Connect with us

BUSINESS

Motor Insurance Service Loses N160bn to Fraudsters.

Published

on

Share

By Joseph Amah, Abuja

Data from the Nigerian Insurers Association (NIA), show that 71.7 per cent of vehicles registered in Nigeria do not have adequate insurance cover. According to stakeholders, the insurance policy premium of these vehicles on the road without genuine insurance is a whopping N160 billion per annum.

According to the NIA, of the 12 million vehicles registered in the country, only 3.
4 million have insurance cover as captured in the Nigerian Insurance Industry Database (NIID).
This means that 8.6 million of the vehicles do not have genuine auto insurance covers.

Analysis of financial results of the first seven insurance companies that have released 2021 full year report shows that their combined auto insurance premium income increased by 19.

9 per cent in 2021 to N21.1 billion from N17.6 billion in 2020.The figure had increased by 4.8 per cent to N17.6 billion in 2020 from N16.8 billion in 2019.The companies are Consolidated Hallmark, Coronation Insurance, Lasaco Assurance, Linkage Assurance, Nem Insurance, Sovereign Trusts Insurance, as well as Axa Mansard. Chairman of NIA, Mr. Ganiyu Musa, said, as at the end of January, 2022, the 3.4 million vehicles were those whose insurance policies were still up to date. Also speaking, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Rotimi Edu, who gave the figure of N160 billion as lost annually to fake motor insurance racketeers in the country, noted that it is disheartening that an industry which had been contributing less than one per cent to the Gross Domestic Product, GDP, in spite of its huge potentials, loses such amount to fake vendors who contribute nothing to the growth of the nation.

He stated: “Nigeria insurance industry loses over N160 billion yearly to fake motor insurance vendors. Some of these fake operators have their offices in some local government secretariats across the nation, carrying out their unethical acts unabated.“Aside from loss of revenue and premium that should accrue to the industry, these criminals create for us a bad image. Most of the unattended claims in motor insurance are victims of fake certificates.“It is sad to note that most motorists go about their daily businesses with certificate of moribund and deformed insurance companies, just because there is no proper enforcement. Some of these insurance policies flying around local government premises across the country, are just putting money into people’s pocket.“I am certainly aware that the NIA deployed technology to curb proliferation of fake certificates. But I am of the opinion that enforcement is still at low ebb.”On the way forward, the NIA Chairman, Musa, noted that to ensure compliance becomes effective across the country, the NIA is working with the Lagos State government in the enforcement and validation of genuine compulsory third-party insurance made mandatory by law through Automatic Number Plate Recognition (ANPR) device of Vehicle Inspection Service (VIS) through NIID Verification Platform. Musa said the partnership with Lagos State will be replicated in other parts of the country so that people can be sure that what they have and carry as insurance is only from genuine and registered insurance companies.He stated: “Now, if your policy document is not captured in the NIID, then that policy document you have as a motor third-party insurance certificate is fake and worth nothing.“You can actually verify it yourself, right from anywhere you are. This has not only brought a check to fake documents, but it has also now empowered you to make claims on all third-party liabilities.“Verifying the authenticity of your vehicle insurance policy on the NIID gives you peace of mind and assurance that your claim will be paid.” Also speaking on the way forward, NCRIB President, Edu called on government at all levels to wade into the situation and curb the perpetrators of fake motor policies.He said: “Our economy continues to drag because we are not paying attention to the issue of insurance. I plead with government at all levels to wade into this matter. I equally plead with the VIS to see this as a clarion call.

The agency can as well increase its enforcement strategies to include insurance certificate in such a way that any motorist without genuine motor insurance certificate should be made to face sanctions as stipulated in the law.”Meanwhile, Commissioner for insurance, Mr. Sunday Thomas, charged insurance industry players to increase awareness and educate Nigerians on, majorly, the six compulsory insurances, which include, third party motor insurance. According to him, proper awareness on the features and importance of these insurance policies will deepen insurance penetration and drive up the revenue of the Nigerian insurance industry.

Economy

Minister Says Upgrading MAN to Varsity will Unlock Maritime Opportunities 

Published

on

Share

Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy says upgrading the Maritime Academy of Nigeria (MAN), Oron to a university, will unlock opportunities in the maritime economy.

Oyetola made the expression at the 2024 MAN cadets graduation ceremony in Oron, Akwa Ibom on Saturday.

Represented by Mr Babatunde Bombata, the Director, Maritime Safety and Security, the minister said the Federal Government was working assiduously to unlock opportunities within the marine and blue economy.

He said that the ministry was already  collaborating with the Ministry of Education and the Nigerian Universities Commission to ensure MAN’s seamless transition to a university.

“It is our hope that this upgrade will unlock new opportunities for advanced learning, cutting edge research and innovation within the marine and blue economy fields,” he said.

Oyetola urged the graduating cadets to be innovative, resourceful and forward looking in their future endeavours.

“The maritime and blue economy sectors are filled with opportunities, so your contributions to the sector will be instrumental in ensuring a brighter future.

“The government is committed to fostering excellence and innovation in these fields, and we eagerly anticipate the positive impact you will make in your careers,” he said.

He further said that the Federal Government was working on developing a national policy on marine and blue economy.

“This policy will serve as a strategic framework to drive economic diversification, attract investments, create jobs and youth empowerment.

In his remarks, Gov. Umo Eno of Akwa Ibom, said the state government would continue to collaborate with the academy to develop the maritime sector.

Represented by the Commissioner for Internal Security and Waterways, Gen. Koko Essien, (Rtd), Eno urged the graduating cadets to utilise their training in developing the maritime sector.

“I am hopeful that you will utilise the training you have acquired here to further your career as seafarers and in the development of our blue economy,” he said.

Eno commended the Acting Rector, Dr Kevin Okonna and his management team for their commitment towards repositioning the academy for greater results.

Earlier, Okonna said that graduates of the institution had contributed immensely to the growth of Nigeria’s maritime and blue economy.

“Today, we have an opportunity to celebrate a new set of well-trained personnel to the maritime and allied industries.

“We pride ourselves as the pioneer maritime training institution, this is because of the institution’s contributions to national development,” he said.

The acting rector urged the graduating cadets to made effective use of the knowledge gained during their training to make meaningful impact on the growth of the maritime sector.

Report says that awards were given to graduating cadets who distinguished themselves in character and learning. (NAN)

Continue Reading

Economy

Investors Gain N183bn on NGX

Published

on

Share

The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.

Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.

The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.

68, against 98,206.
97 recorded on Tuesday.

Consequently, the Year-To-Date (YTD) return increased to 31.

74 per cent.

Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.

Market breadth closed positive with 34 gainers and 17 losers.

On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.

Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.

On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.

Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.

Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.

A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.

Meanwhile, ETranzact led the  activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)

Continue Reading

Economy

Yuan Weakens to 7.1870 Against Dollar

Published

on

Share

The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.

The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.
(Xinhua/NAN)

Continue Reading

Read Our ePaper

Top Stories

NEWS5 hours ago

Abuja Stampede: CAN Mourns

ShareBy Laide Akinboade, Abuja The National Leadership of the Christian Association of Nigeria (CAN) at the weekend, said it is...

NEWS5 hours ago

Benue unveils Zeva Premium Lager Beer

Share The Benue Government on Sunday unveiled a new beverage, Zeva Premium Lager Beer, produced by Benue Investment and Property...

NEWS5 hours ago

NAFDAC, Manufacturers Collaborate to Strengthen Food Safety Culture in Nigeria

Share The National Agency for Food and Drug Administration and Control (NAFDAC) has partnered with the Association of Food, Beverages,...

NEWS5 hours ago

CHAN: Nigeria, Ghana Clash Ends in Goalless Draw

ShareThe Nigeria, Ghana final qualifying fixture in the race to next year’s African Nations Championship ends a goalless draw in...

NEWS5 hours ago

FG Lifts Ban on Mining to Boost Zamfara IGR – Minister

Share Alhaji Bello Matawalle, Minister of State for Defence, says President Bola Tinubu has lifted the ban on mining in...

NEWS5 hours ago

Kaduna’ll be Secure During Yuletide-CP

Share The Police Command in Kaduna State said it  has enhanced security measures ahead of the yuletide festivities in the state....

NEWS5 hours ago

IG Visits Family of Man Who Died in Police Custody in Ilorin 

ShareThe Inspector-General (IG) of Police, Kayode Egbetokun, on Sunday paid an unscheduled visit to Ilorin in view of the death...

NEWS5 hours ago

2024 was Turbulent for us But God Strengthened us, Makinde Says

ShareGov. Seyi Makinde on Sunday in Ibadan said God’s intervention helped the government and people of Oyo State to go...

SPORTS5 hours ago

NPFL: Late Penalty Kick Helps Kwara United to Narrow Win

ShareA penalty kick awarded late in the game on Sunday helped hosts Kwara United Football Club of Ilorin to a...

Missing N500bn: Probe CBN, Falana, Others Tell PMB Missing N500bn: Probe CBN, Falana, Others Tell PMB
POLITICS6 hours ago

Poverty, Behind Deadly Stampedes Across Nigeria, says Falana

ShareBy Mike Odiakose, Abuja Human rights lawyer, Femi Falana, SAN, on Sunday attributed the deadly stampede that claimedmore than 105...

Copyright © 2021 Daily Asset Limited | Powered by ObajeSoft Inc