Lagos insures state infrastructures for N133bn

The Lagos  State Government has insured the Lekki-Ikoyi Link Bridge, roads and other important state-owned infrastructures for N133 billion against terrorists attack and natural disasters.

This was disclosed by the Commissioner for Finance, Mr. Ayo Gbeleyi while speaking on the financial activities of the state government in the last one year.

According to him, “Strategic assets such as bridges, drainage channels and roads are now specifically insured against natural disasters and terrorist attacks, amongst others.”

“This action is for the benefit of the residents of Lagos State. This is under the special risk cover against disaster and terrorism. The premium is N247 million for the year and that insures an asset of about N133 billion of the state,” he added.

A breakdown of the insured infrastructures revealed that the cable bridge, Lekki-Ikoyi Link Bridge, was insured for N35 billion.

Explaining the insurance scheme, Gbeleyi said “You need to remember that in insurance, we tried to cover the replacement cost. Often times, we aren’t dealing with the historical cost of construction (N29 billion).

The commissioner noted that this was part of the restructured and optimized Insurance Risk programme of the state which in scope serve as cover for critical assets and staffs of the state.

Vanguard