NCRIB Expresses Worry Over Non Insurance of Govt. Assets

 

…Laments Non Insurance Of Lagos-Calabar Coastal Highway

Harboursandport.com: Lagos – January 20, 2024: The Nigerian Council of Registered Insurance Brokers, NCRIB, has expressed worry over Federal Governments lackadaisical attitude towards insurance, lamenting that most federal government assets are not insured.

The NCRIB reiterated that even the Lagos-Calabar Coastal Highway is not insured.

Honourary Auditor, the Nigerian Council of Registered Insurance Brokers, Mr. Wale Oshodi; President, Prince Babatunde Oguntade; Deputy President, Mrs. Ekeoma Ezeibe and Executive Secretary/CEO, Mr. Tope Adaramola at a Press Conference held in Lagos 

President/Chairman, Governing Board of NCRIB, Mr. Babatunde Oguntade, who disclosed this during a press conference in Lagos, expressed concerns that the Federal Government is not insuring its assets despite allocations made for insurance premiums.

Oguntade said: “We visited the Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun, and Minister of Budget and Economic Planning, Senator Abubakar Bagudu, to engage them in areas we would like to collaborate with them. We went there because we found out that over the years, insurance is embedded in the budget, but the premiums are not paid. The funds are diverted into contracts, and then even the contracts are not insured.

“For instance, the Lagos-Calabar Highway does not have an insurance component. We are still trying to see the Minister of Works, David Umahi, and we are hoping it will turn out well eventually. We have also engaged with other key stakeholders among the government officials, industry leaders, and other relevant parties to foster relationships, promote our members’ interests, and advocate the growth of the insurance sector.

“These visits have enabled us to build bridges, address challenges, and explore opportunities for collaboration.”

He, however, lauded the government’s commitment to investing in critical sectors such as transportation, energy, and housing, saying, “Initiatives like the National Integrated Infrastructure Master Plan and the Economic Recovery and Growth Plan demonstrate the government’s dedication to bridging the infrastructure gap in Nigeria. The huge expenditure of the government on building several highways and railways in this year’s budget is well noted.

“However, I firmly believe that insurance can play a vital role in mitigating the attached risks and promoting economic growth. In executing these laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured. Insurance is a critical component of any infrastructural development/project, as it provides financial protection against unforeseen risks and losses.”