Reps summon insurance coys’ CEOs over unremitted N267bn housing funds

The House of Representatives ad-hoc committee investigating non-remittance of the National Housing Funds and the utilisation of the funds from 2011 till date yesterday summoned heads of insurance companies over alleged non-remittance of over N267bn NHF contributions to the Federal Mortgage Bank of Nigeria.

The chairman of the committee, Musa Bagos Dachung, said 54 insurance companies operating in the country were yet to remit over N267bn of their required investments into the NHF as of 2019.

He said, “Every registered insurance company should invest a minimum of 20% of its non-life fund and 40% of its life funds in real property development of which not less than 50% shall be paid into the fund through the Federal Mortgage Bank of Nigeria. 

“The NHF Act which is domiciled with the Federal Mortgage Bank of Nigeria states that the bank shall at the end of every year after careful examination of the audited annual report of each insurance company determine the amount due from the insurance company and issue a demand notice of the amount due from the insurance company for the purpose of investment in the bank.”