IBADAN EXPLOSION: Government Should Make Premises Insurance Compulsory to House Owners – Oyeniyi

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An insurance Broker, Olanrewaju Oyeniyi, has called on government to enforce the law on premises insurance act to mitigate effect of unforeseen disasters and incidences in the county.

Oyeniyi , the Chairman WIB Insurance Brokers Limited made the call in a chat with journalists while reacting to the Ibadan explosion which occurred on Tuesday 16th January.

The explosion, according to National Emergency Management Agency, NEMA, shattered no fewer than 58 Buildings with 5 fatalities on Adeyi Street, Old Bodija estate, Ibadan.

Oyeniyi explained that the law on premises insurance act, when enforced, provides insurance cover on buildings against hazards like collapse, fire, earthquake, storm, and flood.

He noted that the Ibadan explosion incident wouldn’t have been more devastating if the buildings were insured, adding that it was high time the government rose to the enforcement of the law and make it compulsory for house owners.

“People actually know insurance exists and not that claims are not being paid , it’s all about leadership, government is supposed to give directive”

The countries we reference at like the Europe, USA and UK you cannot buy a phone without insurance and that sends it right into everybody that insurance is a must and that’s the problem we have in this country. We have laws in abundance but what about the check to ensure that those laws are being observed and lived with”

He quantified the damages at the Bodija explosion scene as not less than five billion naira saying only buildings with insurance cover would get a fast restoration while others would wait on government compensation which he termed charity.

There no need for government to contend with taking out of the meager resources to attend for charity or compensation, insurance will do that in few days when buildings are insured

Insurance claims are paid within seven to eight working days, once they give us a bill of quantity, estimate of repairs and once the figure is agreed, the owners account would be energised .”

Oyeniyi advised Nigerians, particularly house owners to learn to preserve what they have by considering insurance as a must have and stop mounting pressure on government and leaders for compensation whenever ugly incidents happen.

This is an economy where your one million in terms of value you probably need about ten million Naira to get it in year X raised to power two, so why don’t you preserve that N1million so that you can continue to enjoy appreciation in value.

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