The Nigerian Council of Registered Insurance Brokers has urged the Federal Government to incorporate appropriate insurance policies into its housing projects.
The President of the council, Mr Shola Tinubu, who recalled that the Federal Government recently announced that N197bn was spent on the construction of 26,002 houses and the renovation of 13,953 homes across the country, stressed the need to insure the houses in line with the constitutional provisions.
He said, “Definitely, this will go a long way to address the housing deficit, a serious challenge that any government should tackle headlong. However, the council wishes to enjoin the Federal Government to ensure that in embarking on this laudable feat, insurance should be given its rightful place.
“Sections 64 and 65 of Insurance Act 2003 stipulate a compulsory insurance for ongoing construction projects. It, therefore, behoves the Federal Government to insist that appropriate insurance policies be in place for these houses at the construction stage, and for the win-win benefits the project holds for government, the allottees and their families.”
Tinubu lauded the Federal Government’s rent-to-own product designed to enhance affordability by eliminating the need for down payments and other costs associated with normal mortgage loan arrangements.
He also spoke on other national issues, including the preparation for the next general elections, which he stressed would have far-reaching effects on the economy.
“Though as a professional body, we must stay above party politics, we are duty bound to positively impact on our political environment as it must not elude us that economy and politics are inextricably woven. The council would like to use this medium to enjoin politicians to endeavour not to overheat the polity in view of the potential negative effects of such actions on the socio-economic development of the nation.”
There would be no better catalyst for investment in any economy than stability of the polity, he noted.
He, therefore, enjoined politicians to make the welfare and progress of the nation and its people their primary agenda and the focus of their actions.
In order to continually train and retrain members in line with the mandate of the current management, he said the council had sustained its tempo of training.
“The council will not in any way relent on this training to position its members for the unfolding challenges of the profession,” Tinubu said.
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