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Reps To Investigate Insurance Breaches By MDAs

Published

7 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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Alake Inaugurates Nigeria-US Solid Minerals Committee, Dismisses $700bn Claim, Says No Assets Sold

Published

4 days ago

October 28, 2026

The Gleamer

Joel Ajayi

The Minister of Solid Minerals Development, Dr. Dele Alake, on Tuesday inaugurated the Nigeria-United States Committee on Strategic Cooperation in the Solid Minerals Sector in Abuja, dismissing reports that Nigeria sold $700 billion worth of solid minerals to the US.

The inauguration followed the strategic cooperation framework established between Nigeria and the United States during the 81st United Nations General Assembly in New York.

In a statement issued on Wednesday by the Head PRESS and Public Relations Department Mrs. Kania Maliki Andeyaba stated that, Alake in the Memorandum of Understanding, MoU, signed with the US is a government-to-government platform to facilitate business-to-business engagements between American investors and Nigerian local operators, not a sale of assets.

Harping on the importance of the solid minerals sector to President Bola Ahmed Tinubu’s economic diversification agenda, he noted that the administration was committed to reducing dependence on a mono-product economy through the sustainable development of Nigeria’s vast mineral resources.

According to him, the Nigeria–US partnership as a strategic initiative to attract investment, promote technology transfer, strengthen local mineral processing and create employment opportunities.

“There is no sale of any Nigerian asset. There’s nothing exchanging hands,” Alake declared.

“We created a platform to facilitate mingling of US investment ventures with Nigeria’s local operators. It is in the public domain. We signed it in public and published it in four or five national newspapers.”

The Minister said reports claiming the US was coming to take over Nigeria’s minerals and security architecture were untrue at best and products of riotous imagination at worst.

Explaining the policy thrust, Alake said Africa has historically held the short end of the stick in global economic transactions, and Nigeria is determined to change that model.

“We have the resources, the critical elements the world needs to transit to clean energy. So we are creating a new paradigm — you bring your capital, expertise and technology, to match with our natural resources and create a win-win situation . The investor gains, Nigeria gains.’’he said.

Nigeria, he stressed, had operated a mono-cultural economy dependent on oil, while solid minerals were exploited informally — with ores taken “from pit to port” without value addition.

Alake said government has now made local processing mandatory, refusing to grant mineral titles to investors without a clear pathway to processing in Nigeria.

He said the policy led to the springing up of processing factories, including the largest lithium processing plant in West Africa commissioned recently in Nasarawa by the Vice President, and informed the formation of the African Minerals Strategy Group.

Alake noted that investor confidence has returned due to macro-economic reforms by President Bola Tinubu that guarantee security of tenure and repatriation of profits.

He charged the committee to discharge its assignment responsibly, saying its work is strategic to achieving the President’s $1 trillion economy target.

To this end, he told the Committee to ensure effective coordination, identify investment opportunities and translate the framework into measurable outcomes capable of positioning Nigeria as a competitive player in the global solid minerals industry.

In his welcome address, Permanent Secretary of the Ministry, Engr. Faruk Yusuf Yabo, said the inauguration translates growing bilateral engagements into a structured framework for practical cooperation and investment mobilization

Economic Officer at the US Embassy, Jonathan Baas, said President Donald Trump has prioritized three areas for US embassies — energy, artificial intelligence/super intelligence, and critical minerals.

Baas said Washington’s direction is to work with partners to secure critical supply chains while ensuring partners capture value.

“We just signed a contract today on looking into building AI data centres in Nigeria at the Nigerian Economic Summit. That’s the direction Washington wants us to go,” he said.

In his vote of thanks, CEO/Managing Director of Nigeria Solid Minerals Company, NSMC said that the committee

is expected to coordinate implementation, facilitate investment and monitor progress towards achieving the objectives of the Nigeria–US cooperation framework.

The inauguration reinforces the Federal Government’s commitment to repositioning the solid minerals sector as a key driver of economic diversification, industrial development and national prosperity under President Tinubu’s Renewed Hope Agenda.

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