JUNE 18 , 2012
IMPENDING FLOOD:
Insurance gets zero consideration •Would-be victims perfect plans to abandon homes when disaster strikes •Property worth billions estimated to be destroyed By ROSEMARY ONUOHA
D
espite warnings of severe rainfall being anticipated this year from the Nigeria Meteorological Agency, NIMET, residents of flood prone areas have refused to embrace insurance as a form of risk prevention mechanism in readiness for the expected flooding, Vanguard investigation has revealed. Even when some state governments like Lagos, Ogun and Rivers have employed series of measures to help curtail the impact of the anticipated flood, insurance operators are worried that there is no concrete plan to involve the insurance sector in the scheme of things by these state governments. This is in sharp contrast to what is obtainable in other countries where flooding has caused severe devastation. In Australia for
instance, the government has drafted a proposal to make flood cover mandatory in all homes and contents policies aside from the huge capital that it has committed into environmental safety. In Nigeria, the scenario is worrisome. In Port-Harcourt, Mr. Austin Okereke, an electronics dealer in Mgboba in Choba town said that after the flood that ravaged the city, almost all the goods in his shop were destroyed and most people dwelling and doing business around that vicinity packed out. On whether he has any insurance plan, Okereke said that he is not looking at insurance for now. He said that he is trying to prevent more damage by clearing the drainage and raising the platform in front of his shop. Also, Ayo Daniel, a wine dealer in Port-Harcourt said that most of his goods were damaged after the flood. Although Rivers State Government started work on the dredging of
channels and canals, Daniel said that the government stopped halfway without completing the work. He said that with the unfinished work, the floods will definitely be back. Daniel however, said that he does not believe in insurance because he fears that insurance may not readily pay his claims when the need arises. The preventive method against the impending flood for him is to add more blocks to the pavement in front of his shop. Another option, according to him, is for the state government to create proper drainage system. In Ibadan, after last year's floods, a relief camp was opened for the victims, located at Oke Ayo. At present, the camp is deserted after distribution of relief materials was stopped. Governor Abiola Ajimobiled administration said it is concentrating on opening drainages and dredging of rivers and streams
across Ibadan metropolis and other parts of the states. Mr. Ekene Akorisa, who resides in Ajeromi /Ifelodun Local Government Area of Lagos State, is a victim of last year's flooding in Lagos that destroyed lives and property worth billions of naira. Akorisa, who claimed that all his property was destroyed, including his motorcycle, is still trying to find his feet one year after the flood disaster. Although the Lagos State government is making efforts to curtail such massive disaster this year, Akorisa said since he got no compensation for the loss of last year, gathering his life back has not been an easy task. Asked if he has any plans for insurance, Akorisa said that he has no plans but wants the government to protect the lives and property of its citizens. For Daniel Oyebanjo who lives at Wilmer in Olodi- Apapa area of Continues on page 18
152.05
+1.00
2,244.00
-19.00
20.60
+0.63
97.30
+0.13
83.65
-0.26
CURRENCY BUYING CENTRAL SELLING
The President and Chairman of Council of the Nigerian Institute of Management on Thursday paid a Visit to the Group Headquarters of odu'a Investment Company Ibadan.from left Chief Makole Asugbeme, Nat. Treasurer NIM, Mr Adebayo Jimoh GMD Oodu'a Investment Company, Dr Olawale Cole President and Dr Uno Uwaja Deputy President during the visit of NIM mangement to the Heritage Mall under consruction by Oodua Investment recently. Pix by Dare Fasube
CFA KRONER EURO POUNDS RIYAL SDR FRANC DOLLAR WAUA YEN YUAN
0.2753 26.1377 194.3375 240.6372 41.3012 234.0229 161.7586 154.9 233.1885 1.9501 24.3185
0.2853 26.2221 194.9648 241.414 41.4345 234.7783 162.2807 155.4 233.9412 1.9564 24.3975
0.2953 26.3065 195.5921 242.1907 41.5678 235.5337 162.8028 155.9 234.6939 1.9627 24.4764
CBN Exchange rate as at 15/06/2012 C M Y K