The Nigerian Financial Intelligence Unit (NFIU) led by its Chief Executive Officer, Hafsat Abubakar Bakari, has paid a courtesy visit to the the National Insurance Commission, NAICOM in Abuja.
The team was received by the Commissioner for Insurance and the CEO of the Commission, Mr Olusegun Ayo Omosehin with his Management team.
The Commissioner for Insurance while welcoming the guests, expressed gratitude to the NFIU for the ongoing collaboration, highlighting the significant benefits that NAICOM has reaped from the partnership.
He further 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.
Also, Omosehin praised the joint inspections, training sessions, awareness creation initiatives, and the improved compliance levels demonstrated by insurance companies.
The CFI emphasised the need for continued periodic training and examination of regulated entities to maintain and enhance the integrity of the financial sector.
The Chief Executive Officer, NFIU, Hafsat Abubakar Bakari reiterated the important 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 which is 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 commitment from both Agencies to strengthen the partnership between NAICOM and NFIU, promising to ensure robust financial regulations and safeguard integrity of the Nigeria’s financial system.