NAICOM, Fire Service Hold Sensitisation Forum on Insurance of Buildings

From left: Mr. Leonard Akah (Director, Policy & Regulation NAICOM), Alhaji Sabiu Bello Abubakar (Deputy Commissioner for Insurance, Technical) and Mrs. Debbie Windele (Representative of the Comptroller General of the Federal Fire Service) at the ongoing Sensitisation Workshop for Federal and State Fire Service Officers on Insurance of Public Buildings and Buildings under construction above 2 floors.

By Alhaji Sabiu Abubakar
Deputy Commissioner for Insurance (Technical)
National Insurance Commission

It is my pleasure to be here with you today in this sensitisation workshop which aims at sensitizing Fire Service Officers on the importance of Insurance of public buildings and buildings under construction above 2 floors.
This Workshop is being convened as part of ongoing efforts to apprise participants of their roles in enforcing the insurance of public building and building under construction above 2nd floor.
Suffice it to say that it has now more than before become imperative to put in place measures to enforce the insurance of Public Building in Nigeria.
Furthermore, let me bring to your attention the provision of Section 65of the Insurance Act 2003 which stipulates that all public building shall be adequately insured. Also, Section 64of the Act provides that all buildings under construction above 2 floors shall be adequately insured.
It is pertinent to note that the Commission can better achieve this task with the full cooperation of the Federal and State Fire Service. Today’s workshop is a part of the drive to achieve the above mandate as enshrined in extant laws.
It is very worrisome to the Commission that most public buildings and buildings under construction above 2 floors are never adequately and appropriately insured, which further accentuated the need for urgent measures to be put in place by the Commission to ensure that these buildings are adequately insured. It is the desire of NAICOM to change this narrative for good.
The essence of Insurance of public buildings and buildings under construction above 2 floors is to cushion the impact and reduce the burden and liabilities that the owner / government would have to bear in likely occurrences of catastrophic events such as natural disasters, fire, accidents, building collapse, injuries or death to third parties, etc, thereby saving the government money which can be channeled towards augmenting the needs of the citizenry, providing infrastructure, and creating employment, among others.
As follow-up to the success of previous nationwide awareness campaigns for compulsory insurance, NAICOM is moving the bar a notch higher. Therefore, this Sensitization Workshop is aimed at equipping Fire Service Officers with the necessary knowledge to properly enforce the insurance of public buildings and buildings under construction above 2 floors.
At the end of this Workshop, it is expected that Federal and State Fire Service officers will now have the knowledge of insurance of public buildings.
NAICOM is elated at this turnout notwithstanding the prevailing circumstances in the Country. We are quite sure of a much better participation in the next batches lined up to educate Officers of Fire Services of their responsibilities and the benefits inherent if public buildings are adequately insured.

Hot this week

Guinea Insurance Surpasses ₦15bn Minimum Capital Requirement in Recapitalisation Milestone

Guinea Insurance Plc has achieved a significant milestone in...

NAICOM Reaffirms Support for Takaful, Microinsurance Growth as Noor Takaful Nears 10th Anniversary

L-R: Dr. Usman Jankara Jimada, Deputy Commissioner Technical, NAICOM;...

BUA Foods Delivers Double Digit Profit as Margin Discipline Drives Growth

  Company advances long term expansion strategy with significant...

Leadway Sounds Alarm on African Swine Fever, Urges Farmers to Strengthen Biosecurity

As concerns grow over recent outbreaks of African Swine...

Ecobank Nigeria Launches Scaling Up!!! Podcast to Champion African Entrepreneurship, Business Growth

Ecobank Nigeria has launched Scaling Up!!!, its flagship business...

Topics

FUG Pensions Partners Down Syndrome Foundation On CSR

The Future Unity Glanvills (FUG) Pensions Limited, one of...

Transcorp Group: N443bn Total Assets, N135bn Revenue, N30.2bn Profit in 2022

L-R: President and Group Chief Executive Officer, Transnational Corporation...

Stanbic IBTC Pension Deepens Access to Pension with New Branch

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC...

Olusegun Agbaje: Celebrating ‘African Banker of the Year 2012’

Mr. Olusegun Agbaje, Group Managing Director/CEO of Guaranty Trust...

AIICO Earns Double Honours at 2024 Almond Insurance Industry Awards

L-R: Ademola Adenekan, Award Presenter, Titilola Ajigbotafe and Oluyemi...

Access Bank: ‘Our Case on N2.5bn Fraud Allegation’

Access Bank Plc has denied wrong-doing in the alleged...

Court Restrains NAICOM over Guinea Insurance

A Federal High Court sitting in Abuja has restrained...

AITEO: Emerging Oil & Gas Powerhouse in Nigeria

Integrated energy group, Aiteo has announced a peak production...