In preparation for the renewal of Its insurance policies for year 2020, the Nigeria Security Printing and Minting (NSPM) Plc hereby invites proposals from interested reputable Insurance Companies and Brokers that wish to participate in underwriting and management of it insurance policies as follows;

(1) Fire and Special Peril
(2) Consequential loss on fire
(3) Commercial Vehicle
(4) Group Personal/ Accident
(5) Private Motors
(6) Fidelity Guarantee
(7) Goods in Transit
(8) Marine
(9) Machinery Breakdown
(10) Group Life

All Interested insurance companies/brokerage firms seeking to be considered must satisfy the following eligibility and pre-qualification criteria
(a) Be a limited liability company registered with the Corporate Affairs Commission (CAC) in Nigeria and licensed by the National Insurance Commission (NAICOM) to transact insurance/brokerage business.
(b) Have a paid up capital of not less than N3,000,000,000.00 for general insurance N2,000,000,000.00 for Life Insurance and N5,000,000,000.00 for composite business as per its 2018 published Annual Report and Accounts etc.
(c) Satisfy the margin of solvency requirements as prescribed by the insurance Act 2003
( b) Be a good corporate citizen of Nigeria that pays its taxes as at when due.
( c) Fulfill all statutory requirements to operate the class of insurance business as registered.
All bidders must submit the following documents as evidence to satisfy A to E above;
(1) Certified True Copies of the certificate of incorporation obtained from the Corporate Affairs Commission within the last twelve months ending and CAC for C02 (Statement of Share Capital Return of Allotment) and C07 (Particulars of Directors)
(2) Certified True Copy of National insurance Commission (NAICOM) of the company’s current license to operate the class of business it intends to bid.
(3) Company’s NAICOM approved and published Annual Audited Accounts and Reports for the year ending 2016, 2017, 2018.
(4) NAICOM approval of Annual Audited Accounts and Returns for underwriting year ending 31st December 2019.
(5) Certified True Copy by the Federal Inland Revenue Service or Notary Public or Commissioner of Oaths of the Company’s Tax Clearance Certificate for the year and (Receipts not acceptable). 2016, 2017, 2018.
(6) Certificate of Compliance with the provision of the Pension Reform Act, 2004 Issued by the National Pension Commission (PENCOM) expiring not earlier than 31st December, 2019.
(7) ECS clearance certificate as evidence of compliance with the provisions or the Employee Compensation Act 2010 issued by Nigerian Social Insurance Trust Fund (NSITF) expiring not earlier than 31s December, 2019 (Receipts not acceptable).
(8) Evidence of certificate of compliance with the provisions of Industrial Trust Fund (ITF) Act 2011 as issued by the ITF expiring not earlier than 31st December 2019.
(9) Interim Registration Report (IRR) for Nigerian companies as evidence of registration in the National Data Base of Bureau of Public Procurement (BPP) for federal contractors consultants and services providers (NDCCSPs).
(10) A prospective bidder shall provide a sworn affidavit to support action as follows;
(a) To allow NSPM Plc verify all claims made in your submission
(b) To allow NSPM verify that your organization is not in receivership nor the subject of any form of insolvency of bankruptcy proceedings or the subject of any form of winding up petition or proceedings.
( c) To confirm that the company is not a replacement for a hitherto tax defaulting company.
( d) To confirm whether or not any of the members of the relevant committees of NSPM or Bureau of Public Procurement (BPP) is a former or present Director Shareholder or has any pecuniary interest in your company
( e) To confirm that your company does not have any Director who has been convicted in any country for a criminal offence relating to fraud or any financial impropriety or criminal misrepresentation or falsification of facts, relating to any matter.
Any company indebted to NSPM in respect of all discharged claims as at 30 September, 2018 will be automatically disqualified.
(11) Evidence to prove at least 10 years relevant experience in insurance business. Please attach reference letters; copies of letters of awards, valuation certificates, job contact details (not P.O. Box) functional phone numbers and e-mail address for at least three (3) completed projects.
(12) Evidence of good business relationship with competent re-insurance broker (s).
(13) Documentation/evidence demonstrating experience in similar insurance cover placed in the last three (3) years as leaders or co-insurer.
(14) Description of re-insurance strategy, including use of rated re-insurance companies.
(15) Current and in-place organizational structure. Experience and skills of management and technical personnel with one page resume provided for each.
(16) Evidence of Re-insurance program and premium payment receipt for class of business the insurer intends to bid.
(17) Evidence of Financial Capacity and Banking support
(18) A Sworn affidavit certifying that the documents submitted for the pre-qualification exercise are not only genuine but correct.

All applications must be in writing and should be submitted in sealed envelope clearly marked; REQUEST FOR EXPRESSION OF INTEREST “ (EOI) AS INSURANCE UNDERWRITER/BROKER FOR NSPM PLC 2020 written on the front left-hand corner of the envelope with the name and mailing address of the applicant company clearly marked at the back of the envelop. All information must be provided in English Language.

All bids and submission (EXPRESSION OF INTEREST) AS INSURANCE UNDERWRITER/BROKER) must be accompanied with evidence of a non-refundable tender fee of N10,000.00 only through Remita in favour of the Nigerian Security Printing a& Minting Plc addresses ad forwarded to:

The Managing Director/Chief Executive
Nigeria Security Printing and Minting Plc,
160 Samuel Ladoke Akintola Boulevard
Garki II, Abuja

All bidders are requested to deliver by hand their application in the designated box room 09 first floor, of the above address.
The submission should reach above the address not less than 12 Noon on or before 22, October, 2019

All bidders are invited to attend the bid opening session schedule for 12 noon on 22, October 2019 at Room 06, 2nd Floor
NSPM Plc Head Office
160 Samuel Akintola Blvd
Garki II
Abuja -FCT

All bids received shall be publicly opened and endorsed immediately following the deadline for the submission in the presence of invited observers and prospective bidders.

It must be noted that;

  • Late submission shall be rejected
  • All submissions should be arranged and numbered m the order listed above.
  • Only companies who submitted the required information and meet the prequalification criteria will be contacted after evaluation. NSPM shall deal directly with only authorized officers of the interested companies are not through individuals or agents
  • All cost incurred by your company as a result of this Expression of interest (EOI) and subsequent request for information shall be to your account
    The Expression of interest and any related process neither creates any commitment by NSPM Plc nor establish any legal relationship,
  • All information must be provided in English Language
  • NSPM Plc will not enter into any form of communication with interested bidder (s) from the commencement date of this advertisement
  • Willful submission any fictitious document will attract suspension from participation in future bids.