PRESS RELEASE BY THE NIGERIAN AGRICULTURAL INSURANCE CORPORATION (NAIC) ON THE ON-GOING FLOOD DAMAGES TO AGRICULTURAL FARMS IN VARIOUS STATES OF THE COUNTRY

From left: Special Assistant to Managing Director, Nigerian Agricultural Insurance Corporation, Funsho Olumoko; Deputy General Manager, Technical, Kunle Martins; Managing Director, Folashade Joseph; Executive Director, Finance/Admin., Philip Ashinze and Deputy General Manager, Legal, Chike Okafor at the event.

PRESS RELEASE BY THE NIGERIAN AGRICULTURAL INSURANCE CORPORATION (NAIC) ON THE ON-GOING FLOOD DAMAGES TO AGRICULTURAL FARMS IN VARIOUS STATES OF THE COUNTRY

In view of the recent flood disaster across the country, the Board and management of Nigerian Agricultural Insurance Corporation (NAIC) wishes to sympathize and assure its insured farmers and farmer groups, in the various States, being ravished by floods, that the Corporation is very mindful of its corporate responsibility to give them relief and plough them back to prosperity through the prompt payment of appropriate compensations.

While the Corporation encourage its dear insured farmers to make all efforts possible to avert and minimize the untoward effects of the torrential rains and floods on their farms, they should, please, promptly inform the nearest NAIC office, in their State, of their travails in order that appropriate support will be extended to them in a timely manner.

To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the Corporation wishes to equally sympathize and encourage them to, in future, take advantage of the agricultural insurance solutions of the Corporation, in accordance with the policies of the government of His Excellency, President Muhammadu Buhari to offer protection to farmers who have answered the patriotic call to go back to agriculture.

Apart from insuring the risk of loss of crops from flood, NAIC provides insurance against crop losses arising from fire, lightening, drought and pests. Equally, the risks of death of, or injury to, livestock caused by accident, disease, fire, lightening, storm or flood are insured by NAIC. And the beauty is that the assessed premium payable to NAIC is subsidized. The subsidy is 50% reimbursable to the Corporation by the Federal and State Governments. All these are efforts to provide a secure future to farmers and eliminate the need for unpredictable ad-hoc assistance when insurable losses occur.

Mrs. Folashade Joseph
Managing Director / CEO
12TH AUGUST, 2018.

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