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Merit Ibe
THE Executive secretary of the National Association of Small and Meduim Enterprises (NASME), Eke Ubiji, yesterday in Lagos, described as unfortunate the failure of most business owners whose assets were torched during the recent EndSARS protests neglected insurance cover that would have ameliorated their financial losses at the end of the crisis.
According to him, the fallout of #ENDSARS protests, which led to massive looting, destruction and torching of properties, has brought to fore the place of insurance in our business.
“If they had insured their businesses, the burden would have been far less than it is now,” lamenting that most business owners treat insurance with levity in the country. “But I think they must have learnt their lessons. Ubiji said some business owners are of the impression that insuring the business was a waste of resources, as insurance companies don’t come to their rescue when they really need them. He however noted that that assumption was wrong , since no one can can brand all insurers same.
“There are many players in the field and inside them you still find the good ones. Don’t brand all of them as bad. At the end of the day when businesess run into trouble there will be no security unless insurance comes to their aid.”
Looking at what happened during the protests that snowballed into looting, destruction and arson, Ubiji urged SMEs and other business owners to insure their assets, while urging insurance companies to factor development like the fallout of civil crisis into their product offering by creating services and products that meet the need of the market at any given time, using what had just happened as a reference point, “ It will sell.” Let businesses and insurers not wait until situations like this occur before thinking of what to do,” he said.
Noting that it was a blunder not to insure ones property or business, he said life must continue for businesses that were not insured before now.
Ubiji however commended the Access Bank for its N50billion interest free facility, and the group of beer manufacturers, which set up a fund to support its less privileged members caught in the net of EndSARS protests.
The NASME boss also commended the Federal Government and the various state government’s loans support to various businesses and groups affected by the crisis.
According to him, the MSME survival fund introduced by the Ministry of Industry, Trade and Investment is a welcome development even as he called on small businesses to take opportunity of these grants and loans to rebuild their businesses. He said “many businesses have closed shops due to the devastating effect of the protest and so government should be ready to give more stimulus funds to support and assist Nigerians. “Other players and groups including commercial banks should also assist too.” On government’s policy on CAC free registration for 250,000 businesses, he said it was commendable, but added that government must focus more on making the business environment more friendly for businesses to thrive.
