Insurance

NAICOM underscores benefits of relocating Inspectorate Department to Lagos

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Chuks Udo Okonta

The National Insurance Commission (NAICOM) said it relocated Inspectorate Department from Abuja Head Office to Lagos Control Centre to effectively monitor Insurance firms clustered in the area and to save cost.

It was also gathered that the decision to relocated the department to Lagos was birthed during the regime of former Commissioner for Insurance Fola Daniel, contrary to the allegations by some aggrieved staff of the commission who believed the relocation was done to witch-hunt them.

Inspen learnt that the decision to move the department was responsible for the renovation of the Lagos Control Office, even as there is also plan to move the supervision department out of the Head Office to a location in Jabi, Abuja.

According to the Head Corporate Affairs, NAICOM ‘Rasaaq ‘Salami; the decision was taken in good faith, stressing that a sister regulator, the Central Bank of Nigeria’s (CBN) also has its Banking Supervision Department is in Lagos, because most banks’ headquarters are there.

Highlighting benefits of the Inspectorate Department in Lagos, he said over 95 percent of insurance firms are also in Lagos.

He said there were also cost-benefits of the department being sited in Lagos.

Salami explained that aside from the Commission’s achieving quick and better service delivery, it had also created proximity to operators allowing quicker response time, among others.

“The relocation of NAICOM Inspectorate Directorate from the head office in Abuja to the Lagos Control office is for better service delivery to stakeholders. The relocation is part of an ongoing restructuring aimed at improving efficiency of the workforce and bringing the Commission closer to the regulated entities for effective insurance industry supervision.

“For the records, the Directorate is saddled with 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. Thus, this exercise will ensure prompt and regular inspection of these insurance firms – Insurance Companies and Brokers.

“The insurance industry operators are enjoined to take advantage of this proximity to the Inspectors to enjoy quicker and efficient service delivery from the Regulator,” he posited.

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