NAICOM, EFCC Strengthen Partnership to Combat Fraud in Insurance Sector

The National Insurance Commission (NAICOM) and the Economic and Financial Crimes Commission (EFCC) have bolstered their partnership to address money laundering and other financial fraud affecting growth in Nigeria’s insurance sector.

This renewed commitment was announced during a working visit by NAICOM’s leadership, led by Commissioner for Insurance and Chief Executive Office, Mr. Olusegun Omosehin, to the EFCC headquarters in Abuja. The NAICOM team was received by EFCC Chairman, Mr. Olu Olukoyede.

During the meeting, Mr. Omosehin highlighted NAICOM’s role in regulating, supervising, and advancing Nigeria’s insurance industry, advising the Federal Government on insurance matters, and ensuring protection for policyholders and the public.

He emphasized that the visit aimed to strengthen cooperation between NAICOM and the EFCC, especially in tackling money laundering, fraud, and other financial crimes impeding the sector’s progress. Mr. Omosehin expressed confidence that Mr. Olukoyede’s leadership at the EFCC would further support NAICOM’s efforts to stabilize and cleanse the insurance industry.

In response, Mr. Olukoyede commended NAICOM’s initiatives and assured the EFCC’s full support in helping NAICOM secure and develop the insurance sector. He noted that Nigeria’s insurance industry holds significant growth potential, as seen in other economies where insurance serves as a key economic driver.

Mr. Olukoyede pledged the EFCC’s commitment to supporting financial regulators in monitoring regulated entities and investigating financial crimes. He emphasized the EFCC’s dedication to enforcing financial laws and isolating the insurance industry from fraudulent activities, thereby ensuring sector stability. As part of this commitment, Mr. Olukoyede announced plans to enhance the EFCC department overseeing banking and insurance activities, with a focus on the insurance sector.

Both agencies agreed that their strengthened partnership is a critical step toward creating a secure and stable insurance sector in Nigeria. Through close collaboration and information sharing, NAICOM and the EFCC aim to eliminate illicit activities and achieve their mandates.