Businessman Jimoh Ibrahim will rake in about N625 million, with his company, NICON insurance, becoming the favoured underwriter for personal accident liabilities and life insurance cover for students of Unity Schools across the federation.
While there was no verifiable tender by the Ministry of Education, under whose control the federal government-owned schools are, before selecting NICON, each of the 125,000 student is expected to pay N5,000 for the policy. The students were said to have been informed of the special charge as a composite levy in their school fees through a circular.
Due to the security challenges in the country, the Federal Ministry of Education has employed the services of NICON Insurance Company to insure Federal Government College pupils. Each of the pupils is expected to pay N5,000 yearly...”, the circular reads.
NICON, formerly owned by the Federal Government, was later privatised and sold to Jimoh Ibrahim.
The policy, covering the 104 Unity Schools, is known as ‘Students Welfare Insurance Scheme for Unity Schools.’ As designed, an sponsors of an insured student is entitled to N500,000 in case of death and N50,000 burial expenses. In case the sponsor dies, NICON takes over the bereaved student’s education up to graduation, through a payment not more than N500,000. Other items in the policy specify that a student is entitled to N500,000 if he sustains a permanent disability through an accident, and medical expenses of N50,000. The insurance policy was confirmed by NICON spokesman, Ade Adesokan, according to Punch.