Continued negligence of the compulsory third party motor insurance policy among road users in Lagos and other parts of the country despite efforts to curb this by insurers through the Nigeria Insurance Industry Data Base (NIID), is starting to have a multiplier effect on Nigerians and huge revenue loss to insurers, THISDAY investigation has revealed.

While both insurance operators and law enforcement agents continuing their fight against fake motor insurance certificate sellers and its associated problem of road accident without compensation to the third party, the greatest problem currently confronting the duo are increasing number of uninsured motor cycles popularly called Okada and incessant road accident caused by the operators.

Analysts told THISDAY that the Nigerian insurance industry loses about N530 billion ($1.28 billion) yearly as a result of failure by vehicle owners to purchase the compulsory Third Party motor insurance.

THISDAY findings revealed that out of about 11.8 million registered vehicles plying the roads, only 1.2 million of them have valid insurance certificates.

This, situation analysts said, has deprived insurers the premium and has exposed many road users to the menace of hit-and-run vehicle users.

Meanwhile, investigation by THISDAY showed that in various axis in Lagos, especially routes that are prone to heavy traffic jam, incidence of deaths and permanent disabilities caused by the okada riders abound on daily basis.

A case in point was a recent accident over the weekend involving an Okada rider plying Iyana Iba road in Ojo Area of Lagos towards Mile 2 along Lagos Badagry Express Road and one Mrs Eucharia Okafor, a pedestrian walking along Iyana Iba-Volkswagen road shortly before Ojo military barracks.

Okafor, it was learnt, was walking by the roadside towards Volkswagen bus stop and was suddenly knocked down by an Okada rider who left the express road to ply through a small pathway left for the pedestrians.

Okafor fell down instantly shouting for help in the pull of her own blood while the Okada rider did not stop for one minute to look at the seriousness of the injury his bike has inflicted on the woman.

This raises the question as to what both the insurers and the law enforcement agents are doing about the number of motorcycles plying Nigerian roads especially Lagos without the compulsory Insurance cover.

Indeed, some motorcycles on Lagos road ply without even plate number.