A sub-panel of the House of Representatives Committee on Capital Market and Institutions Tuesday said 25 insurance companies are being investigated for financial infractions.
Chairman of the committee, Hon. Kwamoh Laori, at a meeting with critical stakeholders at the National Assembly, Abuja, Tuesday, said the committee scheduled the meeting based on a petition over alleged infractions by the companies, which he said, has led to the Nigerian government losing significant revenue.
“This committee is saddled with the responsibility of a petition based on infractions from these insurance companies in respect of the operations and non compliance with certain statutory provisions. And of course, those infractions have resulted in federal government losing hundreds of billions of revenue from the insurance companies.
“That is why they are being invited and each of them have been served and given the extent of their liability for them to come in and agree or debunk those liabilities. That is the essence of all these things we are doing here to ensure that what is due to the federal government comes to it through the operations of these private entities,” he said.
He lamented that some of the companies ran to court to prevent the sitting of the committee.
“Some of the companies ran to court and have served the House with court processes. Its for us and the House to sit down and look at the process. If it in no way goes to the basis of what we are doing here, we would definitely proceed, but if it does, then we have to wait for the decision of the court in respect of that,” he said.