NAICOM seeks EFCC’s support to address financial irregularities

The National Insurance Commission (NAICOM) has partnered Economic and Financial Crimes Commission (EFCC) to address financial crimes and safeguard investments in the industry. This was revealed when the management of NAICOM led by the Commissioner for Insurance, Olusegun Omosehin, paid a courtesy visit to the EFCC headquarters in Abuja. Both agencies agreed to collaborate on cleaning up the insurance industry and ensuring policyholders’ 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 interest. Omosehin explained the reason for the meeting, saying 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 the new leadership, highlighting its importance in achieving NAICOM’s objectives of sanitising the industry and protecting policyholders. In his response, the EFCC chairman, Olu Olukoyede, conceded the importance of the insurance sector in driving economic growth and commended NAICOM’s proactive approach to growing the sector. He reaffirmed the EFCC’s commitment to supporting NAICOM’s determination to reinforce regulatory oversight, investigate financial irregularities and ensure the enforcement of financial laws.

Olukoyede underscored the EFCC’s effort 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 campaign to eliminate rogue activities in the industry to foster stability and public trust..