Reps summon Insurance companies CEOs over unremitted N267bn workers’ fund

The House of Representatives ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and utilisation of the funds from 2011 has summoned concerned Chief Executive Officers (CEOs) of insurance companies.

The chairman of the committee, Dachung Bagos, issued the summon on Wednesday, August 30, 2023, following their failure to appear before the committee in Abuja on Tuesday to explain the unremitted fund.

Bagos said the insurance companies need to explain why they are still owing over N267 billion of workers’ investment to NHF in 2019.

He said the National Insurance Commission (NICON) must show proof of insurance companies who were in default of remitting workers’ investment to the Federal Mortgage Bank of Nigeria (FMBN).

The lawmaker stated that the insurance companies should come along with all the amount they had remitted to FMBN, adding that they should also provide evidence of sanctions to those who had defaulted.

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Bagos said in 2019 alone, 54 insurance companies failed to remit N267 billion.

He added: “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.”

The lawmaker stressed that the 10th House of Representatives will address the issue, adding that all the concerned CEOs must appear by September 5.

Contributing, a member of the committee, Kama Nkemkanma (LP-Ebonyi), said: “What we are talking about here involves billions of unremitted money; I will want us to be more serious.”

He called on the CEOs of insurance companies to appear rather than sending their subordinates, saying there was the need to get to the bottom of the problem.

Also speaking, a member of the committee, Timilehin Adelegbe (APC-Ondo), said the issue of non-remittance of workers’ NHF contributions was not something to joke with.

“For any outstanding unremitted fund, the CEOs should be held responsible and if they fail by next hearing, we will publish their names,” Adelegbe added.

The Star