NAICOM promises collaboration with NFIU to ensure robust financial regulations

July 13, 2024 By Joshua Nse 0 Comments

National Insurance Commission (NAICOM) has promised to collaborate with the Nigerian Financial Intelligence Unit (NFIU) to strengthen and ensure robust financial regulations.

(Left—Right) Mr. Ahmed Adamu Director, Innovation & Regulation NAICOM; Dr. Usman Jankara Jimada Deputy Commissioner, Olusegun Ayo Omosehin, Commissioner for Insurance/CEO, Hafsat Abubakar Bakari, Chief Executive Officer, NFIU; Mr. Ekerete OLa Gam-Ikon Deputy Commissioner, Dr. Nuhammed Jiya Chief Operating Officer Emerging Technologies & Innovation NFIU, Mrs. Oluwatoyin Charles Director Supervision, NAICOM during a courtesy visit on NAICOM by NFIU management team.

The Commissioner for Insurance/CEO of the Commission, Mr. Olusegun Ayo Omosehin, along with his management team, welcomed the Management team of the Nigerian Financial Intelligence Unit (NFIU) led by its Chief Executive Officer, Hafsat Abubakar Bakari, during their courtesy visit to the Commission on Thursday, 11th July, 2024.

The NAICOM boss in his opening remark, expressed gratitude to the NFIU for the ongoing collaboration, highlighting the significant benefits that NAICOM has reaped from this partnership. He commended the NFIU for their 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.

Additionally, he 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, Hafsat Abubakar Bakari, reiterated the pivotal role of the NFIU as the central national agency in Nigeria responsible for receiving, analysing, and disseminating financial intelligence to competent authorities.

She underscored the purpose of this engagement which is 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 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.