EFCC, NAICOM collaborate to clean up insurance sector

The National Insurance Commission (NAICOM) has expressed willingness to strengthen collaboration and partnership between NAICOM and the Economic and Financial Crime Commission (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.

The Management of NAICOM led by the Commissioner for Insurance (CFI) and Chief Executive Officer, Mr. Olusegun Ayo Omosehin stated this this when he paid a working visit to the Headquarters of the EFCC in Abuja and was received by the Chairman of the EFCC Mr. Olu Olukoyede.

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 adviser to the Federal Government on all insurance related matters and more importantly ensuring the protection of policyholders, and public interest.

He expressed confidence and optimism that the new leadership of the EFCC under Mr. Olukoyede will continue to provide necessary support to NAICOM to continue to strengthen and sanitise the Nigerian Insurance Industry.

The EFCC Chairman, Mr. 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 economy.

The EFCC Chairman pledged to support financial regulators in monitoring regulated entities and investigating financial crimes and emphasized the EFCC’s commitment to sanitizing 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, Mr. 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 NAICOM and the EFCC is a crucial step towards creating a more secure and stable insurance sector in Nigeria.

The two agencies can effectively sanitize the industry and ensure the achievement of their mandates by working together and sharing information.

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