Reps probe N267bn debt, reject representatives sent by insurance CEOs

The House of Representatives ad hoc committee investigating 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 N267 billion investment fund debt and violation of the National Housing Fund Act.

The Chairman of the Committee, Dachung Bagos, gave the summon on Wednesday during its resumed hearing in Abuja.

However, the committee, according to its chairman, discovered that the insurance companies have been operating in violation of the act.

The lawmakers said in 2019 alone, the insurance companies failed to pay about N267 billion to the FMBN, being their statutory investment in the NHF.

At the sitting of the committee, some of the insurance companies sent representatives, who were turned back.

While insisting that the CEOs must appear in person, Bagos warned that the committee will not condone disregard for parliamentary summons.

He said the insurance companies should come and explain why they refused to invest into the NHF as provided by the NHF act.

He said the National Insurance Commission, NICON, must show proof of insurance companies who were in default of remittance to the FMBN.

According to him, 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,” he said.

Dachung said the 10th House of Representatives would address the issue, adding that all the concerned CEOs must appear not less than Tuesday next week.