9 hours ago
1
BY MOTOLANI OSENI
The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have joined forces in a concerted effort to sanitize Nigeria’s insurance sector and tackle financial crimes, such as money laundering and fraud, which have hindered its growth.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, on Wednesday, 13th November 2024, led a team on a working visit to the EFCC headquarters in Abuja.
The team was received by EFCC Chairman, Mr Olu Olukoyede, to discuss strengthening collaboration between the two agencies.
During the visit, Mr Omosehin highlighted NAICOM’s mandate to regulate, supervise, and develop Nigeria’s insurance industry, with a key focus on protecting policyholders and safeguarding public interests.
He emphasized that the visit aimed to reinforce the partnership between NAICOM and the EFCC in combating financial crimes, which continue to undermine the sector’s growth.
READ ALSO: President Tinubu Highlights Customs Reforms and…
Mr. Omosehin expressed confidence in the new leadership of the EFCC under Mr. Olukoyede, noting that it would provide critical support to NAICOM’s efforts to sanitize the industry.
“We are optimistic that the EFCC will continue to back our efforts to create a cleaner and more robust insurance market,” Omosehin stated.
In his response, Mr. Olukoyede acknowledged the crucial role of the insurance sector in driving economic growth, drawing parallels with global economies where insurance plays a central role.
He pledged the EFCC’s full commitment to supporting NAICOM in its mission, particularly in tackling financial crimes and protecting policyholders’ rights.
The EFCC chairman underscored the importance of a collaborative effort to sanitize the industry, emphasizing the commission’s focus on robust enforcement of financial laws.
He further committed to strengthening the department responsible for overseeing the banking and insurance sectors, ensuring it remains vigilant against rogue activities that could destabilize the industry.
The meeting culminated in an agreement that fostering a strong partnership between NAICOM and the EFCC is pivotal to the creation of a more secure, stable, and transparent insurance sector in Nigeria.
By sharing information and collaborating closely, the two agencies aim to eliminate financial crimes and build public confidence in the sector, ensuring its continued growth and development.
English (US) ·