Many Ladipo market fire victims lack insurance knowledge

Ladipo Market

Ladipo Market

Over 60 traders at the Ladipo Market in Mushin,Lagos who lost goods worth millions of Naira to fire last week have no knowledge of insurance, The Nation has learnt.

The fire, which started at about 2.00am last Wednesday, affected over 50 shops where various auto spare parts were stored.

The traders lamented their losses. ‘’We are not aware of insurance and how it can help our businesses,’’ they said.

A trader, who simply gave his name as Chinedu, said he lost all his money to the fire disaster.

He said: “I came this morning to start my daily routine business only to realise that there was a fire outbreak, which had already destroyed my goods.

“I learnt the fire started around 2:00am on Wednesday till day break before it was put off by the officers of the Lagos State fire service. They said there was a spark of light from the electricity pole which possibly led to the fire outbreak.

“I have lost my hard earned money and wares to this tragedy which I know nothing about. The goods are the investments that I have worked several years for. I don’t have insurance because I don’t know that it can help me at a time like this.”

Another trader, Emeka, could not control his emotions as he broke down and wept profusely. He claimed he had just borrowed money from a friend to buy new wares in his shop only for him to face this kind of calamity.

‘’I have goods worth over four million naira and everything has been lost, he said.

Asked if he has insurance, he said: “I don’t have insurance. I don’t even know what I can gain from it until now. If I knew, I would have insured my goods.”



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