EFCC Pledges Support to NAICOM in Sanitising Insurance Sector

Ebere Nwoji

The Economic and Financial Crime Commission (EFCC) has pledged its support to the National Insurance Commission (NAICOM) in its on going efforts to sanitised insurance industry.

The  EFCC Chairman, Mr. Olu Olukoyede, made the pledge when a team of NAICOM’s staff led by the Commissioner for Insurance, Mr Ayo Olusegun Omosehin, paid a working visit to his office in Abuja.

In his remarks, Omosehin highlighted the mandate and core functions of NAICOM, which he said 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  stated that the visit was aimed at strengthening collaboration and partnership between NAICOM and the EFCC as agencies of the Federal Government especially in combating money laundering, fraud and other financial crimes that were affecting the growth of the insurance sector.

The NAICOM boss expressed confidence and optimism that the new leadership of the EFCC under Olukoyede would continue to provide necessary support to NAICOM so that the Commission would continue to strengthen and sanitise the Nigerian Insurance Industry. 

In his response,  Olukoyede  thanked the Commissioner and members of his team for the visit and assured them of his full support in the ongoing effort by NAICOM to strengthen and sanitise the sector, preventing financial crimes and ensuring protection of policyholders’ interests and rights.

He stated that  the insurance sector has great potential for growth looking at other countries where insurance drives their economy. 

Olukoyede also pledged to support financial regulators in monitoring regulated entities and investigating financial crimes. He also emphasised EFCC’s commitment to sanitising 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.