Mohammed Kari, a former Commissioner for Insurance, has opposed the licensing of Nigeria Police Force (NPF) Insurance Company Limited by the National Insurance Commission (NAICOM).
In a letter dated July 25, 2024, Kari raised concerns about potential conflicts of interest and mismanagement.
Kari argues that the police’s core function is maintaining law and order, not running a business. He fears that allowing the police to operate an insurance company could lead to conflicts and misuse of their regulatory power.
Additionally, he points out that the police may lack the required expertise and could interfere in the company’s management, compromising its effectiveness.
Kari also expressed concerns about the police’s history of mismanagement, citing issues with the Nigeria Police Pension Scheme, and warned that the entry of the police into the insurance market could disrupt the industry, leading to inefficiencies and data loss.