The National Insurance Commission and the The Management of the Economic and Financial Crimes Commission EFCC, have teamed up to combat money laundering, fraud and other financial crimes in the insurance industry.
This follows from the visit of the Commissioner for Insurance Mr. Olusegun Ayo Omosehin to the Chairman of the EFCC Mr. Olu Olukoyede mid last week in Abuja. The CFI in his remark stated that the visit was aimed at strengthening collaboration and partnership between NAICOM and the EFCC in combating money laundering, fraud and other financial crimes that are affecting the growth of the insurance sector.
He expressed confidence and optimism that the new leadership of the EFCC under Mr. Ola Olukoyede will continue to provide necessary support to NAICOM to continue to strengthen and sanitise the Nigerian Insurance Industry.
The EFCC Chairman, Mr. Olu Olukoyede in his response thanked the Commissioner for Insurance and members of his team for the visit and assured them of EFCC’s full support in the ongoing effort by NAICOM to strengthen and sanitise the sector, preventing financial crimes and ensuring protection of policyholder’s interests and rights. He stated that that the insurance sector has great potentials for growth looking at other countries where insurance drives their economy.
The EFCC Chairman Olukoyede, said support for financial regulators is its unwavering commitment in monitoring regulated entities and investigating financial crimes and the insurance sector is within this policy wrap.
He assured the CFI that the EFCC would insulate the insurance sector from rogue activities, ensuring stability and sanity and this he stated would require upgraded dimension of the department overseeing banking and insurance activities, giving special attention to the insurance sector.
Their shared view was that it was time to make the crucial step towards creating a more secure and stable insurance sector in Nigeria by working together and sharing information, that would effectively sanitize the industry and ensure the achievement of their mandates.
