Lagos Pipeline Explosion: NAICOM Says Victims Will Be Compensated

***As Sunday Thomas Admits To Little Effort On Insurance Awareness, Announces Sensitization Exercise

By LOVETH AZODO, Lagos

The National Insurance Commission (NAICOM) has assured that victims of the Lagos state pipeline explosion who have insurance cover will be adequately compensated.

This is just as the Acting Commissioner for Insurance, Sunday Thomas has admitted that the commission has not done enough in educating the public on Insurance and its benefits which plays a major role in deepening insurance penetration in the country, announcing the commission’s sensitization exercise coming up in the second quarter of 2020.

Survivors are still counting their losses after the pipeline explosion that threw residents of FESTAC area of Lagos State into a state of panic on Sunday, 15 March, 2020.

The explosion which occured closed to Bethlehem Girls College, Abule Ado, Amuwo Odofin claimed 17 lives including an administrator of the school, Rev. Sr.Henrietta Alokha who died trying to rescue some of the girls.

Speaking to AIT, Thomas stated that the explosion is a timely reminder for Nigerians to take insurance matters seriously adding that victims with insurance cover will be paid in full.

He said ” Looking at it we need to see what level of compensation because if you see the buildings that have been damaged, we are not talking of N2bn for those residing in those buildings. What extent to which compensation can be gotten for these properties? I think that is where we will need to do a critical analysis.”

On Insurance awareness, he admitted that the awareness of the insurance sector is very low “there is need for proper sensitization”

“We also want to increase our effort in the area of developing the industry, we quite agree that we haven’t done enough in this area and we are picking it up starting with the sensitization of the public trying to get the public to see the benefits of insurance”, he said.

It would be recalled that the Governor of Lagos state, Babajide Sanwo-Olu appealed to Lagosians and Nigerians, in general, to help provide funds to compensate victims of the explosion.

Sanwo-Olu who took to his Twitter page to commiserate with the victims wrote: “I spent some time today at the site of the tragic incident at Abule Ado. To give immediate relief and support to the victims of the disaster, I have set up a N2 billion Relief Fund to be chaired by Dr Obafemi Hamzat.

“The state government has put in N250m into the fund immediately. Here are the account details for the relief fund.I appeal to everyone to be a part of helping to provide this much needed relief”.