To control the consequences of Boko Haram insurgency and
other forms of insecurity in the country, the Federal
Government has hired NICON Insurance Plc to insure 125,000
secondary school students scattered in 104 unity schools
across the country.
Each student of the unity schools is expected to pay N5,000
premium per annum. This means that the company would be
raking in N625m per annum from the insurance scheme.
NICON Insurance, a company that once belonged to the
Federal Government was sold to business mogul, Jimoh
Ibrahim, a chieftain of the Peoples Democratic Party in 2006.
Investigation by our correspondent showed that there was no
bidding for the insurance contract which has been handed
over to NICON Insurance as the sole underwriter of the 104
unity schools scattered across the country.
In a circular informing parents and guardians of the new fee
to be paid, a principal of one of the unity schools in the
country said the new policy was because of the general
security challenges across the country.
The circular reads, “Due to the security challenges in the
country, the Federal Ministry of Education has employed the
services of NICON Insurance Company to insure Federal
Government College students.
“Each student is expected to pay N5,000 yearly and also
complete the form attached. This amount will be remitted into
NICON Insurance account to be supplied later.”
In a telephone interview with our correspondent, Spokesman
of NICON Insurance Plc, Mr. Ade Adesokan, confirmed that the
company was in the process of rolling out the product. He
confirmed that the company was the sole underwriter
nationwide.
In the parlance of the insurance company, the scheme is titled
Students Welfare Insurance Scheme for Unity Schools.
Adesokan said, “The student welfare insurance scheme is a
product designed by NICON Insurance Limited to provide
much needed benefits under a combined personal accident
and life cover for the students and their sponsors.”
According to the company, in the case of accidental death of a
student, the sponsor named in the policy would be entitled to
N500,000.
In the event of the death of sponsor or guardian of a student,
the student would be entitled to payment of school fees up to
the year of graduation from the secondary school (maximum
of N500,000 for this benefit).
other forms of insecurity in the country, the Federal
Government has hired NICON Insurance Plc to insure 125,000
secondary school students scattered in 104 unity schools
across the country.
Each student of the unity schools is expected to pay N5,000
premium per annum. This means that the company would be
raking in N625m per annum from the insurance scheme.
NICON Insurance, a company that once belonged to the
Federal Government was sold to business mogul, Jimoh
Ibrahim, a chieftain of the Peoples Democratic Party in 2006.
Investigation by our correspondent showed that there was no
bidding for the insurance contract which has been handed
over to NICON Insurance as the sole underwriter of the 104
unity schools scattered across the country.
In a circular informing parents and guardians of the new fee
to be paid, a principal of one of the unity schools in the
country said the new policy was because of the general
security challenges across the country.
The circular reads, “Due to the security challenges in the
country, the Federal Ministry of Education has employed the
services of NICON Insurance Company to insure Federal
Government College students.
“Each student is expected to pay N5,000 yearly and also
complete the form attached. This amount will be remitted into
NICON Insurance account to be supplied later.”
In a telephone interview with our correspondent, Spokesman
of NICON Insurance Plc, Mr. Ade Adesokan, confirmed that the
company was in the process of rolling out the product. He
confirmed that the company was the sole underwriter
nationwide.
In the parlance of the insurance company, the scheme is titled
Students Welfare Insurance Scheme for Unity Schools.
Adesokan said, “The student welfare insurance scheme is a
product designed by NICON Insurance Limited to provide
much needed benefits under a combined personal accident
and life cover for the students and their sponsors.”
According to the company, in the case of accidental death of a
student, the sponsor named in the policy would be entitled to
N500,000.
In the event of the death of sponsor or guardian of a student,
the student would be entitled to payment of school fees up to
the year of graduation from the secondary school (maximum
of N500,000 for this benefit).
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