Connect with us

News

Nine million vehicles have no insurance – Report

Published

on

Spread the love

• NIA generates N214.05m from motor insurance

About nine million vehicle owners still carry fake or expired insurance policies, The Nation has learnt.

Of the estimated 12 million vehicles in Nigeria, only about 3,013,205 Third Party Motor policies are in force.

This was made known in the Nigerian Insurers Association (NIA) 2022 Annual Report released during the association’s 52nd Annual General Meeting (AGM) in Lagos.

Despite this poor record, NIA, the umbrella body of insurance companies, still witnessed an increase of 19.63 per cent growth in its Nigerian Insurance Industry Database (NIID) Fund, which rose from N178.93 million in 2021 to N214.05 last year.

The NIID fund is owned by NIA. It is the central database of compulsory insurance and it serves as a sales point and tool for checkmating fake compulsory insurance certificates.

Overall, the association generated a gross income of N626.52 million  last year as against N520.63 in 2021, showing an increase of 20.34 per cent.

Maduka College Advert

The amount generated, according to the NIA, exceeded budgeted income of NS78.61 million for last year by 8.28 per cent.

This increase was attributed to improved earnings from yearly membership subscription and surplus from NIID Fund.

Expected yearly membership subscription was N274.56 million, but N290.64 million was achieved, indicating an increase of 5.86 per cent.

Similarly, the surplus from NIID Fund grew by 19.63 per cent from N178.93 million in 2021 to N214.05 million last year, and also exceeded budgeted amount of N164.5 by 30.12 per cent.

The association’s total expenditure for last year stood at N449.80 million as against N300.61 in 2021, representing an increase of 49.63 per cent.

When compared to the budgeted expenditure of N451.25 million, it represents a decrease of 0.32 per cent, according to the report.

The increase in expenditure was as a result of expenses incurred during the unveiling of the new NIA House and impairments of financial assets

The NIA stated that since the Central Bank of Nigeria (CBN) integrated the NIA Marine Module into the National Trade Portal, which requires that insurance certificates for import and export should be generated from the portal, there has been significant improvement in marine uploads.

This, no doubt, has reduced fake Marine Insurance Certificates at the ports. The goal is to, ultimately, eliminate fake marine insurances at the ports.

“We have commenced discussions with the Lagos State Building Control Agency as part of engagements implementation of Lagos State Building law. We are also working with the State Vehicle Inspection Service on the enforcement of Third-Party Motor Insurance in the State. Of the estimated 12 million vehicles in Nigeria, only about 3,013,205 Third Party Motor policies are in force.

“We remain hopeful that other states will see value in the platform and key into the project before the year,’’ the report stated.

Meanwhile, the Chairman of the association, Mr. Segun Omosehin said despite the downturn being experienced in Nigeria with its cataclysmic aspects of our national life, the industry continues to take  a pride of place in the economic space as the  driver, restorer of businesses and a dependable safeguard for national assets.

He, however, noted that the industry has had a fair dose of the economic and socio-political problems bedevilling the country in the past one year.

He stated that the perennial power outages, internecine conflicts between herders and farmers, menace of kidnappers and bandits, insurgency in the Northeast, especially around the Lake Chad Basin, poor infrastructural facilities, galloping inflation, rising unemployment, flooding and other natural catastrophes, increasing poverty levels and the geometric rise in exchange rate of the naira to the United States dollar continue to be a major challenge to businesses resulting in high cost of operations.

Notwithstanding these challenges, he said insurance companies continue to discharge their obligations as financial intermediators and restorers of businesses in line with their mandate.

He further said the volume of member companies grew about N726.2 billion, which is estimated to be an increase of 33.9 per cent over the premium of N569.1 billion recorded in 2021 during the year under review.

The figure corroborates with that of the  National Insurance’s Commission (NAICOM) record.

News

Catholic Bishop shot dead

Published

on

Bishop Osorio Citora Afonso
Spread the love

A Catholic bishop appointed to a central region of Mozambique by Pope Leo XIV was shot dead at home Saturday in what the country’s episcopal body called “mysterious circumstances”.

Bishop Osorio Citora Afonso, 54, was shot in the chest “probably with a single bullet”, a spokesman for the criminal investigations bureau, Maximino Amilcar, told reporters outside the senior clergyman’s residence in the city of Quelimane.

He described the killing as “murder by gunshot”, adding that “it is not easy at this time to give details”.

The Vatican said the pope had “learned with deep sorrow of the grave act of violence that led to the death of His Excellency, Monsignor Osorio Citora Afonso”.

Mozambican President Daniel Chapo issued a statement expressing his “deep sadness” at Afonso’s death, calling it “an irreparable loss for Mozambican society”.

Around a quarter of the population in the African country, a former Portuguese colony, is thought to be Catholic, based on the last census taken nearly a decade ago.

Maduka College Advert

Afonso, born in Mozambique, served in the Democratic Republic of Congo and in Italy, then as auxiliary bishop in Maputo in 2023 before being made a bishop the following year.

In July 2025, Pope Leo transferred him to the diocese of Quelimane.

The Episcopal Conference of Mozambique said Afonso was “found lifeless and in mysterious circumstances that need to be made clear”.

Continue Reading

News

Police rescue ex-Power Minister Adelabu’s Sister, Twin Sons from kidnappers

Published

on

The rescued victims
Spread the love

Operatives of the Nigeria Police Force have rescued Mrs. Olaide Busayo Adegoke John-Paul and her 12-year-old twin sons, Peter and Paul, following a rescue operation that culminated in a gun battle with suspected kidnappers.

Police sources said the operation was carried out on Saturday evening at about 7:30 p.m., leading to the safe recovery of the victims, who had been held captive since their abduction earlier in the week.

Mrs. John-Paul, who is the younger sister of former Minister of Power, Adebayo Adelabu, and her twin sons were reportedly kidnapped at about 7:30 a.m. on June 3 while travelling to drop the children at school.

According to security sources, police operatives tracked the kidnappers through sustained intelligence gathering and coordinated tactical operations.

The pressure mounted by security personnel reportedly forced the suspects into a confrontation with officers.

During the exchange of gunfire, two suspected kidnappers were killed, while two firearms were recovered from the scene.

Maduka College Advert

The victims were rescued unharmed and have since been reunited with their family.

Security agencies have launched a manhunt for other members of the kidnapping syndicate believed to have escaped during the operation.

Investigators suspect some of the fleeing suspects may have sustained gunshot injuries.

The police have not yet released an official statement detailing the circumstances surrounding the rescue operation, the identities of the suspects, or the exact location where the victims were rescued.

The abduction and subsequent rescue have drawn public attention due to the victims’ relationship with Adelabu, a prominent political figure and former cabinet member.

Security operatives are continuing investigations as efforts intensify to apprehend the remaining members of the gang and dismantle the wider kidnapping network.

Continue Reading

News

Kidnappers of ex-army general release video, demand release of detained members, livestock

Published

on

Ex-Director of Defence Information, Brigadier-General Rabe Abubakar
Spread the love

The abductors of retired Major General Rabe Abubakar, former Director of Defence Information, and his wife released a video on Saturday showing the couple in captivity.

The couple were abducted along the Marabar Musawa–Kafinsoli road in Matazu Local Government Area of Katsina State, near Zakin Baure village.

In the four-minute video circulated on social media, the wife of the retired general was seen conveying the abductors’ demands, Daily Trust reports.

The demands included the release of three of their members identified as Sani, Aminu and Nasiru, as well as the return of livestock allegedly seized from them.

According to her account, two of the detained individuals were arrested in Jikamshi while the third was arrested in Kano.

She also appealed to the Katsina State Government and leaders of five local government areas to facilitate compliance with the demands to secure their release.

Maduka College Advert

The retired general, who spoke briefly in the video, called for efforts to ensure peace, adding that the abductors had expressed interest in dialogue and peaceful coexistence.

Daily Trust also reports that notorious bandit leader Kachallah Muhammad, who operates in parts of Katsina State, had reportedly established communication with the family of the retired general.

As of the time of filing this report, neither the Katsina State Government nor security agencies had issued an official statement on the video.

Continue Reading

Trending

Maduka College Advert