House of Representatives Summons 54 Insurance Firms for N267 Billion Unremitted Premiums

The House of Representatives’ special committee, which is currently investigating the issue of funds not being sent to the National Housing Fund (NHF) and the way these funds have been utilized since 2011, has requested the presence of the relevant CEOs from 54 insurance companies.

The purpose of this summons is to have them clarify why an amount exceeding N267 billion, which was intended to be invested by workers into the NHF in 2019, was not remitted. Rep. Dachung Bagos, who serves as the committee’s Chairman, has taken this step due to the CEOs’ failure to show up before the committee in Abuja on Tuesday to provide an explanation for the unremitted funds.

According to Rep. Bagos, these 54 insurance companies collectively did not send N267 billion to the NHF just in the year 2019.

He said the insurance companies should come and explain why they are still owing over N267 billion of workers’ investment to NHF in 2019. ‘

He said the National Insurance Commission (NICON) must show proof of insurance companies who were in default of remitting workers’ investments to the Federal Mortgage Bank of Nigeria (FMBN). 

Proof of remittance 

The Rep member asked the insurance companies to come along with all the amount they had remitted to FMBN, adding that they should also provide evidence of sanctions to those who had defaulted. 

• “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 the law rather we complain on a daily basis, ” he said. 

Dachung said the 10th House of Representatives will address the issue, adding that all the concerned CEOs must appear by Sept. 5. 

Contributing, Rep. Kama Nkemkanma (LP-Ebonyi), a member of the committee said: “What we are talking about here involves billions of unremitted money, I will want us to be more serious.” 

He called on the CEOs of insurance companies to appear rather than send their subordinates, saying that there was a need to get to the bottom of the problem. Rep. Timilehin Adelegbe (APC-Ondo), also a member of the committee said the issue of non-remittance of workers’ NHF contributions was not something to joke with. 

He added that for any outstanding unremitted funds, the CEOs should be held responsible and if they fail by the next hearing, the Committee would publish their names.