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Financial markets

House of Representatives Investigates 25 Insurance Companies for Financial Infractions

Strategic Insights

— 1 min read

The House of Representatives has taken steps to investigate 25 insurance companies in Nigeria for alleged financial infractions, which have resulted in the loss of billions of dollars in revenue for the federal government. According to Mr. Kwamoh Laori, the Chairman of the House Sub-Committee on Capital Market and Institutions, the committee is acting on a petition alleging non-compliance with statutory provisions by the insurance companies, which has led to significant revenue loss. The companies are being summoned to appear before the committee to explain their financial standings and address allegations of non-compliance.

Key Takeaways:

  • The House of Representatives is investigating 25 insurance companies in Nigeria for alleged financial infractions, which have resulted in the loss of hundreds of billions of revenue for the federal government.
  • The committee has scheduled a meeting with the management of the insurance companies to discuss the allegations of non-compliance with statutory provisions.
  • The companies were invited to agree or debunk the liabilities, and those that have run to court will have their cases reviewed before the committee proceeds.
  • The committee is seeking to track revenue that should accrue to the federal government and has stated that the House is expected to investigate and put a stop to revenue leakages.
  • The National Insurance Commission (NICON) has been indicted for not doing its job, and the committee expects them to sit up and address the lapses.
  • The committee has made it clear that it will not accept representatives who are not qualified or authorized to speak on behalf of the companies.
  • 17 of the companies who went to court sent their attorney, Mr. Abimbola Kayode, to represent them at the hearing.

Statistics:

  • The House of Representatives is investigating 25 insurance companies for alleged financial infractions.
  • The loss of revenue to the federal government is in the hundreds of billions.
  • 17 companies lodged a court case to prevent the sitting of the committee.
  • The chief operating officers of the companies have been ordered to appear in person to answer allegations against them.

Sources:

  • Voice of Nigeria, July 22, 2025, "House of Representatives says it is investigating twenty five Insurance companies for financial Infractions"

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