DEADLINE: 5TH SEPTEMBER, 2024
CENTRAL BANK OF NIGERIA (CBN)
www.cbn.gov.ng
REQUEST FOR APPLICATION FOR THE APPOINTMENT OF INSURANCE COMPANIES/BROKERS TO UNDERWRITE INSURANCE POLICES FOR THE CENTRAL BANK OF NIGERIA

1.0 INTRODUCTION:
The Central Bank of Nigeria (CBN) invites interested Insurance Companies and Brokers registered in Nigeria, to bid as Underwriter or Broker for its insurance activities for the period 2025/2026.

2.0. ELIGIBILITY REQUIREMENTS:

2.1 MANDATORY REQUIREMENTS
Interested and competent vendors wishing to tender for the above must submit the following documents for verification:

i. Certificate of Incorporation and Registration with the Corporate Affairs Commission (CAC);

ii. Certified True Copy of the Memorandum and Articles of Association;

iii. Copy of Forms C02 & C07

iv. Company Tax Clearance Certificate for the last three (3) years (2021, 2022 and 2023) as at when due (receipts not acceptable);

v. Certified True Copy of three (3) years Company’s Annual Returns to CAC for Year 2021, 2022 and 2023;

vi. Certificate of Compliance issued by the National Pensions Commission (PENCOM) as evidence of fulfilling Employer’s obligation to Employees with respect to Pension;

vii. Evidence of Compliance Certificate with the provisions of Section 6(1)(3) of the amended Industrial Training Fund (ITF) Act No. 19 of 2011;

viii. An Interim Registration Report (IRR) as Evidence of Registration on the National Database of Contractors, Consultants and Service Providers;

ix. Employees’ Compensation Scheme (ECS) Compliance Certificate issued by the Nigeria Social Insurance Trust Fund (NSITF);

x. Audited Accounts for three (3) years certified by NAICOM;

xi. Evidence of VAT Registration and Remittances;

xii. Evidence of NSITF Registration;

xiii. PAYE and Evidence of Remittances;

xiv. Comprehensive Company Profile including Ownership Structure, Management Team, Technical/Other Staff, Registered Addresses/Other Contact Details;

xv. Evidence of Technical Competence and Relevant Experiences in Similar Projects including letters of award; and

xvi. Evidence of “No Objection” received from NAICOM to proceed with recapitalization plans.

2.2 ADDITIONAL REQUIREMENTS

2.2.1 Underwriters are also expected to submit the following:

  • Detailed Description of Understanding of Scope of Work;
  • Evidence of valid Reinsurance treaty arrangements;
  • Valid NAICOM Practicing License as an Underwriter;
  • Evidence of verifiable Office in Abuja and at least in ten (10) other State Capitals;
  • Reference letter from a Bank stating the financial ability of the Underwriter;
  • A Statement of Declaration or Affidavit attesting to the fact that none of the bidder’s company Directors/Principal Officers has ever been convicted for any criminal offences AND whether or not any Officer of the Central Bank of Nigeria or Bureau is a former or present Director or has any pecuniary interest in the Company; and
  • Evidence of cumulative annual claims payment of over N100,000,000.00 (One Hundred Million Naira Only) for a Five (5) year period from January 2018 to date.

2.2.2 Insurance Brokers are also expected to submit the following:

  • Detailed Description of Understanding of the Scope of Work;
  • Evidence of Professional Indemnity Cover;
  • Current NAICOM Operating License as a Broker;
  • Evidence of a verifiable Office in Abuja and any 2 other State Capitals; and
  • Any other submission that may assist the Bank in assessing the Broker’s capacity.

3.0 SUBMISSION:
Complete documentations should be forwarded in a sealed waxed envelop Boldly Marked:

“Application for Insurance Underwriter or Broker for the year 2025/2026 for the Central Bank of Nigeria” and addressed to:

The Secretary
Major Contracts Tenders Committee
2nd Floor, Wing C CBN Head Office Complex
Central Business District Abuja, FCT Nigeria
Phone: 08176656099, 08091020000
E-Mail: mctc@cbn.gov.ng

4.0 CLOSING DATE:
All submissions must be received at the above Office not later than 2:00 pm on the 5th of September, 2024.

5.0 IMPORTANT NOTICE
a) Nothing in the advert shall be construed to be a commitment on the part of the CBN

b) Only the successful company(s) will be notified formally

Signed:
Management Central Bank of Nigeria

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