FG hires NICON to insure 125,000 students with N625m

FG has hired NICON Insurance Plc to insure 125,000 Unity School pupils across the country for N625m. This is to control the consequences of the Boko
Haram insurgency and other forms of insecurity in the country. Each student is expected to pay N5,000 premium yearly.

According to the company, in the case of accidental death of a pupil, the sponsor named in the policy will be entitled to N500,000. In the event of the death of the sponsor or guardian of a pupil, the pupil will be entitled to the payment of school fees up to the year of graduation from the secondary school (maximum of N500,000).

In the case that a pupil accidentally sustains permanent disability, he/she will be entitled to N500,000 as compensation. For accidental medical expenses, a pupil will be entitled to N50,000 for medical treatment. If a pupil is involved in accidental death, the company will pay N50,000 for burial expenses.

NICON Insurance, which once belonged to the FG, was, in 2006, sold to Mr. Jimoh Ibrahim, a chieftain of PDP. Investigations revealed that there was no bidding for the insurance contract before it was handed over to NICON Insurance….. shame on Boko Haram, a lasting solution has been gotten at last….