Reps summon 54 insurance companies over unremitted N267bn

By Cynthia Ezekwe.

The House of Representatives Ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilization of the funds from 2011 has summoned concerned chief executive officers of 54 insurance companies over N267 billion unremitted workers’ investment in NHF  in 2019.

Dachung Bagos, the chairman of the committee issued the summon  following their failure to appear before the committee in Abuja on Tuesday to explain the unremitted funds.

Bagos explained that in 2019 alone, 54 insurance companies failed to remit N267 billion, noting that the insurance companies would  explain why they are still owing such an amount of workers’ investment to NHF.

The House of Representatives member representing Jos South/Jos East Federal Constituency of Plateau State,noted that  the National Insurance Commission (NAICOM), must show proof of insurance companies who were in default of remitting workers’ investment to Federal Mortgage Bank of Nigeria (FMBN).

He also directed the insurance companies should come along with all the amount they had remitted to FMBN, adding that they should also provide evidence of sanctions to those who had defaulted.

“They need to tell us where the money is. This figure does not include 2020 to 2023.  We have the law but we are not working with the law, rather we complain on a daily basis, ” he added.

 Bagos pointed out that the 10th house of representatives will address the issue, adding that all the concerned CEOs must appear by September 5, 2023.

On his part,  Kama Nkemkanma, a member of the committee  called on the CEOs of insurance companies to appear rather than sending their subordinates, saying that there was the need to get to the ‘’bottom of the problem’’.

Timilehin Adelegbe, also a member of the committee said, “For any outstanding unremitted fund, the CEOs should be held responsible and if they failed by next hearing, we will publish their names.’’