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NAICOM in crisis as CEO moves to buy N4bn uncompleted office building

Published

2 years ago

August 29, 2022

Curbing The NAICOM Cartel And Its Cut-Throat Motor Insurance

NAICOM in crisis as CEO moves to buy N4bn uncompleted office building

A fresh crisis is currently brewing in the the National Insurance Commission, NAICOM, over the acquisition of an uncompleted new office complex in Abuja, The Whistler is reporting

It was gathered that the management of the commission led by Thomas Olorundare Sunday, the Commissioner For Insurance/CEO, may have deceived President Muhammadu Buhari and the Federal Executive Council 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 property, according to findings, is an abandoned uncompleted hotel carcass located at the Gudu 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.

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 N5 billion 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 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.

Mr. Oluniyi, the 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.

news

Prophet Ikuru bombarded with calls from opposition parties to join them against 2027

Published

1 hour ago

December 23, 2024

Sahara Weekly

By Collins Nkwocha

Prophet Godwin Ikuru has cemented his position as one of the leading prophets on the African continent, as an integral part of APC , the prophetic hall of fame never hid his love for the president, Ahmed Bola Tinubu whom he prognosticated into power and fought several battles for his sake

It’s alarming to discover that several political parties are wooing the handsome prophet against 2027 as they believe that his true potential is being underutilised in APC who left him without a portfolio,they kept bombarding him with numerous calls for him to leave the ruling party and join them against 2027

Despite the numerous calls and emissaries sent by the opposition parties,the prophetic hall of fame has kept faith with APC because of the unending love he has for Mr.president,Asiwaju Bola Ahmed Tinubu as he’s willing to remain with him despite all the happenings and odds.

news

Director General NSC, Bar. Bukola Olopade Extends Christmas Greetings to Christians in Abeokuta South and Across Nigeria

Published

2 days ago

December 21, 2024

Sahara Weekly

Director General NSC, Bar. Bukola Olopade Extends Christmas Greetings to Christians in Abeokuta South and Across Nigeria

By Solanke Ayomideji Taiwo

In a heartfelt message, The Director General of the National Sports Commission (NSC), Honourable Bukola Olopade, has extended warm festive greetings to Christians in Abeokuta South, Ogun State, and across Nigeria as the nation embarks on the joyous celebration of Christmas.

Recognizing the significance of this time of year, Olopade emphasized the essence of unity, love, and gratitude that the Christmas season embodies. He urged citizens to reflect on the virtues of compassion and generosity, which are particularly vital in fostering peace and harmony in communities.

“Christmas is a time for joy, reflection, and togetherness. It reminds us of the values of love and kindness, which are fundamental to our social fabric,” said Olopade. “As we celebrate this festive season, let us remember those in need and extend a hand of support to one another.”

The Director General of the National Sports Commission (NSC), Honourable Bukola Olopade, acknowledged the challenges that many have faced over the past year, including economic hardships and social unrest, yet he expressed optimism for the future. “In the spirit of Christmas, let us embrace hope and look forward to a brighter tomorrow. Our unity and resilience can overcome any challenges we face.”

Olopade also highlighted the importance of sports in promoting peace and national unity, noting that the NSC is committed to fostering an inclusive environment where all Nigerians can participate in sports and recreational activities. He encouraged communities to engage in sports events during the festive period as a means to strengthen bonds and celebrate togetherness.

As part of his Christmas message, Olopade called on everyone to prioritize the welfare of others, particularly the less fortunate. He urged individuals and organizations to consider charitable acts that can uplift those in need during this season of giving.

In closing, Bar. Bukola Olopade wished all Nigerians a Merry Christmas filled with love, peace, and joy. He expressed hope that the spirit of the season would inspire a renewed commitment to community service and cooperation among citizens.

As the festivities continue, the Chairman’s message resonates with the values of compassion, unity, and hope, encouraging all to celebrate the true meaning of Christmas.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

2 days ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.