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Senate Passes Nigeria Insurance Industry Reform Bill, 2024 For Second Reading
The Nigeria Insurance Industry Reform Bill, 2024 (SB 393), sponsored by the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA (Lagos East), and 41 other Senators, passed second reading at the Senate on Thursday.
Senator Abiru, in his lead debate, addressed the Senate on the general principles of the bill that seeks to provide a comprehensive legal framework for the regulation and supervision of all manner of insurance businesses in Nigeria.
Speaking on the bill, Senator Abiru decried the low penetration of insurance services in Nigeria, despite being one of the oldest industries in the nation’s financial services sector.
He put the penetration rate at 0.5%, ranking 70th globally and 5th in Africa.
Abiru, an accomplished economist and accountant, who retired as a bank Chief Executive, argued further that, “With its (Nigeria’s) young and vibrant population and growing GDP, the potential for exponential growth is undeniable.
However, to truly thrive in the next decade, the industry must reform in order to take advantage of the opportunities and contribute to economic growth in the country”.
In reference to the extant laws that regulate the practices of various insurance businesses, like the Insurance Act, 2003, the Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigeria Reinsurance Corporation Act, these laws, according to Senator Abiru, have become obsolete and ineffective in the wake of innovations and dynamics that have characterized the practices of insurance in recent time.
He highlighted the specific objectives of the bill and the general benefits to Nigerians, and the economy.
The bill consolidates various existing pieces of legislation regulating the conduct of insurance businesses in Nigeria such as the Insurance Act, 2003 the Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigeria Reinsurance Corporation Act.
The bill seeks to provide a robust legal and regulatory framework that will ensure that the Insurance sector contributes positively to the principal objective of the Financial System Strategy to make Nigeria Africa’s financial hub and one (1) of the twenty (20) largest economies in the world; Evolve effective risk based supervision, in the regulatory system as the existing rule based supervision, enabled by the current laws has become obsolete.
The Senators unanimously hailed the provisions of the bill and commended Senator Abiru for coming up with the well-researched and critical bill that will revolutionize the insurance sector in Nigeria.
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BREAKING: President Tinubu Signs Electoral Act Amendment Bill into Law Ahead of 2027 Polls
President Bola Tinubu on Wednesday, February 18, 2026, signed the Electoral Act, 2022 (Repeal and Re-Enactment) Bill 2026 into law at the Presidential Villa, Abuja, around 5:00 p.m., finalizing sweeping changes to Nigeria’s electoral framework just days after the National Assembly passed the harmonized version and following the Independent National Electoral Commission’s (INEC) release of the 2027 election timetable.
The ceremony was attended by principal officers of the National Assembly, marking a swift assent to the legislation that repeals the 2022 Act and enacts fresh provisions to govern federal, state, and FCT elections.
Key highlights of the new law include a hybrid approach to result transmission: mandatory electronic upload of polling unit results to INEC’s IReV portal where feasible, with manual collation retained as a fallback option in cases of network failures, technical glitches, or other disruptions a provision that sparked intense debate and opposition protests during legislative proceedings.
The Senate’s passage on Tuesday featured a dramatic division vote on Clause 60(3), with 55 lawmakers supporting the retention of the manual proviso against 15 opponents, largely from opposition parties.
The House of Representatives saw rowdy sessions, opposition walkouts, and chants of “APC, ole” (thief) in protest over what critics called a dilution of full electronic transmission.
Other notable amendments include adjustments to election timelines (reducing the mandatory notice period to align with the 2027 calendar, avoiding overlaps with Ramadan), provisions on party primaries (emphasizing direct primaries while allowing consensus in some cases), and clarifications aimed at enhancing procedural efficiency for the February 20, 2027 presidential and National Assembly elections, and March 6 gubernatorial and state assembly polls.
The signing has reignited nationwide controversy. Opposition figures and civil society organizations have condemned the hybrid transmission clause as a step backward from transparency gains in the 2022 Act, warning it could enable manipulation and erode public trust. Former INEC Resident Electoral Commissioner Mike Igini had urged Tinubu not to assent, describing the bill as a “recipe for chaos” that favors elites over voters.
Supporters, including ruling APC lawmakers, argue the changes provide necessary flexibility for Nigeria’s diverse terrain and infrastructure challenges, ensuring elections proceed smoothly even in remote or poorly connected areas.
INEC is expected to issue guidance on implementing the new provisions soon, as preparations intensify for the 2027 general elections.
The development follows months of legislative back-and-forth, public hearings, and heated plenary sessions, underscoring deep divisions over electoral integrity in Africa’s most populous democracy.
President Tinubu’s swift assent has drawn mixed reactions on social media and among stakeholders, with calls for judicial challenges already emerging from critics who view the law as undermining the push for fully digital, tamper-proof elections.
News
Gas Leaks Kill 37 Miners in Plateau, 25 Hospitalised
The miners were said to have inhaled the gas while carrying out their activities underground. Most of the victims were young men between the ages of 20 and 35 who had been engaged in routine mining operations at the time of the incident.
At least 37 miners have reportedly died after being exposed to carbon monoxide while working at an underground mining site in Zurak, Wase Local Government Area of Plateau State.
Eyewitnesses said the incident occurred in the early hours of Tuesday as the miners were extracting zinc.
During the operation, toxic gas reportedly filled the tunnels, leading to a collapse within the mining site.
The miners were said to have inhaled the gas while carrying out their activities underground. Most of the victims were young men between the ages of 20 and 35 who had been engaged in routine mining operations at the time of the incident.
Twenty-five other miners who survived the exposure have been taken to a nearby health facility, where they are currently receiving medical treatment.
Confirming the incident, the Executive Chairman of Wase Local Government Area, Hamisu Anani, described the deaths of the young men as worrisome and tragic, especially as they occurred during the holy month of Ramadan, when many Muslims are fasting and praying.
He stated that the mining site has been secured to prevent further casualties and to enable investigators to determine the exact cause of the gas leak.
He also appealed to the state and federal government to come to the aid of the victims and their families, noting that the incident has left a painful impact on the community.
The member representing Wase State Constituency said efforts are ongoing to support the victims, while investigations into the incident continue.
News
UBA UK targets closing $100bn Africa trade gaps
UBA will leverage its Pan-African network and London operations to unlock capital, strengthen correspondent banking relationships and support African corporates and SMEs in accessing international trade opportunities.
UBA UK’s newly appointed CEO, Loknath Mishra, says that the bank is working hard to close Africa’s $100 billion trade finance shortfall by connecting more African businesses to global markets.
Mishra affirmed this during an appearance on Arise TV’s Global Business Report this week.
“UBA will leverage its Pan-African network and London operations to unlock capital, strengthen correspondent banking relationships and support African corporates and SMEs in accessing international trade opportunities,”he said.
According to him, the global trade order is changing, and supply chains are being rewritten and Africa is increasingly becoming a reliable and strategic partner.
He emphasised that UBA has a significant role to play in ensuring Africa is connected to the globe, and UBA UK plays a critical role in providing hard-currency liquidity, structured trade finance and settlement services through London’s financial infrastructure.
He highlighted that several international banks are retreating from African markets, even as trade across the continent is projected to grow faster than in many other regions.
He noted that the bank’s presence across 20 African countries enables UBA to connect buyers and sellers seamlessly, while UBA UK ensures efficient foreign currency settlement and international trade structuring.
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