NAICOM breaks silence on alleged ₦4 billion new office complex, reveals what really transpired

Sequel to a report attributed to a national newspaper of August 29, 2022, the National Insurance Commission (NAICOM) has refuted the claim that it deceived President Muhammadu Buhari to approve N4 billion for the purchase of a new office complex for the commission.

According to a press release made available to newsmen over the weekend, the commission insisted: “The attention of management of the National Insurance Commission, NAICOM, is drawn to the above captioned publication in the Vanguard newspaper of August 29, 2022 in which the commission was among other things alleged to have deceived President Muhammadu Buhari and the federal executive council into approving the purchase of a new office building in Abuja.

It was also stated in the publication that the commission said it was buying a “ready to use magnificent office complex” rather than an uncompleted building. 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 Minister of Finance, Budget and National Planning presented to the federal executive council presided over by 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.

The commission insisted that all documents relating to the property clearly state that the property was in an unfinished state.

The commission had prior to 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.