Agbese Faults NAICOM’s Recapitalisation Process, Warns of Risks to NAIC and Farmers
House of Representatives Deputy Spokesman Philip Agbese has accused the National Insurance Commission of misinterpreting insurance laws in its implementation of the sector’s recapitalisation programme. He warned that regulatory actions which weaken the Nigerian Agricultural Insurance Corporation could threaten jobs, reduce protection for farmers and discourage private investment in agriculture. He said NAIC is important for helping farmers, businesses and investors manage agricultural risks. Agbese also raised concerns about allegations linked to the recapitalisation exercise and called on the House Committee on Insurance and Actuarial Matters to examine the matter. He urged NAICOM to engage affected stakeholders and ensure that reforms strengthen confidence in the insurance industry.
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