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THE LIST: NAICOM Suspends 4 Firms, Others over Terrorism…

June 18, 2013

National insurance Commission (NAICOM) has directed all insurance operators in the country to suspend further business transactions with certain individuals and companies based on the order of the Nigerian Financial Intelligence Unit (NFIU) arising from the ongoing terrorist financing investigation by the Department of State Services and the NFIU.

In a circular to the managing director of all insurance institutions, NAICOM listed the companies as: Tahir Guest House (Kano), Amigo Supermarket, Wonderland Amusement Park, and Mustapha Fawaz Automobile Works Limited.

Individuals blacklisted are: Taher Ramzi Fadlallah, Fadlallah I, Fadlallah Hassan Ali, Fadlallah Hassan Ali, Fadlallah Rim Lakisse, Mustapha Fawaz, Tahir T. Fadlallah aka Mohammed Tahir Fadlallah, Talal Roda, Abdullahi Tigani, Fauzi Fawaz, Gazi Fawaz, Zubair Khan, Paul Odey, Yinus Ayuba, Godwin Amodu, Ibrahim Musty, and Oluwanishola Adebayo.

This is coming a week after the Central Bank of Nigeria (CBN) directed banks and other financial institutions in the country to sieve their database for names of terrorist organisations proscribed by the Federal Government.

Such names, according to a letter dated Monday, June 10, 2013, and signed by Nwaoha, I.T., the CBN’s Acting Director, Financial Policy & Regulation Department, are: “Jamaatu Ahlsi-Sunna Liddaawati Wal Jihad” otherwise known as “Boko Haram” sect and “Jama’atu Ansarul Muslimina Fi Biladis Sudan.” They are to report findings on such organisations and their associates to the CBN.

NAICOM in the circular signed by Deputy Commissioner for Insurance (Technical), Ibrahim Hassan, equally requested the insurance operators to immediately submit to the commission reports on all financial transactions conducted with the listed individuals and companies.

“In addition to suspending all business transactions, insurance operators are required to file suspicious transitions reports (STR) immediately on all transactions conducted with the above subjects or entities and their associates including relevant documents such as completed proposal form, policy documents, third party beneficiary (both local and foreign), beneficial owner and instruments used for premium settlement with the NFIU,” the NAICOM statement reads in part.

The commission further directed the insurance operators to search their database and avail NFIU with any information with regards to the listed individuals, companies and their associates.

Copies of the letter referenced:  NAICOM/DCT/AML/06/13 were also sent to the Director General of Nigerian Insurers Association (NIA), President of the Nigerian Council of Registered Insurance Brokers (NCRIB), President of the Institute of Loss Adjusters of Nigeria (ILAN) and President of Association of Registered Insurance Agents of Nigeria (ARIAN).

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