Reps Investigating 25 Insurance Companies Over Financial Infractions

The House of Representatives Sub-Committee on Capital Market and Institutions is investigating 25 insurance companies over alleged financial infractions that have reportedly cost Nigeria hundreds of billions of naira in lost revenue.

At the investigative hearing in Abuja with representatives of the insurance company, Chairman of the sub-committee, Kwamoti Laori, disclosed that the companies were invited to respond to allegations of non-compliance with statutory provisions.

He explained that the meeting followed petitions accusing the companies of violating statutory provisions and failing to remit revenues due to the federal government.

“This committee is working on a petition detailing infractions by these companies, which have led to significant losses to the government,” Laori said.

“Each company has been served with details of their alleged liabilities and asked to either confirm or dispute them.”

Laori added that while some of the companies have cooperated, others have attempted to block the investigation by initiating legal action.

“Some ran to court and served the House with court processes. We will examine whether those proceedings hinder our mandate. If they don’t, we will continue,” he said.

He criticized companies that sent junior representatives who were unable to respond to the committee’s questions, insisting that only Chief Operating Officers would be allowed to appear going forward.

“We need responsible engagement. Sending someone who cannot answer allegations wastes everyone’s time,” Laori stated.

The lawmaker also called out the National Insurance Commission (NAICOM) for what he described as regulatory lapses.

“If NAICOM was doing its job, we wouldn’t be here today. They need to sit up,” he said.

Seventeen of the companies being investigated sent a joint legal representative, Abimbola Kayode, to attend the hearing.

Oduyemi Odumade, Edited By Grace Namiji