Connect with us

General News

The Best Way to Go About Buying Insurance for Your Business

Published

on

Kindly share this post

It is the desire of everybody to run his or her own business. But attractive as it may be, it has its own consequences which often times are not palatable. Running your own business entails a lot of inputs, one of which is dedication to duty. Without dedication to the job, running one’s own business could spring some surprises much more than bargained for.
In buying insurance for your own business, there are some crucial areas to consider, which when they do occur sends the business owner ten steps backward. For instance, in buying a commercial property insurance there are a number of unfortunate events which can occur.  Fire, theft, vandalism and flooding are all within the realms of possibility and it is vital that you have a good shop insurance policy which will help your business to recover.
You may have been running your shop business or any other business for years without any ugly incident occurring, but it is likely that at some point in time, a disaster may strike. That is not being pessimistic about life rather it is about looking at things realistically.  Take the risk of flooding for instance; obviously some shops or business premises are at a greater risk of flood than others by virtue of where they are situated. For instance, in a city like Lagos, there are some areas that are prone to flood and erosion menace. Business owners in such locations can therefore not afford to take insurance lightly. If business premises do get flooded, then there are chances that you can lose an enormous amount of your stock overnight.  But the problems do not end there. How long will it take to get your shop dried out and back to anything like normal?  There is no gainsaying the fact that business owner when they are forced out of business due to flood for instance, would loose so much.  More importantly, the flood would cause a lot of damage to your property?
As said earlier one common concern is the possibility of fire.  This could come about because of an electrical fault or it could be the result of arson.  It may seem as though it could never happen to your shop, but it is always a terrible possibility.  Then there are other factors to consider.  Theft is an ongoing concern for anyone who deals with a large amount of money.  Every day in our national dailies, one is faced with the facts of business havocs holding businesses down. In most Nigerian cities, the newspapers are full daily with problems of crime which calls on all and sundry to always be on our guard.
These are some of the things we need to keep in mind when renewing business or shop insurance policy.  It is also vital that you deal with an insurance company that will give you an optimum amount of protection should any peril strike your business. It is essential to get properly covered so as not to regret in the event of an uninsured peril.
When you are looking for insurance there are a couple of important elements to keep in mind. It is advisable to know that it is often worth paying a little more to ensure you are properly protected. So don’t be deceived into picking any policy that may not see you through in the event of insured peril.

 

 


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Continue Reading
Advertisement
Comments

General News

EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

Published

on

Kindly share this post

Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.

EFCC Detains Ayeni, Ex-Skye Bank Chairman over Alleged N36.5Bn, $30m Fraud

Tunde Ayeni, former chairman of defunct Skye Bank Plc,

This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.

He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.

Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.

Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.

Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.

About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.

The EFCC is expected to file charges once the investigation is concluded.


Kindly share this post
Continue Reading

General News

Summit Factory Opens in Ogun, Targets Hygiene Market Expansion

Published

on

L-r: Sadiq Ali, General Manager, Summit Household Solutions Limited; Oba Abdulakeem Odunaro, Onikotun of Otun, Ota; Hon. Wasiu Adewale Lawal (FCA), Executive Chairman of Ado-Odo/Ota LGA; Mr Kehinde Akintomide, Permanent Secretary, Ministry of Commerce, Trade and Investment, Ogun State; and Mojeed Maaradesa, Manufacturing Manager, during the commissioning of the ultra-modern factory by Summit Household Solutions Limited in Ota on Thursday.
Kindly share this post

Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.

The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.

Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.

He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.

Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.

In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.

He also revealed that the company is preparing to introduce new home and personal care products later this year.

Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.

Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.

Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.

The special guests were conducted around the facility, and the programme was concluded with a luncheon.

 


Kindly share this post
Continue Reading

General News

US Freezes $344m in Crypto Linked to Iran in Major Crackdown

Published

on

Kindly share this post

The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.

US Freezes $344m in Crypto Linked to Iran in Major Crackdown

The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.

U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.

Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.

A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.

Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.

The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.

Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.


Kindly share this post
Continue Reading

Trending