The House of Representatives on Monday launched an investigation into alleged non-remittance of multi-billion-naira earnings belonging to the federal authorities by 25 insurance coverage protection companies working all through the nation.
Kwamoti Laori, chairman of the sub-Committee on Capital Market and completely different Institutions, disclosed this all through a gathering with the administration of insurance coverage protection companies on the National Assembly Complex in Abuja.
According to the sub-committee chairman, the 25 insurance coverage protection companies allegedly involved inside 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.
The chairman talked about preliminary investigations revealed widespread infractions among the many many companies, along with the failure to remit statutory expenses and levies to authorities 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 talked about.
He added that the committee’s investigation was prompted by a correct petition outlining essential violations by the insurance coverage protection companies, which allegedly led to the dearth of tons of of billions of naira in authorities earnings.
“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 talked about.
When requested regarding the operate of the National Insurance Commission (NAICOM) inside the ongoing state of affairs, Laori criticised the regulator for lapses in oversight.
“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 talked about.
Laori criticised makes an try by some companies to frustrate the investigation by on the lookout for courtroom injunctions to steer clear of displaying sooner than 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 talked about.
