The Nigerian Insurers Association (NIA), on Tuesday denied claims made by the House of Representatives Committee on Capital Market and Institutions regarding non-remittance of multi-billion naira revenue owed to the Federal Government by 25 defaulting insurance companies operating across the country.
According to statement released by the umbrella body of licensed insurance companies in Nigeria, that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors.
“It was on the firm instruction of legal counsel that recourse was made to the courts.
The statement which was signed by its Director General, Mrs. Bola Odukale, further reads: “The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission (NAICOM), Securities and Exchange Commission (SEC), Nigerian Exchange (NGX), Financial Reporting Council (FRC), Nigeria Data Protection Commission (NDPC), and the National Information Technology Development Agency (NITDA). This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.
“The Association remains committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity.”
