The Economic and Financial Crimes Commission has invited the Commissioner for Insurance , Mr Ayo Omoshehin , to explain allegations surrounding the collection of various fees from insurance companies under the ongoing recapitalisation exercise, including an alleged one per cent charge on fresh capital raised by operators. The invitation followed a petition by NICON Insurance Plc and the Nigeria Reinsurance Corporation to President Bola Ahmed Tinubu , in which the companies alleged irregularities in the implementation of the recapitalisation programme by the National Insurance Commission . The petitioners alleged that insurance companies had been subjected to a series of payments, including a one per cent recapitalisation fee, verification charges and additional registration fees, which they claimed amounted to more than N30bn across the industry. They questioned the legal basis for the charges, arguing that NAICOM , being a Federal Government agency, could not impose such fin...