The House of Representatives Ad hoc Committee investigating non-remittance of workers contribution to the National Housing Fund (NHF) and utilisation of the funds from 2011 yesterday said insurance companies have failed to remit about N267 billion to the Federal Mortgage Bank for the National Housing Fund since 2019.
The Chairman of the committee, Hon. Dachung Musa Bagos, who spoke at the resumed hearing of the committee, said the National Insurance Commission (NAICOM) must appear before the committee to state why the money had not been remitted.
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Insurance companies are statutorily required to contribute 20 per cent of their non-life and 40 per cent of their life fund to the housing sector, but the management of the Federal Mortgage Bank said this contribution had not been forth coming.
Bagos, who decried failure of NAICOM and leadership of the insurance companies to appear before the committee yesterday, said the insurance companies must appear before it to explain the unremitted fund.
He said NAICOM must show proof of insurance companies that were in default.
He asked the insurance regulatory body to come along with evidence of their remittances to FMBN, adding that they should also provide evidence of sanctions to those who had defaulted.
According to him, in 2019 alone 54 insurance companies did not remit N267 billion.
“They need to tell us where the money is. This figure does not include 2020 to 2023,’’ Bagos said.
“We have the law, but we are not working with the law rather we complain on a daily basis, ” he said.
Dachung said the 10th House of Representatives would address the issue, adding that all the concerned CEOs must appear not less than Tuesday next week.
Contributing,a member of the Committee, Hon. Kama Nkemkanma (LP-Ebonyi), said: “what we are talking about here involves billions of unremitted money, I will want us to be more serious.
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.
Also, Hon. Timilehin Adelegbe (APC-Ondo), said the issue of non remitance of statutory contribution to the NHF was not something to joke with.
He said: “For any outstanding unremitted fund, the CEOs should be held responsibe and if they failed by next hearing, we will publish their names.