A congressional committee is looking into insurance companies for failing to deposit N267 billion into the NHF.

A committee formed specifically for this purpose has summoned 54 insurance companies in Nigeria to attend a hearing about their failure to submit a total of N267 billion into the National Housing Funds.

During a discussion with AIICO Insurance representatives, Dachung Bagos, the Chairman of the Committee, highlighted that the insurance companies neglected their legal obligation to contribute funds to the National Housing Fund (NHF).

According to his statement, insurance businesses that fail to meet their obligations face the possibility of being deregistered by the National Insurance Commission.

Mr. Bagos emphasized the imperative for the chief executive officers of all insurance firms to attend the committee's session, as the committee is actively pursuing the retrieval of funds owed to the National Health Fund (NHF).

The committee is engaged in collaboration with legal frameworks. According to the speaker, it is obligatory for every insurance business to comply with the law, as shown by the use of the term "shall" rather than "may" or "will."

In the year 2019, a total of 54 insurance companies failed to remit a sum of N267 billion. It is imperative that they disclose the whereabouts of the funds. The aforementioned data set does not encompass the years 2020 through 2023. The speaker emphasized that despite the existence of legal frameworks, there is a lack of adherence and instead a tendency to engage in constant complaints.

Furthermore, the committee prohibited any representatives of the CEOs from delivering presentations to the Committee.