The National Insurance Commission (NAICOM) and the Nigerian Financial Intelligence Unit (NFIU) have pledged to collaborate on safeguarding the country’s financial system.
In a meeting held in Abuja, the heads of both organizations discussed strategies to enhance financial regulations and combat financial crimes.
NAICOM Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed satisfaction with the existing partnership, highlighting its positive impact on the insurance industry.
He commended the joint inspections, training programmes, and awareness campaigns as key factors in improving compliance levels among insurance companies.
Omosehin noted the importance of ongoing training and examinations to maintain the integrity of the financial sector.
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The Commissioner also praised NFIU’s efforts in coordinating compliance with the Financial Action Task Force (FATF) requirements and ensuring adherence to Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) standards.
NFIU Chief Executive Officer, Hafsat Abubakar Bakari, reiterated the unit’s role as the central authority for receiving, analyzing, and disseminating financial intelligence.
She emphasized the meeting’s objective as gathering feedback to improve collaboration with financial agencies and ultimately remove Nigeria from the grey list.
The renewed partnership between NAICOM and NFIU signifies a concerted effort to strengthen Nigeria’s financial regulatory framework and protect the nation’s economy from illicit financial activities.