By Ghazali Ibrahim
Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has received an honorary fellowship from the Nigerian Council of Registered Insurance Brokers (NCRIB) for his contributions to reforms in Nigeria’s insurance sector.
The award was presented on Wednesday, October 21, 2026, during the closing dinner of the council’s 2026 National Insurance Conference and Exhibition at the Shehu Musa Yar’Adua Centre in Abuja.
The council recognised Abiru’s engagement with industry stakeholders and his role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which he sponsored as Senate Bill 393.
President Bola Tinubu signed the legislation into law on July 31, 2025, introducing reforms to strengthen capital requirements, risk-based supervision, corporate governance and policyholder protection.
In his goodwill message, Abiru said the recognition reflected the collective efforts of the National Assembly, the executive, regulators and industry stakeholders to strengthen insurance as a pillar of Nigeria’s financial system.
He noted that the industry had continued to grapple with low insurance penetration, limited public awareness and concerns about consumer confidence, stressing that effective reforms were necessary to expand coverage and support economic growth.
The senator also highlighted progress in the sector’s recapitalisation exercise, citing a report by the National Insurance Commission in August 2026 that 43 insurance and reinsurance companies had met the new minimum capital requirements.
According to him, a stronger insurance industry would be better positioned to support businesses, infrastructure development and investment while improving the economy’s resilience.
Abiru further pointed to the proposed Insurance Regulatory Commission Bill 2026, which seeks to modernise the regulatory framework and strengthen supervisory and enforcement capacity.
He said the proposed legislation would complement NIIRA by improving the institutional capacity required to implement and enforce insurance regulations.
The senator urged insurance brokers and other industry professionals to uphold professionalism, transparency, innovation and quality customer service, noting that public trust remained essential to expanding insurance coverage across the country.
He thanked the NCRIB leadership and members for the honour, describing the fellowship as both a recognition of past efforts and a renewed call to service.
Abiru reaffirmed his commitment to working with stakeholders to build a resilient and trusted insurance industry capable of protecting policyholders, supporting businesses and contributing to Nigeria’s economic development.
