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Reps summon insurance CEOs over N267b NHF contributions

By Sodiq Omolaoye, Abuja
31 August 2023   |   3:45 am
The House of Representatives ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and its utilisation from 2011 till date has summoned Chief Executive Officers (CEOs) of insurance companies. Panel chairman, Dachung Bagos, issued the order following their failure to appear before the lawmakers in Abuja, yesterday. He said the insurance companies are…

House of representatives

The House of Representatives ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and its utilisation from 2011 till date has summoned Chief Executive Officers (CEOs) of insurance companies.

Panel chairman, Dachung Bagos, issued the order following their failure to appear before the lawmakers in Abuja, yesterday.

He said the insurance companies are to explain why over N267 billion of workers investments in the NHF in 2019 alone were not remitted.

Bagos insisted that the National Insurance Commission (NAICOM) must show proof of insurance companies, which defaulted in remitting workers’ contributions to the Federal Mortgage Bank of Nigeria (FMBN).

He explained that the affected organisations should come along with relevant documents showing remittances to FMBN, adding that they should also provide evidence of sanctions to defaulters.

The chairman submitted that 54 insurance firms refused to remit the huge sum.
“They need to tell us where the money is. This figure does not include 2020 to 2023.
“We have the law, but we are not working with it, rather (instead), we complain on a daily basis,” he stated.

Bagos promised that the 10th House would address the issue, reiterating that all concerned CEOs must appear at the most next Tuesday.
Contributing, Kama Nkemkanma (LP-Ebonyi), and a member of the committee, cautioned the chief executives against sending their subordinates.

Another, Timilehin Adelegbe (APC-Ondo), stressed the enormity of the issue at hand.
“For any outstanding unremitted fund, the CEOs should be held responsible, and if they failed by next hearing, we will publish their names,” he threatened.

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