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Car owners to pay more as NAICOM raises Third Party insurance by 150%

The National Insurance Commission (NAICOM) has stated that starting from next year, motorists who want to renew their insurance certificate or procure a fresh one will have to pay N15,000 as the new premium.

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In the same development, commercial vehicles will have to pay N20,000 for third party vehicle insurance paper.

The new rate amount to about 300 per cent increase from N5,000 that was earlier being charged.

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A circular from the National Insurance Commission (NAICOM) sighted by Leadership on Saturday, attributed the new rates to hike in inflation rate, even though, the existing rate has being in use for about 19 years.

The circular titled: ‘The New Premium Rate for Motor Insurance’ with reference number NAICOM/DPR/CIR/46/2022 signed by the director, Policy & Regulations, Mr Leo Akah, disclosed that, “in pursuant to its function of approving premium rate of insurance companies under Section 7 of NAICOM Act 1997, and other extant laws, the Commission hereby issue this circular on the new motor insurance premium rate effective from January 1, 2023.

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“The new motor insurance premium rate increase third party motor insurance to N15, 000 for private, while commercial is N20, 000. Goods and staff buses are to pay N20,000 while truck pays N100,000 even as tricycle has been mandated to pay N5,000 and motorcycle goes for N3,000.”

Similarly, with the premium increase, the Sum Assured has equally increased from the usual N1 million to N3million and above, depending on the classes of automobile.

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The regulatory body said, the Third Party Property Damage(TPPD), which is the limit of claims an insured can enjoy on the policy, noted that, Sum Assured on private vehicle is N3 million; Goods vehicle and staff bus go for N5 million, even as trucks/general cartage will now be assured at N3 million, adding that, special types is N5 million; tricycle N3 million and Sum assured for motorcycle is N1milion.

Moreover, NAICOM said, Comprehensive insurance motor insurance premium rate shall not be less than 5 per cent of the sum insured after all rebates/ discounts.

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Stressing that failure to comply with the circular will invite the wrath of the commission, it added that, “failure to comply with this circular shall attract appropriate regulatory sanction”

The new rate is expected to become effective by January 1, 2023.

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Report any officer asking for money for release of suspect as Police insist bail is free

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Report any officer asking for money for release of suspect as Police insist bail is free

The Police Command in the Federal Capital Territory (FCT) has insisted that bail is free, and called on the public to report any officer asking for money to release a suspect on bail.

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The Police Public Relations Officer in the FCT, SP Josephine Adeh, said this in an interview with the News Agency of Nigeria (NAN) on Friday in Abuja.

Adeh spoke in reaction to public outcry that some police officers were demanding money to release suspects on bail in the territory.

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She said the report of the erring officers would serve as a deterrent to others, adding that it was fraudulent to demand for money to release a suspect on bail.

Adeh blamed the yielding to such fraudulent demand on ignorance on the part of the victims who refused to stand on their rights.

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“A similar case was reported where an officer demanded money to release a suspect on bail and when the matter was reported, we requested for evidence from the victim.

“The evidence was provided because the money was transferred to the officer’s account and actions are being taken on the issue.

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“So, I encourage the public to take advantage of the FCT Police Complaint Response Unit (CRU) lines on 08107314192 to report such misconduct with evidence,” she said.

Adeh urged the public to always insist on their rights and refuse any form of payment to release a suspect on bail.(NAN)

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Former President sentenced to five years in prison by Court

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Former President sentenced to five years in prison by Court

South Korea’s former president Yoon Suk Yeol was on Friday sentenced to five years in prison for obstruction of justice.

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The Seoul Central District Court found that the 65-year-old conservative, with the help of the presidential security service, had tried to prevent his own arrest and deleted multiple documents related to the investigation against him.

Yoon shocked the nation by imposing martial law on December 3, 2024, amid a budget dispute with the opposition, plunging the country into a political crisis.

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He justified the drastic measure as necessary to protect South Korea’s democratic order and accused the left-leaning opposition of being infiltrated by communists with ties to China and North Korea, though he provided no evidence for these claims.

In a separate trial, prosecutors have sought the death penalty for Yoon on charges of incitement, with a verdict expected on February 19.

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While the death penalty remains legally in force in South Korea, it has not been carried out for nearly 30 years.

Yoon’s actions previously alarmed international investors and led to withheld investments, damaging the reputation of South Korea as a political and economic model for the region.

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Since last summer, South Korea has been led by President Lee Jae Myung, a left-leaning centrist and long-time political rival of Yoon. (dpa/NAN)

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JUST IN; Imam that famously shielded 262 Christians from death during Plateau attack is dead

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JUST IN; Imam that famously shielded 262 Christians from death during Plateau attack is dead

The Imam of Nghar village, Abubakar Abdullahi in Barkin Ladi Local Government Area of Plateau State, who famously sheltered 262 Christians during communal violence, has passed away.

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The Imam’s Son Saleh Abubakar, confirmed the development to Daily Trust on Friday, saying that the cleric died on Thursday night at the Plateau Specialist Hospital in Jos.

The Son said, his father “died ten days after he was admitted” in the hospital.

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“He was initially diagnosed with a heart problem. He’d go for check-ups and return. His health hadn’t been stable since the heart disease diagnosis.”

Imam Abubakar died at the age of 90. He is survived by 19 children – 12 sons and seven daughters.

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Tecall that in June 2018, during violent, faith-based communal clashes that affected 10 villages in Barkin Ladi, Imam Abubakar sheltered 262 Christians in his mosque and residence until the violence subsided, saving them from certain death.

His courage earned him widespread recognition, including the International Religious Freedom Award presented by the United States Department of State in 2019.

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The late cleric will be laid to rest on Friday (today) in Nghar village after the Juma’at prayers.

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