The Economic and Financial Crime Commission (EFCC) on Wednesday pledged to continue to support the National Insurance Commission (NAICOM) to effectively sanitize the country’s insurance sector.
The Chairman of the Commission, Olu Olukoyede, gave the pledge in Abuja when the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo Omosehin, paid a working visit to the Headquarters of the anti-graft agency.
Receiving the NAICOM Chief in his office, Olukoyede 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 said the country’s insurance sector has great potential for growth when compared with other countries, particularly in the sector’s drive to grow their economy.
Apart from support to financial regulators to monitor regulated entities and investigating financial crimes, the EFCC Chairman emphasized EFCC’s commitment to sanitizing the insurance industry through robust enforcement of financial laws and regulations.
He said the aim of the EFCC was to insulate the insurance sector from rogue activities, ensure stability and sanity, promising to bolster the department overseeing banking and insurance activities, by giving special attention to the insurance sector.
Earlier, the Commissioner for Insurance, Olusegun Ayo Omosehin, highlighted the mandate and core functions of NAICOM to include regulating, supervising and developing the insurance industry in Nigeria, acting as adviser to the Federal Government on all insurance related matters and ensuring the protection of policyholders, and public interest.
Also, he told his host that the visit was aimed at strengthening collaboration and partnership between NAICOM and the EFCC as agencies of the Federal Government, especially 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 Ola Olukoyede would continue to provide necessary support to NAICOM to continue to strengthen and sanitise the Nigerian Insurance Industry.
During the meeting, the two Chief Executives resolved to join forces to strengthen the partnership between them in their effort to discharge their respective mandates.
They acknowledged the need to take crucial steps towards creating a more secure and stable insurance sector in Nigeria, by working together and sharing information to effectively sanitize the industry and ensure the achievement of their mandates.
