The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) is set to strengthening partnership as a crucial step towards creating a more secure and stable insurance sector in Nigeria.
This agreement was reached when the Management of the NAICOM led by the Commissioner for Insurance and Chief Executive Officer, Olusegun Ayo Omosehin paid a working visit to the Headquarters of the EFCC in Abuja.
The Commissioner for Insurance (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 and more importantly ensuring the protection of policyholders, and public interest.
He further stated the collaboration of the two agencies is to combate money laundering, fraud and other financial crimes that are affecting the growth of the insurance sector.
He expressed confidence and optimism that the leadership of the EFCC under Ola Olukoyede will continue to provide necessary support to NAICOM to continue to strengthen and sanitise the Nigerian Insurance Industry.
The EFCC Chairman, Olu Olukoyede who played host to the NAICOM delegation assured them of EFCC’s full support in the requested areas that also include preventing financial crimes and ensuring protection of policyholder’s interests and rights.
He stated that that the insurance sector has great potentials for growth looking at other countries where insurance drives their economy.
Olukoyede emphasized EFCC’s commitment to sanitizing insurance industry through robust enforcement of financial laws and regulations, adding that the EFCC aims to insulate the insurance sector from rogue activities, ensuring stability and sanity.
He promised to bolster the department overseeing banking and insurance activities, giving special attention to the insurance sector.
