- A report has revealed that Nigerian companies have created a kidnapping insurance cover for their executives
- The revelation is coming amid rising spate of insecurity and the recent kidnapping of two Chinese expatriates in Niger State
- It is estimated that families and affiliates of victims pay ransoms ranging from $1,000 to $150,000 per incident
Companies operating in Nigeria are now putting in place Kidnapping insurance cover for the top executives according to a report by BusinessDay.
The report said most of the companies making such arrangements are multinationals, this is in response to cases of expatriates kidnapping.
They believe the insurance cover will help cater for the payment of ransom demanded by kidnappers which runs into millions of naira.
A source quoted in the report, Gbenga Olawoyin, the managing director/CEO of Prorisk Insurance Brokers Limited, confirmed the availability of the kidnap policies in the market.
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“If my company gets the cover for me, it becomes risky when you let other staff know that I have it because I have become a potential source of money for the kidnappers,” Olawoyin said.
On what the claims experience has been, he said: “No insurer will share their experience with you because it is a business of confidentiality, and it’s not celebrated.”
Cases of Kidnapping
Since the start of January 2022, several reports of Chinese expatriates kidnapping have made the news with a recent event at Niger State.
On Thursday, June 30, the Nation newspaper reported that two Chinese Nationals and other people were abducted at a mining site in Ajata-Aboki in Gurmana Ward of Shiroro local government, Niger State.
According to SBM Intelligence report, an average of 13 persons were abducted daily in Nigeria in the first half of 2021, bringing to 2,371 the number of persons kidnapped in the country as of June 2021.
The SBM Intelligence report estimated that families and affiliates of victims pay ransoms ranging from $1,000 to $150,000.
Dangote Cement leads list of the 10 biggest companies
Legit.ng had earlier reported that Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.
The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.
Using data from Nigeria Exchange the report showed how much each of the top firms is worth and their share price for anyone looking to invest.