Plan By NAICOM Boss To Acquire N5bn New Head Office Building Tears Management Apart

Moves by the leadership of the National Insurance Commission headed by the Commissioner for Insurance, Mr Olorundare Sunday Thomas to acquire a N5bn edifice to serve as it’s new headquarters is currently tearing management of the commission apart.

The property, according to findings, is an abandoned uncompleted hotel carcass located at the Gudu District of Abuja

The deal, it was learnt is currently being opposed by members of the top management team of NAICOM.

It was gathered that the Deputy Commissioner in charge of Finance and Administration Mr Oba Oluniyi and other members of the top management opposed the decision to buy the property.

The deal, according to further findings is being opposed because any attempt to withdraw N5bn from the coffers of the Commission will impact negatively on the welfare of workers particularly in terms of payment of salaries.

A source said that the Deputy Commissioners, the Directors and the legal department did not subscribe to the proposal to acquire the property months with just few months to the end of the Buhari administration.

For some reasons, they felt the decision to acquire the property was inimical to the interest of the commission.

Investigations revealed that the top management was not convinced on the issue of the property because the NAICOM has a beautiful office complex which meant that acquiring a new office at a time of paucity of of funds is not a priority.

It was learnt a cabal claiming to be close to the Presidency is behind the urge to acquire the new office complex and are pushing for it with serious urgency.

It was further gathered that the Minister of Finance, Mrs Zainab Ahmed whose ministry oversees the commission observed that NAICOM had a good office building/complex and wondered why the management should acquire a new building.

It was further stated that the Commissioner who is irrevocably committed to the acquisition of the property has started effecting changes in the management structure of the commission.

A Director in charge of Finance and Administration was said to have been transferred out of Abuja to Lagos to ensure that all perceived obstacles to the deals are cleared.

The Commissioner for Insurance was also said to have ordered a process to change the signatory to the account of commission at the Office of the Accountant General of the Federation to pave the way for the smooth execution of the deal.

It was gathered that moves are being made to get the money out of the Dollar Account of NAICOM with the CBN.

However, things came to a head on Monday when the Chairman of the Governing Board, led the members to inspect the building.

It was learnt that the Chairman of the Board, Dr. Abubakar Sani, advised against the acquisition of the building on the ground that it would require another N5bn to complete the carcass.

A source said, “The man (Commissioner for Insurance) is insisting on acquiring the building. Information reaching us is that the Commissioner boycotted the necessary protocols.

“He transferred the Director Finance and Administration and started mounting pressure on an Assistant Director in the Finance and Account’s Department to proceed to the Accountant General’s office to effect a change in the mandate to enable him to move out the money and this they have started doing. As I am talking to you, the process is ongoing.”

Attempts to get comments from the NAICOM was not successful as calls made to the Spokesman of the Commission, Mr Rasaq Salami did not go through.