…Okays starter packs for local leather, footwear production
By Mathew Dadiya
The Federal Government has approved a ₦1.09 billion insurance package for critical assets and personnel across all federal airports in Nigeria.
The Minister of Aviation and Aerospace Development, Festus Keyamo disclosed this on Monday while briefing State House Correspondents after the Federal Executive Council (FEC) presided over by President Bola Tinubu at the Presidential Villa Abuja
Keyamo stated that the approval aligns with a directive from the Secretary to the Government of the Federation (SGF), which mandates Ministries, Departments, and Agencies (MDAs) to insure critical government assets.
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,” Keyamo said.
“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.”
The insurance contract, valued at ₦1,097,137,102.48 (inclusive of 7.5% VAT), will be executed over a one-year period, commencing upon premium payment by FAAN.
Following a rigorous selection process, he said five leading Nigerian insurance firms were chosen for the coverage. They are; Leadway Assurance Company Limited as the lead underwriters while the co-Underwriters: Cornerstone Insurance Plc, Linkage Assurance Plc, NEM Insurance Company and Anchor Insurance Plc
He said, “So this memo was prompted by Mr. President, because we cannot continue to run our airports and our critical assets as precious and expensive as they are, without insurance cover.
“Most of these things have remained without insurance for a long time. This one also covers, does not only cover the assets, but also the personnel, also of the federal Airports authority of Nigeria.
“And of course, you know that is in keeping with best labor practices that you don’t have personnel working in such Environment without insurance cover, so that has been done today for all the airports in Nigeria,” he added.
Meanwhile, Minister of Women Affairs, Hajia Imaan Sulaiman-Ibrahim said Council has approved a policy to support local manufacturing of leather goods and footwear, with women set to benefit significantly from the initiative.
She said the approval grants the Ministry of Innovation, Science, and Technology the mandate to supply starter packs for leather and footwear manufacturing, a sector where women play a crucial role.
