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Motorists Demand Reversal of New Third-Party Insurance Policy
By Adedapo Adesanya
The Insurance Consumers Association of Nigeria (INSCAN), which includes motorists, has called on the National Insurance Commission (NAICOM) to reverse its directive on the increase of third-party motor insurance premium in Nigeria.
NAICOM recently issued a policy directive on the increase of third-party insurance policy in Nigeria by 200 per cent.
INSCAN, in a letter signed by its National Coordinator, Mr Yemi Soladoye, demanded the reversal of the directive, saying it amounted to a deliberate breach of the fundamental Principle of Utmost Good Faith and other decent regulatory principles guiding Insurance practice.
“We hereby write with respect to your Circular No.: NAICOM /DPR/CIR.46/2022 dated Dec. 22, 2022, increasing the third-party motor insurance premium in Nigeria by 200-400 per cent for different categories of motor vehicles.
“And by implication, giving only one week’s notice to the insuring public of Nigeria to comply.
“We demand the reversal of the directive as it amounts to a deliberate breach of the Fundamental Principle of Utmost Good Faith and other decent regulatory principles that guide insurance practice,” it said.
The INSCAN recalled that enough time was given to the public for feedback and adjustments to be made on the recent cases of currency redesign as well as the cash withdrawal limit introduced by the CBN.
It said the almost 20 million Motor Insurance Consumers in Nigeria deserved more than a week’s notice for compliance, describing the duration as a great insult to the collective intelligence of Nigerians.
The association said it had read over 500 public comments by Nigerians on the directive, saying the reputation slowly built for the Nigeria Insurance Industry was being eroded by the series of condemnations.
It said that practitioners, as well as the various arms of the central government of Nigeria, were being unfairly treated.
It quipped, “How much has your commission paid out to victims and customers of Proscribed Insurance Companies over the past 20 years as required under Section 78 of the Insurance Act 2003 to justify an astronomical increase in premium amount?
“Where is the report of an ad hoc committee required to be set up under Sec. 52 of the Insurance Act 2003, stating the imperative of increasing Insurance Premium by a whopping 200 per cent?
“We also know that the referred Sec. 52 of that Insurance Law does not confer arbitrary powers on you because Insurance is a business affected by Public Policy and otherwise it becomes legalised robbery,” it said.
The association said that the predictable outcome of the directive would be a substantial increase in the number of fake Insurance Underwriters in Nigeria.
You are definitely aware of the fact that even at the current N5,000 MTP Premium, many Nigerians still patronise the fake underwriters.
“And this is not because these Nigerians cannot afford the N5,000 but because they don’t see any benefit be it under your genuine or the fake cover,” the association said
It said that the directive would garner more money to the pockets of NAICOM and insurance operators and more hardship to Nigerian insurance consumers.
“To what extent have the interests of the Policyholders of the Insurance Underwriters, whose licences you revoked in the past year, been protected?
“How much have you paid to the various Fire Brigades in Nigeria as Fire Service Maintenance Fund as prescribed under Sec. 65 of the Insurance Act 2003.
“But still, you are quick to increase the Premium burden on the largely dissatisfied Insurance Customers in Nigeria,” it said.
INSCAN lamented the increment without due consideration for the feelings of the consumers, particularly in Nigeria, where the good customers who didn’t make claims are never rewarded.
The association said that failure to reverse the obnoxious directive would put NAICOM on record as the regulator with the highest level of impunity and insensitivity in Nigeria.
It stated that NAICOM’s policy directive was not subjected to civilised trade practices, professionally-accepted insurance principles, transparent customer-oriented regulations and humane attention to the economic situation of most Nigerians.
The association said that consumers were further convinced that the motive behind the directive was self-serving, arrogant and detrimental to their interests.
It said NAICOM was established to protect consumers, demanding a reversal of the policy pending proper consideration of the grey areas of the directive.
By Adedapo Adesanya
The United Kingdom is facilitating a quick process to return $9.5 million in recovered stolen funds to Nigeria to help fund the completion of the ongoing Abuja-Kano Road.
According to a statement on Friday, His Majesty’s Attorney General for Jersey, Mr Mark Temple, signed a Memorandum of Understanding (MOU) in December 2025 to facilitate the return of the loot.
Recall that on November 29, 2023, the Attorney General applied to the Royal Court of Jersey under the Forfeiture of Assets (Civil Proceedings) (Jersey) Law 2018 in respect of tainted property held in a Jersey bank account. On January 12, 2024, the Royal Court granted a forfeiture order after determining that the funds were more likely than not the proceeds of a corrupt scheme in which third-party contractors diverted government monies for the benefit of senior Nigerian officials and their associates.
The MOU builds on two previous agreements between Jersey and Nigeria, under which more than $300 million has already been repatriated to support three major infrastructure projects: the Lagos-Ibadan Expressway; the Second Niger Bridge; and the Abuja-Kano Road. The first two projects are now complete.
Under the terms of the MOU, the forfeited funds will contribute to the final stages of the Abuja-Kano Road, a 375 km highway that will provide a vital link between Nigeria’s capital and its second-largest city.
Speaking on the development, Mr Temple, said: “This successful return demonstrates the strength of our civil forfeiture legislation as a powerful tool in the fight against corruption. I thank the Nigerian authorities for their cooperation and the Economic Crime and Confiscation Unit in my Department for their unwavering commitment to recover the proceeds of crime.”
Adding his input, the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi said, “The successful recovery and repatriation of the forfeited assets, underscores the effectiveness of Nigeria’s collaborative efforts with its international partners in ensuring that there is no safe haven for illicitly acquired wealth or assets moved to foreign jurisdictions.”
“I want to, on behalf of the Government of the Federal Republic of Nigeria, thank the Bailiwick of Jersey for the cooperation accorded Nigeria during the Recovery exercise. I want to further assure the Bailiwick of Jersey, that the repatriated assets will be judiciously utilized in line with the terms of the executed Memorandum of Understanding,” he added.
By Modupe Gbadeyanka
Motorists in Lagos State with faded and unreadable vehicle number plates have been given a three-month rebate window to replace them.
This followed the approval of the 90-day exercise by the Lagos State Governor, Mr Babajide Sanwo-Olu, according to the Permanent Secretary for Motor Vehicles Administration Agency (MVAA), Mr Rasheed Muri-Okunola.
The state government disclosed that the rebate applies specifically to vehicle owners whose number plates have become worn, faded, or unclear over time due to weather conditions and prolonged use.
It noted that the gesture is a proactive and citizen-friendly intervention aimed at encouraging compliance while reducing the financial burden on vehicle owners.
According to Mr Muri-Okunola, the Governor authorised the rebate as part of renewed efforts to enhance road safety, improve vehicle identification, and strengthen security across the state.
It was emphasised that the condition of vehicle number plates is critical to effective traffic management, crime detection, and overall public safety, noting that faded or illegible plates pose challenges to law enforcement agencies and traffic officials.
The government noted that that beyond aesthetics, legible number plates play a vital role in curbing traffic violations, aiding investigations, and supporting digital vehicle tracking systems deployed by the state.
Motorists were, therefore, encouraged to take advantage of the window by visiting the agency’s designated Pilot Centre at Oshodi (MVAA One Stop Centre, Oshodi) or any MVAA Stations across the state for the replacement process.
“Clear and properly maintained number plates are essential for vehicle identification and security. This three-month rebate is designed to give motorists ample opportunity to replace faded plates at a reduced cost while supporting our collective responsibility to keep Lagos roads safe and well-regulated,” Muri-Okunola stated.
“This is not just a regulatory exercise; it is a public safety measure. When number plates are clear and standardised, it improves efficiency across transportation, security, and emergency response systems,” he added.
Mr Muri-Okunola assured the public of seamless service delivery throughout the rebate period and advised motorists to avoid unauthorised agents, stressing that all replacements must be processed through designated government-approved centres.
He reiterated the Lagos State Government’s commitment to innovative policies that prioritise safety, convenience, and accountability while urging residents to cooperate with authorities in building a safer and more orderly transport environment.
By Modupe Gbadeyanka
The appointment of an Executive Director of CIG Motors, Mr Jubril Arogundade, has been terminated, a statement from the auto firm has revealed.
It was disclosed that Mr Arogundade was relieved of his duties over an alleged financial misappropriation and abuse of authority, with the matter referred to the Economic and Financial Crimes Commission (EFCC).
CIG Motors said it took the decision to fire Mr Arogundade following internal investigations that uncovered issues relating to financial misappropriation and abuse of authority.
The company said it first suspended the accused person for a comprehensive internal review and findings showed that his actions fell significantly below its governance, compliance, and ethical standards, making immediate termination necessary.
The organisation further disclosed that it is cooperating fully with the authorities, including the EFCC, as the matter progresses through the appropriate regulatory and legal channels.
CIG Motors emphasised that the action reflects a zero-tolerance stance on financial misconduct and abuse of authority, particularly at senior management level, noting that safeguarding institutional integrity and maintaining robust internal controls remain central to its operations.
The statement also clarified that CIG Motors will not engage in further public commentary on the matter, stressing that it is now before the relevant authorities. It added that operational continuity across the business remains unaffected.
The development aligns with a broader trend seen across Nigeria’s corporate and financial landscape in recent months, where several organisations have taken decisive action against senior executives following internal probes, regulatory breaches, or governance failures, a part of the statement said.
Analysts note that such actions signal growing pressure on corporate boards to strengthen oversight, enforce accountability, and demonstrate compliance with governance best practices.
CIG Motors reiterated its commitment to the highest standards of corporate governance, accountability, and transparency, assuring stakeholders that appropriate measures are in place to protect the company’s long-term stability and reputation.
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