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NAICOM denies N3.5bn fraud allegations

03 March 2014, 14:31

Lagos - The National Insurance Commission (NAICOM), has debunked claims that it ordered the diversion of N3.54 billion in insurance premiums paid by the Federal Government on behalf of the Nigeria Police Force to insurance companies that were not originally selected, reports ThisDay.

The commission denied that it connived with the Accountant-General of the Federation to divert the insurance premium for the police group life assurance to underwriters who were not successful during the bid.

Rasaq Salami, Assistant Director/Head, Corporate Affairs of NAICOM, said the commission did not write any letter to the Accountant-General of the Federation directing him to pay premiums for any cover to any insurer or broker.

He said the commission was not involved in the selection process as the PenCom Act has removed the armed forces, police and the SSS from the conventional insurance scheme.

Read more at ThisDay.

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