The Federal Executive Council approved ₦1.09 billion for insuring staff and assets at all federal airports across Nigeria.
Aviation Minister Festus Keyamo announced the approval after a meeting presided over by President Bola Tinubu in Abuja.
Keyamo said the decision aligns with a directive mandating government agencies to insure critical assets to ensure protection nationwide.
He emphasized the necessity of this measure for Nigeria’s airports to obtain required certification from the International Civil Aviation Organization.
“This decision ensures FAAN’s infrastructure and personnel are protected, aligning with global best practices and operational safety requirements,” he stated.
The insurance contract, valued at ₦1,097,137,102.48, will be executed for one year, beginning after FAAN pays the premium.
Following a competitive process, five top Nigerian insurance firms were selected, with Leadway Assurance Limited serving as lead underwriter.
Cornerstone Insurance Plc, Linkage Assurance Plc, NEM Insurance Company, and Anchor Insurance Plc were chosen as the co-underwriters nationwide.
“This initiative also guarantees insurance coverage for FAAN personnel, ensuring compliance with international labor standards and best practices,” Keyamo added.
