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INSCAN seeks reversal of policy on third-party motor insurance premium

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INSCAN seeks reversal of policy on third-party motor insurance premium

The Insurance Consumers Association of Nigeria (INSCAN) has called for the reversal of the policy directive on the increase of third-party motor insurance premiums by 200 per cent.

The National Coordinator of INSCAN, Mr Yemi Soladoye, made the demand in a letter addressed to the National Insurance Commission, which was made available to newsmen on Monday in Abuja.

In his words, “We, the Insurance Consumers Association of Nigeria (INSCAN), an affiliate of the Federal Competition and Consumers Protection Commission of Nigeria, once again introduce ourselves to you as an organisation established in 2010 with objectives to speak for the aggrieved Nigerians on insurance matters.

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“We hereby demand that the directive be reversed as it amounts to a deliberate breach of the fundamental principle of the utmost good faith and other decent regulatory principles that guide Insurance practice on your part.

“Our demand for the reversal of the directive is based on the facts that you failed to understand the full implications of your directive that the real organs you will punish are the Nigerian Insurance Consumers who provide the income that accrues to the entire insurance Industry. ”

Soladoye said that consumers in Nigeria deserved more than one-week notice from the insurance commission, adding that the association was not impressed with the corresponding increase in the Indemnity limit to N3.0 million.

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“ You are definitely aware of the fact that even at the current N5,000 MTP premium, many Nigerians still patronise the fake underwriters and this is not because these Nigerians cannot afford the N5,000 but because they don’t see any benefit.

“We recall that even in the recent cases of currency redesign and cash withdrawal limit introduced by the Central Bank of Nigeria (CBN)(which is at nil cost to the depositors) still enough time was given to the public for feedback and adjustments to be made.

“As a Regulator in the Financial Services, you know that Companies and even governments in Nigeria must have concluded their budgets for the year 2023 latest by mid-December 2022,” he added.

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According to him, the predictable outcome of the policy directive would be a substantial increase in the number of fake Insurance Underwriters in the country.

INSCAN seeks reversal of policy on third-party motor insurance premium
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Tinubu arrives Katsina to receive Buhari’s body for burial

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President Bola Tinubu, on Tuesday arrived in Katsina to receive the remains of the former President Muhammadu Buhari, who passed away in London on Sunday at the age of 82.

The News Agency of Nigeria (NAN) recalls that Vice-President Kashim Shettima departed London in the early hours of Tuesday with the remains of Buhari back to Nigeria.
On arrival at the Umaru Musa Yar’adua Airport Katsina, Tinubu was received by Gov. Dikko Radda,  former Vice-President Yemi Osinbajo, governors, Chairman of Dangote Group, Alhaji Aliko Dangote, Deputy Senate President, Jibrin Barau, and Speaker of the House of Representatives,  Tajudeen Abbas.
Others are Ministers, former governors, former and serving Senators, Alhaji Dahiru Managl,  former Minister of Information and Culture, Lai Mohammed, members of the All Progressives Congress (APC) National Working Committee (NEC), amongst others.
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“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial

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Just hours before the burial of former President Muhammadu Buhari, heartfelt tributes have continued to pour in from beneficiaries of his many charitable deeds, with many describing him as a man who never turned his back on the needy.

Speaking to the News Agency of Nigeria (NAN) on Tuesday, Aminu Daura, a respected community elder, recalled how Buhari consistently provided foodstuffs during Ramadan for families, friends, widows, and orphans in his hometown.

“He never made noise about it, but many homes had food on their tables during fasting period because of him,” Daura said.

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Abdullahi Sani, a physically-challenged man who received a tricycle from the Buhari Foundation in 2021, was overcome with emotion while speaking to NAN.

“I can move around and feed my family today because of Baba Buhari. I pray to Allah to reward him for giving hope to people like me,” he said, in tears.

Hajiya Fatima Yahaya, another resident, remembered Buhari’s acts of kindness during festive seasons.

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“Even after he left office, his aides ensured that the usual support still reached us every year. He always remember his people,” she said, referring to his distribution of Sallah rams and food items to indigent families during Eid celebrations.

Other residents of Daura also shared memories of how the late former president quietly paid school fees and medical bills for struggling families, actions rarely publicized.

“Some of us benefited from his silent interventions. He was a true father and a great figure in the society,” said Ali Saidu.

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On Monday night, Imams across various mosques in Daura held special Qur’anic recitations, praying for the forgiveness of Buhari’s sins and his eternal peace.

The Chief Imam of Daura Central Mosque, Sheikh Musa Kofar Barau, described Buhari as a humble leader whose legacy of service and compassion would remain alive in the hearts of the people.

Buhari is scheduled to be buried later on Tuesday in his hometown of Daura, Katsina State, in line with Islamic rites. The community is bracing to welcome thousands of mourners from across Nigeria and beyond.

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King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader

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His Majesty King Mohammed VI of Morocco has extended heartfelt condolences to President Bola Tinubu, the family of the late former President Muhammadu Buhari, and the entire Nigerian people following Buhari’s death.

In a message of sympathy, the Moroccan monarch described the passing of the former Nigerian leader as a “sad occurrence,” expressing deep sorrow over the loss.

King Mohammed VI hailed Buhari as “an illustrious leader who worked untiringly to serve his country’s best interests and lead his people toward further progress and prosperity.”

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He added: “Our thoughts and prayers are with you and the bereaved. I share your grief and want you to know how much I appreciated the working sessions I had with the deceased.”

Reflecting on their bilateral engagements, the king noted that his collaboration with Buhari led to the launch of promising development projects, “ushering a new era grounded in friendship and close cooperation between our two sister nations.”

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