Reps committee summons CEOs of insurance companies over non-remittance of N272bn

The House of Representatives committee investigating the non-remittance to the National Housing Fund (NHF) and utilisation of the funds from 2011 on Wednesday summoned the Chief Executive Officers (CEOs) of insurance companies over the non-remittance of over N267 billion.

The committee pointed out that the said sum was workers’ investment in the National Housing Funds (NHF) in 2019.

It tasked the insurance companies to come along with documents showing all the monies remitted to the Federal Mortgage Bank of Nigeria (FMBN), insisting that they should also provide evidence of sanctions to those who had defaulted.

The Committee said the National Insurance Commission (NICON) must show proof of insurance companies who were in default of remitting worker’s investment to the Federal Mortgage Bank of

The Chairman of the Ad hoc committee, Dachung Bagos, issued the summons following the failure of the NHF to appear before the committee in Abuja on Tuesday at the resumed hearing to explain the unremitted fund.

He stated: “In 2019 alone, 54 insurance companies did not remit N267 billion. 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.”

Also, a member of the committee, Timilehin Adelegbe, said the issue of non-remittance of worker’s NHF contributions was not something to joke with.

He said for any outstanding unremitted funds, the CEOs should be held responsible and if they fail by the next hearing, their names will be published.

In his contribution, Kama Nkemkanma, 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.

He said, ”What we are talking about here involves billions of unremitted money, I will want us to be more serious.”