Two-thirds of vehicles are covered by fake insurance
According to Eddie Efekoha, president of the Nigerian Insurers Association (NIA), 64% of vehicles on Nigerian roads are covered by fake insurance contracts.
On an estimated fleet of 12.5 million vehicles, only 4.5 million are listed on the database of the Nigeria Insurance Industry Database (NIID).
This scourge prospers in areas not served by insurance services, especially that insurance agencies are present mainly in large cities such as Lagos, Abuja and Port-Harcourt.
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