The High Court of Lagos State has ordered Utmost Wealth Solutions to refund $16,889.75 to Mrs. Clara Chinenye Nwachukwu, after declaring a key clause in its “Vision Plan” investment policy “manifestly unjust, unfair and one-sided.”
Justice K. A. Jose delivered the judgment on January 26, 2026, ruling that the policy term allowing the company to apply 100% of a customer’s premiums during the initial period to administrative fees was inequitable and violated consumer protection laws.
Mrs. Nwachukwu had invested $18,000 between August 2014 and February 2016, paying $1,000 monthly premiums, with the expectation that the funds would grow as a long-term savings plan. She discovered in March 2022 that her contributions had been consumed by administrative fees, despite prior confirmations from the company that her investment remained active.
The court found Clause 5.3, which allocated nearly two years of contributions entirely to administration fees, excessively one-sided and contrary to Section 127 of the Federal Competition and Consumer Protection Act. Claims against Profinad Nigeria Limited and its managing director were dismissed, as the contract was specifically with Utmost Wealth Solutions.
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