News
#EndSARS protest: Insurance companies paid N9bn out of N20bn destruction claims – Official
Insurance companies will eventually pay about N20 billion in compensations for losses recorded at the October 2020 #EndSARS protests.
Speaking with the News Agency of Nigeria in Lagos on Wednesday, Chairman of the Nigeria Insurance Association, NIA, Ganiyu Musa, said the companies had paid claims totalling N9 billion already.
NIA said in a report issued on Monday that the insurance companies settled claims on 718 cases of vandalism, 93 cases of looting, 113 cases of theft, and 136 cases of loss of cash.
The report also stated that 99 claims were settled on malicious damage; eight on business interruptions, 455 on burglary and 912 cases were settled on fire and burnt sites in the aftermath of the #EndSARS protest.
“Insurance companies have paid more than N9 billion so far as at the last count, but this is certainly not all as we still have quite a lot of claims that are going through processes of documentation.
“These claims are yet to be settled because the claimants have not provided sufficient documentation to support their claims,’’ Musa said.
He stressed that by the time claimants submit all the necessary documentation, the industry would be settling claims of about N20 billion.
Musa, managing director of one of the insurance companies, said the estimated economic loss to the protest was more than N200 billion but not all the losses were insured.
He stated that all insurance companies in the NIA had risen to the challenge to settle all valid claims and assured that all outstanding valid claims of the #EndSARS protests would be paid.
The NIA chairman noted that the #EndSARS incident was an eye-opener to all Nigerians that bad things happen to good people and the unexpected happens once in a while; hence the need for insurance.
“Nobody ever thought that something like the #EndSARS protest would happen and result in so much economic damage.
“The losses were unexpected, but that is the reason why insurance exists.
“Those who had valid insurance cover on their property will now understand the value of insurance as an instrument to restore you in case the unexpected happens,’’ Musa stressed.
According to him, if all the lives and properties damaged were insured, the insurance companies would have been able to pay all the claims.
Mr Musa explained that this would have been so because premiums would have been paid and the insurance companies would have accumulated sufficient reserve funds over time to be able to pay the claims.
The NIA scribe charged governments at all levels to ensure that all their assets, physical and human, are properly covered by relevant insurances.
Mr Musa urged the government to also provide an enabling environment for the insurance businesses to thrive.
NAN
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.
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.
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.
“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.
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.
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.”
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.”
Tinubu arrives Katsina to receive Buhari’s body for burial
“He Never Turned His Back on the Needy” — Tributes Pour In Ahead of Buhari’s Burial
King Mohammed VI Mourns Buhari, Praises Legacy of Nigeria’s Former Leader
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