Agbese Critiques NAICOM's Actions on Insurance Laws

Philip Agbese, the Deputy Spokesman of the House of Representatives and a member of the House Committee on Insurance and Actuarial Matters, accused the National Insurance Commission (NAICOM) of misinterpreting and selectively implementing insurance laws. He warned that such actions could weaken the Nigerian Agricultural Insurance Corporation (NAIC), jeopardizing jobs and discouraging investment in agriculture.

Speaking to journalists in Abuja, Agbese emphasized that NAIC plays a crucial role in protecting agricultural investments and providing confidence to farmers, businesses, and investors. He called for urgent scrutiny of NAICOM's regulatory processes, particularly regarding the implementation of the insurance sector recapitalization program.

Agbese stated that any regulatory action that undermines NAIC deserves immediate attention from the National Assembly, as it could have broader implications for Nigeria's agricultural sector. He highlighted the importance of maintaining investor confidence in agriculture, especially as the federal government seeks to attract private capital into farming.