Integrity Of Financial Sector: NAICOM Boss Advocates For Periodic Training, Examination Of Workers Of Regulated Entities
From Left: Mr. Ahmed Adamu Director, Innovation & Regulation National Insurance Commission (NAICOM); Dr. Usman Jankara Jimada Deputy Commissioner, NAICOM; Olusegun Ayo Omosehin, Commissioner for Insurance/CEO, NAICOM; Hafsat Abubakar Bakari, Chief Executive Officer, NFIU; Mr. Ekerete Ola Gam-Ikon, Deputy Commissioner, NAICOM, Dr. Muhammed Jiya Chief Operating Officer, Emerging Technologies & Innovation, NFIU, Mrs. Oluwatoyin Charles, Director Supervision, NAICOM, during a courtesy visit by the management team of NFIU NAICOM headquarters in Abuja recently.
The Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has emphasised the need for continued periodic training and examination of workers of regulated entities to maintain and enhance the integrity of the financial sector.
Mr. Omosehin said this while receiving the Management team of the Nigerian Financial Intelligence Unit (NFIU) led by its Chief Executive Officer, Hafsat Abubakar Bakari, during their courtesy visit to the Commission on Thursday, 11th July, 2024.
The Commissioner for Insurance in his opening remark, expressed gratitude to the NFIU for the ongoing collaboration, highlighting the significant benefits that NAICOM has reaped from this partnership.
He commended the NFIU for their coordination and the progress made by institutions in meeting the Financial Action Task Force (FATF) requirements and ensuring compliance with Anti-Money Laundering and Counter Financial Terrorism (AML/CFT) standards.
Additionally, he praised the joint inspections, training sessions, awareness creation initiatives, and the improved compliance levels demonstrated by insurance companies.
The Chief Executive Officer, NFIU, Hafsat Abubakar Bakari, in her response reiterated the pivotal role of the NFIU as the central national agency in Nigeria responsible for receiving, analysing, and disseminating financial intelligence to competent authorities.
She underscored the purpose of the engagement with NAICOM which, she said was to gather feedback on enhancing collaboration with various financial agencies, with the goal of removing Nigeria from the grey list and establishing a sustainable and effective AML/CFT framework.
The meeting concluded with a shared commitment to strengthen the partnership between NAICOM and NFIU, ensuring robust financial regulations and safeguarding the integrity of Nigeria’s financial system.
