By Atoyebi Nike
The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, has praised President Bola Tinubu for signing the Nigerian Insurance Industry Reform Bill into law.
Now officially the Nigerian Insurance Industry Reform Act, 2025 (NIIRA), the law repeals outdated insurance legislation and introduces a unified legal framework aimed at innovation, regulation, and policyholder protection.
Abiru, who led the sponsorship of the bill, described it as one of the most comprehensive reforms in Nigeria’s insurance history and key to achieving the government’s $1 trillion economic ambition.
He noted that the Act would enhance financial inclusion, job creation, and investor confidence. “We are laying the foundations for a safer, more resilient, and prosperous Nigeria,” he said.
The senator also thanked his colleagues in the National Assembly, NAICOM, and industry stakeholders, while expressing confidence in successful implementation led by the regulatory body.
