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Tokunbo Abiru, the Lagos East Senator and Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Bill, now enacted as the Nigerian Insurance Industry Reform Act (NIIRA), 2025.
Senator Abiru, who sponsored the bill and led the push for its passage in the National Assembly, described the presidential assent as a major victory for Nigeria’s financial sector and a step toward economic resilience.
“This marks a pivotal milestone in our collective efforts to reposition Nigeria’s financial services sector for inclusive growth and global competitiveness,” Abiru said in a statement on Wednesday.
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He said the Act, one of the most significant overhauls of the insurance sector in the country’s history, repeals and consolidates outdated laws and replaces them with a single, modern legal framework.
“The NIIRA 2025 is not just about regulation,” Abiru said.
“It is a strategic intervention designed to attract investment, deepen financial inclusion, strengthen regulatory oversight, and restore trust in the insurance system.”
He highlighted key provisions of the new law, including stricter capital requirements for insurers, timelines for claims payments, digitisation of operations, compulsory insurance enforcement, and protection funds to safeguard policyholders in the event of insolvency.
“We introduced higher capital adequacy thresholds to ensure insurers and reinsurers are financially resilient and operationally sound,” he said.
“We have also mandated strict timelines for claims assessment and payment to curb the undue delays that have plagued the industry for years.”
According to Abiru, the Act aligns with the Tinubu administration’s ambition to grow Nigeria into a $1 trillion economy and reflects the synergy between the Executive and the Legislature under the Renewed Hope Agenda.
“This reform is a key pillar of the 10th National Assembly’s legislative agenda. It is a testament to what we can achieve when all arms of government work together,” he added.
The senator expressed appreciation to his colleagues in both chambers, the leadership of the National Assembly, the National Insurance Commission (NAICOM), and stakeholders across the insurance value chain for their support in passing the legislation.
“The real work starts now,” Abiru noted. “With NAICOM’s enhanced mandate, I am confident we will witness a leap in insurance penetration, stronger investor confidence, and greater public trust.”
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He concluded by reaffirming his commitment to pursuing reforms that would strengthen the financial system and build a more secure economic future for Nigerians.
“Together, we are laying the foundation for a safer, more resilient, and prosperous Nigeria,” the Lagos senator said.
