NAICOM Explains Purchase Of Building For New Academy

The National Insurance Commission (NAICOM), has explained the processes surrounding the purchase of its newly established Academy.

A statement by the Commission in Abuja on Thursday, said the management of the Commission through the Minister of Finance, Budget and National Planning had made the presentation to the Federal Executive Council (FEC).

NAICOM said the presentation made to FEC was an uncompleted property for approval to be acquired as NAICOM Academy and office accommodation.

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The Commission said the presentation followed the approval by its immediate past Governing Board.

The Commission said all documents relating to the property clearly stated that the property was in an uncompleted state.

NAICOM said the academy would address the knowledge gap in the insurance sector regulation and supervision not only in Nigeria but across Africa.

It said the academy would also address the problem of low insurance penetration, entrench the culture of insurance in every part of the country and enhance surveillance in the geopolitical zones.

The Commission said the building would also serve as the new head office of the Commission.

“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 provision was made in the 2022 approved annual budget of the Commission for the purpose of acquiring the building for the Commission.

“The expansion of the Commission’s infrastructural facilities is inevitable thus the Commission requires a befitting office accommodation to curtail any future space crises,” the Commission said.

The News Agency of Nigeria (NAN) reports that some media reports had alleged that the Commission deceived President Muhammadu Buhari and FEC into approving the purchase of a new office building in Abuja.

It was also alleged in the publication that the Commission said it was buying a “ready to use magnificent office complex” rather than an uncompleted building at N4 billion. (NAN)

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