By Gloria Ikibah
The Chairman House of Representatives Sub-Committee on Capital Market and Institutions, Rep. Kwamoh Laori, has revealed that 25 insurance companies are being investigated for financial Infractions.
Rep.Laori made this disclosure during a meeting with the management of the insurance companies on Monday at the National Assembly Complex in Abuja. 
He explained that the committee had slated the meeting based on s petition on infractions by the insurance companies which resulted in the loss of a significant revenue from the companies.
And he said the companies have been invited to agree or debunk the liabilities.
He said: “This committee is saddled with the responsibility of a petition based on infractions from these insurance companies in respect of the operations and non compliance with certain statutory provisions.
“And of course, those infractions has resulted into 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 those liabilities.
“That is the essence of all these things we are doing here to ensure that what is due to the federal government comes to it through the operations of these private entities”.
According to the sub-committee chairman, it was the duty of the National Assembly to track revenue that should accrue to the federal government.
He explained that the companies were expected to appear before the Committee to explain their financial standings.
“Some of the companies ran to court and have served the House with court process. It’s for us and the House to sit down and look at the process.
“If it in no way goes to the basis of what we are doing here, we would definitely proceed but if it does, then we have to await for the decision of the court in respect of that,” he added.
He noted that heading for the court would be an attempt by the companies to “throw a spanner into the works of the National Assembly”.
Lamori assured that the committee would continue to insist that Chief Operating Officers of the companies appear before the Committees rather than sending unqualified representatives.
“We have insisted that the Chief Operating Officers appear in persons so that they can answer some of the questions. Like you can see, one of the COOs sent somebody that could not answer any of those allegations that are before the committee, that is not good.
That is why the committee still makes the order that only the COO that will appear in person, so, that they can come and answer for these allegations that are against them,” he stated.
Rep. Laori indicted the National Insurance Commission for not doing their job.
“NICON, of course has a supervisory role in respect of that and I’m not holding brief for them. But, I think if they are doing their job, we will not be here talking about this. So, I expect them to sit up.
“It’s because there are certain lapses somewhere, that is why today we are doing what we are doing here in terms of investigation,” he added
Seventeen of the companies who went to court, sent their attorney, Abimbola Kayode to represent them at the hearing.
