AN INSURANCE WORTH N5.5m? YOU BET THERE ARE LOTS OF TROUBLED MINDS FOR THIS BUSINESS TO FLOURISH.

---

Two conmen, one a herbalist, DanlamiMakarfi, were sentenced to prison on three count charges based on criminality for duping another man, Adamu Mohammed, of N5.5m in cash and properties. The intent of the conmen was to pray for Adamu so as to relieve him of his problems.

Those afraid of taking risk will always be ready to pay.

The principle behind Adamu’s action, like that of every other troubled mind, is similar to the raison d’etre of the insurance industry: people who are risk averse are prepared to pay a premium in order to forestall the bad outcome. Adamu Mohammed, for paying a herbalist to pray for him to help relieve him of his problems was not mad or insane, he was just acting as a risk averse person, but the twist to the story was that the two conmen must have overstepped the bounds of what is acceptable into the territory of the fraudulent.

Adamu must have valued the claim of DanlamiMakarfi and his colleague at N5.5m with the belief that his problems will be solved, because amongst other reasons, he must have tried solving those problems himself over so many years and had hit a brick wall. Therefore, he valued his own efforts at N0 and the probability that he would succeed if he keeps trying on his own at 0. One can say that Adamu was not a stupid person to have paid such an amount of money, only that, as we Nigerians say, he was a typical case of “money miss road.”

A life insurance worth N5.5m needs lots of convincing.

I keep wondering why he should value the herbalist’s claim at N5.5m. I believe the Judge must have solved that problem, although the news article did not say, but it is certain that the herbalist and his colleague must have been glib salesmen. They must have sent false signals to the troubled Adamu and manipulated him very well such that the judge had to send them to prison on a three count charge.

Otherwise, why should N5.5m not be able to provide them with a good lawyer who can defend them very well?

Just like insurance, the business of offering prayers or miracles to relieve people of their problems will always exist. People will either be risk averse, and be customers, or be risk loving, and keep bearing and enduring their problems. But for an insurance policy on one’s life to be worth N5.5m; that is worth breaking the gates of heaven.

---

follow me on twitter, @emeka_david or be a friend on facebook, nnaemeka david

GUN'S POINT? LIFE'S > TRINKETS.

A couple of times, some of us have been witnesses to robberies, involving others or ourselves. You're among the lucky few if you've not. A year ago an Uncle of mine was robbed at gun's point, a gun was pointed at his head. It was a nightmare for him; it was scary for him. We all know what it means to feel defenseless, insecure, pushed to the wall or hunted.

Here are simple tips one can follow to prevent robberies or attacks aimed to rob your goods or property. Although it doesn't mean it's prevent crime altogether, but it sure helps to take precautions. You should note that except for the police who keep records of crimes, we ordinary citizens are not really adept at the ways of criminals.

1. Advertising your status or flaunting your status. Be careful of flaunting what you are worth, what you can do, in the public, especially where you are before strangers. And especially if you are a stranger to a place.

2. In public places, keep a sure eye and tight grip on your valuables. I carry my laptop a lot, on my shoulder and I make sure although the bag is hung on my should, I have my hands on the edge of the bag towards my front. It sure makes for safety.

3. Don't expose money carelessly. We Nigerians are fond of flaunting our wealth at parties and “cashing” the celebrants with naira notes on their foreheads. Some of these persons have reported of visits by robbers after such events. If you have to give, anything, valuable and huge, why don't you do it in private; or rather get it gift-wrapped.

4. Don't travel alone to out-of-the place places. And what if it is absolutely essential that you go, alone, in short notice? Make sure somebody knows about where you are going and keep your cellphone with you. Make repeated calls about your location if you're going to be a total stranger. You never can tell.

5. Take out an insurance policy on expensive valuables. It sure helps to be insured, especially if the good is valuable, but make sure you pay your premiums and be careful that you're dealing with proper insurance agents.

And finally, when robbers are pointing a gun at you?

6. Never scream. Obey them. Give them whatever valuable you have. Make sure you have some marks here and there on such stuff and try to remember details about the robbers. Always do. Remember if they have tribal marks, what they said etc. Sometimes, the police can fish them out faster.

Keep it in mind that not all crimes are reported and never make yourself attractive to robbers.

You can get other information from official sources. Check out this link:
http://www.citynews.ca/news/news_4983.aspx