The Federal Capital Territory Administration (FCTA) Ministerial Assessment Committee on EndSARS Protest Damages, has advised business community within the territory to always insure their businesses with credible insurance organisations.
Chairman of the committee, Alhaji Abbas Idriss, gave the advice when he received submissions from some affected business owners of the protests, on Tuesday in Abuja.
Idriss explained that insurance companies could always provide succour where government couldn’t adequately compensate for losses.
He noted that the FCT Minister, Malam Muhammad Bello, was disturbed by the level of looting and destruction that followed the EndSARS protests in the territory.
Idris emphasised that the option of taking insurance covers for businesses against unforeseen circumstances shouldn’t be overlooked.
He noted that while the government would always encourage businesses to grow in the territory, economic crunch might make it impossible to adequately compensate them.
The FCT Chairman, Manufacturers Association of Nigeria (MAN), Mr. Odun Emasealu disclosed that members of the association lost about N1.5 billion to hoodlums.
Emasealu said that about 12 factories and four warehouses were completely looted by the hoodlums.
He noted that the entire Idu Industrial Area was ransacked by the hoodlums in search of palliatives.
Emasealu said the association was yet to recover from the trauma that followed looting spree that shut down businesses and heightened insecurity within the area.
He appealed to FCT minister to beef up security within the industrial layout, in order for the manufacturers to get back to business.
“Our members lost assets worth over N1.5 billion as 12 factories and four warehouses were completely looted.
“Industrial machines, factories and other buildings were vandalised. Our concern is that it is difficult to replace the looted machines due to the cost,” Emasealu noted.