To protect staff and assets in all federal airports across the country, the Federal Executive Council on Monday approved a N1.09 billion insurance package.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this after the Federal Executive Council, FEC, meeting presided over by President Bola Tinubu at the Presidential Villa.
Keyamo stated that the approval aligns with a directive from the Secretary to the Government of the Federation, mandating ministries, departments, and agencies to insure critical government assets.
He explained that the measure is a key requirement for Nigeria’s airports to obtain certification from the International Civil Aviation Organization, ICAO.
“This memo was prompted by Mr President because we cannot continue to run our airports and critical assets, as precious and expensive as they are, without insurance cover.
“Most of these assets have remained uninsured for a long time. This approval ensures both the infrastructure and personnel of the Federal Airports Authority of Nigeria, FAAN, are covered, in line with global best labour practices.”
The insurance contract, valued at N1,097,137,102.48 (inclusive of 7.5% VAT), will be executed over a one-year period, commencing upon premium payment by FAAN.
Following a rigorous selection process, five leading Nigerian insurance firms were chosen for the coverage. Leadway Assurance Company Limited was appointed as the lead underwriter, while the co-underwriters include Cornerstone Insurance Plc, Linkage Assurance Plc, NEM Insurance Company, and Anchor Insurance Plc.