Nigeria: Why 64% motor get fake insurance?

Di record from di Nigerian Insurers Association (NIA) say only about 36 per cent of motor wey dey Nigeria roads na im dey insured and most of dem dey waka with fake insurance certificates.

Di chairman for NIAEddie Efekoha, na im bring out dis information come out during one insurance consumer forum.

Mr Efekoha say out of di 12.5 million motor wey dey move for road, only about 4.5 million na im dey registered for di Nigerian Insurance Industry Database (NIID), as fake motor insurance still dey control big part of di market.

Di NIID na im dey capture all di motor wey truly get insurance for di country.

Efekoha add say wetin dey also contribute wey plenty fake-fake motor insurance, na because most insurance companies offices dey for only Lagos, Abuja and Port-Harcourt.

Dis situation na im come make di fake insurance business dey move well-well for states where insurance company dem no dey.

According to Efekoha NIA dey join bodi with different state governments, to make sure say na only insurance company only dey register di motor dem:

"One trend wey we dey notice now, be say many states don decide to use third party motor insurance as dia get revenue and as way to raise money for dia government."

"We don partner with some of dis state governments or state directorates or agencies to solve dis problem."

For 2016, one find-find show say most pipo wey get motor dey prefer to go buy cheap papers from wayo-wayo pipo instead of di correct certificates wey go provide insurance cover and compensation in case accident happen.