Reps summon insurance CEOs over N267b unremitted NHF contributions


The House of Representatives ad hoc committee investigating the non-remittance of funds to the National Housing Fund (NHF) and its utilization from 2011 to date has summoned the Chief Executive Officers (CEOs) of insurance companies.

Panel chairman Dachung Bagos gave the order after the CEOs failed to appear before the lawmakers in Abuja yesterday.

Bagos said that the insurance companies must explain why they did not remit over N267 billion of workers’ investments in the NHF in 2019 alone.


Bagos demanded that the National Insurance Commission (NAICOM) provide evidence of insurance companies that have failed to remit workers’ contributions to the Federal Mortgage Bank of Nigeria (FMBN).

He clarified that the affected organizations must bring relevant documents showing remittances to FMBN and that they must also provide evidence of sanctions against defaulters.

The chairman stated that 54 insurance companies failed to remit the large amount of money.
“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 it, rather (instead), we complain on a daily basis,” he stated.

Bagos assured that the 10th House of Representatives would address the issue and reiterated that all CEOs concerned must appear before the committee at the latest on Tuesday.

Nkemkanma (LP-Ebonyi), a member of the committee, warned the CEOs against sending their subordinates to represent them.

Another member of the committee, Timilehin Adelegbe (APC-Ondo), emphasized the magnitude of the issue at hand.
“For any outstanding unremitted fund, the CEOs should be held responsible, and if they failed by next hearing, we will publish their names,” he threatened.