Nib Insurance Company, which was established in 2002, hired China Communications Construction Company (CCCC) to construct its head office. The agreement will cost Nib Birr 812 million.

The insurance company pays Birr 15 million annual rent for its current headquarter which is located in Dembel City Center. Zufan Abebe, CEO of Nib, said, “Our current offices are not convenient for our daily tasks, and the rent price is increasing from time to time.” The company’s headquarter, which will have 23 storeys, including four basements and a mezzanine, will be built beside Mega Building, on Africa Avenue.

Dunya Consulting Architects & Engineers was hired by the insurance company five years ago to design the building and consult on the construction work. Dunya, which has experiences on consulting on several construction projects, including Easter Zone and Private Employees Social Security Agency’s Headquarters, will be paid birr 79,000 monthly until the completion of the project.

According to Nib’s CEO, the construction will commence within two months and is planned to be completed within three years. CCCC’s deputy general manager, Wei Qiangyu, said “If all the stakeholders collaborate, we can finalize the construction within the specified time.”

Nib Insurance Company was established by 658 shareholders with an authorized capital of Birr 50.0 million and a Paid-Up Capital of Birr 14.0 million in May 02, 2002 with 4 branches in Addis Ababa and a total staff size of not more than 50. The company recently finalized a nine-floor building in Dire Dawa for 123 million Br. It also owns a multi-purpose store building in Addis Ababa.

The Company undertakes its operations through its Head Office, 40 branches and 1 Contact Office (For the General Insurance) and 1 Life Assurance branch. Twenty-Seven of the branches are located in Addis Ababa. Currently, the company has 416 employees.

Source: Addis Fortune and Nib’s Official Website