By Modupe Gbadeyanka
All seems not to be well between Leadway Assurance and one of its customers based in Abuja, Mr Jolayemi Woleola as both parties are arguing over an insurance claim.
The aggrieved customer accused the company of fraud, stating that he has been frustrated from getting what is due to him, describing the attitude and disposition of the insurer as not only appalling but annoying, disappointing and frustrating.
“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 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.
But in its response signed by Okanke Eze of the Claims Department and E.0. Soje for Divisional Director, Leadway claimed Mr Woleola breached the policy terms and conditions guiding the principles of insurance.
“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 the 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 N15vmillion placed on the same,” the underwriter stated.
In another letter, Leadway Assurance 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.
“In view of the above, we have graciously allowed the claim by giving you an offer rather than an 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 to conclude action on the claim and mark our file closed. We look forward to receiving from you shortly.”
El Salvador Buys Additional 150 BTC as price Falls Below $50,000
Many in the cryptocurrency community are now calling the President of El Salvador a Chief Executive Officer (CEO) as he has managed his country like a CEO would a company. He has now allocated his ‘company’s’ treasury into Bitcoin, as he aims to ‘Buy the dip’, anytime there is a price drawdown in the asset class.
Today ‘CEO’ Nayib Bukele took to Twitter to announce that his ‘company’, El Salvador, just bought an additional 150 BTC, adding to the 100 BTC the Latin American nation bought when Bitcoin’s price fell below $60,000.
He stated, “El Salvador just bought the dip! 150 coins at an average USD price of ~$48,670 #Bitcoin ” He further explained that he missed the bottom as Bitcoin traded as low as $42,874.62 according to coinmarketcap. He stated, “missed the f***ing bottom by 7 minutes.”
What you should know
This purchase puts El Salvador’s Bitcoin reserve at a total of 1,270 BTC, which is worth nearly $61.6 million at the time of writing. On the 26th of November, just 8 days ago, the President announced the purchase of 100 BTC.
The Salvadorean government game plan includes withdrawing unrealized BTC gains in U.S. dollars to fund various developmental projects while maintaining the overall value of the central reserve.
President Nayib Bukele first announced that El Salvador would be making their first major BTC purchase on the eve of the country’s Bitcoin Law going into effect on Sept. 7, buying 200 BTC when the price was roughly $52,000. The nation has seen added 1,020 BTC, with the nation buying whenever there has been a major sell off in the price of Bitcoin.
Nayib Bukele has proposed several initiatives in the country around Bitcoin adoption and mining. The government has started construction of the infrastructure to support the state-issued Bitcoin wallet, Chivo, and recently unveiled plans to launch its own Bitcoin City at the base of a volcano, funded initially by $1 billion in Bitcoin bonds.
Since the adoption of Bitcoin as a legal tender, the Salvadoran government has been investing gains onto various infrastructure development projects. In mid-October, the President announced that the $4 million from the profits of their Bitcoin Trust will be used to construct a new veterinary hospital in the capital, San Salvador. Early November, Bukele announced that the surplus earned from the state’s Bitcoin Trust account will be used for constructing 20 new schools.
However, Many Salvadorans have pushed back against the crypto initiatives, specifically protesting Bukele and Bitcoin. In September, residents marching through the capital city destroyed one of the Chivo kiosks and defaced the remains with anti-BTC logos and signs.
Superalgos is the go to hub for day traders – Luis Molina, CEO
The SA token is the native token of the Superalgos platform. It was recently launched on PancakeSwap, a decentralized exchange (DEX), under the ticker ‘SA’. The launch comes after four years of development with tens of thousands of downloads during the open beta phase as the community builds up liquidity pools for its native Superalgos token on the DEX.
Molina says, “Our token is a community token and it represents how much you have contributed to the project. The difference between the SA token and other tokens is that others use their token to incentivize security for their respective networks while we don’t need security for our network because our token runs on someone else’s network. What we do is we use 100% of the incentivization power of each token to incentivize contribution to the platform. In the first four years, the contribution was in the form of codes to the codebase to create these tools. We are transitioning to allowing people contribute trading intelligence in the form of indicators, strategies and also signals. The platform will be set up where people will be running bots which produces signals for traders and putting them in the Superalgos network for everyone to benefit.”
Molina concluded by telling us more about the Superalgos application and how traders can benefit from the #1 platform on GitHub. He also gave hints about his top five cryptocurrencies. Click here to watch the full interview.