The Economic and Financial Crimes Commission, EFCC, has arrested some directors of insurance companies for swindling their underwriting firms of millions of naira.
Some other directors were also picked by the EFCC for illegally acquiring huge shares in the underwriting firms without paying for them.
The Commissioner for Insurance, Mohammed Kari, stated this while speaking during a seminar for journalists.
He said, “I can confirm that one chairman returned N66m. We have identified quite a few cases like that and we have stood our ground that they must refund it because these are shareholders and policyholders’ money and not their personal money.”