The Management of National Insurance Commission (NAICOM) said contrary to speculations, it secured all the necessary approval of the Federal Executive Council and Bureau of Public Procurement (BPP) before the purchase of a N4 billion academy and office space property in Abuja.
The Commission said this while responding to media report alleging the non-adherence to the Public Procurement Act and deceit of President Muhammadu Buhari-led Federal Executive Council in approving the purchase of the uncompleted building.
NAICOM said in a statement that its management through the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, presented to the Federal Executive Council presided over by President Muhammadu Buhari, an unfinished property for approval.
It said the purchase of the building became necessary following the policy of the management to bridge gap in insurance knowledge through its Academy and also serve as office space for administrative work.
The agency urges the public to disregard the report as adequate due diligence will always be complied with by the management of NAICOM.