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Reps panel moves to cut budget funds for 22 defaulting agencies

The House of Representatives Committee on Public Accounts has asked that 22 federal ministries, departments and agencies be removed from the 2026 budget over alleged refusal to account for public funds. Chairman Bamidele Salam said the affected institutions repeatedly ignored audit queries and legislative summons covering the 2020, 2021 and 2022 financial years.​ Agencies named include the Nigerian Meteorological Agency, Federal Housing Authority, Standards Organisation of Nigeria, National Insurance Commission, National Business and Technical Examinations Board and the Corporate Affairs Commission. Others are the Federal Ministry of Housing and Urban Development, Ministry of Women Affairs, Council for the Regulation of Freight Forwarding in Nigeria, FCT Secondary Education Board, several federal universities, polytechnics, colleges and federal medical centres.​ Salam said the MDAs failed to submit audited accounts for between three and five years and did not provide key financial records despite […]

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NAICOM Directs Insurance Customers to Link NIN to Policies

The National Insurance Commission (NAICOM) has issued a directive requiring all insurance companies and brokers in Nigeria to collect verifiable identity details—including the National Identification Number (NIN), Bank Verification Number (BVN), and Corporate Affairs Commission (CAC) documents for corporate clients—before initiating or renewing any insurance policy. The directive, effective immediately, is designed to strengthen market transparency, fight financial crime, and align insurance with national integrity standards. Policies already in force must be updated to include the required identity details by December 31, 2025. For group/corporate coverage, comprehensive employee lists with all relevant data must be provided before activation. NAICOM warned that insurers and brokers failing to comply will face regulatory sanctions. The agency encourages customer sensitisation campaigns and will monitor compliance closely to ensure a more secure, resilient, and competitive insurance sector.

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