Nigerians must embrace insurance to curb waste –Oyegunle

Worried about the quantum of losses suffered by both government and organizations on the basis of none adaptation of insurance mechanism in securing their assets, insurance practitioners are insistent on sustaining the current campaign for the factoring of insurance into project designs and implementation as well as in securing national assets and monuments.

President of Chartered Insurance Institute of Nigeria (CIIN) Sir Muftau Oyegunle who made the call said that there must be concerted efforts to curb the culture of waste among Nigerians government inclusive.

Citing clusters of government and organizational assets rotting away across the country, Sir Oyegunle noted that the principles of insurance allows for restitutions in the event of loss while encouraging prudence and efficient management of resources consequent upon compliance to guidelines and prescription of insurance policies.

Sir Oyegunle who doubles as chairman of Insurance Industry Consultative Council (CIIN) regretted the situation where Nigerians factor insurance in their programmes when dealing with foreign nationals and projects but will not observe such requirements when it comes to the Nigerian environment.

He was particular on the collapsed 21 story building in Ikoyi area of Lagos where the project managers, Fourscore Heights Ltd failed to procure any effective insurance policy on the project hence it exposed various stakeholders on the project including workers and subscribers at risk. He wondered why the project managers who were acknowledged to have undertaken similar projects in such jurisdictions as America, South Africa and United Kingdom would choose not to follow the same standard practice of obtaining insurance cover when it came to executing similar projects in Nigeria.

“There were no reasons for it. It was not for lack of money or lack of knowledge of insurance since people were said to be paying upfront for the rents. Unfortunately, the project owner died in the tragedy and so, nobody knows where to look for help and restitution since there was no insurance in place”, Sir Oyegunle lamented.

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