The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Adetokunbo Abiru, on Wednesday commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Bill, 2025, now signed into law as the Nigerian Insurance Industry Reform Act, 2025.
In a statement issued in Abuja, Abiru described the development as a pivotal milestone in the collective efforts to reposition Nigeria’s financial services sector for inclusive growth and global competitiveness.
Abiru, who was the lead sponsor of the bill with the entire Senate Committee as co-sponsors, said the NIIRA represents “one of the most comprehensive and far-reaching reforms in the history of Nigeria’s insurance industry.”
According to him, “The Act repeals and consolidates outdated statutes, replacing them with a unified legal framework designed to foster innovation, strengthen regulatory oversight, and protect policyholders across the country.”
He added that the reform aligns with the Federal Government’s goal of building a $1 trillion economy, stressing that it is “a testament to what is achievable when all arms of government work in concert to deliver on the Renewed Hope Agenda.”
Abiru maintained that the reforms are not just adjustments but strategic interventions aimed at unlocking the untapped potential of Nigeria’s insurance ecosystem to attract investment, create jobs, and deepen financial inclusion.
He acknowledged the support of Senate leadership, his colleagues in both chambers of the National Assembly, NAICOM, and industry stakeholders for their roles in the bill’s passage.
“The implementation phase now begins, and I am confident that with NAICOM’s renewed mandate, we will witness a significant leap in insurance penetration, investor confidence, and public trust.
“Together, we are laying the foundations for a safer, more resilient, and prosperous Nigeria,” Abiru added.