NICON Insurance defends appointment on students welfare account

NICON Insurance Limited has defended its appointment as the sole underwriter of the Students Welfare Insurance Scheme, stating it followed due process at the Federal Ministry of Education, Abuja.

Senior Manager, Corporate Affairs of NICON Insurance Limited, Ade Adesokan stated in Lagos that the new scheme, which is the intellectual property of NICON Insurance Limited, was presented to the Federal Ministry of Education and due process was followed before its appointment as the Underwriter.

Adesokan affirmed that the NICON Insurance Limited was democratized and privatized in 2006 and duly acquired by Jimoh Ibrahim as the core investor.

According to him, the appointment of the Company as sole underwriter was based on the recommendations of the Committee put in place by the Tender Board of the Ministry where other insurance companies were screened.

His words, “Despite the fact the scheme is an intellectual property of NICON Insurance Limited, other insurance companies also participated actively before the Company was finally appointed as the Underwriter”.

“The Committee also noted that it was only NICON Insurance Limited that has Regional and Branch Offices in all the 36 States of the Federation where the Unity Schools were presently located”.

“The Committee also affirmed that only NICON Insurance’s branch network that could access the Unity Schools all over the Federation within an hour.”

“For the avoidance of doubt, the scheme was packaged under the normal Group Life and Personal Accident insurance cover”, Adesokan added.

According to him, the statute that established NICON Insurance has not been repealed by any Act of Parliament; therefore the Company could insure the Assets and Liabilities of the Federal Government”.

Concerned with Students’ welfare and continuity of their studies nation-wide, NICON Insurance Limited in collaboration with Federal Ministry of Education recently in Abuja packaged the Students Welfare Insurance Scheme, he added.

The scheme which is aimed at bringing succor to students that may lose their parents or sponsors either through accident or by natural means. It was packaged for Students of 104 Unity Schools across the country, he stressed.

“The Students Welfare Insurance Scheme for Unity Schools is a combination of Group Personal Accident and Group Life Assurance Schemes,” Adesokan added.