The Federal Capital Territory Administration (FCTA) has approved N795.6 million to provide a 12-month insurance cover for its movable and immovable assets.

Grace Adayilo, FCT Head of Civil Service, disclosed this in Abuja on Thursday while briefing journalists on the outcome of the FCT Executive Committee meeting, the first in 2025.

Ms Adayilo said that the committee approved the contract to four insurance companies and three insurance brokers.

According to her, the insurance policy is mainly to safeguard FCT’s assets against various risks, including damage, loss, or destruction.

“This will ensure the continuity of government businesses and minimise financial losses in the event of unforeseen incidents.

“This is in line with a federal government directive mandating the compulsory insurance of government assets, properties, buildings under construction, and public funds,” she said.

She identified the insurance companies and brokers as Consolidated Hallmark Insurance PLC (Lead), KBL Insurance PLC, Cornerstone Insurance PLC and Crown Takaful Insurance Ltd.

Ms Adayilo also identified the three insurance brokers as Sam-Vic Insurance Brokers Ltd (Lead), Radiance Insurance Brokers Ltd, and KOB Insurance Brokers Ltd.

 (NAN)