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NAICOM sanctions broker for withholding N314m claims

By  Patience Saghana

LAGOS – The last is yet to be heard about the wave of unethical business practices in the insurance industry as a broker identified as UTIB Insurance Brokers Limited allegedly withheld N314 million premium paid by an insured.

However, the National Insurance Commission (NAICOM) has placed the broker on six months suspension.

According to Vanguard investigations, UTIB Insurance Brokers Limited which was the lead broker on the account of National Identity Management Commission did not only collect premium from the insured but failed to remit the premium to the co-insurers led by NEM Insurance Plc and also claimed to have spent 50 per cent of the premium on PR.

UTIB Insurance Brokers, chaired by Mrs Ndidi Okereke-Onyiuke, Director-General of the Nigerian Stock Exchange (NSE), with Mr Pat Azurunwa as its Chief Executive, allegedly succeeded in making some of co-insurers to backdate the policy date when it sensed trouble.

Other board members of UTIB Insurance Broker Limited include: Otunba B. A. Adenuga and Mr Anthony Aletor, Group Managing Director of Capital Express Insurance Company.

Vanguard also gathered that a majority of  insurers fell victims of the broker’s antics while one of the insurers refused to backdate the policy date of an account which premium was yet to be remitted.

The other co-insurers in the account are: Zenith General Insurance Company Limited; Starco Insurance Plc; Standard Alliance Insurance Plc; Unity Kapital Assurance Plc; International Energy Insurance Plc; Intercontinental Wapic Insurance Plc; Fin Insurance Company Limited; Consolidated Hallmark Insurance Plc; Aiico Insurance Plc and The Universal Insurance Company Limited.


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