By Niyi jacobs
The National Insurance Commission (NAICOM), led by its Commissioner and CEO, Mr. Olusegun Ayo Omosehin, took a significant step toward purging the Nigerian insurance industry of fraudulent practices by meeting with the Economic and Financial Crimes Commission (EFCC) at its Abuja headquarters on November 13, 2024. Welcomed by EFCC Chairman Mr. Olu Olukoyede, the meeting marked the start of a joint effort to combat financial crimes undermining the sector’s growth.
Mr. Omosehin outlined NAICOM’s primary responsibilities, including regulating and advising on insurance matters and protecting policyholders and public interests. The Commissioner emphasized the critical need for partnership with EFCC to counteract money laundering, fraud, and other criminal activities that impede industry progress. He expressed optimism that with Mr. Olukoyede at the helm, EFCC would provide robust support in helping NAICOM maintain a safe, credible insurance environment.
Mr. Olukoyede assured NAICOM of EFCC’s full backing, underscoring the sector’s potential to significantly drive economic growth if safeguarded from criminal interference. He highlighted the EFCC’s commitment to bolstering oversight of banking and insurance, with a focus on enforcing financial regulations and protecting policyholders’ rights.
Both agencies agreed that their collaboration is crucial to creating a stable, fraud-free insurance sector. This enhanced partnership aims to prevent rogue activities and strengthen regulatory enforcement, paving the way for a more secure and thriving insurance industry in Nigeria.
