The National Insurance Commission (NAICOM), in collaboration with the Nigeria Police Force, has launched a crackdown on individuals peddling fake motor third-party insurance policies.
The operation, led by NAICOM’s Motor Third-Party Insurance Enforcement Committee, targeted fraudsters in the Mabuchi area of Abuja, in line with the Inspector General of Police’s directive on strict enforcement of motor insurance compliance nationwide.
Mr. Adeyemi Abubakar, Head of Market Development at NAICOM, said the exercise was aimed at protecting Nigerians from fraudulent policies that leave accident victims without compensation. He stressed that only genuine third-party insurance provides financial protection in the event of accidents.
Abubakar also warned that selling insurance without a license is illegal and urged consumers to buy policies only from licensed insurers to avoid financial loss and disappointment during claims.
Suspects arrested during the raid will be prosecuted under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which prescribes stiff penalties, including fines and other sanctions.
Reiterating its resolve to sanitize the market, NAICOM encouraged Nigerians to verify their insurance policies through its approved verification platforms.
