December 2, 2022

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We adopted due course of in buying new constructing – NAICOM insists


The Nationwide Insurance coverage Fee (NAICOM) says satisfactory due diligence was performed on the property and all related approvals from applicable approving authorities have been acquired by its administration earlier than buying a brand new workplace constructing in Abuja.

That is its response to a media report titled “Hassle looms in NAICOM over buy of N4bn uncompleted workplace constructing as new.”

The insurance coverage business regulator denied any wrongdoing within the transaction, because the Govt Council of the Federation gave the required approval for the acquisition of the constructing.

The approval, the Fee clarified in an announcement on Thursday in Abuja, adopted due course of, as a certificates of “No Objection” was obtained from the Bureau of Public Procurement (BPP) based mostly on the valuation of the property by the official of the Federal Ministry of Works and Housing.

The assertion by NAICOM administration titled “Re: Hassle looms in NAICOM over buy of N4bn uncompleted workplace constructing as new” reads: “The eye of Administration of the Nationwide Insurance coverage Fee, NAICOM is drawn to the above captioned publication within the Vanguard Newspaper of August
29, 2022 wherein the Fee was, amongst different issues, alleged to have deceived President Muhammadu Buhari GCFR and the Federal Govt Council into approving the acquisition of a brand new workplace constructing in Abuja.

“It was additionally acknowledged within the publication that the Fee stated it was shopping for a “prepared to make use of magnificent workplace complicated” slightly than an uncompleted constructing.

“Whereas the Fee doesn’t intend to hitch points with the media, it has develop into
crucial that most of the people be availed with the info as they’re.

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“It’s on this premise that the Fee states as follows:
That the administration of the Fee by way of the Honourable Minister of
Finance, Funds and Nationwide Planning offered to the Federal Govt Council
presided over by His Excellency, President Muhammadu Buhari, GCFR an Unfinished
property for approval to be acquired as NAICOM Academy and workplace lodging following the approval by the instant previous Governing Board of the Fee.

“All paperwork referring to the property clearly state that the property was in an unfinished state.

“The Fee 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.

“Enough due diligence was performed on the property for acquisition and all related approvals have been secured by the Fee.

“Provision was made within the 2022 accepted annual finances of the Fee for the aim of buying the constructing for the Fee.

“The constructing is to serve the twin function of housing the newly established NAICOM Academy which is an initiative of the current management of the Fee to deal with information hole within the insurance coverage sector regulation and supervision not solely in Nigeria, however throughout Africa and past and in addition function the brand new head workplace of the Fee.

“With a purpose to deal with the issue of low insurance coverage penetration, entrench the tradition of insurance coverage in each a part of the nation and improve the effectiveness of its
surveillance in all of the geopolitical zones of the nation, the enlargement of the Fee’s infrastructural services is inevitable thus the Fee requires a befitting Workplace lodging to curtail any future workplace area crises.

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