Amid an ongoing investigation by the House of Representatives Committee on Capital Market and Other Institutions into the alleged non-remittance of multi-billion-naira revenues by 25 insurance companies, the Nigerian Insurers Association (NIA) has reiterated its commitment to due process, stating that its actions are guided strictly by legal counsel.
The probe was launched following a petition alleging that several insurance firms failed to remit statutory revenues to the Federal Government. At a recent session with representatives of the affected companies at the National Assembly in Abuja, Committee Chairman Hon. Kwamoti Laori (Demsa/Numan/Lamurde, Adamawa State) emphasized the committee’s mission to ensure full and timely remittance of government dues.
“The essence of this investigation is to ensure that what is due to the Federal Government comes to it, in full and when due,” Laori stated.
In response, the NIA, which represents licensed insurance and reinsurance firms in Nigeria, clarified that both it and the involved companies have acted solely based on legal advice.
“All actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice from our solicitors,” said Mrs. Bola Odukale, NIA’s Director-General/CEO.
She added that the decision to seek legal redress was not an attempt to avoid oversight, but a move to clarify constitutional boundaries. According to the NIA, the committee’s probe encroaches on areas that fall under the jurisdiction of established regulatory agencies such as NAICOM, SEC, NGX, FRC, NDPC, and NITDA.
“The court action aims to obtain judicial clarification on the legality and constitutional limits of the Committee’s involvement, to protect institutional integrity and regulatory independence,” the NIA said in its official statement.
The Association also raised concerns about potential legislative overreach and the erosion of the separation of powers, a fundamental principle in Nigeria’s democratic system.
Despite these concerns, the NIA reaffirmed its readiness to collaborate with government institutions, provided such engagement respects the legal mandates and independence of regulatory bodies.
“The Association remains committed to constructive and lawful engagement with all arms of government, as long as such interactions uphold constitutional limits and the autonomy of statutory regulators,” the statement concluded. “We will continue to support our member companies while promoting legal compliance and industry integrity.”
