Senator Applauds Tinubu for Enacting Major Insurance Reform Law.

Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has commended President Bola Tinubu for signing the Nigerian Insurance Industry Reform Bill, 2025, into law.

The newly enacted legislation, now known as the Nigerian Insurance Industry Reform Act, 2025, marks a significant step toward modernizing Nigeria’s financial sector.

In a statement released in Abuja, Abiru described the new law as a landmark achievement and one of the most sweeping reforms in the history of Nigeria’s insurance industry.

As the bill’s lead sponsor, along with the full support of his committee, he noted that the Act repeals outdated legislation and establishes a consolidated, modern legal framework aimed at enhancing innovation, regulatory oversight, and policyholder protection.

He stressed that the reform supports the federal government’s broader economic goal of achieving a $1 trillion economy and reflects the success of coordinated governance under the Renewed Hope Agenda.

Abiru emphasized that the Act goes beyond routine reforms, calling it a strategic initiative to unlock the insurance sector’s full potential by attracting investment, boosting employment, and promoting financial inclusion across the country.

He also thanked the Senate leadership, fellow lawmakers in both chambers, the National Insurance Commission (NAICOM), and industry players for their contributions to the bill’s successful passage.

“With this new mandate, NAICOM is well-positioned to drive growth in insurance coverage, strengthen investor confidence, and restore trust in the industry,” Abiru said. “This law lays a strong foundation for a safer and more prosperous future for Nigeria.”