Purchase of N4bn office building got FEC’s approval, no objection from BPP ― NAICOM

Management of the National Insurance Commission (NAICOM) has explained that it had the Federal Executive Council (FEC) approval and 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 before its building was purchased.

The Commission added that aside from these approvals, all documents relating to the property clearly state that the property was in an unfinished state.

The clarification came following a publication that the NAICOM allegedly deceived President Muhammadu Buhari and the FEC into approving the purchase of a new office building in Abuja, under the pretence that it was buying a “ready to use magnificent office complex” rather than an uncompleted building.

In a statement issued on Thursday, the Commission said “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.

“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.”

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The NAICOM also stated that a provision was made in its 2022 approved annual budget for the purpose of acquiring the building for the Commission.

It stressed 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 the knowledge gap in the insurance sector regulation and supervision not only in Nigeria but across Africa and beyond and also serves 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 Management further stated.

It stressed that the clarification became necessary to clear any doubt in the public’s minds with respect to the process followed by the Commission in its efforts at acquiring the property.