The NICON Insurance Company says it will soon pay the balance of N23.5 million being part of compensation owed the Benue Government over the burnt Makurdi Modern Market
The News Agency of Nigeria (NAN), reports that the a portion of the market went up in flames in 2005, gutting down many shops, goods and property worth millions of naira.
The incident was said to have been cause by an “electrical fault”.
As part of the compensation for the insured market, NICON has paid N2.5 million, out of the calculated loses of N26 million.
The outfit’s Executive Director, Technical, Mr Akinsola Ale, told the News Agency of Nigeria (NAN), on Thursday in Makurdi, however, that the balance would be paid in August.
“We shall complete the payment within six months, precisely in August; the delay is not deliberate. We had some little technical and legal issues,” he said.
He apologised for the delay and the consequent pains on the victims, but declined comments on whether the company would pay interests accruing from such delay.
“When we reach that bridge, we will cross it,’’ he said.
Ale said that the company had met with all stakeholders on the matter and listed some to include the House of Assembly, Commissioner of Trade and Industries and representatives of those hit by the inferno. (NAN)