An ad hoc committee investigating the non-remittance of money into the National Housing Funds (NHF), has summoned 54 insurance companies over the non-remittance of N267 billion into the fund.

Chairman of the Committee, Dachung Bagos, during an interaction with the representatives of AIICO Insurance, said the insurance companies failed to remit money into the NHF as mandated by law.

He said the insurance companies that are defaulting risk deregistration by the National Insurance Commission.

Mr Bagos reiterated that the chief executive officers of all the insurance companies must appear before the committee as the committee is seeking to recover the money due to the NHF.

“This committee is working with the law. Every insurance company must, is a must, the law did not say ‘may’ or ‘will’, it says ‘shall’,” 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,” he added.

The committee also prevented all representatives of the CEOs from making presentations before the Committee.


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