God forbid o. Below is a press release sent out to media houses…
The senior pastor of popular Nigerian church Liberation City, Dr Chris Okafor has warn against untimely air accident looming while a political party members are going for a political campaign as the general election draw nearer. Speaking at the glorious Sunday services on the 1st of February 2015,the Oracle of God as he is fondly called said he sees a plane crash with a political campaign team inside it. He said there is also a heavy cloud that is about to rain blood before the election. He also warned that a popular governorship candidate might not be alive to witness the governorship election he is supposed to take part in it.
The man of God also said there will be war on the outcome of the general election because someone will win and the other person will be rigged in and declared as the winner, he said this will generate lot of bloodshed for months. But if proper prayer is done it can be averted the man of God also revealed that God show him that the terrorist group are coming up in a new dimensions. He said those group will dress in a regalia like a religion leader to operate. He also remarks that he saw a long queue in filling station around the country signaling another round of fuel scarcity.
He said with prayer the looming crisis which is targeted to take place before February -2015 general elections can be averted. The oracle also warns the security agencies must be very vigilant in countering this plan of the terrorist. The church has however prayed to avert all the latest prophecy. It will be recalled that nearly 12 days after Dr Chris okafor gave a prophecy on fire outbreaks , it came to pass among many other one he predicted
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
The difference between you and I, is that I am built for this this. I have dealth with my demons. I have been broke, paid, lied to, taken advantage of, cheated on, hungry and full. My name has been dragged through the mud more than once and every time I pick it up and wash if off.
I have come a long way and still have a long way to go. Want you to know that your opinion don't offend me….#stillstanding #stilliRise
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
With the forthcoming Nigerian release of the action drama, Black November, Nollywood actor, Enyinna Nwigwe, is set to step into the limelight. Black November was directed by award winning director, Jeta Amata, and Enyinna Nwigwe stars in the movie alongside Hollywood heavyweights, Mickey Rourke and Kim Basinger. Also in the movie are Mbong Amata, Sarah Wayne Callies, Vivica Fox, Anne Heche, Akon, and Wyclef Jean.
The actor dedicated two years of his career to filming Black November and promoting it around the United States and Europe. His two-year commitment to Black November has not been without reward. He has received Certificates of Recognition from several branches of the United States government for his performance in the movie and its message to the world. These include the Congressional District of Texas, the Los Angeles City Council, the Texas Senate, and California's 37th District.
Black November is a gripping story of the struggle of a Niger Delta community against a corrupt government and a multinational oil corporation. In the film, Enyinna Nwigwe plays a charismatic militia leader named 'Tamuno', who orchestrates the kidnap of CEO of Western Oil, Tom Hudson (played by Mickey Rourke). The movie was premiered at the Kennedy Center on May 8, 2012. It was also screened September 26, 2012, during United Nations(U.N) General Assembly and at the United States Library Of Congress.
Following his two-year tour of duty on Black November, Enyinna Nwigwe is now back in the mainstream of Nollywood, filming non-stop. Some of the latest productions he has been involved in are Obi Emelonye's Thy Will Be Done, Seyi Babatope's When Love Happens, Juliet Asante's Pan-African movie Silver Rain, Elvis Chucks' For the Wrong Reasons, and Izu Ojukwu's Remember Me, to name a few.
Enyinna Nwigwe hails from Imo State, Nigeria. He attended the University of Calabar, where he studied Economics. The first movie he appeared in was Wheel of Change (2004). He went on to appear in productions such as Games Men Play, Reloaded, Be My Wife, The Amazing Grace, Mary Slessor, Heaven's Gate (TV series), and Turning Point. He is widely known for Bachelors (TV Series) where he played "Teddy." Without a doubt, the actor is back to claim his place as one of the leading men of Nollywood.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Friends and colleagues of actor, Muna Obiekwe, who died on Sunday Jan. 26th in Lagos, gathered today at Masha roundabout for a candlelight procession to Ojez restaurant, Stadium, Surulere.
Muna will be buried on Tuesday 3rd February in Anambra state. Continue to rest in peace, Muna!
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
On Sunday 8th of February, David Oyelowo and Carmen Ejogo will Grace the Red Carpets of the Lagos Premiere of the award winning movie, Selma at the Rock Cathedral, Lekki Lagos. The Movie, Co produced by Oprah Winfrey who also starred in the film will be premiering in Africa for the first time at the Rock Cathedral, Lagos, Nigeria. The Event as many speculate, will serve as a homecoming gala for both stars who share Nigerian origin. David’s parents are Nigerians who live in the UK while Carmen is born to a Nigerian Father and a Scottish mother both of UK Nationality as well.
The Lagos premiere is Hosted by the Rock Foundation of the House on The Rock Church and the United States High Commission in Nigeria.
In a statement, the senior pastor of House on the Rock church, Paul Adefarasin said “Peace and harmony is important to us all. Regardless of our ethnicity, religion or political persuasion, our country Nigeria must remain united and peaceful. This is why House on The Rock Church, positioned as a centre for Social Justice and Equity has decided to bring people from various classes in the Nigerian society together for a remarkable event where we can all stand united for peace at a time like this. We also seek to remind individuals with the Selma movie premiere event that regardless of any differences or grievances we may have, violence is not the answer, thus non-violence must continually be our stance.”
Adefarasin further stated the need for the Church to be the voice of reason promoting non-violence in the times leading to elections and beyond stressing that ‘’the pulpit of God is not for partisan politics but for promoting the Kingdom of God” Among Oyelowo’s co-stars in the movie are Oprah Winfrey, Cuba Gooding Jr., Wendell Pierce, and as Coretta Scott King, Carmen Ejogo.
According to sources, The Lagos Premiere promises to Host Nigeria's Top Actors and Actresses from Nollywood, Top Music stars and A-List Celebrities from the Social, Media and Fashion scenes in Nigeria. The Red Carpet starts by 5pm on Sunday 8th February 2015
Tickets to the premiere are Free but registration is required at www.afritickets.com/selma
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
OSOGBO—As the Justice Elizabeth Ikpejieme governorship tribunal hearing complaints against the results of Osun August 9 polls prepares to give its judgment, the All Progressives Congress, APC, in the state has accused the opposition Peoples Democratic Party, PDP, of allegedly funding its supporters for violence.
Addressing a press conference in Osogbo yesterday, the party’s state Director of Publicity, Research and Strategy, Mr. Kunle Oyatomi, said APC regarded as “security risk” the jubilation predicated on misinformation by PDP members after parties adopted their final written addresses.
It will be recalled that some PDP members that witnessed the adoption of final written addresses by the parties before the Justice Elizabeth Ekpejime-led panel, in jubilation, moved through some major streets in Osogbo, the state capital.
The party however said it was alerting the security agents in the state to be on their guard and disallow the PDP from creating mayhem by spreading falsehood, capable of disturbing the peace about the proceedings of the tribunal.
Meanwhile, the state PDP Chairman, Alhaji Ganiyu Olaoluwa, in a separate statement said: “Our party supporters knew why they went to the street. Those of them at the court heard the proceeding. They heard what the lawyers of both parties said. Lawyers of APC admitted that the figure recorded for the party was inflated. Our expatriate scanned our votes and found them valid. The only thing their lawyer was saying was that we did not contest other wards.
“ We contested the result of the areas we felt irregularities took place, and the result of our effort is what we have now. Their over 394,684 votes have been reduced to 234,971 while our own remains at 292,747. Can you now see who is lying? I am not surprised because I know they are good at telling and spreading lies, using the media. Propaganda is the weapon they always rely on. But as it is now, the people have come to realize that the mandate they gave to Otunba will soon be returned to him.”
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ABUJA—TRAGEDY hit the ongoing presidential debate as the vice presidential candidate of the Alliance for Democracy, AD, Akuchie Clinton Cliff was said to have been involved in an auto crash on his way to the airport to attend the vice presidential debate in Abuja, yesterday.
Also yesterday, another vice presidential candidate, Hassanatu Hassan of the Citizens Popular Party, CPP, who was billed to attend the ongoing debate was reportedly operated upon in an undisclosed hospital.
The coordinator of the 2015 Nigerian Elections Debate Group, NEDG, Taiwo Alimi who disclosed this at the venue of the event said both contestants were unavoidably absent because of their indispositions and had communicated to the organizers.
However, most of the candidates have blamed some of the social vices in the country especially the issue of hunger and unemployment to the scourge of corruption in Nigeria.
Specifically, the Allied Congress Party of Nigeria, ACPN, vice presidential candidate, Ojengbede Farida in reaction to how her party would tackle corruption if elected said hunger and unemployment that had assumed alarming proportion in the country were as a result of corruption.
Farida who said that the people of Nigeria desired a better deal than what they were getting from the present government also said that the country’s political growth was affected by the politics of money bags and godfatherism where governance had become a family affair.
The ACPN vice presidential candidate who said that the issue of corruption would not be business as usual if the party was given the mandate stated that “until perpetrators are named, shamed and punished, corruption will not stop.”
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Last week Tuesday, the CBN Governor, Mr Godwin Emefiele met with the organised private sector to discuss developments in the foreign exchange market. He gave insights into the continued pressure on the Naira, blaming it on speculative activities of operators. He urged the Nigerian business community to focus on local production, promising that the CBN will assist local manufacturers of products that are now being imported into the country.
Excerpts: No cause for fear, panic I would like to say, just to underscore a point, that people are nervous, people are worried, let me assure you and say that there is no need to be nervous, there is no need to panic. No doubt there is a need for concern, and we will certainly find a solution to the current crisis caused by falling oil prices. It is a journey that all of us are already in. I say with commitment, we will pass through it. That is why I am trying to say that there is no need for anybody to be nervous.
Global economic trend
The important thing is that the global economy has shown in some economies, some recovery. The recovery is seen to be weak, particularly in the United States, where we see unemployment dropping to as low as 5.8 per cent. We have seen inflations at some low levels and we have seen the growth in the GDP in the US come up to as high as 3.8 per cent in 2014.
Another macro economic development in the world had to do with falling commodity prices, I mean we are only seeing crude oil prices and I give you an example. The price of gold fell from a peak of about $1,380 per Pound in March 2014 to as low as $1,140 per pound in November 2014.
Similarly, the price of copper fell by nearly 11 per cent in the cause of the year. So what I am saying here is that what is happening in the global economy is not just about the drop in crude oil prices, we have seen drop in prices of all commodities, we have also seen in the world, rising geo-political tension and conflicts, the battle in Ukraine and of course the EU and the US taking on Russia, about the annexation of East Ukraine, and we also had geo-political tensions in the Middle Eastern.
Negative trend in global economies
Well, the negative is that unemployment in some countries is rising particularly in advanced and emerging markets. For instance in Spain the rate of unemployment is about 23.7 per cent, Italy 13.4, Greece 25 per cent, South Africa 25 per cent and in France about 10.4 per cent. These are some of the things that have happened in the world in the course of the year, we saw the tapering in the US, where at a point, the US was injecting about $35 billion into the US economy on a monthly basis and of course, the world is awaiting the effect of that.
What about Nigeria? In Nigeria, what we have seen is that we have some positives; we have seen the robust GDP growth rate of 6.35 per cent which is among the highest in the emerging markets in the world. We have seen inflation stabilising to about 8 per cent as at December 2014 compared to as high as 16 per cent that we saw as far back as two and half to three years ago.
This is a strong positive for Nigeria in the sense that we have tried as much as possible to keep inflation low and it is not only by using monetary policy tools to control inflation, but also by the diversification of the economy particularly in the agricultural sector, helping to keep prices low.
In December 2014, some of you who may have monitored commodity prices, I mean staple foods like rice, beans and garri, would have observed that prices remained low, at worst, marginally higher than they were. Given what has happened, one would naturally have expected that prices will go up and people will begin to feel the effect, but I think this did not happen as a result of some of the policies that have been put in place both by the monetary and fiscal authorities as well as the political authority to ensure that the Nigerian economy remains resilient.
Nigeria’s GDP increased by an impressive rate of 6.4 per cent last year and it is pertinent to note that the growth rate have been driven largely by the non-oil sector of the economy. Deficit budget also have decreased and we have considered that positive, deficit budget increasing to N680 billion as at November 2014 from about N4.15trillion in 2013. So things are not that bad and I think we should be happy about that.
Negative effect on Nigeria Some of the negatives that we have seen are that as a result of the drop in crude prices, between June 30 and December 31, 2014, price of crude oil had dropped by 50.7 per cent from about $112 per barrel to $55 per barrel in December and right now, we are talking about below $50 per barrel. This decline is about 50 per cent, from December 31 and now. Unfortunately, as a result of the drop in prices resulting in dropping revenues, we have seen the foreign reserves drop by about 12.3 per cent to about $39 billion in July 2014 to $34.26 billion on January 22, 2015.
Impact on exchange rate
Naira has depreciated by about 8 per cent and 13 per cent at both official and inter-bank markets respectively in 2014 and by 5.6 per cent at the inter-bank market as at January 23, 2015. As a result of the drop in crude prices and the fact that people feel that the reserves are dropping, we have seen the movements into a bearish market in the Nigerian Stock Exchange, to the extent that today, the NSE All-Share Index closed at about 43,657, a decline of about 15. 9 per cent in 2014 and 29, 687 as at January 22, 2015.
The trends in the oil prices has shown that during the year under review, we have seen oil price drop by nearly about 60 per cent from a peak of about $115 per barrel in January 2014, to as low as $50 per barrel in January 2015. Another spill over from the slide we have is that in January 2014, reserves was as high as $42 billion; by April, it has dropped to below $37 billion, and sometime in July, we were able to move it up to about $39billion and between October and now, we have seen the reserves dropping under pressure.
Exchange rate movement
In January 2014, the exchange rate at the official window was about 155, and the inter-bank and the bank 116 in January 2014 and of course, moving up to around October of 2014 when we began to see the reserves drop and the pressure on the exchange rate; that is what we have at this point where the official window is about 168/170 and of course, the interbank at slightly higher than180. Now what does history teach us? From history, we have the pre-crisis period, crisis period and we have the post-crisis period.
In January 2007, both the official and the interbank rate, the BDC during the pre-crisis period, we could see a sort of convergence of the three markets at about 118 and this continued up to 2008 and in October 2008, we saw during the crisis period the Bureau de Change price hitting the roof at almost close to about 190 and the interbank also moved up as we see the official price moving up to about 158, moving down to about 155. You can see that during the crisis period, you normally find the official market moving too high and there will be divergence between the BDC markets as well as the official and interbank market rate during the crisis period.
Importation of non-essential goods
So the issue therefore is, what is the extreme pressure on the exchange rate in Nigeria? We have seen demand pressure on the currency arising likely from the lopsided dependence on imports. Today in Nigeria, toothpick is being imported, tomato paste, furniture, rice, fish, sugar, petroleum products are being imported into Nigeria.
Perhaps it is important for all of us to know that if we import one set of toothpick, it impacts on the reserves, so why should we be seen to be importing items that we can produce locally? Why should we be importing tooth picks? I will give credit to the cement industry.
The lesson in history is that if we are committed to a cause and we stand by that commitment to that cause, there is no how we will not improve our economy. Some years ago, Nigeria was importing cement and of the list of items imported into Nigeria then, cement used to rank one of the highest, up to three years ago we were importing cement into Nigeria, but today we are not only producing cement for our local consumption, we have started to export cement.
Alhaji Dangote is at the forefront of some Nigerians who have said let’s take this up and let’s begin to revive the situation and improve our economy, it is not rocket science to get determined and tell yourself that Nigeria has limestone, if we have limestone what is stopping us from being able to blast our limestone and convert it into cement, use it not only for domestic consumption but also for export?
Need for local productionWhy is it that we are unable to do this in Nigeria? Simple wool we import, tomatoes, we import, in fact, we import rice, we import fish, sugar. You can imagine what will happen, how employment will be created, if you take something as simple as fish, what does it take to develop an aqua-culture and in the process of developing the aquaculture industry, you will also be developing the feed mill industry, because you will need the feeds that will feed the fish in the aquaculture business.
As you produce the feeds, you will also be growing the maize that you need for that industry, can you imagine the entire value chain; the kind of employment and improvement in GDP that will be created as result of these efforts?
I am saying if we are doing it in cement, why should Nigerians ever think that it is difficult to do it in fish? What does it take to grow rice? I am happy that efforts are being made, I am sure that in the course of time, we are not going to ban importation of rice, we are going to say that we will no longer provide foreign exchange if you want to import rice into this country. Rather than import rice, I will advise you go into the production of rice, if you want to use your dollars that you kept somewhere to import rice no problem, but we will not allocate foreign exchange for you to import rice.
The same way we will graduate into other products. I keep saying that before I was born, we have been importing milk, what does it take to produce milk, are we saying that if it has been done in other countries, it cannot be done in Nigeria? I do not believe so; it only involves commitment; that is what we are saying.
The only thing that can help us to reduce the demand pressure on our domestic currency is that we need to see ourselves producing most things that we are importing, that will help. Aside from rice, petroleum products are being imported, and a lot of speculative demands going on in the different sectors in this business.
Take a cue from Dangot Aliko Dangote has invested about $9 billion in the petrochemical business, and he has committed to Nigerians that by the end of 2017, he will begin to produce 500,000 barrels of petroleum products in this country. What that means is that by that commitment, we will stop importing petroleum products in Nigeria come end of 2017.
You do not have to build a $25 billion worth of refinery, you can do a modular refinery and that is why I am saying that if I find somebody who says he wants to invest $9 billion in petrochemical business and I find someone who wants to invest money in the oil and gas business where we are going to be producing polypropylene, not only for domestic consumption but also for exports, if we have people who are saying yes, we can commit some billions of dollars or over $1 billion for the production of rice or we have people who want to commit money into the business of aqua culture, or in sugar, if somebody invests $9 billion and he raises equity, somebody brings his money and says I want to invest $7 billion in fertilizer business and out of that he brings $3.5 billion of his money as equity and he puts it in that business, and he tells foreign banks, give me $1.7 billion loan and he tells local banks give me $1.75 billion as loan and he comes to central bank and say he wants N50billion, we will assist him as the Central Bank of Nigeria in support of his effort in helping the country produce what it would have imported.
What are we saying? Even if we have been accused of being involved in questionable physical activities, what we are saying is that what seed can you sow to help people who are showing commitment to help our economy? What can you do to help and encourage people who are showing commitment to our economy? That is the bottom line today.
CBN’ll support import substitution investment Why would CBN or the government help this people, because they are able to reduce the demand pressure on our local currencies. What we find is that if they can do this, we can conserve our external reserve and do something good with it and like I said earlier, when external reserve goes up, there is a direct relationship between external reserve and exchange rate.
We have seen speculating demand, we have seen rent seekers taking advantage and I will warn that those of you who are speculating, will lose your money, and I have told a few people that there is no need to speculate, we have about $34 billion in reserve, don’t forget that I said in 2007, our reserve was less than $10 billion, we survived with that.
I know economic activities have improved but I am saying that $34 billion can support this economy, there is no need for you to panic, if what you need is to import just one microphone, do, there is no need for you to be nervous, there is no need for you to panic, you want one microphone, you import five.
If you are supposed to import one bottle of water, please continue, there is no need for you to think that because of drop in prices, that the exchange rate will go up, you are contributing into putting more pressure on the naira and speculating demand and that will push exchange rate high. If what you say is that you want to continue to do your business, that is importing, do it in an orderly manner, there is no need for you to be nervous, I am appealing to all of us who are speculating with the currency to stop and in the cause of that, you will find out, because I heard a few people saying they are doing forward transaction at 190 and above 190, you will lose money, I assure you, there is no need for you to panic.
Capital flight
As a result of the drop in prices, we have seen increased foreign exchange out-flow, no problem, you brought in your money, what we say is free entry, free exit but do it in an orderly fashion and that is why we introduced some measures because we have seen that people were beginning to behave in an orderly fashion.
If your demand is legitimate, we will meet all legitimate demand, we would not be concerned about illegitimate demand, what did we do as a result of what we saw in the market (as a result of the pressures), we had to re-classify some eligible goods and services from their R class window to the interbank window, conduct special intervention budgeting market in order to stabilise the rate. We will do more – prequalification of customers’ applications to forestall portfolios’ demand and there is need for us to also stop that.
Hope for all in 2015
2015 is not bad, it will be good but we need to take certain actions. We believe that in the cause of the year, there will be reversal in the crude oil prices, if that happens, it will help us in this nation. We are determined to ensure our GDP growth rate is protected at about 5.5 per cent, we will try to see what we can do to keep inflation rate within the bound that we have set for ourselves, but what is most important for us here is that we need to begin to diversify our economy.
We need to begin to look at the structure of our economy and tell ourselves that as we stopped importation of cement and today we are exporting cement, we can do the same and encourage those who are ready to produce to support the economy and help conserve our reserves and ultimately keep our exchange rate strong. Inflation is expected to be under control in 2015. The CBN as the monetary authority stands to support the economy, defend the reserves and the country’s exchange.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
Insurance operators and traders are split over the lack of insurance cover to mitigate losses suffered by traders during fire incidents.
Market fire disasters have become a recurring menace in Nigeria and it is estimated that the country loses over N50 billion from these fires every year. Recently some traders in the Balogun market, Lagos Island, suffered losses running into billion of naira when a fire incident engulfed the market on January 11th.
Mr. Ogbonna, was one of the traders affected by the fire incident. He said the fire destroyed N35 million worth of shoes, which was delivered the previous day. Wailing uncontrollably, he screamed that part of the money was borrowed.
Another woman, Mrs. Gbadamosi, an attendant in one of the shops, said that her employer had goods worth N27 billion in his containers to be offloaded on Monday, by the time they got to the market, nothing was remaining. Some of the affected traders only just returned from their respective home towns, where they spent the Christmas and New Year break, only to be faced with the disaster.
The impact of the fire incidents is being aggravated by lack of insurance cover for the goods. This, according to traders was because insurance companies in the country were unwilling to provide insurance cover for traders.
The traders, for instance, accused insurers of inserting frivolous clauses into insurance contracts which have made it entirely impossible for them to insure their businesses, whereas, insurers on their part insisted that the traders have consistently refused to embrace insurance as a reliable risk transfer mechanism.
According to the Coalition of Markets and Traders Association in Lagos (CMTAL), the unwillingness of insurance firms to remove such clauses that prevent them from insuring is a major factor why losses incurred from fire disasters are always massive.
Chairman of the Association of Igbo in Commerce (AIC), a part of CMTAL, Mr. Nnamdi Nwigwe said that the major reason why it appears as if traders refuse insurance as a risk transfer mechanism is due to the fact that such clauses have not been favourable to traders.
Nwigwe said, “Some things which insurance companies demand that we put in place are beyond us, rather these are things which the government should provide for the people. For instance, some insurance companies require a fire service station to be located in the market before they can insure our businesses, but such things are things that only the government can provide. The fact that traders are not insuring is partly the fault of insurers and the government because some facilities that should have been provided by government so that insurance can come in, cannot come because these facilities are not there. So where such facilities are lacking, insurers have abandoned us to our fate rather than designing products that will suit our peculiar needs.”
Reacting to the position of the traders, Managing Director of Linkage Assurance Plc and Chairman of Nigerian Insurers Association, NIA, Mr. Godwin Wiggle, said that market traders jettisoned insurance by refusing to pay premium because they see the premium as too expensive.
Wiggle said, “The market traders have refused to pay premium because they say that the premium is too expensive. But if you compare what they lost to the Balogun inferno, it is no way near what they would have paid as premium if they had insured their businesses. The traders should know that what they lost as a result of the inferno is also a huge loss to the economy. So it will be better for them to embrace insurance going forward.”
Reacting to allegations that insurers refuse to insure market traders, Wiggle said, “The industry has been trying to create awareness for these traders on the importance of insurance on regular basis. Moreover, do you wait for the doctor to come to you when you need one? You are the one that will go to the doctor. So the economy is the ultimate loser for the consistent refusal of our market traders to insure their businesses.”
Market fire outbreaks in the country
Statistics from the Lagos State Fire and Safety Services show that in 2013, a total of 1,774 fire outbreaks occurred. The fire service acknowledged there were massive losses to fire in the year, claiming the losses were difficult to quantify.
In 2014, the value of goods lost to fire in the state was put at N14.99 billion in about 1,499 fire cases recorded between January and November.
Except accurate measures are put in place, there are indications that more losses are likely to occur in 2015 going by the number of fire outbreaks already recorded in the state.
Between January 1 and now, no fewer than 20 fire incidents have occurred in the state with losses estimated at billions of naira including several lives. Among the affected areas are the Balogun Market on Lagos Island, Oko Baba Sawmill in Ebute Meta, another in Igando area where four houses were razed recently, another at Ijaniki area where a building comprising six apartments was completely razed and an eight-month-old baby roasted to death.
The way forward
On the way forward, Managing Director of Riskguard Africa Ltd, Mr. Yemi Soladoye said that the starting point is for insurance operators to begin to develop products along trade lines against the conventional insurance that is readily available.
Soladoye said that if such products are developed, the onus will then be on insurance practitioners to market such products to trade associations. He said that in the history of state governments in Nigeria, it is only Lagos State Governor, Babatunde Fashola, who has shown support for insurance because he has always charged market traders to always insure their businesses whenever there is a market fire.
“The onus is now on insurance practitioners to generate appropriate products and distribution channels that will cater for market traders. It could be difficult for these traders to deal with insurers, so the best thing is to link them with consultants on free of charge basis that will sit down with them and advise them on the right products for their businesses. The consultants will look for landmines in the insurance contracts and advise the traders to insist on having a policy that is peculiar to their needs. Also, through these dealings, the traders can decipher if they can carry on with normal insurance covers or go for covers with extra premium.
“Enlightenment and education is a major thing when dealing with market traders. After that, the right product will be packaged for them under the terms peculiar to them. Also the Insurance Consumers Association of Nigeria can help them to protect their interest,” Soladoye stated.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
ABUJA — Following the promise by the Police High Command to ensure a hitch-free elections and checkmate all manner of violence, President Goodluck Jonathan, yesterday, commissioned 263 patrol vehicles for the Nigerian police even as he appealed to supporters of political parties to eschew violence at the polls.
Represented by the Vice President Namadi Sambo, Jonathan said approval for the acquisition of 2,564 operational vehicles was given with the intention to see that the Police “provide the needed security and enhance their operation to ensure the conduct of free and fair elections.”
Jonathan’s words: “The procurement of these vehicles is aimed at boosting the capacity of the Nigeria Police Force to deliver effectively, efficiently and appreciably.
“A well-equipped and adequately motivated police force will assist in no small measure to assist in ensuring the security needed in the drive to economic growth and development of Nigeria.
“In view of the strong commitment of government to provide for the NPF within available resources, it is my hope that the gesture by government will be reciprocated by assisting the Independent National Electoral Commission (INEC) in ensuring it conducts free elections this month.
“It is also expected that the deployment of these operational vehicles will translate to enhanced surveillance of our communities in order to improve security.”
Highlighting the efforts of government towards enhanced peace and security of all over the country, the Vice President urged all Nigerians to see themselves as Nigerians and see to the unity of the country, despite their political leanings.
He said: “I want to call on politicians, the aspirants, their supporters and their sympathisers to eschew all forms of violence and unlawful practices, both in words and conduct, before and after elections.
“Let us eschew any form of violence. We should condemn any form of violence before, during and after elections. We should know that elections will come and go but Nigeria will remain as one nation and one people.”
Earlier in his opening address, the Inspector General of Police, Suleiman Abba, said approval for 2,564 operational vehicles was given by the President, but the first batch of the patrol cars comprising “170 Nissan NP300 hard body Patrol Pick up vans, 129 Nissan Frontier Double Cabin Patrol Vehicles, 50 Nissan Patrol 4WD Jeeps, 10 Toyota double cabin Armoured Patrol Vans and four Ford 550 model 4X4 state of the art Armoured Personnel Carriers” are ready for commissioning.
Asked if the remaining bulk will be available before the elections that are two weeks away, IGP Abba said: “Delivery particular when it is on production, you can’t make conclusions, but the most important thing is that the contract has been signed and the supply is coming from an indigenous company.
Anthony-Claret is a software Engineer, entrepreneur and the founder of Codewit INC. Mr. Claret publishes and manages the content on Codewit Word News website and associated websites. He's a writer, IT Expert, great administrator, technology enthusiast, social media lover and all around digital guy.
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