Sunday, September 7, 2025
24.9 C
Lagos

NAICOM, Police Begin Crackdown Against Sale of Fake Insurance Policies

The National Insurance Commission (NAICOM) has launched a crackdown on individuals selling fake motor third-party insurance policies in collaboration with the Nigeria Police Force.

Led by its Motor Third-Party Insurance Enforcement Committee, NAICOM conducted a raid in the Mabuchi area of Abuja, targeting perpetrators who issue counterfeit policies to the public.

This enforcement action is a follow-up on the directive by the Inspector General of Police on strict compliance with third-party motor vehicle insurance across the country. The action forms part of its strategic initiative to eradicate the proliferation of fake insurance documents.

During the exercise, Mr. Adeyemi Abubakar, Head of Market Development at the Commission, emphasised that the crackdown aimed to protect policyholders and the public from fraudulent insurance practices.

He explained that genuine third-party motor insurance policies provide critical compensation for accident victims, while fake policies deny citizens this essential benefit. Mr. Abubakar highlighted the importance of authentic insurance coverage, noting that it ensures financial protection and support in the event of accidents.

He also buttresses that selling insurance without a license is illegal and warns consumers to purchase policies only from licensed insurance companies to avoid losing money and being stranded during claims settlement.

Individuals apprehended during the operation will face prosecution in line with Nigerian law.

If convicted, they will be subject to penalties outlined in the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which may include fines and other regulatory actions.

NAICOM reiterated its commitment to sanitising the insurance market and called on Nigerians to always verify the authenticity of their insurance policies through the Commission’s approved verification platforms.

spot_img
spot_img

Hot this week

Nigeria, Brazil Central Banks Deepen Economic, Financial Co-operation

Nigeria’s Central Bank Governor, Olayemi Cardoso, has held talks...

Ecobank Nigeria to Host Second Edition of Design & Build, Showcasing Premier Innovators in Design, Construction

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Expert: Fintech, Financial Inclusion Critical for Sustainable Growth of Nigerian Economy

A renowned economist, Dr. Biodun Adedipe, the Chief Consultant/CEO,...

Sterling Bank Marks One Year of Africa’s Groundbreaking Core Banking System

Number one Best Workplace in Banking in Nigeria and...

Topics

NSE Admits Airtel Africa to its Main Board

 L – R (A) shows Segun Ogunsanya, Managing Director/CEO,...

Greenpeace Ranks Top 5 SA Retailers on 100% Renewable Energy Vision

South Africa’s top five retailers (Pick n Pay, Massmart,...

Polaris Bank, Eventful to Showcase Nigeria’s Vibrant Fashion Industry at 2023 Souk

Polaris Bank, a leading Digital Retail Bank, is partnering...

Fidelity Bank Undertakes ₦29.6 bn Rights Issue, ₦97.5 bn Public Offer

L – R: Stanley Amuchie, Executive Director, Chief Operations...

NCC, SEC, NASENI CEOs to Discuss Business, Economic Recovery at WES 2024

All is set for the annual WorldStage Economic Summit in Lagos...

Law Union & Rock Reports N3.5bn Premium in 9 Months

Harvest of Awards: L-R: Mr. Olayiwola Olabisi, Chief Financial Officer;...

 OVH Acquisition: The Facts of the Matter-NNPCL

The attention of NNPC Ltd has been drawn to...
spot_img

Related Articles

Popular Categories

spot_imgspot_img