NAICOM Vows To Strengthen Nigeria’s Financial System, Strengthens NFIU Partnership

By LOVETH AZODO, Lagos

The National Insurance Commission (NAICOM) has vowed to enhance Nigeria’s financial system through a reinforced partnership with the Nigerian Financial Intelligence Unit (NFIU).

The Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Ayo Omosehin made the commitment during a courtesy visit by Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, along with his management team on Thursday, 11th July, 2024.

In his opening remarks, the Commissioner for Insurance expressed gratitude for the ongoing collaboration with the NFIU, highlighting the significant benefits reaped from this partnership.

He commended the NFIU’s coordination and the progress made by institutions in meeting Financial Action Task Force (FATF) requirements and ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards.

Additionally, he emphasized the need for continued periodic training and examination of regulated entities to maintain and enhance the integrity of the financial sector.

The CEO of NFIU reiterated the pivotal role of the NFIU in receiving, analyzing, and disseminating financial intelligence to competent authorities.

She underscored the purpose of the engagement, stating that it is to gather feedback on enhancing collaboration with various financial agencies, aiming to remove Nigeria from the grey list and establish a sustainable and effective AML/CFT framework.

The meeting concluded with a shared commitment to strengthening the partnership between NAICOM and NFIU, ensuring robust financial regulations and safeguarding the integrity of Nigeria’s financial system.