By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM), in collaboration with the Nigeria Police Force, has begun a crackdown on individuals peddling fake motor third-party insurance policies.
The enforcement exercise, carried out in the Mabuchi area of Abuja, was led by NAICOM’s Motor Third-Party Insurance Enforcement Committee. It follows a directive by the Inspector General of Police mandating strict compliance with third-party motor vehicle insurance nationwide.
Mr. Adeyemi Abubakar, Head of Market Development at NAICOM, said the operation was part of efforts to protect Nigerians from fraudulent practices and ensure that policyholders have access to the benefits of genuine coverage.
“Genuine third-party motor insurance policies provide critical compensation for accident victims, while fake policies deny citizens this essential protection,” Abubakar explained. “Selling insurance without a license is illegal. We urge consumers to purchase only from licensed insurers to avoid financial loss and disappointment during claims.”
He stressed that perpetrators arrested during the raid would be prosecuted under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which prescribes fines and other penalties for offenders.
NAICOM further reiterated its commitment to sanitizing the insurance market, urging motorists and the public to verify their policies using the Commission’s approved digital verification platforms.
The regulator assured that the nationwide enforcement campaign would continue as part of its strategy to eradicate fake insurance policies and restore public confidence in the industry.
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