Govt decides to retain NIC PIUS RUGONZIBWA Daily News; Wednesday,September 10, 2008 @20:20 The government will not sell off the National Insurance Corporation Limited (NIC), but restructure the institution to make it operate competitively. The restructuring of NIC will enable the government offer its shares to a strategic investor and the public as was the case with the National Microfinance Bank (NMB). The Finance and Economic Affairs Minister, Mr Mustafa Mkulo, said on thursday that a bill to that effect would be moved in the next session of the National Assembly.The idea is to make the company capable of competing in the market with a new a look It has been brought to our attention that the company should not be making losses, he said. Minister Mkulo told the National Assembly recently that privatisation of NIC was being handled by the Consolidated Holding Corporation (CHC). He said the process would adhere to a relevant cabinet paper on NIC privatization as well as recent recommendations of the Parliamentary Standing Committee for Finance and Economic Affairs. The Chairman of the NIC Board of Directors, Dr Hamisi Kibola, said an audit to determine the financial position of the firm was in its final stages. Dr Kibola further said NIC has managed to settle 9bn/- out of the outstanding 26bn/- verified claims over the last few months. He also said that NIC has plans to raise funds within its resources to meet various obligations. He said the firm plans to sell its 30 per cent stake in the Ubungo Plaza. We plan to settle all claims within two years and we have resources. We are not a dying entity and not inching towards receivership, Dr Kibola said.