Mr. Yemi Dada, MD, IRS airlines
A High Court sitting in Lagos State has delivered a judgment in favour of IRS airlines in suit no. LD/3187CMW/2017, against Standard Alliance Insurance PLC and 17 other Nigerian insurance companies as well as the third-party foreign reinsurer.
The court upheld the airline’s position that the defendants wrongfully refused to indemnify it (IRS airlines )for the total loss of its Fokker 100 aircraft (5N-SIK) following its unfortunate accident in Niger Republic on May 10, 2014.
Managing Director of the airline, Mr. Yemi Dada in a statement in Lagos said : ‘The ruling declared key aspects of the insurers’ defense invalid, including their reliance on undisclosed reinsurance terms not part of our policy, and violations of the Insurance Act 2004 regarding improper foreign loss adjustment.
“We are grateful for the declarations affirming our rights, the award of damages in the insured sums (totaling millions in USD or Naira equivalent), and interest from 2014. This outcome vindicates our compliance with all policy obligations—full premium payments, prompt notification, and material disclosures—while exposing procedural and substantive flaws in the insurers’ handling of the claim.”, he said.
This judgment, delivered on February 12, 2026, provides much-needed relief after y years of financial strain, including significant debt to Assets Management Corporation of Nigeria (AMCON) arising from the unpaid insurance proceeds.
According to Dada, the judgment reaffirms the rule of law in insurance contracts and protects policy holders from unfair denials based on hidden foreign arrangements.
” We extend sincere thanks to our legal team, the court for its thorough consideration, and all who supported us. IRS Airlines remains committed to aviation excellence in Nigeria, and we look forward to rebuilding stronger.”, he added.
