Despite the existence of a life insurance program, the EFCC has been actively fighting financial crimes, including those that affect Nigeria?s insurance industry, without providing insurance to its employees for 20yrs. According to this report by UDOKA OGARAKU, the anti-crime agency might not be discussing insurance for its staff if its official hadn?t been killed recently and observers are concerned about what went wrong with its insurance plan during the years it was dormant

Following the shooting of its officials recently, the Economic and Financial Crimes Commission (EFCC) has discovered the importance of its 20-year dormant life insurance.

The EFCC has been actively combating financial crimes, including those that impact Nigeria?s insurance sector, but didn?t insure its employees, despite the fact that there was existing life insurance scheme.

Partnership with NAICOM

Over the years, the organization has pledged to assist the National Insurance Commission (NAICOM) in its efforts to purify the insurance sector. Stakeholders thought it was essential to safeguard policyholders and maintain the integrity of industry financial transactions.

The partnership aims to tackle problems that have reportedly afflicted the industry in the past, like fraud and money laundering. But information regarding the EFCC?s efforts to protect its own staff members from potential risks related to their jobs was conspicuously lacking, though. They are thought to be threatened by a number of things in their jobs, such as reprisals from those engaged in economic crimes and other illegal activities as experienced lately.

Despite working with NAICOM, the EFCC made no mention of special insurance or protection for its employees, despite emphasizing its commitment to integrity and zero tolerance for corruption through the recent dismissal of officials involved in misconduct. According to analysts, the absence of an insurance program for EFCC employees may be interpreted as a shortcoming in safeguarding those at the forefront of the fight against financial crimes and corruption.

What the officers face

Considering that the employees of EFCC are subject to serious personal risks as a result, retaliation from those engaged in economic crimes and other illegal activities is thought to be one of the threats they face in their roles.

Until recently, the EFCC made no mention of special insurance or protection for its employees, despite emphasizing its commitment to integrity and zero tolerance for corruption through the recent dismissal of officials involved in misconduct.

EFCC speeding for life insurance

The agency?s failure to insure its employees was unknown until recently, in mid-January, when Yahoo Boys, suspected online scammers, opened fire on EFCC officials in Anambra State, killing one official and seriously wounding another. Since the agency?s life insurance program had lain dormant for years, the development alarmed anti-corruption officials.

?We no longer have life insurance,? a public presentation made available to journalists stated. During the administration of Farida Waziri, the families of deceased officials last received compensation, according to an official at the anti-corruption organization. It is tragic that the officials? first life insurance experience was over 20 years ago.

During the mission to apprehend a group of suspected cybercriminals, detectives working out of Enugu headquarters encountered strong opposition. One officer in the mission was killed instantly in the assault, and the other was transported to the hospital by nightfall in critical condition, prompting the EFCC to dust its life insurance scheme for its personnel.

A man was detained on suspicion of murder, but it was controversially revealed who he was.

Ola Olukoyede, the chairman of the EFCC, while approving the promotion of 900 officials at the commission?s 2024 awards ceremony in Abuja, he also announced that EFCC officials would once again have access to life and property insurance, which had been moribund for the previous 20 years.

He said: "At this stage, I can assure you that the management is aware of the difficulties we encounter in carrying out our duties and that attempts have been made to resolve them.

?To help with traffic, we will be implementing buses, as I mentioned in an online speech a few days ago. Approximately 900 employees have been approved for promotions; some of them have been waiting for a promotion for as long as six or seven years.

?In addition, they are attempting to resolve the insurance problem. It has been 20 years since we had any kind of insurance, either life or non-life. And the life and non-life insurance procedures ought to be completed in a month or two.?

Under his direction, the commission is focusing on enhancing employee benefits. Olukoyede continues. He said: ?You should be aware that we have been working on a few projects related to cost of living adjustment. And until this proposal is implemented, I won?t give you the whole package just yet.

?We will exert every effort to guarantee our well-being, and even if we must put in a lot of effort, we ought to receive payment for the risks we assume in this line of work.?

Who will investigate the 20 years?

The absence of life insurance for executives for 20 years against the possible risks associated with the job has drawn public criticism and raised questions about who will investigate the EFCC which has been actively working to eradicate crime in the insurance industry and has taken steps to work with regulators like NAICOM.

The lack of life Insurance for EFCC executives for 20 years against the potential risks associated with the job has drawn public criticism and raised questions about who will investigate what happened to its life insurance within the years.

?Ogaraku writes from Imo State.

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