The National Insurance Commission (NAICOM) and the Federal Ministry of Transportation are working together to ensure that commuters and road users within Nigeria and ECOWAS Sub-region are adequately compensated in the event of an accident.

In this vein, the two agencies are partnering to ensure provision of adequate insurance for road transport owners and users within Nigeria and ECOWAS member countries.

They have therefore agreed to immediately establish a joint committee to look into different areas of interest to ensure a mutually beneficial relationship.

This is the high point of the meeting between both parties at the NAICOM headquarters in Abuja recently.

Gbemisola Ruqayyah Saraki, minister of State, Transportation led the delegation from the Ministry to NAICOM and was received by the Sunday Thomas, the Commissioner for Insurance and members of his management.

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While speaking, the Minister informed the meeting that the Federal Ministry of Transportation has embarked upon a transformation programme of the road transportation sector that will have tremendous impact on the lives and wellbeing of the Nigerian people.

She noted that insurance is a critical aspect of Transportation hence the need to collaborate with NAICOM to ensure a success of the programme.

Sunday Thomas in his response assured the Minister of the readiness of the Commission to collaborate with the Ministry to ensure adequate insurance coverage in the sector.

He informed the Minister that the Commission is ensuring order in the insurance sector particularly, in the vexed issue of fake insurances in the road transportation sector saying the Commission has now developed technology for verification of insurance policies.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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