•Board disagrees with management over price, building and timing


•DFA redeployed for opposing huge cash payment

•We’ll respond next week, says NAICOM spokesman

By Soni Daniel

President Muhammadu Buhari and the Federal Executive Council may have been deceived into approving N4 billion for the purchase of a new office complex in Abuja for the National Insurance Commission, NAICOM.

The approval, according to reliable sources, was based on the presentation by the NAICOM management that they were buying a ready-to-use magnificent office complex better than what they were currently using in Garki 2 District of Abuja.

The said building, which was initially valued at N2.5 billion, was surreptitiously raised to N4 billion by the time the presidential assent was obtained.

The cost of the building is expected to further rise by the time agency fees and taxes are added but the commission may also need to expend additional N5 billion or more to put the carcass into a functional office use.

Vanguard gathered that trouble, however, started when the management of the commission went to draw the cash but was promptly informed by the Director of Finance and Administration that there was no cash backing for the payment and that it would be imprudent to expend such cash towards the end of the year that could affect staff salaries and other recurrent matters.

At the same time, Vanguard learned that many of the board members were dissatisfied with the discovery that the building for which the huge sum was to be committed was still under construction, against the position of management that it was a ready-to-use complex.

Many of the board members were, therefore, opposed to paying the huge cash for the uncompleted structure.

A source in NAICOM said that the Deputy Commissioner and other senior management staff of the commission opposed the move on the ground that the building was not worth the huge amount and that the agency had a functional office complex in place.

But it was learnt that some top officials of NAICOM working with some powerful officials in the Presidency had pushed for the cash to be taken out of the commission on or before August 25, 2022.

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

Apparently to pave way for the cash to be easily taken out and ‘spent on agreed formula’, the Director of Finance and Administration, who advised against the expenditure until the approval is cash-backed, had been removed from the headquarters and sent to Lagos office.

In the place of the DFA, the leadership of NAICOM reportedly handpicked an assistant director to handle the finances of the commission with immediate effect.

Similarly, the commissioner for Insurance has gone ahead to effect the signatories with the accountant-general’s office so as to pave the way for the cash withdrawal.

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

It was gathered that the board members discovered to their chagrin that the purported ‘completed office building’ was nothing but an uncompleted building originally slated for a hotel that could require another N5 billion to complete and put to office use.

An inside source said: “The commissioner got the approval from FEC to acquire a befitting office complex for NAICOM but the approval is yet to be backed with cash.

“Surprisingly, the man became desperate after being advised to get cash backing before drawing the cash. The commissioner decided to boycott necessary protocols by transferring the finance director and mounting pressure on an assistant director in the finance and accounts department to proceed to the Accountant General’s office to effect a change in the mandate to enable him move out the money.”

‘The union and staff members are aggrieved and are battle ready should the purchase be carried out.

This is so as some of them contacted claimed that there would be no money left in the account should the property be purchased in this budget year.

Vanguard could not ascertain last night if the cash had been taken out as at the close of work on Friday.

But when contacted the spokesman of NAICOM, Razak Salami, neither confirmed nor denied the claims but promised to make an official position of the agency known next week.

“I will respond to the matter once I settle down,” Salami promised when contacted by one of our correspondents.

https://www.vanguardngr.com/2022/08/trouble-looms-in-naicom-over-purchase-of-n4bn-uncompleted-office-building-as-new/

Many skeleton in the APC cupboard. Damn.

Corruption in high places

Na small matter be this na. Make Atiku or Tinubu enter that seat, una go see wetin be real corruption

APC is evil itself

APC must be voted out

You will think Nigeria Politicians are the Only Problem of Nigeria but visit those Federal Government Agencies and see the Level of Fraud.
Even the Federal Hospitals, Doctors Kill Patients and they cover up for one another. The CMD is making His money while the HR and Accounts guys are doing their own 'things'.

See ehn, if Nigeria is ever going to get better, we all more choose to do Right in our respective offices.

Buhari is the most corrupt president of Nigeria. Niggar is soo clueless and does not know what is going on anywhere in Nigeria - even under his nose.

Its all Tinubu's fault shaa. The lanky clueless herdsman was chilling under the dogon yaro tree in Daura katsina when tinubu due his greed went to bring him, package him and sold him to Nigerians as a reformed deomcrat. It will never be well with APC and their evil supporters

Michello5:
Problem e no dey ever finish

Walahi

Problem e no dey ever finish

B

Nigeria I fail dee nothing is shocking again because the guyman in aso rock is already in shock

Otun ti zeh ooo

Corruption everywhere...we have a very lazy corrupt people in the presidency....u approve of such amount without due diligence or investigate what u are approving money for ...this is how they share Chinese borrowed money amongst themselves in the name of building infrastructures...this is possible because the president is old and sick ...and they want it to continue next year with another old and sick man ......APC is a big disaster to Nigeria

Who Owns That Building Self The Person Don Cash Out Big Time

And they want to come back

Ok

Obidatti2023

Just look at the massive looting going on under 'Mr Integrity' and Anti-Corruption crooner

This one small.

The police headquarters in Abuja was reported built for ₦14 billion and was commissioned 1999.

I'm sure ₦1bn max would have been sufficient to finish the building. ₦13bn gone like that! This was at a time $1-₦100. That's $140m to build that skyscraper then. $140m then would be like $210m in today's money. Make person fear God.

sn’t it shameful to be using car of 2006 (es330) in 2022

ObosiUkwalla:
Buhari is the most corrupt president of Nigeria. Niggar is soo clueless and does not know what is going on anywhere in Nigeria - even under his nose.

Its all Tinubu's fault. The lanky clueless herdsman was chilling under the dogon yaro tree in Daura katsina when tinubu due his greed went to bring him, package him and sold him to Nigerians as a reformed deomcrat. It will never be well with APC and their crop of supporters

It will never be well with you and your family