NAICOM justifies relocation of Inspectorate dept to Lagos

By ABDUL OLALEKAN

Following protests from some staff members about the relocation of the Inspectorate Department of the National Insurance Commission (NAICOM) from Abuja Head Office to Lagos Control Centre, the commission has said this was done in a bid to effectively monitor insurance firms and brokerage firms, as most of them reside in Lagos State.

Although, the plan to move the inspectorate to Lagos was mooted under the administration of Mr. Fola Daniel as the Commissioner for Insurance, it was Mr. Mohammed Kari that eventually relocated the department to Lagos.

Clarifying the issue, the Head, Corporate Affairs, NAICOM, Mr. Rasaaq ‘Salami, noted that the move was done in good faith and that a sister regulator, the Central Bank of Nigeria (CBN) also has its Banking Supervision Department in Lagos, because most banks’ headquarters are in Lagos.

Aside from the commission’s achieving quick and better service delivery, he said, this has equally 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,” he pointed out.

The Directorate, he stressed, is saddled with conducting on-site inspection of insurance entities for the commission, noting that over 90 per cent of insurance operators are headquartered in Lagos, being the hub of commercial and economic activities in the country.