The National Insurance Commission, NAICOM, is confident that its Insurance Academy is well structured to provide skills needed in the industry which will help to further deepen insurance penetration in the country.
The Academy which occupies a prime position in the NAICOM House is expected to perfectly 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.
The NAICOM has through an official process duly acquired the unfinished property to serve as NAICOM Academy and office accommodation.
The Commission, said the purchase of a new office building in Abuja followed due process and all documents relating to the property clearly state that the property was in an unfinished state.
The management of the Commission through the Minister of Finance, Budget and National Planning presented to the Federal Executive Council presided over by His Excellency, 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.
The Commission 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.
Oriental News Nigeria further reports that adequate due diligence was conducted on the property for acquisition and all relevant approval were secured by the commission.
Also, provision was made in the 2022 approved annual budget of the Commission for the purpose of acquiring the building for the Commission and 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
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, NAICOM explained.