The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have agreed to collaborate in sanitising the insurance industry and fighting fraud to protect investment and policyholders.
The Management of the National Insurance Commission (NAICOM), led by Olusegun Ayo Omosehin, commissioner for insurance (CFI), reached the agreement when NAICOm paid a working visit to the Headquarters of the EFCC in Abuja on Wednesday.
The CFI in his remark highlighted the mandate and core functions of NAICOM, which include regulating, supervising and developing the insurance industry in Nigeria, acting as an adviser to the Federal Government on all insurance-related matters and more importantly, ensuring the protection of policyholders and the public interest.
Addressing Olu Kayode, the EFCC chairman, he stated that the visit was aimed at strengthening collaboration and partnership between NAICOM and the EFCC as federal government agencies, especially in combating money laundering, fraud, and other financial crimes that are affecting the growth of the insurance sector.
Omosehin expressed confidence and optimism that the new leadership of the EFCC under Mr Ola Olukoyede will continue to provide the necessary support to NAICOM to continue to strengthen and sanitise the Nigerian insurance industry.
The EFCC boss, Olu Olukoyede, in his response, thanked the Commissioner for Insurance and members of his team for the visit and assured them of EFCC’s full support in the ongoing effort by NAICOM to strengthen and sanitise the sector, preventing financial crimes and ensuring 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 economies.
Olukoyede pledged to support financial regulators in monitoring regulated entities and investigating financial crimes.
He also emphasised EFCC’s commitment to sanitising the insurance industry through robust enforcement of financial laws and regulations.
He stated that the EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity.
To achieve this, Olukoyede 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 the National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) is a crucial step towards creating a more secure and stable insurance sector in Nigeria. By working together and sharing information, the two agencies can effectively sanitise the industry and ensure the achievement of their mandates.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
