The National Insurance Commission on Thursday said that it secured the approval of the Federal Executive Council for its planned purchase of a property in Abuja.

The Commission said this while responding to media reports that the deal did not go through the laid down procurement procedures as set out in the Public Procurement Act.

Reports had broken last week that moves by the leadership of the National Insurance Commission headed by the Commissioner for Insurance, Mr Olorundare Sunday Thomas to acquire a N5bn edifice to serve as its new headquarters was currently tearing management of the commission apart.

The property, according to reports, is an abandoned uncompleted hotel carcass located at the Gudu District of Abuja.

The deal was reported to be opposed by members of the top management team of NAICOM because it was claimed that such transaction will impact negatively on the welfare of workers particularly in terms of payment of salaries.

But reacting to the reports, 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.