By Godwin Oritse & Martha Akokhia
MANAGING Director of Standard Alliance Insurance, Mr. Tom Imokhai, has said that the menace of fake marine insurance certificates is beginning to take its toll on both the maritime and insurance industries.

In an exclusive chat with Vanguard, Imokhai warned that the implication on both the economy and industries could be catastrophic if urgent steps are not taken to checkmate the menace. He disclosed that that most of the fake insurance certificates that are being paraded are those of moribund insurance firms.

The Standard Alliance boss however noted that the National Insurance Commission (NAICOM) has commenced the prosecution of both the issuers and end users of fake marine insurance certificates. He said NAICOM is working hard to ensure that the issue of fake insurance is reduced to the barest minimum.

Unwholesome practice

Imokhai noted that Nigerian importers and exporters like to cut corners, adding that the unwholesome practice is not good for the industry. He further disclosed that ship owners now present fake insurance certificates for their vessels.

Speaking in a similar vein, Olorogun Otega Emerhor, a Council member of the Nigerian Chambers of Shipping, noted that the issue of fake insurance is detrimental to the industry.

He warned people who parade fake insurance papers, saying that the certificates they carry have no value because they pay little or no money for the fake certificates. “The issue of fake insurance certificate is very detrimental to the industry and all operators are very concerned about it, but we must also appeal to those who want to cut corners by buying fake insurance certificates.

The only advantage they have, which is temporary, is that they pay little amount of money for these fake papers but again they are getting something that has no value because the ultimate value of insurance is your ability to recover from your loss when and if it happens,” he stated.