The House of Representatives has launched a serious investigation into 25 insurance companies in Nigeria over concerns they’ve failed to pay billions of naira owed to the Federal Government.
This move, announced by Hon. Kwamoti Laori, Chairman of the Sub-Committee on Capital Market and Other Institutions, is aimed at recovering missing government revenue and ensuring that all companies play by the rules.
Why Are These Insurance Companies Being Investigated?
The lawmakers believe that these insurance firms have not remitted huge sums of money—money that legally belongs to the government. This includes funds from insurance premiums, levies, and other statutory contributions.
Companies under investigation include:
- AIICO Insurance
- AXA Mansard
- Mutual Benefits Assurance
- LASACO Assurance
- Linkage Assurance
- Consolidated Hallmark
- NEM Insurance
- Cornerstone Insurance
- African Alliance, and more.
CEOs Must Appear in Person
Lawmakers are not happy that many CEOs failed to attend the investigative hearing in person. Instead, they sent representatives who couldn’t answer key questions about the missing funds.
“We want the actual CEOs to come and explain what’s going on,” said Hon. Laori. “It’s simple: if your company paid what’s due, show us the evidence. If not, you need to pay up.”
Some Companies Took the Case to Court
A few of the insurance companies have gone to court to stop the investigation. However, the lawmakers say that won’t stop them from doing their job—unless the court rules otherwise.
“Going to court doesn’t mean we’ll back off,” said Laori. “We’ll study the case. If it doesn’t stop our work, we’ll continue.”
Why This Matters
The Federal Government is working hard to boost revenue and fund critical development projects. But if private companies are holding back what they owe, that effort gets weakened.
This investigation is part of a broader push to:
- Plug revenue leakages
- Ensure financial accountability
- Support President Tinubu’s reform agenda
What Happens Next?
The House Committee has made it clear: they will continue this probe, with or without cooperation from the insurance companies involved. If the companies can prove they’ve done nothing wrong, great. If not, they must refund what they owe—no excuses.
