Business
Polaris Bank debunks death reports in Lagos branch fire incident
Polaris Bank Limited has debunked reports claiming that over 34 persons died in a fire incident at its Broad Street branch in Lagos, describing the claims as false and misleading.
The bank issued the disclaimer in a post on X on Thursday, insisting that there were no casualties or fatalities in the fire incident.
A fire broke out on Thursday afternoon at a multi-storey building housing a Polaris Bank branch on Broad Street, Lagos Island.
The bank said the fire incident, which originated from a customer’s vehicle parked on the third-floor car park, was contained following the activation of its emergency response procedures and the prompt intervention of firefighters.
“A fire incident occurred today at the car park of our Broad Street Branch, Lagos, originating from a customer’s vehicle parked on the 3rd-floor car park.
“The fire was swiftly contained following the activation of our emergency response procedures and the prompt intervention of firefighters,” the bank stated.
READ ALSO: CBN, Polaris Bank refute liquidation rumors
Polaris Bank said it has commenced investigations to determine the cause of the fire incident, noting that reports claiming that over 34 persons were feared dead are false and misleading.
“We confirm that there were no casualties or fatalities. Reports claiming that over 34 persons were feared dead are false and misleading.
“Investigations into the incident are ongoing. We thank emergency responders, our staff, customers, and stakeholders for their support,” the bank said.
Polaris Bank urged the public to rely only on credible news platforms and its official channels for accurate information and to disregard false reports circulating online.
The Central Bank of Nigeria (CBN) has reiterated that both the commemorative N100 banknote and the standard N100 banknote remain legal tender in Nigeria and must be accepted for all transactions nationwide.
The apex bank clarified this in a statement issued by Hakama Sidi Ali, the CBN’s acting director of corporate communications, on Wednesday.
CBN explained that the commemorative N100 banknote, introduced to mark Nigeria’s centenary, did not replace the existing standard N100 banknote.
The clarification follows reports that businesses and other Nigerians are rejecting the standard N100 banknote due to doubts about its continued legal-tender status.
“For the avoidance of doubt, the CBN hereby reiterates that both the commemorative N100 banknote and the standard N100 banknote remain legal tender and must be accepted for all transactions nationwide,” the CBN said.
READ ALSO: How fake agency ‘DG’ Adeyemi outsmarted federal officials to secure CBN accounts, office space
CBN cautioned individuals, businesses, financial institutions, and other economic agents against rejecting the standard N100 banknote, warning that such action constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency.
“Such rejection constitutes a violation of the provisions of the CBN Act and undermines confidence in the national currency. The Bank will not hesitate to apply appropriate enforcement measures against any person or entity found to be in breach,” the statement added.
The regulator reaffirmed its commitment to safeguarding the integrity of the naira, maintaining public confidence in all duly issued banknotes, and promoting the smooth circulation of currency nationwide.
It urged the public and all financial stakeholders to accept and transact with all banknotes legally issued by the CBN.
BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has organized a specialized one-day training program for officers of the Nigeria Police Force (NPF), FCT Command, aimed at strengthening the enforcement of Motor Third-Party Insurance and other compulsory policies across Nigerian roads.
The initiative, held in Abuja, focused on equipping law enforcement officers with advanced skills to fast-track insurance policy verification and eliminate the proliferation of fake insurance certificates.
The training was themed “Building a Culture of Insurance Compliance: Police as Catalysts for Protecting Lives, Property and Enhancing Public Safety.” It was designed to empower officers to promote statutory compliance, verify the authenticity of insurance covers during routine checks, and help deepen public appreciation of insurance benefits.
Speaking on behalf of the Commissioner for Insurance/CEO of NAICOM, Mr. Olusegun Ayo Omosehin, Mr. Ekerete Ola Gam-Ikon underscored the strategic importance of the collaboration between the regulatory body and the NPF.
He noted that effective public safety extends beyond traditional crime prevention to shielding citizens from the severe financial consequences of unforeseen disasters.
“Insurance serves as a vital social and economic safety net, providing protection for individuals, families, businesses, and public institutions against losses arising from accidents, disasters, and other risks,” Mr. Gam-Ikon stated.
He added that the partnership is critical to reducing the high volume of uninsured vehicles on the roads, protecting commuters, curbing the use of counterfeit insurance certificates, and boosting public trust in regulatory institutions. These objectives, he emphasized, directly align with the provisions of the newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 and NAICOM’s mandate to deepen market penetration.
The commission highlighted the unique leverage the Nigeria Police Force possesses due to its daily interactions with motorists, business owners, and the public. By strictly enforcing compulsory insurance laws, police officers act as key drivers in reducing accident-related financial hardships and enhancing overall public safety.
During the technical sessions, participants received practical training on:
The core objectives and benefits of compulsory insurance lines.
Standardized digital and manual insurance policy verification procedures.
The foolproof identification of genuine insurance certificates.
The legal framework governing compliance under NIIRA 2025.
The program successfully strengthened the institutional bridge between NAICOM and the NPF, encouraging officers to act not just as law enforcers, but as grassroots advocates for insurance literacy.
Long-Term Commitment
Moving forward, NAICOM reaffirmed its commitment to sustaining close ties with law enforcement and relevant stakeholders to eliminate fake insurance vendors, improve nationwide compliance levels, and position the insurance sector as a meaningful contributor to Nigeria’s economic growth and social stability.
The Commission urged the officers of the FCT Command to champion this cause, fostering an environment where insurance is embraced not merely as a statutory obligation, but as an indispensable tool for safeguarding lives, investments, and livelihoods.
The post NIIRA 2025: NAICOM Engages Police to Curb Fake Insurance Certificates on Roads appeared first on Business Today NG.
-
News15 hours agoAPC Election Officials Break Silence on Pankshin/Kanke/Kanam Primary Dispute
-
Business2 days ago
Plateau Govt Procures 500 Truckloads of Fertilizer, Subsidises 50kg Bags at ₦20,000
-
News4 days ago
Sports commission reaffirms commitment to hockey revival
-
News3 days ago
PEPSA Intensifies Drainage Clearance and Flood Response Across Jos
