Economy
#EndSARS: NAICOM to Ensure Payment of Claims by Insurers
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has pledged to properly handle the complaints of insured policyholders following the destruction of properties that marred the #EndSARS protests.
According to NAICOM’s Head, Commissioner for Insurance Directorate, Mr Rasaaq Salami, the commission would await complaints from policyholders arising from the damages they suffered when hoodlums used the peaceful demonstrations to perpetuate the act of looting.
Mr Salami said situations like this underscore the importance of adequate and appropriate insurance, noting that the insurance industry was gradually and steadily shifting from that era of poor claims payment to adequately honouring their obligations.
He stressed the need for both government and individuals to adequately insure all their assets and liabilities.
“What has happened is very unfortunate and sad. We all know that the losses are heavy and a lot of financial resources are required to replace all that has been lost.
“Because of the sensitivity of this #EndSARS issue, NAICOM is going to take a keen interest in it and await any claims complaint that will come from it.
“The industry is now aware of the benefits to them as operators when they honour their obligation because when you do, it becomes easier for you to get the other party to come and insure.
“I deliberately stressed adequate and appropriate because there are policies that the insured go into that are limited, some do not cover anything.
“When you have your risks and you disclose it and it is appropriately priced and the appropriate premium is paid, with genuine insurance companies through NAICOM’s registered insurance brokers or directly with the insurance companies, it means that when a situation of loss occurs, claims payment is guaranteed.
“A lot of buildings have been destroyed, both public and private buildings, as well as vehicles.
“In most cases, these destructions came about from acts of riots.
“Riots do not stand alone as an insurance policy, they are sometimes tied to fire insurance which is an addition, so that is why I talked about adequate and appropriate insurance.
“Because if there is a fire insurance and there is no endorsement that covers riots, destructions, losses occasioned by riots when they happen, you are not likely to get compensation,” he explained.
He further advised prospective policyholders to employ the services of insurance brokers to educate them on the appropriate policies to undertake before insuring properties.
Also speaking, Mr Ganiyu Musa, the Chairman of the Nigerian Insurers Association (NIA), told NAN that members of the association would pay valid claims of policyholders.
“We know that the loss of life is a bigger calamity because it is not replaceable but at a time like this, all our thoughts and prayers are to the people that lost their loved ones.
“Every other thing can be replaced. Insurance is a contract, so the policy you buy may be different from mine and these policies have details of what is covered and what is not.
“Where it is discovered that one has paid his premium, then you do not have anything to fear. It is a big, huge loss,’’ he said.
Business Post had reported that Coronation Insurance had stepped in to cover whatever claims made by insured victims. Other insurance companies like AIICO Insurance Plc, Consolidated Hallmark Insurance (CHI), and the Universal Insurance Plc, had also assured policyholders of their prompt response to claims.
By Aduragbemi Omiyale
The federal government has been advised to consider exploring other funding sources to finance its budget deficits.
Speaking with Punch recently, the chief executive of CSA Advisory, Mr Aliyu Ilias, said the current appetite for borrowing by the government cannot be sustained because it elevates debt-servicing costs.
The economist suggested the sale of some public assets and the involvement of the private sector in infrastructure financing for economic growth.
According to him, running to the debt markets to raise funds for the government is not the best route to take, as the reliance on borrowing always leads to higher debt-servicing obligations.
“The more you borrow, the more you are also incurring more debt services,” he said, tasking the government to also capitalise on increased oil revenues stemming from ongoing geopolitical tensions in the Middle East.
“The government can actually sell off some of their assets to raise more money. The government can also, if you look at the revenue we are getting from oil, it’s getting more, especially with this war. It’s another opportunity for us to actually not borrow again,” Mr Ilias submitted.
He also pointed to ongoing tax reforms as another avenue to improve government finances and narrow the fiscal gap.
“The government can also look at tax reform. The fact is that the government does not have money. The only chance for getting more money is to address the financial deficit,” he added.
By Adedapo Adesanya
Crude oil was up by $1 on Monday as Iran and Israel said they had halted attacks on each other following an appeal from US President Donald Trump.
Brent crude futures gained $1.16 or 1.3 per cent to trade at $94.25 a barrel, while the US West Texas Intermediate (WTI) crude futures were up 76 cents or 0.8 per cent to $91.30 per barrel.
Iran’s military said Monday it halted attacks on Israel after the two countries exchanged their most intense strikes in months, further straining an already shaky ceasefire as well as the US-Israeli relationship. Iran, however, said it would resume strikes if Israel continued to hit Hezbollah in Lebanon.
Israel also halted attacks on Iran, Israeli Prime Minister Benjamin Netanyahu said, stopping short of acknowledging a ceasefire that US President Donald Trump said the countries were aiming for.
President Trump said earlier that the US blockade, which was introduced in April, would remain in place “in full force” until a final peace agreement between the two warring nations is reached.
Prices gained more than 5 per cent earlier on Monday after renewed Israeli strikes on Iran and attacks on Lebanon had reduced hopes of an imminent end to the wider war.
Market analysts noted that because of the strikes, investors were concerned that flows through the Strait of Hormuz might remain restricted for longer. Roughly a fifth of the world’s daily supply of oil and liquefied natural gas passed through the waterway before US-Israeli airstrikes at the end of February unleashed the latest escalation of the Middle Eastern conflict.
Yemen’s Iran-aligned Houthis said on Monday they would ban ships linked to Israel from the Red Sea after Israel renewed its military attacks on Iran, adding to concerns about global shipping and energy flows.
In the face of the supply crisis, a sub-group under the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday agreed on its fourth oil output target increase in four months. The seven members decided to increase targets by 188,000 barrels per day from July, the same as the June hike, which was adjusted down from monthly increases of 206,000 barrels per day in May and April to take into account the exit of the United Arab Emirates (UAE).
On paper, the sub-group has increased its output quotas from April to June by almost 600,000 barrels per day, but in reality, the group’s production has collapsed due to export cuts by Gulf members, averaging 33.19 million barrels per day in April compared with 42.77 million barrels per day in February.
Saudi Arabia has cut its official selling prices for crude oil to Asia in July for a second month.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn