Thread by @AdeBanqie

If you think Govt will compensate the families of those who died in the Abule Ado, Festac explosion, or those whose properties got destroyed, you may be in for a shocker. #NNPC

THREAD

You will notice that both the Lagos State Govt and FG have released interim statements and a common denominator in the statements is the fact that the cause of the explosion must be ascertained. Do you know why?

This is basically for two reasons

1. To find ways of stopping a reoccurrence by taking necessary precautions and risk-mitigating procedures

2. To determine culpability i.e WHO is responsible? Vandals? Oil bunkering activities? Commercial activities in the area? etc

The second stated above reason is what will determine if the Govt will compensate or note. And if they will, to what extent.

If the cause of the explosion is due to pipeline vandalism and oil bunkering activities, those who suffer losses may be on their own.

Do you remember the Ikeja cantonment explosion? Even when the FG was at fault for such colossal loss, did they compensate the victims?

Are you aware that it took the intervention of insurance companies for those victims to receive some form of compensation?

Now imagine that a lot of the houses located around that explosion site are not expected to be there by law.

That means any attempt to get compensated by the LASG wanes by the minute. FG won't even lift a finger

So how will these victims survive these enormous losses?

This is what will happen after the hysteria mellows

1. Everyone will offer sympathies
2. Govt (both State and Federal) will promise to give compensation but don't rely on it
3. The victims will be left to pick up the ruins of their losses
4. Many victims will NOT recover. 😭

Only the wise ones among victims will be duly compensated. How? By Who?

Those who have their properties and lives insured will be duly compensated by Nigerian Insurance companies

The pain of the losses will be substantially reduced and their lives will slowly get back.

As I write, claims are being reported and we are about doing an on-the-spot assessment of these losses so we can compensate our clients who suffered losses.

The families of the deceased will be compensated for the loss of a loved one by Insurance companies.

Hospital bills are being picked up. Owners of vehicles charred by the explosion and fire will be compensated to the tune of the car value.

Those who will be on their own are those who have no form insurance on the properties and assets.

I have said it over and over.

You can't afford to live, work and invest in Nigeria without having insurance.

Anything can happen at any time.

Insure your assets and give yourself peace of mind.

A word they say is enough for the wise.

My thoughts are with the victims. END.