Presidency directs HoS, NAICOM to protect govt’s assets

The Presidency has directed the Head of Service to work with the National Insurance Commission (NAICOM) to ensure adequate protection of government’s assets.

The directive was made through a letter signed by the Chief of Staff to President Muhammadu Buhari.

According to a source close to the Presidency, the Head of Service has been directed to coordinate all relevant permanent secretaries and Heads of Extra Ministerial Departments to ensure compliance with the NAICOM Act 1997.

The apex insurance regulator, in a notice, requested for details of all insurance policies in respect of all government assets and liabilities as at February.

According to the notice, the act mandates the commission to ensure adequate protection of government assets as well as advise the government on all insurance related matters.

It stated that the commission had put in place necessary machinery to effectively discharge the function, to ensure proper protection of public assets and value added transactions for the government.

“Pursuant to the exercise of the powers conferred on it by extant laws, NAICOM hereby requests all Ministries, Departments and Agencies (MDAs) of government to furnish it with details of their insurances.

“The required information will enable the commission to keep accurate data for effective tracking of insurances of government property and assets and assist in ensuring their conformity with appropriate insurance principles.

“The information to be provided are as specified in the template enclosed in the letter already circulated to all MDAs by the commission,’’ it stated.