NAICOM and NFIU Strengthen Partnership to Enhance Financial Regulations
By Patience Ikpeme
In a bid to fortify financial regulations and safeguard the integrity of Nigeria’s financial system, the National Insurance Commission (NAICOM) and the Nigerian Financial Intelligence Unit (NFIU) have declared their commitment to a stronger partnership.
This was announced following a high-level meeting between the heads of both organizations in Abuja.
The Commissioner for Insurance and CEO of NAICOM, Mr. Olusegun Ayo Omosehin, noted the substantial benefits that NAICOM has derived from this collaboration.
He commended the joint efforts in conducting inspections, organizing training sessions, creating awareness, and achieving higher compliance levels among insurance companies.
Mr. Omosehin stressed the importance of continuous periodic training and examinations of regulated entities to uphold and enhance the integrity of the financial sector.
The Commissioner for Insurance lauded the NFIU for its effective coordination and the progress made by institutions in meeting the Financial Action Task Force (FATF) requirements.
He also acknowledged the significant strides in ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards.
The Chief Executive Officer of NFIU, Hafsat Abubakar Bakari, reiterated the critical role of the NFIU as Nigeria’s central national agency responsible for receiving, analyzing, and disseminating financial intelligence to competent authorities.
She stated the primary aim of this engagement to be, gather feedback on enhancing collaboration with various financial agencies.
The ultimate goal she said is to remove Nigeria from the FATF grey list and establish a sustainable and effective AML/CFT framework.
Both leaders underscored the importance of this partnership in reinforcing the nation’s financial regulations and safeguarding its financial system from illicit activities.
The commitment from NAICOM and NFIU marks a significant step towards achieving a more robust and compliant financial environment in Nigeria.
