The National Insurance Commission (NAICOM) has announced a collaboration with the Economic and Financial Crimes Commission (EFCC) to enhance regulatory oversight and combat fraud in Nigeria’s insurance sector. The agreement was reached during a working visit by NAICOM’s Commissioner for Insurance (CFI), Olusegun Ayo Omosehin, to the EFCC headquarters in Abuja.
Also read:
AIICO Refuses RPDC Oil & Gas Claim: Dares RPDC to Go to Court
NAICOM’s 2024 Claims Settlement Deadline: Will Insurers Comply or Simply Play Along?
Training One Million Youths… A Promise or an Empty Gesture?
African Alliance Challenges NAICOM Over Board Dissolution in Court
Omosehin highlighted NAICOM’s role in regulating, supervising, and developing the insurance industry, ensuring policyholder protection, and advising the federal government on insurance-related matters. He emphasized the need for a strategic partnership with the EFCC to address financial crimes, including money laundering, that have negatively impacted the industry’s growth.
EFCC Chairman, Olu Olukoyede, expressed his commitment to supporting NAICOM’s initiatives, stressing the importance of a stable and fraud-free insurance sector in driving economic growth. He assured the CFI of the EFCC’s full cooperation in monitoring regulated entities, investigating financial crimes, and enforcing financial laws to protect policyholders’ rights.
Both agencies agreed on the importance of information sharing and joint efforts to sanitize the insurance industry, with Olukoyede pledging to enhance the EFCC’s focus on banking and insurance activities. The partnership is expected to boost consumer confidence, ensure compliance, and foster a more secure environment for insurance investments in Nigeria.
