DEADLINE: 18TH SEPTEMBER, 2025
CENTRAL BANK OF NIGERIA (CBN)
www.cbn.gov.ng
APPOINTMENT OF INSURANCE COMPANIES/BROKERS TO UNDERWRITE INSURANCE POLICIES 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 underwriters or brokers for its insurance activities for the period 2026/2027.

2.0 REQUIREMENT
MANDATORY REQUIREMENTS FOR UNDERWRITERS AND BROKERS
Interested and competent vendors wishing to tender for the above contract must submit the following documents for verification:

  • Copy of Certificate of Incorporation issued by the Corporate Affairs Commission (CAC).
  • Certified True Copy of Memorandum & Articles of Association.
  • Evidence of professional and technical qualification to carry out the procurement (Current NAICOM Practicing License).
  • Evidence of financial capability to serve as underwriter including a reference letter from a reputable bank,
  • Evidence of possession of adequate personnel to perform the obligations of the procurement contract.
  • Copy of Company Tax Clearance Certificate for the last three (3) years 2022, 2023 and 2024 (receipts not acceptable),
  • Evidence of payment of pension obligations (Current Pension Certificate from PENCOM).
  • Evidence of payment of statutory contributions to the Industrial Training Fund (Compliance Certificate) in line with the provision of Section 6(1) of the Industrial Training Fund Act, CAP. 19, Laws of the Federation of Nigeria 2004 (as amended)
  • Evidence of registration with Financial Reporting Council of Nigeria (FRCN).
  • An affidavit disclosing that no Officer of the Central Bank of Nigeria or Bureau of Public Procurement is a present or former director, shareholder or has any pecuniary interest in the bidder, and confirming that all information presented in its bid are true and correct in all particulars.
  • An affidavit disclosing that none of the bidder’s Directors/Principal Officers has been convicted in any country for any criminal offences relating to fraud, financial impropriety, criminal misrepresentation or falsification of facts relating to any matter.
  • Affidavit disclosing that the bidder is not in receivership, the subject of any form of insolvency or bankruptcy proceedings, or the subject of any form of winding up petition or proceeding.
  • An Interim Registration Report (IRR) as Evidence of Registration on the BPP National Database of Contractors, Consultants and Service Providers.
  • Employees’ Compensation Scheme (ECS) Compliance Certificate issued by the Nigeria Social Insurance Trust Fund (NSITF).
  • Comprehensive company profile including registered office, functional contact/domain email address, GSM phone number(s) with details of key manpower resources available, including Curriculum Vitae and copies of the Academic/Professional qualifications of key professional Staff to be deployed for the service.
  • Company’s Audited Statement of Accounts for the past three (3) years duly stamped by licensed Auditors and certified by NAICOM.
  • Verifiable documentary evidence of at least three (3) similar jobs executed in the past Five (5) years including Letters of Awards.
  • A covering/forwarding letter in the bidder’s letterhead duly signed by an authorised officer of the bidder. The letterhead must bear the following information about the bidder, amongst others:

a) Registration Number (RC) as issued by the Corporate Affairs Commission,
b) Contact Address,
c) Telephone Number (preferably GSM No.),
d) Email address, and
e) Names and nationalities of the directors

OTHER REQUIREMENTS FOR UNDERWRITERS

  • Certified True Copy of Company’s Annual Returns to CAC for years 2022, 2023 and 2024.
  • Detailed description of your Understanding of the Scope of Work.
  • Evidence of Professional Indemnity Cover.
  • Evidence of valid Reinsurance treaty arrangements.
  • Evidence of verifiable office in Abuja and in at least ten (10) other State Capitals.
  • Evidence of cumulative annual claims payment of over ₦100,000,000.00 (One Hundred Million Naira Only) for a five (5) year period from January 2020 to date.

OTHER REQUIREMENTS FOR BROKERS

  • Certified True Copy of Company’s Annual Returns to CAC for years 2022, 2023 and 2024.
  • Detailed description of your Understanding of the Scope of Work.
  • Evidence of Professional Indemnity Cover.
  • Evidence of a verifiable Office in Abuja and any 2 other State Capitals.

3.0 SUBMISSION

  • Complete documentations for Underwriters should be forwarded in a wax-sealed envelope Boldly Marked: “Application for Insurance Underwriter for the year 2026/2027 for the Central Bank of Nigeria”
  • Complete documentations for Brokers should be forwarded in a wax-sealed envelope Boldly Marked: “Application for Insurance Broker for the year 2026/2027 for the Central Bank of Nigeria”
  • All submissions should be addressed to:

The Secretary
Major Contracts Tenders Committee
Procurement & Support Services Department
2nd Floor, Wing C
Central Bank of Nigeria Head Office
Abuja

4.0 CLOSING DATE
All submissions must be received at the above Office not later than 12 noon on the 18th of September 2025
a) Nothing in this advert shall be construed to be a commitment on the part of CBN
b) Only the successful company(s) will be notified formally.

5.0 IMPORTANCE NOTICE
a) Nothing in this advert shall be construed to be a commitment on the part of CBN
b) Only the successful company(s) will be notified formally.

For further information please, call: 07002255226
Signed: Management

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