House Summons CEOs of Insurance Firms Over Non-remittance of N272bn in 2019
Adedayo Akinwale in Abuja
The House of Representatives has summoned the Chief Executive Officers (CEOs) of insurance companies to explain the rationale behind the non-remittance of over N267 billion workers investment in the National Housing Funds (NHF) for 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 summons following their failure to appear before the committee in Abuja on Tuesday at the resumed hearing to explain why the funds were not remitted.
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.”
Bagos assured Nigerians 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.
Bagos insisted that the insurance companies should come and explain why they are 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 FMBN.
In his submission, a member of the committee, Hon. Kama Nkemkanma, called on the CEOs of insurance companies to appear rather than send their subordinates, saying that there is 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.
