• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 29, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NAICOM Denies Wrongdoing In N4bn Building Purchase

by Agency Report
3 years ago
in Business
NAICOM
Share on WhatsAppShare on FacebookShare on XTelegram

The National Insurance Commission (NAICOM) has denied wrong doing in the purchase of uncompleted N4billion building in Abuja.

Advertisement

It denied the allegation that its management deceived President Muhammadu Buhari and the Federal Executive Council into approving the purchase of a new office building in Abuja.

In a statement signed by its management said “it was also stated in 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 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”.

RELATED

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

13 hours ago
nigeria, flag

Cross-border Ticket Sales Shrink Domestic Travel Market By 40%

13 hours ago

 


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: National Insurance Commission (NAICOM)
SendShareTweetShare
Previous Post

Nigeria’s Capital Inflow Hits $1.535bn In Q2 – NBS

Next Post

Equities Investments Drop By N283bn Amidst Rising Fixed Income Yields

Agency Report

Agency Report

You May Like

BAT Nigeria Calls For Export Reforms To Boost Economic Growth
Business

BAT Nigeria Calls For Export Reforms To Boost Economic Growth

2025/07/28
nigeria, flag
Business

Cross-border Ticket Sales Shrink Domestic Travel Market By 40%

2025/07/28
Electricity: No Political Will To Demolish 4,000 Structures Under Power Line – NEMSA
Business

NEMSA, NISO Partner To Enhance Power Sector Safety, Metering Accuracy

2025/07/28
Eunisell Reaffirms Commitment To Viable Energy Sector In Nigeria
Business

Eunisell Reaffirms Commitment To Viable Energy Sector In Nigeria

2025/07/28
Afrinvest Raises N15bn Working Capital Through Commercial Paper
Business

Afrinvest Unveils Halal Fund For Interest-free, Ethical Investing

2025/07/28
Business

‘Retirement Of TCN Directors Not On Cancelled AGM Agenda’

2025/07/28
Leadership Conference advertisement

LATEST

Correctional Service, REA Sign Pact To Enhance Power, Vocations For Inmates

Residents Protest ‘Killing’ Of 20 Villagers In Katsina

2027: Ex-Govs Fayose, Adebayo, Oni, Others Endorse Tinubu, Oyebanji For Second Term

Patients Stranded As Lagos Doctors Begin 3-Day Warning Strike Over Salary Deductions

Nurses, Midwives To Begin 7-Day Warning Strike Tuesday

NMA Gives Federal Gov’t 21-Day Ultimatum Over Unmet Demands

Makinde Allocates 1,000 Hectares Of Land To Curb Illegal Migration

By-election: Abas Urges Residents To Vote APC In Ibadan North

Residents Reject Oyo Govt’s Plan To Extend Rashidi Ladoja Circular Road

Nigeria Loses ₦17.9trn Yearly To Hepatitis — Minister

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.