Jolted By NNPC’s $25 Million Scam, Insurance Body Plans Probe

Sources within Nigeria’s insurance sector have revealed a growing anxiety among insurance operators about a proposed plan by the Nigerian Insurers Association (NIA) to probe itself. The NIA is the umbrella body for underwriters in Nigeria, with all insurance companies as members.
One source disclosed that the anxiety is fueled in part by the scandal recently uncovered in the way the Nigerian National Petroleum Corporation (NNPC) insured itself. In addition to apparent fraud in the NNPC’s insurance portfolios, SaharaReporters learnt that the NIA was also disturbed by proven cases of inflated premiums on such government assets as the Nigerian College of

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