Kano market fire: NCRIB sympathises with victims

• Urges greater insurance awareness

The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed deep sympathy to traders and business owners affected by the recent fire outbreak that razed a major market in Kano State, destroying goods estimated to be worth millions of naira.

In a statement, the Council described the incident as devastating, noting that many victims have been left counting heavy losses and facing uncertainty over their livelihoods.

President of NCRIB, Mrs. Ekeoma Ezeibe, said the scale of destruction underscores the growing frequency of market fires across the country and the urgent need for preventive measures.

“Market fires have become rampant in the country. It is time for government and relevant stakeholders to take concrete steps to prevent these recurring disasters,” she said, adding that such incidents are capable of depriving many Nigerians of their means of survival.

Ezeibe stressed that beyond emergency response, traders and market operators must embrace insurance as a critical risk management tool. According to her, adequate insurance coverage remains the most reliable safety net for businesses affected by unforeseen disasters.

“Insurance remains the main risk management device that can help traders recover from such losses and return to business with minimal disruption,” she noted.

The NCRIB president also drew attention to the Nigerian Insurance Industry Reform Act 2025, encouraging business owners to leverage the provisions of the new law to safeguard their enterprises and assets against unexpected events.

While commending the Kano State Government for pledging to investigate the cause of the fire and support affected traders, she observed that wider insurance penetration would reduce the financial burden on government interventions and free up public funds for developmental projects.

The Council called for stronger collaboration among government agencies, market authorities and insurance stakeholders to enhance fire safety infrastructure, enforce preventive measures and deepen insurance awareness nationwide.

As affected traders in Kano begin the difficult process of rebuilding, NCRIB maintained that the tragedy serves as a reminder of the urgent need to prioritise insurance protection as part of efforts to build a more resilient and sustainable economy.