NAICOM Collaborates With EFCC To Protect Nigerians Against Insurance Fraud

The National Insurance Commission (NAICOM) led by the Commissioner For Insurance (CFI) and Chief Executive Officer, Mr. Olusegun Ayo Omosehin announced a partnership with the Economic and Financial Crime Commission (EFCC) to haul out offenders in the sector.

Omosehin announced the partnership when he
paid the Chairman of the EFCC Mr. Olu Olukoyede
a working visit at the Headquarters in Abuja on Wednesday.

The CFI in his remarks 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, the CFI said the collaboration was of great importance to the country.

He said, โ€œThis 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 are affecting the growth of the insurance sectorโ€.

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

Olukoyede in his response commended the commissionerโ€™s visit and assured of the EFCCโ€™s full support in the ongoing effort by NAICOM to โ€œstrengthen and sanitise the sector, preventing financial crimes and ensuring the protection of policyholderโ€™s interests and rightsโ€.

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

Olukoyede pledged to โ€œsupport financial regulators in monitoring regulated entities and investigating financial crimesโ€.

He also emphasized EFCCโ€™s commitment to sanitizing the insurance industry through robust enforcement of financial laws and regulations.

He said, โ€œThe EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity. To achieve this, we promised to bolster the department overseeing banking and insurance activities, giving special attention to the insurance sectorโ€.

The meeting agreed that strengthening the partnership between NAICOM and EFCC is a crucial step towards creating a more secure and stable insurance sector in Nigeria.