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The House of Representatives on Monday launched an investigation into alleged non-remittance of multi-billion-naira revenue belonging to the federal government by 25 insurance companies operating across the country.
Kwamoti Laori, chairman of the sub-Committee on Capital Market and other Institutions, disclosed this during a meeting with the management of insurance companies at the National Assembly Complex in Abuja.
According to the sub-committee chairman, the 25 insurance companies allegedly involved in the financial infractions are: International Energy Insurance, LASACO Assurance, Consolidated Hallmark, Guinea Insurance, AIICO Insurance, Axa Mansard, Mutual Benefit Assurance, Linkage Assurance, Prestige Assurance, NEM Assurance, Sunu Assurance, and Regency Assurance.
Others are; Veritas Capital Assurance, Universal Insurance, Coronation Trust Insurance, Sovereign Trust Insurance, Cornerstone Insurance, Custodian PLC, Alliance & General, Industrial & General, Goldlink Insurance, and African Alliance.
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The chairman said preliminary investigations revealed widespread infractions among the companies, including the failure to remit statutory fees and levies to government coffers. “We have examined the documents and laid out the discrepancies for them to address. If they’ve remitted the required amounts, they need to present the evidence. If not, they must comply immediately”, he said.
He added that the committee’s investigation was prompted by a formal petition outlining significant violations by the insurance companies, which allegedly led to the loss of hundreds of billions of naira in government revenue.
“We have provided each firm with details of their liabilities, and this engagement is an opportunity for them to clarify or challenge the figures. Our goal is simply to ensure that what is rightfully due to the government is fully accounted for,” he said.
When asked about the role of the National Insurance Commission (NAICOM) in the ongoing situation, Laori criticised the regulator for lapses in oversight.
While expressing displeasure over the absence of the Chief Executive Officers of the 25 insurance companies invited by the subcommittee, Laori vowed that the House would not leave any stone unturned in its quest to complement President Bola Tinubu’s resolve to shore up revenue for the country.
“We insisted that the CEOs appear in person to answer these allegations. As you’ve seen, some companies sent representatives who were unable to respond to any of the issues raised. That is unacceptable,” Laori said.
Read also: How insurance companies can reduce fraud amid rising claims
Laori criticised attempts by some firms to frustrate the investigation by seeking court injunctions to avoid appearing before Parliament.
“The committee has resolved that only the CEOs can appear before us to address these allegations. It is a matter of public interest, and the National Assembly has a constitutional duty to ensure compliance with statutory obligations, especially when revenue due to the Federation is at stake” he said.
