An Insurance Company Chairman (name withheld) has returned N66 million stolen fund from an insurance firm through the intervention of the apex Insurance regulator, the National Insurance Commission(NAICOM).
Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Mohammed Kari, made the disclosure to Economic Condidential.
“I can confirm to you that one Chairman returned sixty-six Million Naira (N66 million). These are information we don’t go out brandishing. And we have identified quite a few cases like that.
“We always stood our ground for refund because these are shareholders money been pilfered,” Kari said.
Kari noted that the regulatory agency carried out a lot of activities on several insurance companies under regulatory Orders or under intervention, as their actions in no small measure had crippled the operations of most insurance firms leading to near bankruptcy.
He further revealed that some insurance directors acquired equities without actually paying for them, stressing that it was a bad development.
“We have found out that some directors acquired shares without paying for them and we have taken them to the Economic and Financial Crimes Commission (EFCC).
“We also believe that what they have done is criminal. We are trying to get them to cough out what they have taken illegally. And those refunds we believe will go a long way in easing the financial constraints of these companies.
The NAICOM observed that the development is a confidence booster because some of insurance directors believe there is no control at all.
He pointed out that the insurance industry is the only growth area left in the financial sector.
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