The Federal Government has approved a comprehensive insurance policy worth N1.097 billion for all airport assets across Nigeria, ensuring critical infrastructure and personnel are adequately covered.
Minister of Aviation and Aerospace Development, Festus Keyamo, SAN, disclosed this after the Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu at the Presidential Villa, Abuja.
Keyamo emphasized that the move aligns with a directive from the Secretary to the Government of the Federation (SGF), mandating ministries, departments, and agencies (MDAs) to insure critical government assets. He further highlighted that securing this insurance coverage is a key requirement for Nigeria’s airports to obtain certification from the International Civil Aviation Organization (ICAO).
“This decision was prompted by the President because we cannot continue to operate our airports and critical assets—highly valuable and expensive as they are—without adequate insurance cover. Many of these assets have remained uninsured for a long time,” Keyamo stated.
The insurance contract, valued at N1,097,137,102.48 (inclusive of 7.5% VAT), will be implemented over a one-year period, commencing upon premium payment by the Federal Airports Authority of Nigeria (FAAN).
Following a rigorous selection process, five leading Nigerian insurance firms were chosen to provide coverage. Leadway Assurance Company Limited will serve as the lead underwriter, while Cornerstone Insurance Plc, Linkage Assurance Plc, NEM Insurance Company, and Anchor Insurance Plc will act as co-underwriters.
Keyamo reiterated that the coverage extends beyond infrastructure, also safeguarding FAAN personnel in line with global best labor practices.
“This initiative ensures that our airports and their workforce are adequately protected, reinforcing Nigeria’s commitment to safety and international aviation standards,” he concluded.
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