By Taiye Olayemi
The Nigerian Insurers Association (NIA) says it has approached the court to clarify the legal powers of the House Committee on Capital Market and Institutions.
The News Agency of Nigeria (NAN) reports that the House, on Monday, began probing 25 insurers over alleged non-remittance of multi-billion-naira revenues owed to the Federal Government.
Mrs Bola Odukale, NIA’s Director-General, said the Committee’s inquiry concerns financial reporting, claims payment, premium remittance, and issuance of policies by certain member companies.
She stated, in a statement on Tuesday, that the NIA and the affected insurers acted strictly on legal advice by their counsel in deciding to seek judicial intervention.
“All actions taken by the NIA and its members regarding the Committee’s invitations were based entirely on legal advice received from the Association’s Solicitors.
“It was on firm instruction from legal counsel that we resolved to approach the courts,” Odukale said.
She said the aim is to obtain judicial guidance on the legality and constitutional boundaries of the Committee’s intervention in such matters.
The court action questions whether the Committee’s involvement encroaches on the duties of statutory regulators like NAICOM, SEC, NGX, FRC, NDPC, and NITDA.
Odukale warned that this raises concerns about legislative overreach and potential violations of Nigeria’s constitutional separation of power.
