The Chief Executive Officers (CEOs) of insurance companies have been called in by the House of Representatives ad hoc committee investigating non-remittance to the National Housing Fund (NHF) and its utilization from 2011 till date.
Panel chairman, Dachung Bagos, issued the order following their failure to appear before the lawmakers in Abuja, yesterday.
He said the insurance companies are to explain why over N267 billion of workers investments in the NHF in 2019 alone were not remitted.
Bagos insisted that the National Insurance Commission (NAICOM) must show proof of insurance companies, which defaulted in remitting workers’ contributions to the Federal Mortgage Bank of Nigeria (FMBN).
He explained that the affected organizations should come along with relevant documents showing remittances to FMBN, adding that they should also provide evidence of sanctions to defaulters.
“The chairman submitted that 54 insurance firms refused to remit the huge sum.
“They need to tell us where the money is. This figure does not include 2020 to 2023.
“We have the law, but we are not working with it, rather (instead), we complain on a daily basis,” he stated.
Bagos promised that the 10th House would address the issue, reiterating that all concerned CEOs must appear at the most next Tuesday.
Timilehin Adelegbe (APC-Ondo), stressed the enormity of the issue at hand. “For any outstanding unremitted fund, the CEOs should be held responsible, and if they failed by next hearing, we will publish their names,” he threatened.
He noted that the issue of non remitance of workers NHF contribution was not something to joke with.
He said: “for any outstanding unremitted fund, the CEOs should be held responsible and if they failed by next hearing, we will publish their names.(NAN)
Contributing, Kama Nkemkanma (LP-Ebonyi), and a member of the committee, cautioned the chief executives against sending their subordinates. He called on the CEOs of insurance companies to appear rather than sending their subordinates, saying that there was the need to get to the bottom of the problem.