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#EndSARS: Insurance firms can seek refund after indemnifying victims – MD, NICON Insurance

NICON MD has stated that it is possible for the insurance firms to be compensated by the FG after victims have been indemnified.

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The Managing Director and Chief Executive Officer (CEO) of NICON Insurance Limited, Mr. Muhammadu Bagudu Hussaini, has advised Insurance firms to maximize certain provisions in the constitution that guarantees their refund after compensating victims of the recent #EndSARS protest, opining that it is possible for the insurance firms to be compensated by the Federal Government of Nigeria.

He made the disclosure during an interview with the Daily Trust, where he decried the high level of losses encountered during the protest and the imminent high claims on insurance firms, which if care is not taken, might affect liquidity in the system.

Mr. Hussaini stated that the government has the machinery to pay the insurance companies without recourse to treasury, but he was quick to point out that it is a dormant machinery.

What they are saying

Elucidating his points, Mr. Hussaini said: “There will be a large volume of claims which the insurance industry would have to pay. I have no doubt about the capacity of the insurance industry to meet its obligations on claims that may arise from the destruction across the country.

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“However, two issues would arise because the context of the claims are huge and would come in at the same time. There will be no spread, thus this will impact the finances of the underwriters and may destabilize their finances.

“What happened was as a result of breakdown of law and order. Section 14 (2b) of the Nigerian Constitution vests the duty of guaranteeing security and providing for the welfare of the citizens in the hands of government – the executive precisely. I will look at the damages from the protest as a failure of the government to provide security and welfare for the citizens.

The section says the security and welfare of the people shall be the primary purpose of government. Thus, insurance companies have a subrogation right – the right to recover from the government their funds after they pay the claims arising from the destruction.

Therefore, I advise the insurance companies to pay their claims and seek refund on the basis of Section 14 (2b) of the Constitution of the Federal Republic of Nigeria.”

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Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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ENDSARS

#EndSARS Aftermath: World Bank supports Cross River with relief materials

Cross Rivers State has announced that it has received relief materials from the World Bank.

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Cross River State eyes AFREXIM's $500 million funds

The World Bank has supported the Cross Rivers State with relief materials to cushion the effects on the destruction of properties in the state during the infamous #EndSARS protests which rocked the state and country simultaneously.

The disclosure was made by the State Commissioner for International Development Cooperation (MIDC), Dr Inyang Asibong as reported by the News Agency of Nigeria.

The support became necessary given the material destruction recorded in some parts of the state. Dr. Asibong stated that the state government through his Ministry had approached the World Bank to seek support, especially in the delivery units of the World Bank Assisted Programme COVID-19 Action Recovery and Economic Stimulus (CARES).

According to Dr. Asibong, two parastatals were severely affected in the state during the protests, namely; FADAMA and Enterprise Development Funding (EDF), with most of the items in the aforementioned agencies looted and vandalized by hoodlums.

In lieu of this, the support from World Bank will be pivotal to re-engineering and preparing members of staff to return to work, in preparation of the Covid-19 Action Recovery and Economic Stimulus (CARES).

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What you should know

  • Some of the items donated include furniture, 20-seater conference chairs, air conditioners and inverters, laptop computers and printers, virtual meeting equipment, hybrid inverter with solar among others.
  • The platforms that will benefit from the equipment include; CSDA, the state coordinating unit, FADAMA, EDF, Smart City, Public Work Fare and the state Cash Transfer Unit.

What they are saying: Dr. Asibong said: “We know that the poverty index in Nigeria is 40.1 per cent and this is really high. Cross River is lower than the national average, 36.3 per cent, we want to further reduce that our percentage to at least a single digit.

“I want to thank the World Bank for coming to our aid at this point in time and we can assure them we will make the best use of these equipment.”

Commenting on the CARES initiative which the relief material is believed to facilitate, Dr. Asibong said, “The CARES is COVID-19 Action Recovery and Economic Stimulus of the government. It is going to be a state-owned project and Gov. Ben Ayade is so committed about improving the lives of residents in the state.”

On the other hand, the Acting General Manager of Community and Social Development Agency (CSDA), Mr Fidel Udie remarked that the donation confirmed the good working relationship between the state government and the World Bank.

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Mr Udie stated that the donation would put the state in a good position to participate in the CARES programme. He said: ‘’This programme is basically meant to target the poor and vulnerable in the society. Gov. Ayade was able to follow up with the World Bank and here we have these equipment to help the delivery units to be ready for this programme.’’

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Nigeria is committed to security, fulfilling demands of #EndSARS youths in 2021 – Buhari

FG is committed to fulfilling the five demands of #EndSARS youths.

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President Muhammadu Buhari has announced that his administration is committed to fulfilling the five demands of #EndSARS youths.

The President disclosed this in his New Year speech on Friday morning.

“Nigeria is a country on a difficult journey to nationhood and greatness. We are standing tall in the committee of nations as one country united under the will of God,” he said.

READ: We will pass PIB, Electoral Act before end of 2021- Senate President

He added that the past year had posed challenges, from security to economic issues, citing the #EndSARS protests which he said, “were mainly led by youths and served notice to the demand of police reforms and accountability.”

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Buhari added that the FG was committed to fulfilling the demands of the protesters with renewed determination in 2021.

“This government heard, listened and committed to fulfilling the 5 demands of our youths fully understanding that we all wish well for Nigeria.

READ: The “EndSARS” protests and the problem of police reform in Nigeria

“In the midst of all these challenges, I initially pledged, that as your elected President, I would ensure that these ongoing challenges would be faced head on with renewed determination.

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“Your voices have been heard, and we would continue to listen to you and all stakeholders who are committed to the unity of Nigeria to ensure that every region is safe for us all, while guaranteeing the future is also secure for the coming generations.”

Buhari said that Nigeria needed to secure the future of its youths, exhorting young Nigerians as global achievers.

READ: Unemployment rate: Worse days ahead if economic policies don’t improve – TUC

“I wish to also reaffirm my commitment to the people of Nigeria, especially the youth, who need our collective encouragement, and support, in securing this nation, we need to secure the future of our youth.

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“Our young people, are the most valuable natural resource; their ingenuity, creativity, innovation and entrepreneurial spirit is evident to all.

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“Many of our young people are excelling in various areas of life including sport, entertainment and ICT, commerce and are globally recognized as achievers.”

READ: Laliga clubs set for financial setback as government orders termination of betting sponsorships

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Buhari said that the FG’s engagement with young Nigerians would turn their passion into ideas, from tech to entertainment.

“As government, we are committed to actively engaging with the creative energies of our young people. We will partner with legislature to develop an enabling environment to turn their passion into ideas that can be supported, groomed, and scaled across regions.

READ: President Buhari directs NASENI to deploy refurbished tractors to farmers

“This will create vast opportunities in fintech, agriculture, business process, startups and the entertainment industry,” he added.

Buhari said his administration would focus on delivering key strategic priorities under the areas of security, economy, and the anti-corruption agenda.

READ: Nigeria’s forex devaluation timeline – 2020

On security

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The President said, “We would direct our attention and strength to reenergizing, reorganizing the security personnel of the armed forces and polices…to enhance capacity to engage, pushback and dismantle the operations of extremists and criminal groups.”

Buhari said insecurity was a challenge, with  direct repercussions on nation economic sustainability, growth and development. He revealed that in parts of Nigeria where chronic poverty, social exclusion were already problems, Boko Haram had thwarted efforts of the FG to undertake social policy that could make a huge difference in the quality of life of citizens.

READ: Senate passes N13.5 trillion 2021 budget

“We recognize that we have to move to a more proactive stance, to ensure that this sort of traumatic incident, does not become a norm.

“The administration is fully aware of the responsibility to protect the lives and properties of all Nigerians, and we will not relent in learning and adapting to threats to national security.”

On anti-corruption

President Buhari stated that the nation had recorded gains and would be looking at reviewing laws to ensure a smooth prosecution process.

“On anti-corruption, we have recorded gains so far, and are committed to continuing on eradicating corruption through collaboration with all the arms of government to effectively prosecute this fight. We will also be looking at reviewing laws to ensure the fight to be more effective.”

On Covid-19 Vaccines

The President said that the FG was finalizing plans to procure and distribute vaccines effectively, but urged Nigerians to maintain social distance protocols.

“I urge you all to observe strict Covid-19 prevention protocols. My pledge to you is same as it has always been. I will play my part without fear; I invite all of us to do same. It is what we owe to the founding generations and also to the coming generation.”

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ENDSARS

#EndSARS: Kwara Govt awards N181 million grant to business owners whose assets were looted

Governor Abdulrazaq has bailed out business owners whose businesses were destroyed during the #EndSARS protest.

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#EndSARS: Kwara Govt awards N181 million grant to business owners whose assets were looted

The Governor of Kwara State, Abdulrahman Abdulrazaq, has awarded a total grant of N180,775,000 to business owners whose wares and assets were looted by hoodlums during the #EndSARS protest.

This was revealed by the Governor in a press statement issued after the presentation of the grant to the affected business owners yesterday.

READ: Six Nigerians convicted in UAE for funding Boko Haram in 2019

Governor Abdulrahman explained that the total N180,775,000 grant awarded to the business owners was based on the recommendations of the independent adjuster/committee that was set up to assess the damage and propose interventions.

The Governor said:

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  • “We do not have the capacity to give them everything they have lost but the grants given are our token of support to encourage them not to give up.”

READ: #EndSARS: Popular hacking group, Anonymous allegedly hacks Nigerian Govt. websites

He explained that the Government cannot do everything, but emphasized the fact that Business owners are key in the current administration’s goal of evolving Kwara from a civil service state to an enterprising one.

In this vein, he disclosed that the current administration in Kwara State is always willing to help businesses of all sizes to thrive and will continue to support petty traders with micro-loans (Yoruba: Owo Isowo), as well as SMEs to make sure they continue to grow and create more jobs.

READ: Nigerian Governors who have tested positive for Coronavirus 

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Why this matters

The grant, however, will enable affected business owners to come out of the disruption caused to their businesses by the disheartening attacks, vandalism and looting by hoodlums during the #EndSARS protest which spiked civil unrest across the country.

The fund will help to prevent the closure of key businesses in the state, and get them back on their feet towards the path of growth and sustainable expansion.

READ: #EndSARS: Presidency to ensure that a repeat of protests does not happen

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