Abiru Advocates for Insurance Reforms to Boost Economy
Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, stated that the implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and the ongoing recapitalisation of insurance companies will enhance policyholder protection, boost investor confidence, and significantly contribute to Nigeria's economic development. Abiru made these comments in a goodwill message on October 21 after receiving an Honorary Fellowship from the Nigerian Council of Registered Insurance Brokers (NCRIB) during the 2026 Closing Dinner of the National Insurance Conference and Exhibition at the Shehu Musa Yar’Adua Centre in Abuja.
The NCRIB recognized Abiru's contributions to insurance reforms, particularly his role in sponsoring the NIIRA 2025, which was assented to by President Bola Tinubu on July 31, 2025. The law aims to strengthen capital requirements and improve risk-based supervision.
Abiru noted that 43 insurance and reinsurance companies had met the new minimum capital requirements as of August 2026, indicating progress towards a stronger insurance sector.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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