A probe has begun by the House of Representatives Sub-Committee on Capital Market and Institutions into 25 insurance companies for alleged financial infractions that have reportedly resulted in considerable revenue losses for the federal government.
The revelation was made on Monday at a meeting with the companies’ management at the National Assembly Complex in Abuja by the committee’s chairman, Hon. Kwamoti Laori.
Laori stated that the meeting was called in response to petitions claiming that the companies had violated statutes and failed to comply, leading to a loss of “hundreds of billions” in government revenue. He added, “This committee is tasked with investigating a petition concerning violations by these insurance companies regarding their operations and compliance with certain statutory provisions.
As a result of these infractions, the federal government has lost hundreds of billions in revenue from these insurance companies. For this reason, they are receiving invitations, and each has been provided with service details and an outline of their liability. They are to come in to either confirm or refute these liabilities.
He went on to say, “This is what all these things we are doing here come down to: guaranteeing that the federal government receives what it is owed through the operations of these private entities.”
He stressed the National Assembly’s constitutional duty to monitor revenue owed to the government and prevent leakages via legislative oversight.
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