THOMAS OMAMUS
[wysija_form id=”1″]March 24, 2015 – Lagos State Government today handed over cheques, worth N100 million to 2,000 traders whose wares were affected when fire rased Balogun Market early this year.
A breakdown shows that each trader would receive N50,000 since 2, 000 people were affected.
Speaking at the event tagged, “Advocacy for traders on the importance of insurance in Lagos State” Lagos State Governor Mr. Babatunde Fashola said the money was sourced from taxes.
He stressed the needs for traders to embrace insurance policy in order to protect themselves against unforeseen circumstances like fire outbreaks, minor and major accidents, among others.
He noted that the state government has purchased new fire trucks and other equipment for the fire services through tax payers’ money in the state.
He said he had on some occasions appealed to the leadership of the various traders’ unions to meet and educate their membership on the value of Insurance, pointing out that since the premium is often small, the traders could find it handy.
“I think it is good also for that sub-sector of the finance industry to revitalize the insurance business if there is this kind of demand, it will also create employment in that sector of the economy other than banking”.
Earlier, General Manager of Lagos State Emergency Management Agency, LASEMA Mr. Femi Osanyintolu, explained that the decision to give compensation to the affected traders was part of the recommendations of six man committee set up by the governor to look into the fire inferno with a view to preventing further occurrence.
Osanyintolu said the beneficiaries were those enumerated and identified by the leaders of the market and were given certain amount of money issued in cheques, according to the loss suffered in the inferno. He enjoined the beneficiaries to use the money for the purpose it was meant for, saying it was out of the magnanimity of governor Fashola to mitigate the losses.
