Uninsured petroleum, gas refilling stations to pay N1m fine

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Chuks Udo Okonta

All petroleum and gas refilling stations and installations shall be insured against third-party losses occasioned by accidental fire outbreak or explosion of which failure would attract N1 million fine or a minimum term of two years imprisonment or both.

This is stated in Section 78(1&5) of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The Act also stated that a copy of certificate of insurance that meets the minimum requirement shall be displayed in a conspicuous location at the refilling station or included in the documents covering the petroleum and gas product in transit as the case may be.

It also said all vehicles transporting petroleum and gas products shall be insured against third-party losses occasioned by accidental fire outbreak or explosion.