The National Insurance Commission (NAICOM), has expressed justification in relocating the organization’s Inspectorate Department from Abuja Head Office to Lagos, the commission has said this was done in a bid to effectively monitor insurance firms and brokerage firms, as most of them reside in Lagos State.
Clarifying the issue further, the Head, Corporate Affairs, NAICOM, Mr. Rasaaq ‘Salami, said that the move was done in good faith and that a sister regulator, the Central Bank of Nigeria (CBN) also has its Banking Supervision Department in Lagos, because most banks’ headquarters are in Lagos.
Aside from the commission’s achieving quick and better service delivery, he said, this has equally created proximity to operators, allowing quicker response time, among others.
“The relocation of NAICOM Inspectorate Directorate from the head office in Abuja to the Lagos Control office is for better service delivery to stakeholders. The relocation is part of an ongoing restructuring aimed at improving efficiency of the workforce and bringing the Commission closer to the regulated entities for effective insurance industry supervision,” he added.
The Directorate, he stressed, is saddled with conducting on-site inspection of insurance entities for the commission, adding that over 90 per cent of insurance operators have their headquarters in Lagos, being the hub of commercial and economic activities in the country.
The plan to move the inspectorate to Lagos was initiated by the administration of Fola Daniel as the Commissioner for Insurance, but Mohammed Kari eventually relocated the department to Lagos