Insurers allege loss of N46b yearly to fake documentations at ports

Worried by the alleged loss of premium income estimated at over N46 billion yearly at the nation’s seaports, insurance operators have taken the issue to the door steps of the National Assembly.
Specifically, the Legal Committee (LC) – a technical arm of the Nigerian Insurers Association (NIA), in a review of the presentation to the Senate Committee on Marine Transport on the problems confronting marine insurance in Nigeria, said the committee should expedite action on the process of computerising the authentication of marine insurance certificates.
Besides, the insurers pointed out that the insecurity problems in Nigeria and multiple checks carried out at the ports have forced the Joint War Committee of Lloyds and London underwriters to include Nigeria as one of the most expensive countries/trading zones, where vessels could only come on the payment of additional premium for war risk cover.

The Chairman of the Legal Committee, Samuel Oduroye, in the review of the Customs and Excise Management Bill – June 2012 to May 2013, said “the process of computerising the authentication of marine insurance certificates should be expedited as the estimated N46 billion being lost through fake documents is substantial to warrant urgent action to prevent these leakages”.
According to him, “provision should be made for electronic invoices that will be issued to customs, importers and insurers to reduce the incidence of under-declaration in the systems and allow for easy monitoring by concerned stakeholders.”
Oduroye stressed that the country should also adopt the electronic tracking system for vessels plying its waters for a more effective monitoring of their movements.



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