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The Federal Capital Territory Administration (FCTA) has allocated N795.6 million to secure a 12-month insurance policy for its movable and immovable assets.
The FCT Head of Civil Service, Grace Adayilo, made this announcement in Abuja on Thursday while updating reporters on the FCT Executive Committee's first meeting of 2025.
Adayilo noted that the committee authorized the contract with four insurance companies and three insurance brokers.
She explained that the insurance policy is primarily designed to protect FCT assets from various risks, such as damage, loss, or destruction.
"This will ensure the continuity of government operations and reduce financial losses in case of unforeseen events.
This aligns with a federal government directive requiring compulsory insurance for government assets, properties under construction, and public funds," she stated.
She listed the insurance companies and brokers involved as Consolidated Hallmark Insurance PLC (Lead), KBL Insurance PLC, Cornerstone Insurance PLC, and Crown Takaful Insurance Ltd, as well as the three insurance brokers: Sam-Vic Insurance Brokers Ltd (Lead), Radiance Insurance Brokers Ltd, and KOB Insurance Brokers Ltd
