Reps Summon Insurance Firms’ CEOs Over Unremitted N272bn Housing Fund

The House of Representatives has summoned the chief executive officers of Nigerian insurance companies to justify the non-remittance of over N267 billion workers investment into the National Housing Funds (NHF) for 2019.

The chairman, House ad-hoc committee investigating the non-remittance to the NHF and utilisation of the funds from 2011, Dachung Bagos, issued the summon at the resumed hearing of the panel on Wednesday.

The resolution was sequel to the failure of the insurance companies to appear before the ad-hoc committee to explain why the funds were not remitted.

Bagos insisted that the Insurance firms must come along with all the amount they had remitted to the Federal Mortgage Bank of Nigeria (FMBN), and provide evidence of sanctions to those who had defaulted.

He said National Insurance Commission (NAICOM) must show proof of insurance companies who were in default of remitting workers investment to FMBN.

The committee chairman assured Nigerians that the 10th House of Representatives would address the issue, saying all the concerned CEOs must appear by next Tuesday.

He said: “In 2019 alone, 54 insurance companies have not remitted 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.”

In his contribution, a member of the committee, Kama Nkemkanma demanded that the CEOs of insurance companies appear in person, rather than send their subordinates

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

Another member of the committee, Timilehin Adelegbe said the issue of non-remittance of workers NHF contribution was not something to joke with but to be treated with all level of seriousness.

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