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Vehicle insurance fraud rocks NAICOM * Top officials indicted, EFCC invited

Posted by By Patience Saghana on 2006/07/31 | Views: 379 |

Vehicle insurance fraud rocks NAICOM * Top officials indicted, EFCC invited


LAGOS—THERE are strong indications that heads will roll shortly at the National Insurance Commission (NAICOM) over alleged N17.5 million.....

LAGOS—THERE are strong indications that heads will roll shortly at the National Insurance Commission (NAICOM) over alleged N17.5 million fraud and forgery of documents concerning the controversial Vehicle Insurance Stickers for which top officials of the commission have been indicted.

The fraud which those close to the commission said was perpetrated by a highly placed official came to the open when some members of the board of NAICOM raised questions about the clearing documents, customs papers and bank statement of payment of duties used in supporting the payment claims for N17.5 million fees charged by the clearing agent who claimed the items were imported.

Documents which the board members suspected to be forged and a report by an investigation panel set up by the commission which Vanguard sighted, had directed that the commission invite the Economic and Financial Crimes Commission (EFCC) to investigate the financial dealings of principal officers of the insurance regulatory body to unveil the fraud and also fish out the accomplice in the commission.

Those close to the panel investigating the fraud said the scam was carried out by some top officials of the commission.
But the skepticism surrounding the production of the VISER from inception coupled with the cost of production put at N92.4 million caused the board to delay the approval for payment to those involved in the importation.

The VISER committee, it was learnt, had from the on set expressed its displeasure over the hidden circumstances besetting the approval of the agent to execute the job. It wrote: “The committee felt that the agent should feel the impact of his failure to seek and obtain formal appointment prior to executing the job hence substantial 66.2/3 reduction in his agency fee.”

The grand total presented by the agent was N18. 4 million (N16.8 million for customs duty and N1.67 million for clearing) before the VISER committee slashed it to N17.5 million.

According to documents pertaining to the matter sighted by Vanguard, the Ministry of Finance had approved the VISER contract for execution by the Nigerian Security Printing and Minting Company (NSPMC), unfortunately it could not and Printpoint Industries Limited was then contracted to execute the contract but the said agent emerged to execute the job.

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Joel Efiong(Calabar, Nigeria)says...

This is a great piece. The examination bodies should hire you as ICT consultant.

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Sunday Mbe(Kaduna, Kaduna, Nigeria)says...

ULIMASI means' GOD,THANK YOU' not THANK GOD.

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Sunday Mbe(Kaduna, Kaduna, Nigeria)says...

The name ULIMASI is from the UTUGWANG tribe in OBUDU local government area of CROSS RIVER STATE in Nigeria.

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding