NAICOM Explains Inspectorate Office Relocation

NAICOM house

NAICOM house

The National Insurance Commission has identified some reasons for relocating its inspectorate office from its headquarters in Abuja to Lagos.

According to a statement obtained on Sunday, the action would ensure regular inspection of insurance firms; ensure cost benefit analysis of the department because over 95 per cent of the nation’s insurance operators are in Lagos.

It also said the relocation would ensure quick and better service delivery.

The commission said it would ensure proximity to operators to allow for quicker response time.

NAICOM said that the Central Bank of Nigeria has its department of banking supervision in Lagos because the banks being inspected and supervised are in Lagos.

The commission had earlier announced the relocation, saying that it was part of an ongoing restructuring exercise aimed at improving efficiency of the workforce.

NAICOM stated, “For the records, the directorate is saddled with the responsibility of conducting on-site inspection of insurance entities for the commission. It is imperative to note that over 90 per cent of insurance operators are headquartered in Lagos being the hub of commercial and economic activities in the country.”

Culled From Punch