The federal authorities has accredited a ₦1.09 billion insurance coverage bundle for vital belongings and personnel throughout all federal airports in Nigeria.
Minister of Aviation and Aerospace Improvement, Festus Keyamo introduced the choice on Monday after the Federal Government Council (FEC) presided over by President Bola Tinubu on the Presidential Villa.
Keyamo mentioned the approval aligns with a directive from the Secretary to the Authorities of the Federation (SGF), which mandates Ministries, Departments, and Companies (MDAs) to insure vital authorities belongings.
Moreover, the measure is a key requirement for Nigeria’s airports to acquire certification from the Worldwide Civil Aviation Organisation (ICAO).
“This memo was prompted by Mr. President as a result of we can not proceed to run our airports and demanding belongings, as valuable and costly as they’re, with out insurance coverage cowl,” Keyamo mentioned.
He added that, “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 step with international greatest labor practices.”
The insurance coverage contract, valued at ₦1,097,137,102.48 (inclusive of seven.5% VAT), will likely be executed over a one-year interval, commencing upon premium cost by FAAN.
The minister mentioned following a rigorous choice course of, 5 main Nigerian insurance coverage companies had been chosen for the protection.
He gave the insurance coverage companies to incorporate 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
“Most of these items have remained with out insurance coverage for a very long time. This one additionally covers, doesn’t solely cowl the belongings, but in addition the personnel of the Federal Airports Authority of Nigeria.
“And naturally, you realize that’s consistent with greatest labour practices that you just don’t have a personnel working in such setting with out insurance coverage cowl, in order that has been accomplished at present for all of the airports in Nigeria,” he added .
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