The President/Chairman, Governing Board, Nigerian Council of Registered Insurance Brokers, Babatunde Oguntade, has expressed concerns that the Federal Government is not insuring its assets despite allocations made for insurance premiums.
Speaking during a press conference held at the Council’s headquarters in Lagos, Oguntade noted that the Lagos-Calabar Highway and other development projects do not have insurance components and thus are not insured.
He said, “We visited the Minister of Finance and Coordinating Minister of Economy, Wale Edun, and Minister of Budget and Economic Planning, Abubakar Bagudu, to engage them in areas we would like to collaborate with them.
“We went there because we found out that over the years, insurance is embedded in the budget, but the premiums are not paid. The funds are diverted into contracts, and then even the contracts are not insured.
“For instance, the Lagos-Calabar Highway does not have an insurance component. We are still trying to see the Minister of Works, David Umahi, and we are hoping it will turn out well eventually.
“We have also engaged with other key stakeholders among the government officials, industry leaders, and other relevant parties to foster relationships, promote our members’ interests, and advocate the growth of the insurance sector.”
