The House of Representatives has launched an investigation into 25 insurance companies over alleged financial infractions. The Chairman of the House Sub-Committee on Capital Market and Institutions, Hon. Kwamoh Laori, disclosed this at a meeting with the management of the insurance companies in Abuja.
According to Hon. Laori, the investigation is based on a petition alleging breaches by the insurance companies, which has resulted in the Nigerian government losing hundreds of billions of revenue.
“This committee is charged with the responsibility of a petition based on infractions from these insurance companies in respect of the operations and non-compliance with certain statutory provisions,” he said.
The companies were invited to agree or debunk the liabilities, and Hon. Laori emphasized that it is the duty of the National Assembly to track revenue that should accrue to the federal government. “It’s the duty of the National Assembly to track revenue that should accrue to the federal government,”he said.
However, some of the companies have run to court to prevent the sitting of the committee. Mr. Laori lamented that this is an attempt to “throw in the spanner into the work of the National Assembly.
“He noted that the committee would continue to insist on the Chief Operating Officers of the companies appearing before the committee in person.
The committee has also expressed dissatisfaction with some of the companies sending unqualified representatives to the meeting. *”We have insisted that the Chief Operating Officers appear in person so that they can answer some of the questions,”* Mr. Laori said.
Hon. Laori indicted the National Insurance Commission (NICON) for not doing their job. “NICON, of course, has a supervisory role in respect of that and I’m not holding brief for them. But, I think if they are doing their job, we will not be here talking about this,” he said.
The investigation is ongoing, and the committee is expected to conclude its findings soon. Seventeen of the companies that went to court sent their attorney, Mr. Abimbola Kayode, to represent them at the hearing.
The House of Representatives investigation into the 25 insurance companies is a step towards ensuring that the companies comply with statutory provisions and pay their due revenue to the federal government.
