The Nigeria Deposit Insurance Corporation (NDIC) plans on developing a high rise office complex on Glover Road in Ikoyi to serve as its new headquarters.
The NDIC is an independent agency of the Federal Government of Nigeria that protects depositors and guarantees the settlement of insured funds when a deposit-taking financial institution can no longer repay their deposits. It is a measure implemented in many countries within Europe, North America as well as Asia and they are typically regarded as a component of a ‘financial system safety net’ that promotes financial stability.
In early 2015, a fire incident occurred at Mamman Kontagora House on 23 Marina Street in Lagos Island, where the NDIC HQ was located. This prompted a temporary relocation to NECOM House at 15 Marina Street. After the fire incident, the NDIC was in the market to lease office space, signifying interest in some new buildings. The development of this office however, clearly demonstrates that they have decided to go the owner occupier route.
A clear indication of the project timeline is yet to be provided, however Sageto Limited, contractors for many government building projects have been selected as the main contractors. Other members of the project team include IAA Associates, Technokonsult and Interstate Architects. According to the architects, the building’s energy demand will be reduced through the use of an efficient sun shading system and also because the larger part of the facade will not face the sun.