Kano market fire: NCRIB sympathizes with victims, calls for insurance awareness

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The Nigerian Council of Registered Insurance Brokers (NCRIB) has lamented the devastating fire incident that ravaged a major market in Kano State, leaving traders and vendors in ruins.

The Council expressed its heartfelt sympathies to the victims of the fire, which has claimed goods worth millions of naira.

The President of NCRIB, Mrs. Ekeoma Ezeibe, lamented the loss, stating that the incident was capable of depriving several Nigerians of their means of livelihood and survival. “Market fires have become rampant in the country, and it’s time for the government and stakeholders to take concrete steps to prevent these disasters,” she said.

Mrs. Ezeibe emphasized the importance of insurance as a risk management tool, urging traders and market operators to imbibe the culture of insurance to cushion the impact of such calamities. “Insurance remains the main risk management device that can help traders recover from such losses,” she added.

The NCRIB President also highlighted the Nigerian Insurance Industry Reform Act 2025, encouraging Nigerians to take advantage of the new law to protect their businesses and assets. “With this law, we can build a more resilient economy and protect our businesses from unforeseen events,” she said.

She however, eulogized the Kano State government who had promised to investigate the cause of the fire and provide support to the affected traders, but she stated that with proper insurance policy in place, government would have saved the fund for other developmental projects.

The NCRIB has called on the government and stakeholders to work together to prevent future incidents, citing the need for improved infrastructure, fire safety measures, and insurance awareness. As the people of Kano State pick up the pieces, the question on everyone’s mind is: what’s next?

The incident has once again highlighted the importance of insurance in Nigeria, and the need for citizens to take proactive steps to protect their businesses and assets. As the country moves forward, it’s time for Nigerians to prioritize insurance and build a more resilient economy.