The National Insurance Commission(NAICOM) has partnered the Federal Roads Safety Corps(FRSC) on enforcement of compulsory motor insurance in the country.

The move will ensure that about 10 million uninsured vehicles in the country are captured  into the insurance industry.

The insurance industry is expected to generate additional N50 billion, if its able to bring the 10 million uninsured vehicles into the insurance system.

Speaking during a courtesy visit of the Corp Marshall, FRSC, Boboye Oyeyemi, and his team to the NAICOM recently, the commissioner for Insurance/CEO, NAICOM, Mr. Sunday Thomas, said, the partnership is needed to enforce vehicle insurance as part of the compulsory insurances, stating that, this move will eradicate insurance racketeers, while ensuring that those who fail to comply are adequately prosecuted.

He promised that the regulatory body and FRSC will work out an effective plan for the enforcement of 3rd party motor insurance in the country.

Boboye Opeyemi, on his part, appreciated the concerns of the insurance regulator, noting that,

road safety corps are more than ready to work with NAICOM to ensure vehicles on Nigerian roads carry genuine insurance certificates.

Boboye Opeyemi, on his part, appreciated the concerns of the insurance regulator, noting that the road safety corps is more than ready to work with NAICOM to ensure vehicles on Nigerian roads carry genuine insurance certificates.

According to findings, 10 million uninsured vehicles are owned by the government and private individuals and companies.

Investigation shows that some of these 10 million vehicles parade fake motor insurance papers, while some did not have any insurance coverage even as few who had genuine insurance papers before, have failed to renew when their previous motor insurance cover expired.