Insurance recapitalisation: NICON, Nigeria Re petition EFCC, accuse NAICOM of financial irregularities

From Adesuwa Tsan, Abuja
The National Insurance Corporation of Nigeria (NICON) and the Nigeria Reinsurance Corporation (Nigeria Re) have intensified their challenge to the National Insurance Commission (NAICOM) over the implementation of the ongoing insurance industry recapitalisation exercise, accusing the regulator of procedural breaches and failing to account for disputed financial demands.
The two companies, in separate statements issued by their managements alleged that NAICOM had failed to respond to substantive issues raised in a petition submitted to the Economic and Financial Crimes Commission (EFCC), choosing instead to divert attention from the allegations in its September ...