By Paul Effiong, Abuja
Chairman of the House of Representatives Sub-Committee on Capital Market and Institutions, Kwamoh Laori, Monday, disclosed that over 25 insurance companies are being investigated for financial infractions.
The lawmaker make the disclosure during a meeting with the management of the insurance companies held at the National Assembly Complex in Abuja.
He said the committee scheduled the meeting based on a petition on infractions by insurance companies which made the Nigerian government to lose significant revenue.
According to him, the companies were invited to agree or debunk those liabilities levelled against them.
He, however, said: “This committee is saddled with the responsibility of investigating a petition based on infractions from these insurance companies in respect of their operations and non-compliance with certain statutory provisions.
“And of course, those infractions resulted in the federal government losing hundreds of billions of revenue from these insurance companies. That is why they are being invited and each of them have been served and given the extent of their liability, and for them to come in and agree or debunk them.
“That is the essence of what we are doing, it is to ensure that what is due to the federal government comes to it through the operations of these private entities.”
He stated that it is the duty of the National Assembly to track revenue that should accrue to the federal government.
He said the companies are expected to investigate and put a stop to revenue leakages.
He noted that they are expected to appear before the committee to explain their financial standing, whether they have paid or not.
The lawmaker, however, lamented that some of the companies ran to court to prevent the sitting of the committee.
“Some of the companies ran to court and have served the House with a court process. It is for us and the House to sit down and look at the process.”
