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Fake beggar confesses, how much he makes daily higher than bank workers

Published

9 years ago

on

August 23, 2017

By

Feyijimi Emmanuel

By Boluwatife Ezekiel Olaleye

37-year Abdullahi Abbas, a fake blind beggar who was arrested yesterday in Ikorodu, Lagos State after an inquisitive resident of the area, Adeoye Baliks, engaged him in a conversation that made her raise an alarm, has dropped a mind blowing confession.

According to Abdullahi, who is always led by a 12-year-old boy (name withheld), begging for alms every day at the First Gate and Odogunyan area of Ikorodu, he makes between N5,500 and N8,000 daily.

ALSO SEE: 18-yr-old cleaner in court for defiling 3-year-old pupil

Vanguard reports that the indigene of Oyo State who was almost lynched by residents of the area, but saved by the timely intervention of vigilante group members in the area, further revealed that he belongs to a group of beggars who feign various types of deformity, just to get people to sympathise with them and give them money.

He has already been handed over to the police in Sagamu.

Related Topics:Begging Extortion Fake Beggar illegal extortion

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Earlier this year, the Commissioner for Insurance, Olusegun Omosehin, assured stakeholders that while the commission remains committed to protecting policyholders and preventing the collapse of licensed insurers, companies must meet the revised capital requirements under the new regulatory framework. The new capital thresholds represent one of the most significant reforms in Nigeria's insurance sector in decades. Under the Nigerian Insurance Industry Reform Act, 2025: Non-life insurance companies are required to increase their minimum capital from ₦3 billion to ₦15 billion. Life insurance companies must raise their capital base from ₦2 billion to ₦10 billion. Reinsurance companies are expected to increase minimum capital from ₦10 billion to ₦35 billion. Experts: Stronger Insurers, Better Protection for Policyholders Insurance and financial market experts say the recapitalisation programme could reshape Nigeria's insurance landscape by producing fewer but stronger operators capable of competing regionally and globally. Financial analyst Johnson Chukwu said stronger capitalisation would improve insurers' ability to absorb shocks arising from large claims and catastrophic events while enhancing confidence among corporate and retail customers. According to him, better-capitalised insurance companies are also more attractive to international investors and reinsurers, creating opportunities for increased foreign investment and improved underwriting capacity. Insurance consultant Dr. Pius Apere noted that consolidation through mergers and acquisitions should not be viewed negatively, arguing that it would produce healthier institutions with stronger governance structures and improved operational efficiency. He added that the reform could also accelerate innovation in insurance products, digital transformation, and risk management practices, enabling insurers to serve a broader segment of the Nigerian economy. However, experts caution that recapitalisation alone will not solve the industry's longstanding challenges. They argue that regulators and operators must also intensify efforts to improve insurance penetration, strengthen consumer education, enforce compulsory insurance policies, deepen technology adoption, and ensure prompt settlement of claims if the industry is to fully realise the benefits of the capital reform. With only days remaining before the regulatory deadline, the coming weeks are expected to determine which insurers emerge independently, which pursue strategic alliances, and how the recapitalisation exercise ultimately reshapes Nigeria's insurance industry for the next decade.

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