The Nigerian Insurers Association (NIA) has expressed deep sorrow over the tragic tanker explosion that occurred on Thursday, October 15, 2026, at Oluku, Ovia North-East Local Government Area, along the Benin–Lagos Road in Edo State, resulting in the loss of lives, injuries and destruction of properties, including shops, vehicles and other valuable assets.
The Chairman of the Association, Mrs. Ebelechukwu Nwachukwu, on behalf of the Governing Council and member companies, extended heartfelt condolences to the Government and people of Edo State, particularly families who lost loved ones, those receiving medical treatment and individuals whose businesses and livelihoods were affected by the unfortunate incident.
Describing the explosion as a devastating tragedy, Mrs. Nwachukwu noted that beyond the painful loss of lives and injuries sustained, the destruction of commercial premises, vehicles, merchandise and other properties represents significant economic losses, with far-reaching consequences for affected families, businesses and the wider community.
“We are deeply saddened by this tragic incident and the immense pain it has brought upon families and businesses. Our thoughts and prayers are with those who lost loved ones, the injured and everyone whose means of livelihood has been disrupted. We pray for the peaceful repose of the departed souls and speedy recovery of those receiving medical attention,” she stated.
The NIA Chairman observed that while unforeseen accidents may not always be completely prevented, their occurrence and severity can be significantly reduced through strict adherence to safety standards, responsible road usage, regular vehicle maintenance and effective regulatory enforcement.
She urged petroleum tanker operators, motorists and other road users to prioritise safety, while advising members of the public to avoid accident scenes involving petroleum products, refrain from scooping spilled fuel and promptly alert relevant emergency response agencies.
Emphasising the critical role of insurance in mitigating the financial consequences of such disasters, Mrs. Nwachukwu noted that the incident further reinforces the need for individuals, businesses and government institutions to embrace adequate insurance protection against unforeseen risks.
“While insurance cannot replace precious lives or erase the emotional trauma of such tragedies, it provides an essential financial safety net, helping affected individuals and businesses recover, rebuild and restore their livelihoods. The destruction of shops, vehicles and other assets in incidents of this nature underscores the importance of appropriate insurance coverage as a fundamental risk management tool,” she said.
The Chairman also called on the Federal and State Governments to lead by example by ensuring adequate insurance protection for public buildings, infrastructure and other government-owned assets, while strengthening the enforcement of compulsory insurance requirements, particularly for public buildings and premises, in line with the provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to her, effective enforcement of compulsory insurance would enhance public safety, strengthen financial protection for individuals and businesses, facilitate compensation for eligible victims and reduce the financial burden of disasters on government and the wider economy.
“Government at all levels must demonstrate stronger commitment to insurance adoption and the enforcement of compulsory insurance laws. Beyond protecting public assets, ensuring compliance across public buildings, commercial premises and other facilities will strengthen our collective resilience and provide much-needed financial protection when disasters occur,” she emphasised.
Mrs. Nwachukwu assured affected policyholders that insurance companies under the umbrella of the NIA are fully prepared to honour all valid claims arising from the incident, in accordance with the terms and conditions of their respective insurance policies.
She encouraged insured individuals and businesses affected by the explosion to promptly notify their insurance providers and submit the necessary documentation to facilitate efficient claims assessment and timely settlement.
“The Nigerian insurance industry stands ready to fulfil its obligations to policyholders affected by this unfortunate incident. Our member companies remain committed to prompt, fair and professional settlement of all valid claims, providing financial relief and supporting recovery efforts at this difficult time,” she assured.
The Chairman commended emergency responders, security agencies, medical personnel and relevant authorities for their intervention, while calling for stronger collaboration among government agencies, transport operators, regulators and other stakeholders to improve safety compliance and prevent similar tragedies.
Mrs Nwachukwu further stated that: “the Association once again commiserates with the Government and people of Edo State and stands in solidarity with all families and businesses affected by the tragic incident.
Signed:
Mrs. Ebelechukwu Nwachukwu
Chairman, Nigerian Insurers Association (NIA)
October 16, 2026
