Abuja: The Federal Capital Territory Administration (FCTA) has approved a sum of N795.6 million to provide a 12-month insurance cover for its movable and immovable assets. This decision was announced by Mrs. Grace Adayilo, the FCT Head of Civil Service, during a press briefing on the outcome of the FCT Executive Committee meeting, marking the first of such meetings in 2025.
According to News Agency of Nigeria, the insurance policy aims to safeguard the Federal Capital Territory’s assets against risks such as damage, loss, or destruction. Mrs. Adayilo emphasized that this move is intended to ensure the continuity of government operations and to minimize financial losses in case of unforeseen incidents. This initiative complies with a federal government directive mandating the compulsory insurance of government assets, properties under construction, and public funds.
Mrs. Adayilo further revealed that four insurance companies and three insurance brokers have been selected to facilitate this coverage. The insurance firms include Consolidated Hallmark Insurance PLC as the lead, alongside KBL Insurance PLC, Cornerstone Insurance PLC, and Crown Takaful Insurance Ltd. The appointed insurance brokers are Sam-Vic Insurance Brokers Ltd as the lead, Radiance Insurance Brokers Ltd, and KOB Insurance Brokers Ltd.