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Insurance operators suspend business with terror suspects

18 June 2013, 13:15

Lagos-  National Insurance Commission (NAICOM) has directed all insurance operators to suspend business with certain companies and individuals it suspects are financing terrorism activities.

In a circular to insurance institutions, NAICOM listed the companies as Tahir Guest House (Kano), Amigo Supermarket, Wonderland Amusement Park and Mustapha Fawaz Automobile Works Limited.

Individuals blacklisted are Taher Ramzi Fadlallah, Fadlallah I, Fadlallah Hassan Ali, Fadlallah Hassan Ali, Fadlallah Rim Lakisse, Mustapha Fawaz, Tahir T. Fadlallah aka Mohammed Tahir Fadlallah, Talal Roda, Abdullahi Tigani, Fauzi Fawaz, Gazi Fawaz, Zubair Khan, Paul Odey, Yinus Ayuba, Godwin Amodu, Ibrahim Musty and Oluwanishola Adebayo.

NAICOM, in the circular signed by Deputy Commissioner for Insurance (Technical), Ibrahim Hassan, requested the insurance operators to submit reports on all financial transactions conducted with the listed individuals and companies.

“In addition to suspending all business transactions, insurance operators are required to file suspicious transitions reports (STR) immediately on all transactions conducted with the above subjects or entities and their associates including relevant documents such as completed proposal form, policy documents, third party beneficiary (both local and foreign), beneficial owner and instruments used for premium settlement with the NFIU,” the NAICOM statement reads.

The commission further directed the insurance operators to search their databases and avail NFIU with any information with regards to the listed individuals, companies and their associates.

NAICOM's order comes a week after the Central Bank of Nigeria directed banks and other financial institutions in the country to sieve their database for names of terrorist organisations the Federal Government proscribed earlier this month.

– CAJ News


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