Insurance firms in Nigeria will be bracing up for potential claims, following the widespread looting and destruction of properties, vehicles, and other assets across the state.
Most government offices, banks, shopping malls, media houses, toll plazas, and private offices were set ablaze by suspected hoodlums on Wednesday, October 21, 2020, after soldiers reportedly shot in the air to disperse protesters on Tuesday night. This triggered scores of skirmishes across the state with several vehicles, buildings, and properties set ablaze or looted by suspected hoodlums.
It is expected that when things return to normal, businesses will start to take stock of their losses and someone will have to bear the cost. While most insurance contracts exclude damage to property from war, riots, or other forms of force majeure, it is likely that some will pay for the risks.
According to NAICOM, Insurance companies paid a total non-life insurance claim of N64 billion in 2018 compared to N56.4 billion a year earlier. Out of this total, claims on fire insurance were about N9.1 billion while Motor Vehicle was N17.3 billion.
The Insurance sector is currently reeling from the effect of the Covid-19 pandemic, with the sector posting a contraction of 29.53% in the second-quarter GDP report published by the National Bureau of Statistics (NBS). It is likely to drop into a recession when the NBS releases its third-quarter GDP report in a few weeks’ time.
Nigerian President Muhammadu Buhari addressed Nigerians on Thursday, demanding an end to the violence in parts of the country as a result of the activities of hoodlums who took advantage of the EndSARS protests.
“In the circumstances, I would like to appeal to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy. For you to do otherwise will amount to undermining national security and the law and order situation. Under no circumstances will this be tolerated,” Buhari said.
The President also called for an end to the street protests, requesting that protesters should engage the government. He also asked Nigerians to go about their “normal businesses” while demanding that security agencies protect lives and properties.
“And I call on all Nigerians to go about their normal businesses, and enjoin security agencies to protect lives and properties of all law-abiding citizens without doing harm to those they are meant to protect,” he added.
In one of the most viral tweets from an organization that was badly affected by the looting, supermarket chain Spar tweeted a message of hope and optimism despite suffering massive losses from the activities of hoodlums and miscreants.
The company tweeted:
“Our Lekki store has been vandalized and looted. But, we acknowledge that this is only a setback compared to the larger issues we are all facing as a nation, and our thoughts and prayers remain with Nigerians everywhere, and for a peaceful resolution to various issues at hand. Rebuilding a supermarket is hard. Rebuilding a nation is even harder. We stand with you Nigeria. Stay focused. Be the solution.”
Rebuilding a supermarket is hard. Rebuilding a nation is even harder. We stand with you Nigeria.
— SPAR Nigeria (@SPARNigeria) October 22, 2020
Hoodlums were caught on video carting away several items ranging from electronics, food items, equipment, goods, and several valuable items belonging to businesses. Shopping malls were also attacked and looted.
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Bottom Line: The President’s speech fell short of expectations of a lot of Nigerians, but is expected to quell tensions as soon as possible.
- Some residents have gathered together to defend their neighborhoods.
- Soldiers and Riot Policemen have been deployed across major cities to try to calm tensions and bring about law and order.
- This should stop the looting and arson that have destroyed businesses, and by extension, will limit the claims that insurance companies may have paid.
- Businesses are expected to return fully to their offices early next week and only then can Nigerians begin to ascertain the value of losses incurred in the aftermath of the looting.
#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each
Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.
The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.
According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.
Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children. @followlsstf @ceolsstf @LagosPoliceng#LASG #SecureLagos pic.twitter.com/XdjPPRsRf7
— The Lagos State Govt (@followlasg) December 3, 2020
What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’
Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.
The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.
What you should know
#EndSARS: Protest hijack was catalysed by fake news – Lai Mohammed
The hijack of #EndSARS protests was catalysed by fake news and disinformation, Minister of Information, Lai Mohammed has said.
Minister of Information, Lai Mohammed, has claimed that the hijack of the #EndSARS protests was catalysed by fake news and disinformation, which spread like wildfire on social media.
The Minister disclosed this during a stakeholders meeting with members of the broadcasting organizations of Nigeria (BON) on Friday in Abuja.
#EndSARS Sanctions: Nigeria has reached out to the UK Government – Foreign Minister
Onyeama has stated that the FG has reached out to the UK Government over the parliamentary debate on the #EndSARS protests.
The Minister of Foreign Affairs, Mr Geoffrey Onyeama, said that the Nigerian Government has reached out to the UK Government over the parliamentary debate on the #EndSARS protests.
The Minister disclosed this to Newsmen at the Federal Executive Council (FEC) meeting on Thursday, which was recorded by Channels TV.
He added that the UK Parliament did not speak for the UK government, and that the UK had heard the Nigerian government’s side regarding the incident at Lekki.
“On the issue of the UK parliament, yes, we have reached out to the UK government on this question. The meeting that took place was of Parliamentarians, they don’t speak for the UK government and the UK government which acts for the United Kingdom has also heard the side of the (Nigerian) government regarding everything that happened.
“So we are in touch with them and engaging with them. But, of course, as in any democracy, the Members of Parliament are able to also air their views, but what is important is that a balanced picture is made available to them all before they take any decision,” Onyeama said.
What you should know
Nairametrics reported earlier this week that the British Parliament had announced it would consider a petition by some groups and individuals, asking it to apply sanctions against the Nigerian government and officials for alleged human rights violations during the #EndSARS protest and Lekki shooting incident.
Also, the presidency earlier disclosed that the Vice President, Yemi Osinbajo, had a meeting with the UK Special Envoy for Humanitarian Affairs, Nick Dyer, accompanied by the UK High Commissioner to Nigeria.