Auto
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 Aduragbemi Omiyale
The corporate mobility solution from Bolt, Bolt Business, has expressed its desire to strengthen relationships with existing customers in Nigeria by introducing solutions tailored to industries with frequent employee mobility needs, including healthcare, financial services, legal services and logistics.
This is as the organisation, over the past 12 months, delivered double-digit growth in the country, driven by expanding adoption across multiple industries, growing demand from small and medium-sized enterprises (SMEs), and an increasing number of firms seeking cost-efficient alternatives to managing in-house transport fleets.
The Country Manager for Bolt for Business Nigeria, Mr Isaac Iroko, disclosed that the smarter mobility solutions being planned will improve visibility, simplify expense management and support business growth.
“Our focus remains on building products that create value for organisations of every size while delivering a seamless experience for their employees,” he stated.
Bolt Business has continued to experience an increasing demand from businesses seeking smarter, more efficient ways to manage employee transportation and business travel.
It serves organisations across a broad range of industries, including financial services, technology, healthcare, professional services, manufacturing, logistics, media, real estate and fast-growing consumer businesses.
The growth reflects a broader shift in how Nigerian businesses approach corporate mobility. Rather than maintaining expensive vehicle fleets or relying on fragmented transport arrangements, more organisations are adopting digital mobility platforms that offer greater transparency, control and operational efficiency.
“Businesses today are looking beyond transportation; they’re looking for smarter ways to optimise operations and manage costs.
“We’ve seen organisations across different sectors embrace Bolt Business because it gives them a simple, reliable and transparent way to manage employee travel, whether it’s daily commutes, client meetings or business trips.
“This growth demonstrates that corporate mobility is becoming an increasingly important part of business efficiency in Nigeria,” Mr Iroko stated.
Unlike traditional fleet management, Bolt Business enables companies to centralise transportation through a single platform, providing features such as centralised billing, trip reporting, spending controls and real-time visibility into employee travel. These capabilities help businesses improve oversight while reducing the administrative burden associated with corporate transportation.
By Modupe Gbadeyanka
To boost economic activities in Lagos Island and support residents, the chief executive of the Lagos State Lotteries and Gaming Authority, Mr Bashir Are, sponsored the training of eight persons at the LagRide Drivers Academy through the LagRide Partner Programme.
Mr Are funded both the academy training and the vehicle costs, removing the two barriers that most frequently prevent qualified drivers from entering formal, structured employment in the mobility sector.
The beneficiaries were handed over keys to their vehicles at a ceremony in Lagos on Tuesday, July 21, 2026.
They now operate a LagRide vehicle under the platform’s Drive To Own programme, which allows a Captain to earn daily income while working towards full ownership of the vehicle at the end of the agreed payment term.
“The initial capital required to be onboarded was never going to come from these young men, so we provided that intervention financially so that they can have good employment.
“Lagos is a megacity. My agency runs the largest gaming and fintech conference on the continent every year, and when those delegates arrive, we do not want them driven around in poor vehicles. This is also employment for our own people, and we have a great deal of unemployment and underemployment in this country.
“These Captains are from Lagos Island Local Government, and they can now take care of their own families. Let me be clear about one thing. This is not a project. It is a programme, and it continues,” Mr Are stated.
Also speaking, the chairman of LagRide, Ms Diana Chen, said, “Today is just a new beginning, and more and more people will come. More local governments will join us, and one day we want to bring the Governor here so that this programme runs across the state.
“LagRide is a platform where a person comes to take a job and ends up owning the vehicle. It is also a platform that any government, or any organisation with a social development or CSR mandate, can use to empower the people they want to support. The people get their own asset at the end of it.”
On her part, the lawmaker representing Lagos Island Constituency I in the Lagos State House of Assembly, Mrs Omolara Oyekan-Olumegbon, said, “Everyone keeps saying there are not enough jobs for our youths. This is our own way of ensuring that they are empowered.
“When you give a person money, it is money, and it finishes. This is the difference between giving a man a fish and teaching him how to fish. You are giving these young men something they can use to take care of themselves, their families and their homes.
“We must thank the chief executive of the Lagos State Lotteries and Gaming Authority for doing this, and I must also thank Chief Diana Chen. Lagos Island is a commercial hub, and we intend to keep the flag flying. This is the beginning, and we will be coming back to ask for more.”
By Modupe Gbadeyanka
A bill aimed at prohibiting hawking, trading or preaching inside commercial vehicles in Nigeria has been passed by the Senate.
The bill known as the Federal Road Safety Corps (Amendment) Bill, 2026, imposes fines between N50,000 and N100,000 for violations if assented to by the President.
The piece of legislation was passed by the red chamber of the National Assembly on Thursday and should later be transmitted to President Bola Tinubu for assent.
Members of the upper chamber of the parliament explained that the law was amended to discourage distractions in commercial vehicles and improve the safety of commuters.
In addition, motorists who fail to cooperate with officials of the Federal Road Safety Corps (FRSC) during roadside breath tests conducted on reasonable suspicion are liable to fines or imprisonment or both.
Lawmakers noted that this was to improve compliance with road safety regulations and reduce road crashes, as fines for driving under the influence of alcohol or intoxicating drugs were raised to N100,000 from N5,000, with the risk of spending two years behind bars.
It was also proposed that disobedience to traffic lights, road signs, pavement markings and other traffic control devices will now attract N100,000, while the fine for speed limit violations is now N100,000, with reckless driving now a fine of N100,000 or two years’ imprisonment.
