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The Frills and Thrills of Air Travel Insurance

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Over the years, the Nigerian aviation sector has witnessed an undulating progress, occasioned by many moribund airlines. At the last count, the number of airlines that have folded up is over fifteen. Yet many are still going into the field, without adequate preparations. The importance of air travel is so important in meeting the business needs of a nation that the Central Bank of Nigeria (CBN) recently proposed to extend its bail out facilities to the sector. Unlike vehicle transportation where owners can afford to neglect insurance, aviation insurance is compulsory, especially certain provisions of them which must be met within a regulated time. Insurance is basically to avoid any kind of unexpected damage or loss of those things that are fiscally associated. In case of aircraft insurance it covers the aircraft and its contents. The owner’s responsibility and accident insurance of the passengers is also covered most of the times. At times the state requires the owners and operators to have insurance covering the aircraft and the operations. At least third party liability coverage should be there so that if a loss of injury is caused to a third person due to the operation of the aircraft, responsibility is taken. If the aircraft is hypothecated as collateral, the finance institution will require hull coverage and replacement value insurance as most of the finance institution have it as a policy. This is a must since the accidents actually incur heavy loss on the people involved and at times it takes years for them to recover. According to an aviation insurance expert Barrister Gbenga Tabi, some of the air crashes that Nigeria has experience could be traced to poor maintenance and lack of proper insurance on ground. This, he said explains why even after one decade, victims of past crashes in the country are yet to be compensated by the insurance. He called for a consortium of insurance companies to write out every requirements of our aviation insurance, noting that the area is so expensive to be left in the hands of one insurer alone. Probably that is the reason it was initially started by the marine insurance underwriting community since initially ships were as large as an investment as an aircraft now though ships have not yet lost their glory and value. It started applying to the aircraft industry, the most expensive aviation industry in modern times, from the year 1929 when the Warsaw convention was signed.
Easy methods to obtain the Policy, an insurance agent or broker will save you form all the trouble of applying for insurance. Then the insurance company would go through your financial history to assess the risk that would be involved in insuring you. After all the investigation and acceptance of all the risk factors, the premium would be determined and which would be based on the amount of risk involved. The more the risk factor, the more expensive your coverage would be. So if you do not want to pay a certain amount you can talk to them wherein they might accept the negotiation or simply reject it. The deciding factors, which work behind the underwriting decisions are Aircraft type, Qualifications of the pilots involved, Nature of the operation that the aircraft is involved in, whether its business or pleasure and Base of operations.
One issue that makes aviation insurance costly is that most of the operations and running cost are prized in foreign currencies. The risk policies that are issued may be something like the hull risk policy, the hull all-risk policy which insures the aircraft against all kinds of physical loss and damage except the exclusions. There is a standard limit of deductible that applies to the aircraft insurance policies and that applies in case of partial loss and the amount is somewhere like $50,000 to $1,00,000. Deductibles can be insured by deductible insurance. Exclusions to the policy would be the loss of use, delay or consequential loss like grounding. In recent times, especially after the series of air crashes we have had, The Nigerian Civil Aviation Authority has had to ground many aircrafts for failure to adhere to set standard. For instance, the wear and tear and deterioration of the aircraft would certainly not be included. Also excluded is the ingestion damage like stones and dust getting in the engine resulting into deterioration. Mechanical Breakdown is also not covered. This is all about the aircraft insurance, that is the mechanical vessel, but there is more to it like stated above that the contents of the vessel also are the liability of the owner and the operators and they also have to be insured. Contents here include passengers; baggage, cargo and mail; and third party liability would any third party who faces loss due to the operation of the aircraft. Liability (third party) insurance excludes damages to the owner own property in case of third party damage; war or risks would also not be included and so will noise and pollution also would not be included. Whenever you go for Aviation Insurance, check the clauses and read it carefully. There might be few terms and conditions that are important but you overlook it.

 


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LG Electronics Celebrates Women Who Power Progress @ 2026 Women’s Month Event

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LG Electronics has reinforced its commitment to gender inclusion and women’s empowerment with the successful hosting of its 2026 Women’s Month event, themed “Women Who Power Progress,” at its Lagos office.

The event brought together accomplished women from diverse industries for a thought‑provoking panel discussion that explored their personal journeys, career-defining moments, and the inspiration behind their success in traditionally male-dominated and highly competitive fields.

The distinguished panel featured award‑winning filmmaker Mrs. Biodun Stephen, Mechanical Engineer Engr. Adeola A. Adeleke, Interior Design Leader Dr. Jennifer Chukwujekwe, and MEP Engineer Engr. Moyosore Onabolu. The session was expertly moderated by actress and entrepreneur Blessing Obasi‑Nze, who guided candid conversations around ambition, resilience, and purpose.

Throughout the discussion, panelists shared compelling stories of perseverance, the challenges they overcame, and the values that shaped their professional paths. They also offered practical advice to women navigating their careers, emphasizing the importance of resilience, continuous learning, self-belief, and mentorship as key drivers of long-term success.

A major highlight of the event was the keynote address delivered by Engr. Dr. Funmilade Akingbagbohun, the first female National Chairman of the Nigerian Institution of Mechanical Engineers (NIMechE), Mechanical Engineer, and STEM Advocate. Her keynote address tagged “Women Building, Fixing, Innovating, and Powering the Future of Technology,” delivered a compelling call to action for women, organisations, and society at large.

“Women are building, fixing, innovating, and powering the future of technology. As we mark International Women’s Day, my call to action is simple but urgent: rise, build, break barriers, and lift others along the way,” she said.

“To organisations like LG Electronics, continue to foster inclusive environments where women can thrive, lead, and innovate. To every woman here, be bold, pursue excellence, and never underestimate your potential. To the next generation, embrace STEM careers with confidence and courage. And to all of us, support one another because success is more meaningful when it is shared.”

“While we celebrate progress, we must acknowledge the challenges that still exist, from gender stereotypes and underrepresentation in leadership to the pressure of balancing multiple roles. Yet today’s woman is competent, resilient, and visionary. We are no longer waiting for opportunities; we are creating them, claiming them, and excelling in them. When women rise, organisations grow, and society progresses. There is no limit to what we, as women, can accomplish.”

Speaking at the event, the Managing Director of LG Electronics, Mr. Hyoung Sub Ji, underscored the company’s belief in the transformative power of inclusion.

“At LG Electronics, we believe that empowering women is not just a social responsibility, it is a catalyst for innovation, growth, and sustainable progress. Creating platforms where women’s voices and experiences are celebrated is essential to building a more inclusive future,” he said.

Held in a vibrant and engaging atmosphere, the event also provided a valuable networking platform for attendees to connect, celebrate achievements, and exchange ideas in a relaxed and inspiring environment.

In line with the broader International Women’s Day theme, “Give to Gain,” LG Electronics used the occasion to reaffirm its belief that investing in women strengthens communities, organisations, and society at large.

Through initiatives like “Women Who Power Progress,” LG Electronics continues to champion diversity and inclusion, celebrating women who are not only breaking barriers but actively shaping the future and powering progress across industries.


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EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

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Economic and Financial Crimes Commission (EFCC) has warned of rising cryptocurrency-related crimes, revealing that illicit digital currency transactions exceeded $160 billion globally in 2025.

EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

Ola Olukoyede, chairman, raised the concern during the inauguration of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030) in Abuja.

Olukoyede, warned that digital currencies such as Bitcoin are increasingly being exploited by criminal networks to move funds across borders undetected.

According to him, advances in technology, weak regulatory frameworks, and gaps in global financial systems have created fertile ground for cyber-enabled financial crimes.

The anti-graft agency boss stressed that tackling cryptocurrency crime required coordinated national strategies, stronger institutions, and intelligence-driven enforcement.

According to him, the new UNODC programme comes at a critical time when Nigeria and the global community are facing growing threats from organised crime, cybercrime, and illicit financial flows.

Olukoyede described the initiative as a strategic platform to strengthen the rule of law, improve the criminal justice system, and protect citizens from financial and violent crimes.

Musa Aliyu, chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in his comments, called for stronger inter-agency cooperation.

Aliyu said Nigeria faced interconnected threats, including violent extremism, smuggling, organised crime, and illicit financial flows, warning that no single agency could address them alone.

 

 


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FG Awards N50m Each to 45 Students under S-VCG

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Federal government has awarded N50 million each to 45 students selected from 65 finalists drawn from public and private tertiary institutions nationwide under the Student Venture Capital Grant (S-VCG).

FG Awards N50m Each to 45 Students under S-VCG

Tunji Alausa, minister of Education, unveiled the initiative at the weekend at the United Nations Development Programme Innovation Hub in Ikoyi, Lagos, describing it as a bold step toward positioning Nigerian youth as drivers of global innovation.

Alausa said the programme marked a significant shift in education policy, aimed at empowering students through innovation, entrepreneurship, and skills development. He noted that the grant offers equity-free funding, mentorship, incubation, and access to digital tools.

He explained that the beneficiaries emerged after a rigorous selection process involving over 30,000 applicants from more than 400 tertiary institutions across the country, culminating in a three-day bootcamp and pitch session before industry experts.

According to the minister, the initiative is designed to transform tertiary institutions into hubs of innovation and economic development, enabling students to move from ideation to commercialisation and become job creators.

“Today is not just another programme event. We are activating a new future for Nigerian students where great ideas are nurtured into impactful solutions,” he said.

Also speaking, Suwaiba Ahmad, minister of State for Education, described student entrepreneurship as a critical national strategy for job creation and economic growth. She emphasised the need for institutions to move beyond theory and support students in translating ideas into viable enterprises.

Similarly, Bosun Tijani, minister of Communications and Digital Economy, commended the initiative, urging beneficiaries to focus on building sustainable and impactful solutions rather than pursuing short-term gains.

He advised students to adopt consistency and long-term thinking, noting that small, sustained efforts could lead to meaningful innovation and societal impact.

In her goodwill message, Elsie Attafuah reaffirmed the commitment of the United Nations to supporting Nigeria’s innovation ecosystem.

She encouraged beneficiaries to refine their ideas, respond to market needs, and contribute meaningfully to national development through innovative solutions.

The minister acknowledged key partners, including the UNDP, Google, and the Bank of Industry, for their support in implementing the initiative and expanding opportunities for young innovators across Nigeria.


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