NAICOM, EFCC Join Forces to Cleanse Insurance Sector

The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have agreed to collaborate in a concerted effort to address fraud and financial crimes in Nigeria’s insurance sector. This decision was reached during a working visit on Wednesday, 13th November 2024, when NAICOM’s leadership, headed by Commissioner for Insurance and CEO Olusegun Ayo Omosehin, met with EFCC Chairman Olu Olukoyede at the EFCC headquarters in Abuja.

Omosehin outlined NAICOM’s core functions, including regulation, supervision, and development of the insurance industry, as well as advising the Federal Government on insurance matters. He expressed confidence in EFCC’s new leadership under Olukoyede, emphasising that a strong partnership is essential to effectively combat financial crimes that threaten the insurance industry. “This partnership will empower us to safeguard the interests of policyholders and the public,” Omosehin remarked.

Olukoyede, in his response, pledged EFCC’s commitment to supporting NAICOM’s mission to sanitise the insurance sector, stressing that the industry holds immense growth potential, as seen in other economies where insurance drives significant economic activity. “The EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity. To achieve this, we will enhance our monitoring and enforcement operations within the industry,” he said, highlighting plans to bolster the department overseeing banking and insurance activities.

Both agencies agreed that this strengthened alliance will enable effective sharing of information and support a more secure and resilient insurance sector, benefiting policyholders and enhancing public confidence in Nigeria’s financial systems. FG Reaffirms Commitment to Honour University Union Deals