54 insurance companies in Nigeria have been called before an ad hoc committee looking into the non-remittance of money into the National Housing Funds about the non-remittance of N267 billion into the fund.
During a meeting with officials of AIICO Insurance, the Committee’s chairman, Dachung Bagos, claimed that the insurance companies had not made the legally required payments into the NHF.
He claimed that delinquent insurance businesses run the risk of having their registrations revoked by the National Insurance Commission.
Mr. Bagos emphasized that in order for the committee to be successful in collecting the money owed to the NHF, all chief executive officers of insurance firms must appear before it.
“This committee is working with the law. Every insurance company must, is a must, the law did not say ‘may’ or ‘will’, it says ‘shall’,” he said
“In 2019 alone, 54 insurance companies have not remitted N267 billion. They need to tell us where the money is. This figure does not include 2020 to 2023. We have the law, but we are not working with the law, rather, we complain on a daily basis,” he added.
The committee also prevented all representatives of the CEOs from making presentations before the Committee.