The National Insurance Commission (NAICOM) led by the Commissioner For Insurance (CFI) and Chief Executive Officer, Mr. Olusegun Ayo Omosehin announced a partnership with the Economic and Financial Crime Commission (EFCC) to haul out offenders in the sector.
Omosehin announced the partnership when he
paid the Chairman of the EFCC Mr. Olu Olukoyede
a working visit at the Headquarters in Abuja on Wednesday.
The CFI in his remarks highlighted the mandate and core functions of NAICOM, which include regulating, supervising and developing the insurance industry in Nigeria.
Acting as adviser to the federal government on all insurance-related matters and more importantly ensuring the protection of policyholders, and public interest, the CFI said the collaboration was of great importance to the country.
He said, “This visit was aimed at strengthening collaboration and partnership between NAICOM and the EFCC as agencies of the federal government, especially in combating money laundering, fraud and other financial crimes that are affecting the growth of the insurance sector”.
He expressed confidence and optimism that the new leadership of the EFCC under Olukoyede will continue to provide necessary support to NAICOM to continue to strengthen and sanitise the Nigerian Insurance Industry.
Olukoyede in his response commended the commissioner’s visit and assured of the EFCC’s full support in the ongoing effort by NAICOM to “strengthen and sanitise the sector, preventing financial crimes and ensuring the protection of policyholder’s interests and rights”.
He stated that the insurance sector has great potential for growth looking at other countries where insurance drives their economy.
Olukoyede pledged to “support financial regulators in monitoring regulated entities and investigating financial crimes”.
He also emphasized EFCC’s commitment to sanitizing the insurance industry through robust enforcement of financial laws and regulations.
He said, “The EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity. To achieve this, we promised to bolster the department overseeing banking and insurance activities, giving special attention to the insurance sector”.
The meeting agreed that strengthening the partnership between NAICOM and EFCC is a crucial step towards creating a more secure and stable insurance sector in Nigeria.