NAICOM, EFCC partner to tackle fraud in insurance sector
Joy Agwunobi
The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have forged a partnership aimed at combating fraud, addressing financial crimes, and safeguarding investments in Nigeria’s insurance sector.
During a recent visit by NAICOM’s management, led by Olusegun Ayo Omosehin, the commissioner for insurance, to the EFCC headquarters, both agencies agreed to collaborate on cleaning up the insurance industry and ensuring policyholder protection.
Omosehin outlined NAICOM’s core mandate of regulating, supervising, and developing Nigeria’s insurance sector. He emphasised the Commission’s role in advising the Federal Government on insurance matters and safeguarding public interests.
Speaking to Olu Olukoyede, EFCC Chairman, Omosehin explained that the visit aimed to strengthen cooperation between the two agencies, particularly in tackling money laundering, fraud, and other financial crimes impeding the insurance sector’s growth.
Omosehin expressed optimism about EFCC’s support under Olukoyede’s leadership, highlighting its importance in achieving NAICOM’s objectives of sanitising the insurance industry and protecting policyholders.
In response, Olu Olukoyede, EFCC chairman, acknowledged the importance of the insurance sector in driving economic growth and commended NAICOM’s proactive approach.
He reaffirmed the EFCC’s commitment to supporting NAICOM’s initiatives by reinforcing regulatory oversight, investigating financial irregularities, and ensuring the enforcement of financial laws.
Olukoyede underscored the EFCC’s goal to shield the insurance sector from unethical practices, promising to strengthen the agency’s department dedicated to banking and insurance. He assured that the EFCC would intensify its focus on eliminating rogue activities in the industry to foster stability and public trust.
The meeting concluded with both agencies reaffirming their commitment to working together to sanitise the insurance industry. By sharing information and leveraging their combined expertise, NAICOM and the EFCC aim to create a secure, transparent, and robust insurance environment that protects policyholders and drives the sector’s growth in Nigeria.