The National Insurance Commission has sought to strengthen its partnership with the Economic and Financial Crime Commission to ensure the insurance sector is free of money laundering, fraud, and other financial crimes.
This was revealed by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, during a working visit to the office of the Executive Chairman of the EFCC, Mr Ola Olukoyede in Abuja on Wednesday.
A statement from the commission indicated that the CFI in his remark highlighted the mandate and core functions of NAICOM, which include regulating, supervising, and developing the insurance industry in Nigeria, acting as adviser to the Federal Government on all insurance-related matters.
“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 Olukoyede will continue to provide the necessary support to NAICOM to continue to strengthen and sanitise the Nigerian insurance industry,” part of the statement read.
Responding, Olukoyede thanked the commissioner and members of his team for the visit, assuring them of EFCC’s full support in the ongoing effort by NAICOM to strengthen and sanitise the sector to prevent financial crimes and ensure the protection of policyholder’s interests and rights.
Olukoyede pledged to support financial regulators in monitoring regulated entities and investigating financial crimes.
He also emphasised EFCC’s commitment to sanitising the insurance industry through robust enforcement of financial laws and regulations.
He stated that the EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity.
To achieve this, Olukoyede promised to bolster the department overseeing banking and insurance activities, giving special attention to the insurance sector.
“The meeting agreed that strengthening the partnership between the NAICOM and the EFCC is a crucial step towards creating a more secure and stable insurance sector in Nigeria. By working together and sharing information, the two agencies can effectively sanitise the industry and ensure the achievement of their mandates,” the statement concluded.
