The Federal Government of Nigeria has secured a comprehensive insurance policy covering all airport assets across the country at a total cost of ₦1.097 billion, according to the Minister of Aviation and Aerospace Development, Festus Keyamo (SAN).
Keyamo made the disclosure while briefing journalists after the Federal Executive Council (FEC) meeting, which was presided over by President Bola Tinubu at the Presidential Villa, Abuja, on Monday.
The insurance coverage, approved in line with a directive from the Secretary to the Government of the Federation (SGF), requires all ministries, departments, and agencies (MDAs) to insure critical government assets.
The Minister emphasized that securing insurance coverage is an essential requirement for Nigeria’s airports to meet certification standards set by the International Civil Aviation Organization (ICAO), ensuring improved safety compliance, operational integrity, and international recognition for the country’s aviation infrastructure.
“This memo was prompted by the 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 infrastructure and personnel of the Federal Airports Authority of Nigeria, FAAN, are covered, in line with global best labor practices,’’ Keyamo said.
The insurance contract, valued at ¦ 1,097,137,102.48 (inclusive of 7.5% VAT), will be executed over one year, commencing upon FAAN's premium payment.
He explained that after a rigorous selection process, five leading Nigerian insurance firms were chosen for the coverage.