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    NAICOM justifies spending N4bn on acquisition of uncompleted building as Office complex

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    By Tony Tagbo, Abuja 

    The management of the National Insurance Commission (NAICOM) on Thursday justified the acquisition of a new office complex which is estimated to cost over N4 billion. 

    NAICO in a statement in Abuja explained that the Office complex, an uncompleted building which it said received the approval of the immediate past governing Board of the Commission, will also double as NAICOM Academy. 

    The Commission was reacting to a Newspaper report captioned, “Trouble looms in NAICOM over purchase of N4bn uncompleted office building as new”.

    The statement further reads, “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 GCFR 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 Honourable Minister of Finance, Budget and National Planning presented to the Federal Executive Council presided over by His Excellency, President Muhammadu Buhari, GCFR 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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