The National Insurance Commission (NAICOM) is under public scrutiny regarding the establishment of NPF Insurance Limited, a proposed insurance company by the Nigerian Police Force (NPF). NAICOM’s Commissioner for Insurance, Mr. Olusegun Omosehin, addressed the matter at a media conference in Lagos, stating that the commission is currently reviewing objections and will allow the process to proceed before making a final decision.
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The proposal for NPF Insurance has encountered significant opposition, with concerns raised about the compatibility of the police’s core responsibilities—maintaining law and order—with the commercial activities of running an insurance company. Critics argue that the establishment of a police-run insurance firm could lead to conflicts of interest and potential mismanagement.
NAICOM has responded to these concerns by publishing an advertorial inviting the public to submit their objections or support for the NPF Insurance application within 21 days. The proposed board members for NPF Insurance include both retired and serving police officers, as well as industry professionals.
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As NAICOM continues to deliberate on the application, stakeholders have emphasized the importance of maintaining the insurance sector’s management within entities possessing the necessary expertise and independence. The outcome of NAICOM’s decision on the NPF Insurance proposal remains to be seen amidst ongoing public debate.
