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Reps To Investigate Insurance Breaches By MDAs

Published

6 years ago

December 13, 2019

Reps To Investigate Insurance Breaches By MDAs

The House of Representatives has resolved to investigate breaches, impunity and other infractions of some federal government institutions on insurance and actuarial matters.

To this end, the Green Chamber has mandated the House Committee on Insurance and Actuarial Matters to engage a forensic auditor to ascertain the level of misapplication of premium.

The resolution was sequel to the passage of a motion brought before the House by a member, Gideon Gwani (PDP Kaduna) with the title: “Need to investigate into the breaches, impunity and other infractions of some federal government institutions on insurance” brought under Matters of Urgent Public Importance.

The House is also involving all relevant stakeholders to identify any breaches and ascertain the veracity of the suspected infractions by the aforementioned Institutions.

The lawmaker while moving the motion said: “the House notes Section 88 (1) and (2) of the 1999 Constitution as (Amended) and also the mandate of Committee on Insurance and Actuarial Matters.”

The Chairman of the House Committee on Insurance, Rep Darlington Nwokocha supported the proposed probe saying it will bring sanity into the insurance sector.

He also said he was in support of recapitalisation of the insurance sector to allow the sector become more relevant and trusted in the country.

He further said “as provided by Order Eighteen (18) Rule Fifty Five (55) of the House Standing Order which provides for oversight of insurance Companies that takes cover on government properties, ensuring diligence and adequate insurance policies covering all federal government properties and Agencies and review of their annual budget estimates.

“These institution are currently renewing their Insurance with suspected existing breaches which will put Nigeria and Nigerian populace at serious economic and social disadvantage hence Nigeria will lose Billions of naira thereby worsening the political and social disequilibrium the nation is currently facing.

“A ware that the Low Retention capacity of Dollar Denominated Businesses in Nigeria has direct influence on Low Human and Financial Capacity in the Nigerian Insurance Industry. This has created room for massive cessions and retrocessions of insurance businesses outside Nigeria.

“Consequently, not fully exhausting the capacity of Nigerian insurance industry by giving all Registered Insurance and Reinsurance Companies in Nigeria the right of first refusal depletes Nigeria’s Foreign Reserve.

“Also aware that this practice of domiciling some of the insurance ventures outside the country tremendously promote Money Laundering/Illicit Financial Flows to the tune of several Billions of Naira in the Insurance sector.”

He also expressed concern that there are huge unsettled life claims in Nigeria due to the fact the premium meant for these payment were suspected to have been squandered by some insurance companies and few individual, and only forensic auditor will bring this to fore.

The motion passed without hitches when the Speaker, Rep Femi Gbajabiamila called for a voice vote

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Nigeria’s Historic Bid for the 2030 Commonwealth Games: A Call for National and Global Support

Published

1 week ago

September 30, 2025

The Gleamer

Joel Ajayi

Nigeria is poised to make history as it seeks to host the Centenary Commonwealth Games in 2030, a monumental opportunity that promises to transform the nation’s economy, infrastructure, and global standing.

More than a sporting spectacle, the Games would serve as a catalyst for development across multiple sectors, leaving behind a legacy of national pride and sustainable growth.

The benefits of hosting the Games extend far beyond the sports arena. Nigeria stands to gain both empirical and non-empirical advantages, with direct, indirect, and induced impacts that will touch every corner of society. Infrastructural development will take center stage, with new facilities such as indoor sports halls, conference centers, and improved road networks reshaping urban landscapes while strengthening the nation’s capacity to host future international events.

Economic growth is another significant dividend. Over 10,000 jobs are expected to be created, spanning construction, facility management, event planning, and tourism services.

The hospitality industry will undergo major improvements as hotels and resorts are upgraded to meet international standards, while local restaurants, lounges, and tourist attractions will see a surge in patronage from international visitors. Small and medium enterprises, particularly in the transport, finance, and food service sectors, will become some of the greatest beneficiaries, as the Games generate new demand and expand opportunities for local businesses.
The Commonwealth Games will also accelerate the growth of Nigeria’s sports industry.

Investments in training facilities, coaching, and talent development will inspire a new generation of athletes, ensuring long-term benefits that extend beyond 2030, a major focus of the President Bola Tinubu administration.
At the same time, the process of preparing for the Games will create opportunities for Nigerians to learn new crafts, acquire technical skills, and engage in global-standard event management, thereby strengthening human capacity and innovation across industries.

Mallam Shehu Dikko, Chairman of the Nigeria Sports Commission, and Hon. Bukola Olopade, the Director General, have been widely recognized for their tireless and visionary leadership in repositioning Nigeria’s sporting sector.

Their commitment to facilitating infrastructural development and strengthening grassroots sports development has laid the foundation for Nigeria’s bold bid to host the 2030 Commonwealth Games. Under their leadership, the NSC is fostering strategic partnerships and driving innovation in sports administration, they have demonstrated the nation’s readiness to stage an event of such global magnitude.

Beyond the tangible gains, the hosting of the 2030 Commonwealth Games carries profound symbolic value. It would be a moment of unity and pride, a chance for Nigeria to showcase its cultural richness, resilience, and excellence to the world.
As a centenary edition, the Games would stand as a historic milestone not just for the Commonwealth but for Nigeria itself, cementing its place on the global stage as a capable, ambitious, and forward-looking nation.

The gains from hosting the Commonwealth Games can never be undermined or overemphasized. This is Nigeria’s time to step forward and show the world our resilience, and excellence. We call on every Nigerian, across sectors and communities, to support this noble aspiration.

Nigeria’s pursuit of the 2030 Commonwealth Games is a vision for transformation, a blueprint for national development, and a legacy project that will inspire generations to come.

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