Nigeria, July 22 -- The House of Representatives has launched a sweeping probe into the operations of 25 insurance companies over alleged financial infractions and non-remittance of statutory revenues to the federal government.

The House Sub-Committee on Capital Market and Institutions, chaired by Kwamoti Laori (PDP, Adamawa State), is conducting the probe.

At a hearing on Monday at the National Assembly, Mr Laori disclosed that the exercise was triggered by petitions alleging systemic breaches and non-compliance by the firms, which have collectively cost the federal government hundreds of billions of naira in unremitted funds.

Mr Laori explained that each company had been served with details of its alleged liabilities and was expected...