Insurer warns Nigerians against fraudulent scheme

An expert in the nation’s insurance industry has warned Nigerians against the “Standard Payment Investment Scheme” currently circulating on social media platforms, purporting to collaborate with underwriting companies to extort money from the public for better investment returns.

The Managing Director/Chief Executive Officer of Universal Insurance Plc, Ben Ujoatuonu, told The Guardian over the weekend that the scheme is an initiative of fraudsters.

According to him, it is intended to extort money from unsuspecting members of the public saying they collaborate with Universal Insurance in the name of investment for higher returns.

Ujoatuonu condemned the initiators of the scheme and distanced his company from such a partnership.

He further disclosed that steps have been taken to involve anti-fraud and law enforcement agencies in a bid to nip the fraudulent activity of the group in the bud and to prevent them from further dragging the reputation of Universal Insurance Plc in the mud.