By Sola Alabadan
The National Insurance Commission (NAICOM) and the Nigerian Financial Intelligence Unit (NFIU) have resolved to strengthen the partnership between them to ensure robust financial regulations and safeguard the integrity of Nigeria’s financial system.
This resolution was reached when the Commissioner for Insurance/CEO of NAICOM, Mr. Olusegun Omosehin, along with his management team, hosted the management team of the Nigerian Financial Intelligence Unit (NFIU) led by its Chief Executive Officer, Hafsat Abubakar Bakari, during their courtesy visit to the Commission on Thursday, in Abuja.
The Commissioner for Insurance expressed gratitude to the NFIU for the ongoing collaboration between the two government agencies, highlighting the significant benefits that NAICOM has reaped from this partnership.
He commended the NFIU for their coordination and the progress made by institutions in meeting the Financial Action Task Force (FATF) requirements and ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards.
Omosehin further praised the joint inspections, training sessions, awareness creation initiatives, and the improved compliance levels demonstrated by insurance companies.
The NAICOM boss equally emphasised the need for continued periodic training and examination of regulated entities to maintain and enhance the integrity of the financial sector.
On her part, the Chief Executive Officer, NFIU, Hafsat Abubakar Bakari reiterated the pivotal role of the NFIU as the central national agency in Nigeria, responsible for receiving, analysing, and disseminating financial intelligence to competent authorities. She underscored the purpose of this engagement which is to gather feedback on enhancing collaboration with various financial agencies, with the goal of removing Nigeria from the grey list and establishing a sustainable and effective AML/CFT framework.
