Lagos — DANA airlines insurer, Lloyds of London, has expressed its readiness to pay initial $30,000 (equivalent N4.6 million) compensation within 30 days to relatives of victims who died in the air crash that occurred in Iju-Agege area of Lagos State on Sunday.

Lloyd's legal correspondent in Nigeria, Otunba Yomi Osikoya, said this yesterday while addressing journalists at a press briefing attended by representatives of Lagos State government and Dana airlines officials.

He assured families of the victims that the international insurance firm was ready to operate within the realm of local and international procedures which stipulated that anytime an event of this magnitude occurs, the concerned airline and its insurance company must pay at least the sum of $30,000 as initial payment to the families of the victims.

The amount translates to $4.410 million (N661.5 million) for the 147 passengers on board the ill-fated aircraft. This excludes the six crew members

"We are bounded by both local and international laws in this regard. The applicable law mandates us to pay within the first 30 days of accident of this magnitude, the sum of $30,000 to each family of the victims affected in the crash as an initial payment. The legal ceiling based on international standard is $100,000 per each of the affected victims."

The International Civil Aviation Organization (ICAO) stipulates that families of victims (passengers) of an air disaster are to be paid $100,000 each (N15.8m), those of cabin crew members, $150,000 (N23.3m) each while those of pilots are to receive $250,000 (about N40m) each.