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House committee on insurance harps on framework for empowering NDIC

House committee on insurance harps on framework for empowering NDIC
tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.

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Nigeria loses N53.2tr to illicit financing in 14 yrs

Fri May 07 2021
The House of Representatives has called for stringent measures in tackling Illicit Financial Flows (IFF) as Nigeria has lost $140 billion (about N53.2 trillion) to this in 14 years.
The call followed the adoption of a motion by Rep. Ochiglegor Idagbo during plenary on Thursday with emphasis on anti-graft agencies and the Central Bank of Nigeria (CBN) helping to tackle this.
Citing Global Financial Integrity 2014 report, Idagbo said Nigeria lost $140bn to illicit financial flows between 2000 and 2014 executed through crude oil and commercial activities mispricing.
He said Nigeria was ranked among the global top 30 countries having Illicit Financial Outflows by dollar value adding that, $8.3bn was involved in 2015 alone. ....

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Reps probe reports on $348bn illicit financial flow, loss of public funds

Reps probe reports on $348bn illicit financial flow, loss of public funds
tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.

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House Summons Finance Minister, FIRS, Others over Loss of Revenue to Illicit Financial Flows

By Adedayo Akinwale
The House of Representatives has summoned the Minister of Finance, the Heads of the Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC), the Central Bank of Nigeria (CBN) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Nigerian Financial Intelligence Unit (NFIU), the Nigerian Export-Import Bank (NEXIM), and the Nigerian National Petroleum Corporation (NNPC) over the continuous loss of government revenue to illicit financial flows (IFFs).
The House issued the summons following the adoption of a motion moved at plenary on Thursday by Hon. Ochiglegor Idagbo.
Moving the motion, Idagbo explained that illicit financial flow (IFF) is the cross-border transfer of capital that was illegally earned, transferred or utilised and often consists of commercial money laundering, tax evasion and proceeds of corruption and criminal activities. ....

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NCRIB wants insurance laws to foster brokerage growth

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The Nigerian Council of Registered Insurance Brokers has said it expects insurance laws to foster sustainable growth and development of the brokerage profession.
The President, NCRIB, Mrs Bola Onigbogi, said this during the December edition of the brokers’ evening, which was sponsored by Allianz Nigeria Insurance Plc.
She said, “It is most heartening that our council was one of the notable stakeholders invited to make input at the public hearing on the insurance bill before the House Committee on Insurance and Actuarial Matters in Abuja from December 14 to 15, 2020.
“The council definitely put up a good showing at the event, and all the views that had been submitted by all members were part of the submission made at the public hearing. ....

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