Kindly leave a comment and share
Chuks Udo Okonta
The influx of insurance commission racketeers in the broking business is constituting great threats, Inspenonline can report.
Investigations by Inspenonline revealed that these racketeers, often position themselves around big ticket businesses and do force genuine brokers to part huge sums of money as commissions before securing deals.
Some brokers told this medium that broking business presently is based on connections, stating that if you don’t comply, you can secure a business.
According to them, these racketeers are within the corridors of power and big organisations, stating that some of them have registered broking businesses to capture opportunities in their domains and organisations.
It was also gathered that some of them do buy broking firms to execute their vices.
They submitted that these racketeers that are positioned in organisations, open insurance bids within their organisations, allowing genuine brokers to partake and at the end of the bidding exercise, the businesses are giving to their broking firms.
The brokers implored the leadership of National Insurance Commission (NAICOM) to intervene in examining the capacity of most insurance firms appointed as lead in big tick businesses, especially those of the government.
They expressed worry that if the trend is not quickly checked, genuine brokers may be edged out of business, creating unemployment and unprofessionalism.
They also accused brokers who connived with these racketeers in perpetuating these illegal vices.
