Several industry experts and officials have raised questions about the lack of insurance cover for Nigerian airports, following a recent fire incident at the Murtala Muhammed International Airport in Lagos.
The Commissioner for Insurance, Mr Olusegun Omosehin, confirmed that no insurance company has paid claims in respect of the airport fire incident.
“I am not aware of the entities that covered the airport. If there was cover on that property, claims must be paid. That is where we stand,” Omosehin stated .
An aviation analyst, Group Captain John Ojikutu (retired), has also spoken on the issue, stating that the absence of comprehensive insurance coverage for airports could expose the government to huge financial losses.
Ojikutu noted that earlier provisions of the Nigerian Civil Aviation Regulations required international airports to maintain insurance coverage of about $250 million, while domestic airports were expected to carry coverage of around $100 million.
“The regulations that came out in 2012, which were reviewed in 2022, made provision for our international airports to be insured for $250 million. However, in the new regulation, the insurance is not there. Whose fault? I will hold the Nigerian Civil Aviation Authority responsible,” Ojikutu said .
He further challenged the Federal Airports Authority of Nigeria to clarify the insurance status of the airports it manages.
“What FAAN should do now is to come out and tell the public that they have insurance. If they do not, those who might have lost equipment in the inferno at the Lagos International Airport should be able to sue them,” he added .
Also speaking, a former President of the Nigerian Council of Registered Insurance Brokers, Mr Babajide Olatunde-Agbeja, recalled that airports used to be insured about 10 to 12 years ago, but he is not certain about the current status.
“I recall that the airports used to be insured about 10-12 years ago, but I cannot say for certain now. Consequently, the full brunt of renovating the airport will fall on the shoulders of government, which shouldn’t be,” Olatunde-Agbeja said.
The experts all agree that the lack of insurance for strategic national assets like airports leaves the government responsible for bearing the full cost of repairs, compensating victims, and settling medical expenses in the event of disasters.
