News
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.
News
ChatGPT to get parental controls after teen’s death
Matthew and Maria Raine argue in a lawsuit filed last week in a California state court that ChatGPT cultivated an intimate relationship with their son Adam over several months in 2024 and 2025 before he took his own life.

•ChatGPT logo/ AFP
(AFP) American artificial intelligence firm OpenAI said Tuesday it would add parental controls to its chatbot ChatGPT, a week after an American couple said the system encouraged their teenage son to kill himself.
“Within the next month, parents will be able to… link their account with their teen’s account” and “control how ChatGPT responds to their teen with age-appropriate model behaviour rules”, the generative AI company said in a blog post.
Parents will also receive notifications from ChatGPT “when the system detects their teen is in a moment of acute distress”, OpenAI added.
Matthew and Maria Raine argue in a lawsuit filed last week in a California state court that ChatGPT cultivated an intimate relationship with their son Adam over several months in 2024 and 2025 before he took his own life.
The lawsuit alleges that in their final conversation on April 11, 2025, ChatGPT helped 16-year-old Adam steal vodka from his parents and provided a technical analysis of a noose he had tied, confirming it “could potentially suspend a human”.
Adam was found dead hours later, having used the same method.“When a person is using ChatGPT it really feels like they’re chatting with something on the other end,” said attorney Melodi Dincer of The Tech Justice Law Project, which helped prepare the legal complaint.
“These are the same features that could lead someone like Adam, over time, to start sharing more and more about their personal lives, and ultimately, to start seeking advice and counsel from this product that basically seems to have all the answers,” Dincer said.
News
FG Declares Friday Eid-ul-Mawlid Public Holiday
On behalf of the Federal Government, the Minister of Interior, Dr Olubunmi Tunji-Ojo, extended warm greetings to Muslims in Nigeria and worldwide.

•Minister of Interior, Dr Olubunmi Tunji-Ojo
The Federal Government has declared Friday, September 5, 2025, a public holiday to mark Eid-ul-Mawlid, the birth of the Holy Prophet Muhammad.
This was contained in a statement issued by the Permanent Secretary, Ministry of Interior, Dr Magdalene Ajani.
In the statement, the Minister of Interior, Dr Olubunmi Tunji-Ojo, on behalf of the Federal Government, extended warm greetings to Muslims in Nigeria and worldwide.
He urged the Muslim Ummah to emulate the Prophet’s virtues of peace, love, humility, tolerance and compassion, stressing that these values are crucial to building a united and progressive nation.
Business
Aviation Fraud: NCAA Calls for EFCC Intervention

The Nigerian Civil Aviation Authority (NCAA) has urged the Economic and Financial Crimes Commission (EFCC) to escalate its fight against fraud and economic crimes plaguing the aviation industry.
NCAA Director General, Captain Chris Najomo, made the appeal during a courtesy visit to EFCC Chairman, Mr. Ola Olukoyede, at the commission’s Abuja headquarters on Tuesday, according to a statement released on the EFCC’s official X handle.
Najomo highlighted how fraudulent activities are severely undermining safety oversight and operational transparency within the sector. He specifically pointed to high-value transactions like aircraft purchases, leasing arrangements, foreign maintenance contracts, and safety infrastructure procurement as areas particularly vulnerable to abuse.
“Non-remittance weakens the NCAA’s ability to fund safety oversight and operational efficiency, and may require EFCC’s intervention to investigate cases where deliberate withholding, diversion, or misappropriation of these funds is suspected,” Najomo stated.
He further alleged that some aviation operators deliberately under-report revenues, manipulate ticketing systems, or divert funds, actions that cripple the NCAA’s regulatory capacity.
Najomo also raised concerns about illegal charter operations disguised as private flights, which involve unregulated financial flows, emphasizing the critical need for the EFCC’s financial intelligence expertise to uncover such practices.
To address these challenges, Najomo proposed collaborative initiatives, including training NCAA personnel to identify financial red flags, organizing joint sensitization workshops, and establishing robust intelligence-sharing mechanisms to enhance regulatory oversight.
Responding, EFCC Chairman Ola Olukoyede welcomed the partnership and announced that senior EFCC officers would collaborate with the NCAA to finalize a Memorandum of Understanding (MoU).
The agreement will focus on joint investigations, intelligence exchange, and compliance monitoring. “With the kind of work you do, when people see us beside you, they will take you seriously. Aviation is an area where we have seen money laundering, particularly through chartered services.
That is why we have been reaching out to you, and we will continue until we achieve the desired results,” Olukoyede affirmed.
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