The Management of the National Insurance Commission, (NAICOM)has described as false the reports making the rounds the Commission is acquiring a property worth about N4 billion through questionable circumstances.
NAICOM in a statement said the reports are unfounded as the Federal Executive Council (FEC) had approved the procurement and all documents thereto.
NAICOM also disclosed fully all information as regards the procurement including the uncompleted status of the property.
The statement explained that “the management of the Commission through the Minister of Finance, Budget and National Planning presented to the Federal Executive Council presided over by His Excellency, President Muhammadu Buhari, an Unfinished property for approval to be acquired as NAICOM Academy and office accommodation following the approval by the immediate past Governing Board of the Commission.”
“All documents relating to the property clearly state that the property was in an unfinished state. The Commission had prior the FEC approval, obtained a “No Objection” from the Bureau of Public Procurement (BPP) following the valuation of the property by the Federal Ministry of Works and Housing.”
“Adequate due diligence was conducted on the property for acquisition and all relevant approvals were secured by the Commission.”
“Provision was made in the 2022 approved annual budget of the Commission for the purpose of acquiring the building for the Commission. The building is to serve the dual purpose of housing the newly established NAICOM Academy which is an initiative of the present leadership of the Commission to address knowledge gap in the insurance sector regulation and supervision not only in Nigeria but across Africa and beyond and also serve as the new head office of the Commission.”
“In order to address the problem of low insurance penetration, entrench the culture of insurance in every part of the country and enhance the effectiveness of its surveillance in all the geopolitical zones of the country, the expansion of the Commission’s infrastructural facilities is inevitable thus the Commission requires a befitting Office accommodation to curtail any future office space crises” NAICOM explained.