A growing number of retirees who rely on African Alliance Insurance Plc for their pensions are speaking out about their frustration and desperation due to non-payment of their benefits since January 2024.
It was gathered that despite numerous promises and directives from regulatory bodies, the company has failed to meet its obligations, leaving many retirees in a precarious financial situation.
Omotayo Clement, a retiree from the Lagos State Ministry of Works and Infrastructure, shared his harrowing experience with our correspondent.
He said: "I haven't been paid for over four months now. I didn't receive any payment in March. It was only in April that I got paid. Things have been very difficult, and I have been borrowing from people, who are tired of lending me money. The country is very hard; even paying house rent is a big problem. I cannot do anything because I had an accident which cost me my leg. Since 2007, I have not been able to work or do anything. It's very terrible."
Clement said his situation was further complicated by his physical disability and his wife's stroke, leaving them reliant on their daughter for support.
He added: "If you knew me before, you wouldn't recognize me now. My wife also had a stroke, and as I'm speaking to you, she is lying on the floor, unable to work. We manage with the little we are collecting and I have to rely on one of my daughters. As a result, we collect food items on credit, and even our neighbours are tired of giving us items on credit."
Another retiree, Solomon Oyedele, echoed Clement's sentiments, stating that the company's failure to pay has made survival a significant challenge.
He stated: "For those who don't work, surviving this economic hardship is a major challenge. Maybe they think we are dead or expect us to have died, so they don't expect us to live this long. At one point, they called us to come for verification. I said we also have verification, though it is unrelated to government matters. They took our passports and collected some money, but now, they are not paying us."
Oyedele also expressed frustration with the company's lack of communication.
He said: "They haven't been picking up any calls. They only answered my call in early April, but nothing was done. All they said was that I should be patient. Since then, whenever I call, they don't say anything."
According to him, despite efforts to contact African Alliance Insurance Plc, the company has remained unresponsive, leaving retirees in financial limbo.
It was also gathered that the Lagos State Pension Commission has attempted to intervene, but the issue remains unresolved.
The National Insurance Commission' was said to have given directive in July for the company' to submit a turnaround plan in August but to no avail.
