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New Head Office: We Never Claimed that it is Finished-NAICOM


………… Rebuts Newspaper Report

The National Insurance Commission (NAICOM) has cleared the air concerning the status of a property which is to accommodate both the new head office as well as its Academy.
The clarification became necessary following a report in a section of the media which stated that the Commission made false submissions to hoodwink the Federal Government into granting approval for the acquisition.
The Vanguard newspaper of August 29,2022 had, in a report titled “Trouble Looms in NAICOM over Purchase of N4bn Uncompleted Building as New”, alleged that the Commission among other things, deceived President Muhammadu Buhari and the Federal Executive Council into approving the purchase of a new office building in Abuja.
The report added that the Commission had said it was buying “a ready to use magnificent office complex” rather than an uncompleted building.
Contrary to the newspaper report however, the Commission stated that it never at any point presented the building as a finished one adding that “all documents relating to the property clearly state that the property was in an unfinished state”.
Continuing, the Commission states that it 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”, it added.
Explaining further, the Commission stated that the expenditure was captured in its 2022 budget and that the building is to serve the dual purpose of housing the newly established NAICOM Academy as well as its new head office.

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