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By Henry Uche
Amid an ongoing investigation by the House of Representatives Committee on Capital Market and Other Institutions into alleged non-remittance of multi-billion-naira revenues by 25 insurance companies, the Nigerian Insurers Association (NIA) has reaffirmed its commitment to legal due process, insisting that its actions are guided strictly by legal counsel.
The probe, initiated in response to a petition on alleged financial infractions, centers on claims that several insurance companies failed to remit statutory revenues to the Federal Government. Speaking during a recent meeting with executives of the affected companies at the National Assembly Complex in Abuja, the Chairman of the Committee, Hon. Kwamoti Laori, emphasized the lawmakers’ determination to ensure that all funds due to the government are fully accounted for and remitted without delay.
“The essence of this investigation is to ensure that what is due to the Federal Government comes to it, in full and when due,” said Laori, who represents Demsa/Numan/Lamurde Federal Constituency of Adamawa State. In response, the NIA—which serves as the umbrella body for licensed insurance and reinsurance companies in Nigeria—maintained that all its actions, as well as those of the affected insurers, were taken strictly based on the legal advice of its solicitors. “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors,” said NIA Director-General/CEO, Mrs. Bola Odukale, in an official statement.
“It was on the firm instruction of legal counsel that recourse was made to the courts.”
According to the NIA, the decision to approach the courts was not to evade scrutiny but to seek clarity on the constitutional limits of legislative intervention in matters traditionally reserved for regulatory agencies. It argued that the Committee’s involvement touches on areas under the purview of statutory regulators such as the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), Nigerian Exchange (NGX), Financial Reporting Council (FRC), Nigeria Data Protection Commission (NDPC), and the National Information Technology Development Agency (NITDA).
“The objective of the Court action is to obtain judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law,” the Association said.
The NIA further warned that the Committee’s current posture raises serious concerns about legislative overreach and the erosion of the doctrine of separation of powers—an essential pillar of Nigeria’s constitutional democracy.
Nonetheless, the Association reiterated its willingness to cooperate with all arms of government in a manner that respects both legal frameworks and the autonomy of Nigeria’s regulatory institutions.
“The Association remains committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution,” the statement added. “NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity.”
