House of Representatives Investigates Non-Remittance of Multi-Billion Naira Revenue by 25 Insurance Companies

The House of Representatives has commenced an investigation into the non-remittance of multi-billion-naira revenue by 25 erring insurance companies operating across the country. The chairman of the House subcommittee on capital market and other Institutions, Hon. Kwamoti Laori, expressed displeasure over the absence of the Chief Executive Officers of the 25 insurance companies invited by the subcommittee. Laori vowed that the House would not leave any stone unturned in its quest to complement President Bola Tinubu's resolve to shore up revenue for the country.

Key Takeaways:

• The House of Representatives is investigating 25 insurance companies for non-remittance of multi-billion-naira revenue belonging to the Federal Government.
• The 25 insurance companies allegedly involved in the financial infractions include International Energy Insurance, LASACO Assurance, Consolidated Hallmark, and 21 others.
• Hon. Kwamoti Laori, chairman of the House subcommittee on capital market and other Institutions, expressed displeasure over the absence of the CEOs of the 25 insurance companies invited by the subcommittee.
• The subcommittee has vowed to complement President Bola Tinubu's resolve to shore up revenue for the country.
• The National Insurance Commission (NAICOM) has been asked to sit up and do its job in regulating the insurance industry.
• The House will proceed with the investigation regardless of court injunctions submitted by some of the insurance firms invited by the subcommittee.

Statistics:

• 25 insurance companies are involved in the financial infractions.
• Hundreds of billions of naira are lost in revenue by the Federal Government due to the non-remittance of revenue by the 25 insurance companies.
• The subcommittee has invited the CEOs of the 25 insurance companies to appear before it in person.

Sources:

• [No source was provided in the original text]
• The Supreme Court of Nigeria