In a strongly worded press conference in Lagos, the Nigerian Insurers Association (NIA) has dismissed allegations by the House of Representatives’ Ad-hoc Committee that insurance firms defrauded the federal government of N200 billion. According to NIA Chairman Eddie Efekoha, there is “no N200 billion fraud anywhere,” cautioning that the committee has not been fully briefed on how insurance markets operate.
Speaking on behalf of the industry, Bola Odukale, the NIA’s Director‑General and CEO, elaborated that the association took legal steps, prompting some firms to seek court clarification, to define the limits of the committee’s authority and protect the independence of Nigeria’s regulatory bodies, including NAICOM.
The NIA emphasised that the committee’s public statements about potential fraud, unsettled claims, and alleged improper commission structures are damaging to public confidence in Nigeria’s insurance sector. They urged lawmakers to fully understand insurance processes and consult both regulators and industry experts before making statements that could tarnish reputations.
Recall, this investigation was launched after House members, led by Hon. Adekunle Akinlade’s committee, accused insurance companies of inflating premiums on government assets and diverting significant kickbacks, claiming that up to 50 percent of premiums were returned to public officials.
The NIA has appealed for calm, stressing its willingness to cooperate fully, but insists that any oversight must align with established statutes and respect the roles of statutory regulators. They called for deeper engagement with the committee to shed light on insurance practices, aiming to protect both industry integrity and government revenue streams
As the dust settles, all eyes will be on whether the Ad-hoc Committee will revise its approach and work collaboratively with insurers to ensure transparency, without prematurely branding the sector with unverified claims.
