By Ghazali Ibrahim
Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, has expressed deep gratitude to President Bola Ahmed Tinubu for signing the landmark Nigerian Insurance Industry Reform Bill, 2025 into law.
Now enacted as the Nigerian Insurance Industry Reform Act (NIIRA), 2025, the legislation represents one of the most significant overhauls of Nigeria’s insurance sector in decades.
Senator Abiru described it as “a bold step toward transforming the country’s financial services landscape.”
“I want to sincerely thank the President of the Federal Republic of Nigeria, His Excellency Asiwaju Bola Ahmed Tinubu, GCFR, for graciously assenting to the Nigerian Insurance Industry Reform Bill, 2025,” Senator Abiru said in a statement.
As the lead sponsor of the bill, Senator Abiru noted that the Act repeals and consolidates outdated insurance laws, strengthens the supervisory role of the National Insurance Commission (NAICOM), and introduces key reforms aimed at restoring public trust and deepening insurance penetration.
Senator Abiru emphasized that the NIIRA aligns with the Tinubu administration’s economic vision of achieving a $1 trillion economy, stating that the law will foster investment, create jobs, and enhance financial inclusion.
“The NIIRA is more than reform. It’s a strategic move that delivers renewed hope to Nigerians and lays the foundation for a safer, more resilient, and prosperous economy,” he said.
He also praised the contributions of fellow lawmakers, the leadership of NAICOM, and other stakeholders whose input helped shape the legislation.
“As we now move into the implementation phase, I am confident that we will witness significant progress in strengthening public trust in the insurance industry,” he added.
