The insurance sector has partnered with the National Counter Terrorism Centre (NCTC) to combat violent extremism, warning that insecurity threatens national stability and business prosperity.
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The commitment was conveyed by the President of the Professional Insurance Ladies Association (PILA), Abimbola Onakomaiya, in a goodwill message delivered on behalf of the sector at a meeting with NCTC.
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Onakomaiya stressed that the core mandate of insurance is to provide “peace of mind” for individuals, businesses and institutions, enabling them to thrive.
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She, however, noted that violent extremism undermines the ideas of insurance, describing it as “bad for business, whether small or large, national or multinational”.
According to her, violent extremism disrupts commerce, discourages investment and restricts the inflow of foreign capital, leaving insurers exposed to financial and reputational risks.
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“Violent extremist groups frequently target businesses because they fear prosperity. Prosperous individuals and communities are less vulnerable to extremist recruitment,” she said.
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She lamented how once-thriving markets and industrial zones have been turned into storage centres for arms, with traders and companies routinely extorted, robbed and forced to pay illegal taxes that sustain extremist groups.
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Onakomaiya called for stronger public-private sector collaboration, insisting that peace and stability are prerequisites for economic growth.
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“Without growth, there will be no opportunities. And without opportunities, our youth remain vulnerable to exploitation by extremist groups,” she warned.