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NAICOM clarifies misinformation on the purchase of N4bn property

The National Insurance Commission, NAICOM, says it got approval to purchase an unfinished property for the NAICOM Academy and office accommodation.

The management of the Commission disclosed this in a statement obtained by Voice of Nigeria in Abuja.

While rebutting claims of irregularities published in some media, in which the Commission was among other things alleged to have deceived President Muhammadu Buhari GCFR and the Federal Executive Council into approving the purchase of a new office building in Abuja, the Commission said:

“All documents relating to the property clearly state that the property was in an
unfinished state.

The statement reads: “While the Commission does not intend to join issues with the media, it has become imperative that the general public be availed with the facts as they are.

“It is on this premise that the Commission state as follows:

“That the management of the Commission through the Honourable Minister of Finance, Budget and National Planning presented to the Federal Executive Council presided over by His Excellency, President Muhammadu Buhari, GCFR 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.”

NAICOM added that ‘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 approval were secured by the commission.

According to the statement, provision was made in the 2022 approved annual budget of the Commission for the purpose of acquiring the building for the Commission.

It added that 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.

“This clarification has become necessary to clear any doubt in the minds of the public with respect to the process followed by the Commission in its efforts at acquiring the property.”

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