The Economic and Financial Crimes Commission (EFCC), led by Chairman Mr. Ola Olukoyede, has pledged to enhance its efforts in protecting Nigeria’s insurance sector from fraudulent activities. During a meeting with the Commissioner for Insurance and CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, Olukoyede emphasized the EFCC’s commitment to reinforcing its monitoring activities within the banking and insurance sectors, specifically targeting the insurance industry to safeguard policyholders and ensure greater industry stability.
The EFCC plans to strengthen its department responsible for overseeing financial institutions, focusing on preventing financial crimes such as fraud and money laundering within the insurance sector. Olukoyede assured that the EFCC would work closely with regulatory bodies like NAICOM to enforce financial laws and enhance oversight to root out rogue activities, ensuring the integrity of the insurance market.
Mr. Omosehin welcomed the strengthened partnership between NAICOM and the EFCC, viewing it as a crucial step in addressing the financial crimes affecting the sector. He expressed optimism that the EFCC’s support under Olukoyede’s leadership would help strengthen NAICOM’s regulatory role and contribute to a safer, more trustworthy insurance industry, fostering stability and growth within Nigeria’s broader financial sector.
