The Federal Govt Council on Monday permitted a ₦1.09 billion insurance coverage package deal to guard employees and belongings in all Federal Airports throughout the nation.
Minister of Aviation and Aerospace Improvement, Festus Keyamo, made the disclosure whereas addressing newsmen after the Federal Govt Council (FEC) assembly, which was presided over by President Bola Tinubu on the Presidential Villa, Abuja.
Keyamo mentioned the approval is in keeping with a directive from the Secretary to the Authorities of the Federation mandating Ministries, Departments, and Companies (MDAs) to insure vital authorities belongings.
He defined that the measure is a key requirement for Nigeria’s airports to acquire certification from theInternational Civil Aviation Group (ICAO).
He mentioned, “This memo was prompted by Mr. President as a result of we can not proceed to run our airports and significant belongings, as treasured and costly as they’re, with out insurance coverage cowl.
“Most of those belongings have remained uninsured for a very long time. This approval ensures each infrastructure and personnel of the Federal Airports Authority of Nigeria (FAAN) are lined, in keeping with world finest labor practices.”
The insurance coverage contract, valued at ₦1,097,137,102.48 (inclusive of seven.5% VAT), can be executed over a one-year interval, commencing upon premium cost by FAAN.
Following a rigorous choice course of, the Minister mentioned 5 main Nigerian insurance coverage corporations had been chosen for the protection.
They’re Leadway Assurance Firm Restricted because the lead underwriters, whereas the co-underwriters are Cornerstone Insurance coverage Plc, Linkage Assurance Plc, NEM Insurance coverage Firm, and Anchor Insurance coverage Plc.
“So this memo was prompted by Mr. President as a result of we can not proceed to run our airports and our vital belongings, as treasured and costly as they’re, with out insurance coverage cowl.
“Most of these items have remained with out insurance coverage for a very long time. This one additionally covers not solely the belongings but in addition the personnel of the Federal Airports Authority of Nigeria.
“In fact, that it’s in line with finest labor practices that you simply don’t have personnel working in such an setting with out insurance coverage cowl. In order that has been carried out at the moment for all of the airports in Nigeria,” he added.
