By David Akinmola
The National Insurance Commission (NAICOM) in collaboration with the Economic and Financial Crimes Commission (EFCC) has partnered to address financial crimes and safeguard people’s investments in the insurance industry in the country.
This was revealed at a meeting when the Management of NAICOM, led by the commissioner for insurance, Olusegun Omosehin, paid a courtesy visit to the EFCC headquarters in Abuja, where 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 stressed the commission’s role in advising the Federal Government on insurance matters and safeguarding public interests.
Omosehin explained the reason for the meeting and said it 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.
Speaking also at the meeting in response, the EFCC chairman, Olu Olukoyede, accredited the importance of the insurance sector in driving economic growth and commended NAICOM’s proactive approach to driving the economy of the country.
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.
