EFCC to probe fraud in insurance industry 

The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, said on Wednesday the Commission would beam its searchlight on the country’s insurance industry.

Olukoyede, according to a statement issued by the EFCC’s Head of Media and Publicity, Delete Oyewale. stated this when a delegation of the National Insurance Commission (NAICOM) led by the Chief Executive Officer, Olusegun Omosehin, visited the commission’s headquarters in Abuja.

He vowed that the commission would probe the allegations of fraudulent management of insurance companies in the country.

Olukoyede said: “The issue of insurance fraud is a major albatross to our economic development. We are ready to take up some of these cases, particularly insolvency, that is attributed to fraudulent management of these insurance companies.

” It is something that we must not tolerate, and that is where the issue of regulatory compliance takes the front burner in countries where things work.

“We are ready to work with you, and when they see us working together, it would send signals to the industry players that it is no longer going to be business as usual. Just be ready to give us the necessary information that we need to work with.

“Beginning today, we are going to start looking at insurance companies very seriously, just the way we are looking at the banking industry so that the industry can grow.

“We have a Bank Fraud Section, we are now going to review the scope of work of that section to include insurance so that we can take care of other emerging issues in the financial system.”

He lamented that insurance companies are interested in taking premium from policy holders but in settlement of what is due to the customers.

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