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The National Insurance Commission (NAICOM) and Nigerian Financial Intelligence Unit (NFIU) have agreed to strengthen their partnerships to ensure robust financial regulations, and safeguard the integrity of Nigeria’s financial system.

The shared commitment was made at a meeting between the Commissioner for Insurance/CEO of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, and his team members with the management of the Nigerian Financial Intelligence Unit (NFIU) led by its Chief Executive Officer, HafsatAbubakarBakari, during a courtesy visit to the Commission in Abuja.

The Commissioner for Insurance in his opening remark, expressed gratitude to the NFIU for the ongoing collaboration, highlighting the significant benefits that NAICOM has reaped from the partnership.

He commended the NFIU for its coordination and the progress made by institutions in meeting the Financial Action Task Force (FATF) requirements and ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards.

Mr. Omosehin praised the joint inspections, training sessions, awareness creation initiatives, and the improved compliance levels demonstrated by insurance companies.

Also, the CFI emphasised the need for continued periodic training and examination of regulated entities to maintain and enhance the integrity of the financial sector.

The Chief Executive Officer, NFIU, HafsatAbubakarBakari reiterated the pivotal role of the NFIU as the central national agency in Nigeria, responsible for receiving, analysing, and disseminating financial intelligence to the necessary authorities.

She underscored the purpose of the engagement, which she noted was to gather feedback on enhancing collaboration with various financial agencies, with the goal of removing Nigeria from the grey list and establishing a sustainable and effective AML/CFT framework.

The NAICOM said, “The meeting concluded with a shared commitment to strengthen the partnership between NAICOM and NFIU, ensuring robust financial regulations and safeguarding the integrity of Nigeria’s financial system”.

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