The purchase of an unfinished ₦4 billion building in Abuja was cleared of wrongdoing by the National Insurance Commission (NAICOM).
The Federal Executive Council and President Muhammadu Buhari were allegedly duped into accepting the purchase of a brand-new office building in Abuja, but this was denied by the company's management.
It was also revealed in a statement signed by its management that the Commission claimed it was purchasing a "ready to use gorgeous office complex" rather than an unfinished one. The general public must be informed of the facts as they are, even though the Commission does not want to engage in debates with the media. The Commission bases its statement on this premise:
“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 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. 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. 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”.