Nigerian Insurance Companies Forced To Donate To COVID-19 Funds

Nigerian Insurance Companies Forced To Donate To COVID-19 Funds

The National Insurance Commission has compelled insurance companies in Nigeria to make donations of not less than N10m to the fight against Coronavirus in the country.

The commission in a letter to registered insurance companies seen by SaharaReporters, said that the mobilisation of the fund will be the industry’s contribution towards ongoing efforts at curtailing the virus.

The letter signed by Olorundare Sunday Thomas, Acting Commissioner for Insurance, reads, “To this end and following from my engagements with leaders in our industry, it has been resolved that the sum of N500m be mobilised towards the initiative. 

"The mobilisation of the fund, which will be the industry’s contribution to tame the pandemic, is being coordinated by the commission. 

"It is therefore imperative that you support this initiative by donating generously to the fund.

“I’m by this letter requesting your kind support and generous donation to the fund. 

"The donation from your company which is expected at a minimum of N10, should please be paid into the Nigerian Insurers Association’s First Bank of Nigeria Plc account." 

The commission went on to state that all donors and contributors' names will be publicised and a detailed account of receipts and expenditures be made available to all donating institutions.

Insurance firms were not given the chance to deliberate on the issue before the order was handed down to them, according to stakeholders contacted by SaharaReporters. 

The National Insurance Commission is overseen by the Nigerian Government and its commissioner appointed by it. 
 

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SaharaReporters, New York



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Source: Nigerian Insurance Companies Forced To Donate To COVID-19 Funds