NICON Insurance Summoned By ​Benue Assembly Over N26 Million

The Benue State House of Assembly has ordered the management of NICON Insurance Company to appear before it on Thursday 19th January, 2017 to explain why it has failed to pay over N26m compensation to the Benue State Government for the burnt portion of Makurdi Modern Market insured by the company despite the company’s earlier agreement to this effect.
Deputy Speaker, Benue State House of Assembly, Hon. James Okefe, who presided over proceedings, gave this directive following a motion moved by the Chairman, House Standing Committee on Industry, Trade and Investment, Hon. Richard Ujege.
Hon. Ujege explained that the market had been insured with NICON Insurance for the period of 2005 and 2007 after which the March 14th, 2005 fire incident destroyed part of the market. He stated that following the incident, the insurance company had assessed the damage and agreed to indemnify the Benue State Government to the tune of N26,675,515 which it has, however, failed to pay so far. 
Hon. Ujege expressed worry that despite various appeals to the NICON Insurance Company by the State Government through the Ministry of Industry, Trade and Investment and the House Standing Committee on Industry, Trade and Investment, the company refused to budge. 
He expressed concern that if not aggressively pursued, the State Government might lose out in its quest to recover its entitlement.
Ruling, Hon. Okefe stressed that the Assembly would use its legislative authority to ensure that NICON Insurance Company lived up to its obligation to the Government and people of Benue State by duly paying the compensation as agreed.

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