA,’ Leadway said it would only offer N3,769,941.56, which translates to N3,711,755.09 payment after deduction for “Less 1.75% contribution for betterment on replaced items”.

It said among other things, “You disclosed to us that the vehicle was purchased in April, 2021 while the first servicing was done in Lagos before bringing it to Abuja. However, we discovered that the vehicle was sold via auction on 08/09/2020 with primary damage to front end, secondary damage right front and airbags not reinstalled. Being an accident vehicle, the maximum sum insured value is N7,250,000.00 as against the sum insured of N15million placed on same.

“You will agree that this is misrepresentation of facts and breach of utmost good faith which goes to the root of every insurance contract and make void of the contract from inception.

“Furthermore, we observed that an estimate of repairs of N13,443 ,982.77 from Mercedes Benz, Barbados was presented to us when you know fully well that you do not have maintenance records with them. You may refer to the maintenance garage clause in your policy which states that ‘It is hereby declared and agreed that in the event of an accident involving the vehicle covered by this policy, the insured is restricted to obtaining estimate of repairs from maintenance garage engaged for regular maintenance activities or repairs for at least six (6) months prior to the incident or loss.’

“Meanwhile, we discovered that the repairs of the Mercedes Benz E 300 car was usually carried out at Dawab Auto repairs situated along Kubwa Express Abuja. Therefore, going to Barbados other than your usual repairing garage is a pointer that you want to make profit from insurance. This act is also against the principles of insurance as the purpose of insurance is to indemnify you by putting you to the position you were immediately prior to the loss.”
In another letter to Jolayemi Woleola dated October 5, 2021 and signed by Okanke Eze of Claims Department and Onasanya Mustapha for Divisional Director, Leadway Assurance Company said, “We refer to your mail of 17th September, 2021 and letter dated 15th September, 2021 respectively in which you rejected our offer of N3,769,941.56 given to you without prejudice.

“However, we have gone through all the receipts and invoices you attached to your letter under reference and it further indicates that you concealed material facts about the vehicle before insuring same with us. The implication of concealing material facts ab initio qualifies for repudiation of the claim as this makes the contract void.”

It insisted it would not improve its offer, saying, “In view of the above, we have graciously allowed the claim by giving you an offer rather than outright repudiation of the claim as such, we will not be able to improve on the settlement offer and urge you to execute the discharge voucher earlier sent to you to enable us conclude action on the claim and mark our file closed. We look forward to receiving from you shortly.

It further said, “Please be informed that you breached the principle of utmost good faith as you made underwriters believe that you just purchased the car in April 2021 and was yet to register it with Barbados before insuring with us.
“You told us the same thing on the first and second claims. You stated in your mail of June 9, 2021 and August 13, 2021 respectively that you just purchased the car in April 2021 and did the first servicing in Lagos before bringing the car to Abuja and service lasts for 6 months which makes you not to register with Barbados before the accident happened’.
You never mentioned to us that the car was an accident vehicle and you carried out repairs on it prior to insurance cover as evident in your mails under reference. This act is misleading as you already know that the accident vehicle you purchased via custom auction in September 2020 has a lot of issues ranging from key problems, airbags, and other internal issues that underwriters cannot see during the physical pre-loss inspection and this information was concealed.

“To further attest that you want to make profit from insurance, some of the items that are still required to fix the car now with the present damaged condition, the parts that were purchased at N50,000.00, you brought estimate from Barbados charging over N400,000.00 for same parts.

“The side mirror you replaced for N150,000.00, you want us to pay N736,215.00 and N286,693.00 for low arm that is sold for N80,000.00 at shop where you bought same before and you are aware the parts are still available. (Attach herewith is copy of estimate of repairs from Kris-Mekino Investment Co. Ltd. dated 23rd September 2021 confirming the same amount for those items). We have established from the various documents that you carried out massive repairs in Lagos with reasonable cost. It is important to note that the purpose of insurance is to indemnify you by putting you to the position you were immediately prior to the loss. The reason we gave you an offer that was adequate to reinstate the car back to its position before the purported accident.”

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SWITZERLAND PLEDGES SUPPORT FOR NIGERIA’S BID FOR IMO CATEGORY ‘C’ SEAT, Says Oyetola

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Nigeria’s quest to secure a Category ‘C’ seat on the International Maritime Organization (IMO) Council for the 2026/2027 biennium received a major boost today as the Government of Switzerland formally pledged its support.

The Honourable Minister of Marine and Blue Economy, H.E. Adegboyega Oyetola, CON, received the letter of endorsement during a courtesy visit by the Swiss Ambassador to Nigeria, H.E. Patrick Felix Egloff, at the Ministry’s headquarters in Abuja.

Expressing his delight, Oyetola described the Swiss government’s backing as “a significant milestone in Nigeria’s campaign and a strong testament to the Federal Government’s commitment to upholding international maritime standards.”

According to the Minister, Nigeria’s election into the IMO Council would further strengthen global efforts towards building “a more robust, safe, and sustainable maritime industry.”

Highlighting Nigeria’s maritime potential, Oyetola disclosed that the country boasts 200 nautical miles of Exclusive Economic Zone and an extended continental shelf of 16,300km, positioning it as a strategic maritime nation.

“With these vast endowments, Nigeria, by any standard, is a maritime nation. That’s why the Ministry, in collaboration with the World Bank, AU-IBAR, the Kingdom of Norway, and other stakeholders, has developed a comprehensive National Policy on Marine and Blue Economy capable of standing the test of time,” he stated.

Oyetola further revealed that the Federal Government is adopting a Public-Private Partnership (PPP) model to drive rapid investments in the maritime sector. These include inland waterways development, supply of boats, dredging, and navigation infrastructure.

On maritime security, the Minister emphasized the success of the Deep Blue Project, Nigeria’s state-of-the-art surveillance initiative:

“For the past three years, there has been zero piracy in our waters, and we’re committed to sustaining this achievement. We’re also working with other Gulf of Guinea countries to extend safety and security beyond our national waters.”

In his remarks, Ambassador Egloff noted that Switzerland’s decision to endorse Nigeria followed an earlier request from the Ministry in April 2025.

“I’m very glad to convey this letter of support. Switzerland is very happy to stand with Nigeria. You’re a strong candidate, and we appreciate your commitment to multilateralism and the maritime sector. Nigeria plays a very important role globally,” he affirmed.

With Switzerland’s endorsement, Nigeria’s campaign for the IMO Category ‘C’ Council seat gains further international momentum ahead of the elections slated for October/November 2025.

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Update : JUST IN: Tinubu returns after Japan, Brazil trips

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President Bola Ahmed Tinubu returned to Abuja around 1:20am on Thursday after concluding a three-day state visit to Brazil that yielded a raft of bilateral agreements and high-level engagements aimed at deepening Nigeria’s economic and diplomatic ties with South America’s largest economy.

The President, who arrived aboard the presidential jet, was received at the Presidential Wing of the Nnamdi Azikiwe International Airport by a high-powered delegation of political leaders and senior government officials.

Among those present were Governors Caleb Mutfwang (Plateau); Uba Sani (Kaduna); Hope Uzodinma (Imo) and AbdulRahman AbdulRazaq (Kwara).

Also on hand to welcome the President were Speaker of the House of Representatives, Tajudeen Abbas; Deputy Senate President, Barau Jibrin; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; and some Ministers, including Nyesom Wike (FCT); Abubakar Atiku Bagudu (Budget and Economic Planning) and Bello Matawalle (Defence, State).

President Tinubu’s visit to Brazil was marked by the signing of five Memoranda of Understanding (MoUs) covering aviation, trade, science, diplomacy, and finance.

At a joint press conference in Brasília, he welcomed the imminent return of Petrobras, Brazil’s state-owned oil giant, to Nigeria—five years after it halted its joint ventures.

“We have the largest gas repository. So I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done,” he said.

The agreements also included a Bilateral Air Services Agreement, paving the way for direct flights between Lagos and São Paulo, to be operated by Air Peace.

Other MoUs targeted political consultations, scientific collaboration, and agricultural financing through Nigeria’s Bank of Agriculture and Brazil’s National Bank for Economic and Social Development.

Beyond the MoUs, President Tinubu underscored his administration’s economic reforms, assuring Brazilian investors of a stable, transparent financial climate.

He cited Nigeria’s capital market growth as evidence of renewed investor confidence and pledged continued reforms to “unlock capital, protect investors, and drive innovation.”

In a meeting with Nigerians in Brazil, Tinubu called on the diaspora to contribute actively to nation-building, pledging technology-driven development and food security as the pillars of a prosperous future.

“We must bring Nigeria to the forefront of Africa’s progress, driven by technology, food sovereignty, and the courage to change our destiny,” he told the gathering.

The visit, which featured red-carpet honours, bilateral meetings with President Luiz Inácio Lula da Silva, and cultural engagements, signalled what both leaders described as a new era in Nigeria–Brazil relations.

Tinubu’s state visit to Brazil was preceded by his participation at the recently concluded ninth edition of the Tokyo International Conference on African Development (TICAD9).

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Symbolic gestures to tangible cooperation, Air Peace clearance, Oil giant Petrobras return is key gain of Tinubu’s Brazil visit, Says Onanuga

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……Air Peace clearance for Lagos-Sao Paulo direct flights excites President

The return of Brazil’s oil giant, Petrobras, to Nigeria’s upstream is a major breakthrough recorded by President Bola Ahmed Tinubu’s two-day state visit to the largest economy in South America, Minister of Information and National Orientation Mohammed Idris said yesterday.

Besides, Nigeria’s largest airline, Air Peace, was given the right to commence Lagos-Sao Paulo flights to underscore the renewed economic and cultural ties between the two countries.

Sao Paulo is Brazil’s economic powerhouse and largest city.

Air Peace Chief Executive Officer, Allen Onyema, said the airline would deploy a Boeing 777 from its fleet to service the route.

A symbolic flight was planned for last night.

These agreements are part of the Memoranda of Understanding (MoUs) signed by the two countries during the President’s third visit to Brazil in less than one year.

His two earlier visits were on invitations extended to Nigeria by G-20 and BRICS.

“Air Peace is now cleared to run flights between Lagos and Sao Paulo”, Brazilian President, Luiz Inácio Lula da Silva, declared to the excitement of President Tinubu at a joint news conference at the Palácio do Planalto in Brasília to round off the visit.

According to Presidential spokesman, Bayo Onanuga, President Tinubu said the resumption of Petrobras’ operations five years after it halted joint ventures in Nigeria, would reignite economic cooperation in the energy sector.

“We have the largest gas repository. So, I don’t see why Petrobras doesn’t join as a partner in Nigeria as soon as possible. I appreciate President Lula’s promise that this will be done as soon as possible,” Tinubu said.

The President praised his Brazilian counterpart for committing to revitalising the partnership between the two nations.

“Nigeria’s economic space remains a virgin land, full of opportunities for Brazilian companies,” Tinubu said, while acknowledging Embraer’s role in boosting local airline operations through plans for a service centre in Nigeria to support maintenance and repairs.

Reflecting on his past engagements in Brazil, Tinubu urged a shift from symbolic gestures to tangible cooperation.

“Honourable Ministers of both countries, members of the Brazil Business Group, I have listened carefully to my friend, President Lula. We had a lengthy discussion. We talked about history and about African and Brazilian heritage.

“We tried to see why we are not at the level we wanted. We have allowed some problems and activities in the past to deter us from making progress and fulfilling our promises. But today, we say that is the end of that,” he said.

Tinubu stressed Nigeria’s readiness to partner Brazil in technology transfer, food security, renewable energy, and manufacturing.

“Today, we are fighting and working hard to bring our sovereignty to the level of expectation that we, as a nation, the most populous, the most dynamic country, share with Brazil. We need to share—technology transfer, energy, economy — so Brazil can continue to widen opportunities for us to embrace Africa. Africa is the new frontier,” he said.

The President also called for knowledge sharing in pharmaceuticals, saying “we have elevated this promise to the path of reality, as you have seen in various MOUs. I don’t know why the manufacturing of generic drugs, which Brazil has done deeply and far, cannot be in Nigeria.

“I don’t see why the technological superiority of Brazil is not shared with Africa. We assured each other that only we can develop our economies to help our sovereignty”, President Tinubu said.

Highlighting the reforms at home, Tinubu assured Brazilian investors of a new era in Nigeria’s economy.

“The reforms I’ve embarked upon since I took over in Nigeria have been very impactful. It was initially painful, but today the result is blossoming. It’s getting clearer to the people. We have more money for the economy, and there will be no more corruption.

“We have the governor of the Central Bank of Nigeria here. You don’t have to know him before getting the foreign exchange you need. The speculators are out. In our currency market, the door is open for businesses,” he said.

President Lula described the renewed Brazil–Nigeria engagement as timely in an era of rising protectionism.

“At a time when protectionism and unilateralism have returned, Nigeria and Brazil reaffirm their bet on free trade and productive integration. We continue to be dedicated to building a world of peace, free from hegemonic impositions.

“There are many possibilities for synergy between the world’s two largest countries with black populations. Agriculture and livestock, oil and gas, fertilisers, aircraft, and machinery, among others, represent wide avenues for cooperation.

“Increasing direct connections between Nigeria and Brazil is another essential step to strengthen the ties between our societies. We have approved the launch of a direct flight, to be operated by Nigeria’s largest airline company, Air Peace, between Lagos and São Paulo,” he said.

The following MoUs were signed between the two countries:

*Bilateral Air Services Agreement by Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Brazil’s Minister of Ports and Airports, Silvio Costa Filhos.

*Diplomatic Training Cooperation and MoU on political consultations were signed by Minister of State for Foreign Affairs of Nigeria, Ambassador Bianca Odumegwu-Ojukwu, and her Brazilian counterpart, Ambassador Mauro Vieira.

Nnaji, and Brazil’s Luciana Santos.

*The Managing Director of Nigeria’s Bank of Agriculture, Ayo Sotinrin, and Brazil’s Minister for National Bank for Economic and Social Development (BNDES), Aluísio Mercadante, signed an MOU for cooperation on trade and investment promotion, harmonising efforts to expand agricultural financing, investment, and joint projects.

Nigeria is currently Brazil’s 49th largest export destination, with trade between both countries reaching $2.1 billion in 2024.

Following the agreements, President Tinubu attended a state luncheon, hosted at the Itamaraty Palace.

Mohammed Idris: BASA to deepen ties

Minister of Information and National Orientation, Mohammed Idris, described the Bilateral Air Services Agreement (BASA) signed between Nigeria and Brazil as a significant breakthrough that will reconnect the two countries economically, socially, and culturally.

He described BASA as representing more than aviation.

“The 350 years of slavery between Africa and Brazil is being looked at again by the two leaders. And one way of looking at it is to ensure there is now a reconnection – economic, financial, social, cultural, whichever sphere. I think this is the best way to really go past what has happened during the period of slavery,” the minister said.

He noted that President Tinubu’s fourth meeting with President Lula in just over a year underscored the growing partnership between the two nations, which he said would also benefit Africa.

The minister said immediate “quick wins” from the agreement were already being realised, with a symbolic flight planned from Brazil to Abuja at midnight on Tuesday.

He noted that the direct link would reduce travel time between the two countries from more than 24 hours through European routes to about seven hours.

“Once this becomes commercially viable, it will not just enhance trade between the two countries, it will also improve the cultural and social cooperation that already exists,” he added.

Onyema, who described the BASA agreement as “a milestone,” said: “We cannot start daily flights for now, but we want to start with three weekly flights. As we go on, we develop the route and we’re going to increase the frequency. We told the Brazilians that we want to do Lagos, Rio, São Paulo and back to Lagos”.

The Air Peace chief emphasised that aviation would serve as a catalyst for unlocking the economic potential of both nations.

“The Brazilian economy is the largest in Latin America. The Nigerian economy is one of the largest in Africa. They need to tap into this. But without aviation, it’s very, very difficult for some of these things to be actualised,” Onyema said.

Boeing 777 for route

Speaking in an interview, Onyema said: “Nigerian aviation is grateful to President Tinubu for all he has been doing for the industry.

Air Peace has had long relation with Brazil as the biggest customer to Brazillian airplane maker, Embraer.

Air Peace signed a firm order for 13 Embraer E195-E2 jets in 2019, with the delivery of the first aircraft in early 2021. This was part of a larger agreement that included purchase rights for 17 additional aircraft of the same type, bringing the total potential order to 30 jets. The airline is the first African carrier to operate this new generation of Embraer aircraft.

Besides buying aeroplanes, Air Peace is fine-tuning strategies for the setting up of an aircraft maintenance facility in Nigeria.

Embraer, a few years ago, unveiled plans to establish an MRO (Maintenance, Repair, and Overhaul) facility in Nigeria, in partnership with Air Peace. This initiative is part of a broader maintenance deal with the Nigerian airline to provide local maintenance support for its growing fleet of Embraer aircraft, aiming to conserve foreign exchange for airlines and create jobs in Nigeria.

As one of Nigeria’s biggest flag carriers , Air Peace is designated on Lagos/ London, Dubai, Johannesburg, Tel Aviv, China, Mumbai, Antigua and Barbuda,

Air Peace serves 20 major cities in Nigeria and many regional destinations throughout West Africa (Accra, Dakar, Douala Freetown, Banjul, and Monrovia.

Petróleo Brasileiro S.A., better known by and trading as the portmanteau Petrobras, is a Brazilian majority state-owned multinational corporation in the petroleum industry headquartered in Rio de Janeiro. The company’s name translates to Brazilian Petroleum Corporation — Petrobras.

Petrobras began operations in Nigeria in 1998 in the deep waters off the Niger Delta. It sold its stakes more than 10 years ago to raise cash for domestic projects. Since then, Nigeria has been working to address some of the problems that have limited oil and gas output.

Petrobras stopped business in Nigeria five years ago.

The company was ranked #71 in the 2023 Fortune Global 500 list. In the 2023 Forbes Global 2000, Petrobras was ranked as the 58th-largest public company in the world.

Petrobras was created in 1953 under the government of Brazilian president Getúlio Vargas with the slogan “The Oil is Ours”. It was given a legal monopoly in Brazil.

In 2000, Petrobras set a world record for oil exploration in deep waters, reaching a depth of 1,877 metres (6,158 ft) below sea level. In 2002, Petrobras acquired the Argentine company Perez Companc Energía (PECOM Energía S.A.) from the Perez Companc Family Group and its family foundation for $1.18 billion.

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