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Insurance brokers raise alarm over threat to investment in Nigeria

The Nigerian Council of Registered Insurance Brokers (NCRIB) has raised the alarm over increasing insecurity in Nigeria and its negative impact on investment.

NCRIB, the insurance intermediary that generates about 50 percent of the industry’s total annual premium, believes that investment in the country is dropping over rising insecurity, as investors locally and internationally are losing confidence in the economy.

Bola Onigbogi, president/chairman of council of the NCRIB made the remark during a session with journalist in Lagos.

Onigbogi said, “To say that the rate of killings and kidnapping in Nigeria is endemic is to state the obvious.”

According to her, the recent rate of attacks on people in most parts of the country is so disheartening, as it’s worrisome seeing how Nigerians are being massacred in their own fatherland unabated.

“It is difficult to read the mindset of these daredevil hoodlums, who have decided to unleash terror on unsuspecting and innocent Nigerians. Our heartfelt sympathy goes to the government and the people of affected States, especially, the immediate families of the victims”

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She, however, joined other Nigerians to call on the Federal Government, as a matter of urgency to declare a state of emergency on terrorism and killings, especially in the Northern part of Nigeria.

“We appeal to Mr President to instruct all the service chiefs to take responsibilities for the killings and kidnappings that have continued to tarnish the image of the country.”

It is important to note, that with the spate of killings and kidnapping in Nigeria if nothing is done as soon as possible, it will deter investors from investing in Nigeria economy.”

Onigbogi who is also worried about the spate of building collapse causing loss of lives and properties across the country, called on the government to take decisive measures urgently.

“It is essential for the government to facilitate meetings of all stakeholders in other to reach a compromise on methods to adopt in stemming the tide, noting that the enforcement of Section 64 and Section 65 of Insurance Act 2003 should be prioritised.

Section 64 makes mandatory the insurance of buildings under construction where more than two floors and Section 65 makes the insurance of public building mandatory.

Meanwhile, on the Insurance Bill 2020, which has passed second reading at the House of Representatives, Onigbogi said the National Assembly Committee on Insurance and Actuarial Matters has been quite supportive to the Council and the need to ensure continuous survival and viability of insurance broking practice in Nigeria.

While thanking the key Actors in the Bill for creating the required regulatory ambience for all stakeholders in the industry to ventilate their views about the bill for a more robust and vibrant insurance industry, she said the council has presented its position document.

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