Sunday, October 19, 2025
29.2 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

CAMCONIA Chair: Need for Education on the Enforcement of Third-Party Motor Insurance

The Chairman of the Corporate Affairs Committee of Nigerian Insurers Association (CAMCONIA), and Head of Corporate Communications and Investor Relations for Sovereign Trust Insurance Plc, Segun Bankole has lent his voice to the ongoing enforcement of the Third-Party Motor insurance policy which commenced on February 1, 2025.

According to him, it has become very imperative that some form of education is put out there for the benefit of the insuring public, the general public and officers of the Nigerian Police Force, NPF, who are saddled with the responsibility of enforcing the implementation of the Third-Party Motor insurance policy.

In his words, “there has been complaints from some members of the insuring public about the way and manner the enforcement is being carried out which needs to be addressed to avoid any form of misunderstanding between motorists and the law enforcement officers across the country.’

Quite a number of comprehensive motor policyholders from various insurance companies have been at the receiving end since the enforcement began. They argued that the law enforcement officers do not recognise their comprehensive motor insurance policy and insist that they should go and get the Third-party motor insurance cover as directed by the Inspector General of Police.

For the avoidance of doubt, The IGP in his broadcast categorically stated that, “at least a Third-Party Motor Insurance Policy is required for anyone to have his or her vehicle on the road in Nigeria as from February 1, 2025’.

Third-Party Motor Insurance offer policyholders, indemnity against legal liabilities to third parties for death, injury and property damage while on the other hand, comprehensive motor insurance covers loss or damage from accidents, fire, theft, and third-parties’ liabilities and own damage.

In other words, it is valid and relevant under Section 68 of the Insurance Act of 2003 and the Third-Party Motor Insurance Act of 1950.

The collaboration between the Nigerian Police Force and the National Insurance Commission, NAICOM, in ensuring that motorists across the country has at least a Third-party Motor Insurance policy is a very good and welcome development which should earn the trust of Nigerians.

Segun Bankole advocated for more enlightenment on the enforcement and urged motorists to embrace the development and see it as a way forward to protecting the lives and properties of Nigerians when road crashes occur especially for the third parties.

 

 

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

Inspenonline Summit to Stimulate Interest for Good Retirement

The 2025 Inspenonline Retirement Summit is aimed at stimulating...

NCC Committed to Gender Equality in Information Technology Space

The Executive Vice Chairman (EVC) of the Nigerian Communications...

TotalEnergies, Air France-KLM Sign MoU for 10-Year Supply of Aviation Fuel

TotalEnergies and Air France-KLM have signed a Memorandum of...

Governor Ododo Condoles Former Governor Idris over Son’s Demise

Late Muhammed Idris Kogi State Governor, Alhaji Ahmed Usman...

N32M Won by 12 Nigerian Youths at Stanbic IBTC Pension Managers’ 2023 FUZE Festival

Stanbic IBTC Pension Managers, once again, successfully hosted the...

Sovereign Trust Insurance, Junior Chambers Partner on Back-to-School Project

L-R: Segun Bankole, DGM/Head, Sales & Corporate Communications, Sovereign...

ATCON Seeks Implementation of Local Content in Telecom Sector

The Association of Telecommunications Companies of Nigeria has...

7 Ministers Confirm Attendance at Africa Energy Forum 2016

We’re delighted to announce that 7 Ministers of Energy...
Exit mobile version