House Summons CEOs of Insurance Companies Over Non-remittance of N272 billion

•Vows to expose corruption, identify challenges affecting execution of GGW

Adedayo Akinwale in Abuja

The House of Representatives has summoned the Chief Executive Officers (CEOs) of insurance companies to explain the reasons for the non- remittance of over N267 billion workers’ investment in the National Housing Funds (NHF) for the year 2019.

The Chairman of the Ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilisation of the funds from 2011, Hon. Dachung Bagos, issued the summon following their failure to appear before the committee in Abuja, on Tuesday, at the resumed hearing to explain the unremitted fund.

His words: “In 2019 alone, 54 insurance companies have not remitted N267 billion. They need to tell us where the money is. This figure does not include 2020 to 2023. We have the law but we are not working with the law, rather we complain on a daily basis.”

Dachung, assured that the 10th House of Representatives would address the issue, adding that all the concerned CEOs must appear by next Tuesday.

The chairman stressed that the insurance companies should come along with all the amount they had remitted to the Federal Mortgage Bank of Nigeria (FMBN), adding that they should also provide evidence of sanctions to those who had defaulted.

Dachung, insisted that the insurance companies should come and explain why they were still owing over N267 billion of workers’ investment to NHF in 2019.

He added that the National Insurance Commission (NICON) must show proof of insurance companies who were in default of remitting workers investment to Federal Mortgage Bank.

In his submission, a member of the committee, Hon. Kama Nkemkanma, called on the CEOs of insurance companies to appear rather than sending their subordinates, saying that there was the need to get to the bottom of the problem.

According to him, “What we are talking about here involves billions of unremitted money, I will want us to be more serious.”

On his part, Hon. Timilehin Adelegbe, said the issue of non-remittance of workers NHF contribution was not something to joke with.

“For any outstanding unremitted fund, the CEOs should be held responsible and if they fail by next hearing, we will publish their names,” he noted.

Meanwhile, the House of Representatives has also vowed to expose corruption and identify challenges affecting the execution of the Great Green Wall (GGW), and also guide the new administration in the continued implementation of the policy.

The Speaker of the House, Hon. Tajudeen Abass, stated this yesterday, while declaring an investigative hearing on the Utilisation of Ecological Funds Released to the Great Green Wall open.

He noted that the hearing was coming at a time of heightened public expectations, given the experiences with the management of public funds by agencies of government in recent times, which was threatening the development of the nation.

The Speaker noted that the importance of the GGW project cannot be overestimated especially in view of the security problem facing the nation in the last two decades.

He recalled that the National Agency of the GGW was established by an Act of parliament in 2015, to implement the Nigerian component of the Great Green Wall program, which is an initiative of the African Union (AU) to address the problems of land degradation, desertification, drought, Climate Change and Livelihood of affected communities in eleven frontline states in the North East and North West regions sharing borderlines with Niger, Chad and Cameroon.

Abbas, stressed that in view of the utmost place the project occupies, the parliament provided numerous funding sources including the Ecological Fund of the Federation established to provide resources for protecting the country’s natural environment and funding repairs and developments necessary to prevent harm, the Natural resources funds

He said, however, information emanating from the field does not seem to reflect an optimal implementation of this noble program despite the numerous funds available for its implementation.

Worried by this development, the Speaker noted that the 10th parliament deliberated on the issue and resolved to set up an Ad-hoc Committee to investigate

Abbas stated: “The objectives of this investigative hearing are: gather data to ensure the program is optimally implemented, identify challenges affecting the execution of the project, to expose corruption, and guide the new administration in the continued implementation of this policy which is crucial to both the well-being and the security of our nation.”

The Speaker assured  that the investigative hearing was not for witch-hunting or score settling, adding that the parliament was only exercising its mandate as provided for by the 1999 Constitution, as amended.

Earlier, the Ad-Hoc Committee Chairman, Hon. Isma’ila Dabo, said in recent years, the country had witnessed a significant upsurge in natural environmental challenges such as land degradation, deforestation, desertification, and drought.