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Published On: Thu, Jul 23rd, 2020

Shippers council in collaboration with NAICOM over insurance, risk management at ports

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By Albert Akota

The Nigeria Shippers Council (NSC) yesterday collaborated with National Insurance Commission (NAICOM) on how to reduce the cost of doing business through the introduction of insurance cover on Containers regime and looking into risk management at the various Ports to ease business.
Hassan Bello, the Executive Secretary of NSC disclosed this when the Council’s delegation paid a courtesy visit on the Management of NAICOM in Abuja.
According to him, the issue of insurance should be looked at in the area of policies involving goods on transit, accidents, loss, damages away from religious sentiments that everything happened for a reason which could be prevented.
He said that the Containers Deposit at the Ports is about N150,000 to N200,000 on each containers which runs into billions making supply costly, because must of the containers couldn’t be returned within the expected date due to the nature of the roads.
“As our functions as Ports regulator, we have our eyes on the cost of doing business in Nigeria, so in the ease of doing business and the cost of doing business, we want to make our Ports competitive, so we have to moderate the cost. One of the costs is Insurance deposits that Shippers pay for taking the containers out of the Port.
“The containers are the assets of the shipping companies, they must be returned in perfect condition and so they don’t get that because as at the time the containers are not returned, the deposit is not refunded, when you returned the containers in good time , you collect your deposit back.
He also said that the Kano State government had voted about N2billion for the structures around Zawachiki Inland Dry Port which has been concession to Dala Dry Port Nigeria limited.
Responding, Mr. Olorundare Thomas, Commissioner for Insurance and Chief Executive Officer of NAICOM said he has being looking forward to the collaboration between the two organisations on how to make insurance significant in the marine sector.
He commended the NSC for bringing up creative and developmental ideas that would deepen the market of the commission in the maritime industry.
“As far as I can remember this will mark one of the few times that any of our stakeholders will come with developmental ideas that will enhance the thought of the commission on how to deepen the market and how to make insurance relevant to our daily living.
Thomas, however said that the commission would look into establishing a committee with both agencies to factor out the modalities on how insurance can be factored in at the Ports to reduce cost of business.

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