The Economic and Financial Crimes Commission (EFCC) has said it will beam stronger searchlights on the insurance industry in Nigeria.

The agency said it is ready to look into insolvency that is attributed to fraudulent management of the insurance companies, according to a statement by Dele Oyewale, EFCC Head of Media & Publicity.

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede, made this known in Abuja on Wednesday, when a delegation of the management team of National Insurance Commission (NICOM), led by Commissioner of Insurance and the Chief Executive Officer, Olusegun Ayo Omosehin, paid him a courtesy visit at EFCC’s corporate headquarters.

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. As a matter of fact, beginning from 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.”

The EFCC boss decried a situation where insurance companies are only keen on accepting premiums and not to settle claims.

“They are very fast at collecting premiums but when it comes to settling claims, they would start coming up with all kinds of excuses,” he said.

“When you go to a place like the US and Europe, you will discover that the scale of activities in insurance companies are probably larger than those of the banks. We will collaborate with you. We are going to lend you our teeth so that you can bite.”

Some of the modalities of the collaboration will involve operational realignment.

“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 said.

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