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
UPDATE: Four-storey building collapses in Lagos (Photos)

A four-storey building has collapsed in Ojodu-Berger area of Lagos, with occupants trapped, and some feared dead.
Panic gripped residents when the uncompleted building suddenly collapsed on Saturday.
The building houses the popular Equal Right Restaurant.
The incident happened at about 11a.m., today.
As of press time, men of Lagos State Fire and Rescue Service, as well as the Lagos State Emergency Management Agency, LASEMA, who had been contacted have arrived at the scene.
See photos below:




News
BREAKING: Many feared trapped, as Building collapses in Ojodu Lagos

An unspecific number of people are believed to be trapped under an uncompleted storey building which collapsed in Lagos.
The building housing Equal Rights restaurant located at Oremeta Street, Ojodu Lagos, went down on Saturday morning.
It is believed, however, that some people are still trapped underneath the rubble.
Details later….
Crime
Police rescue 10 kidnapped University of Benin students

Edo State Police Command says it has rescued 10 University of Benin, UNIBEN, students abducted by suspected kidnappers at Ofosu area along the Benin-Ore expressway.
It was gathered that the students were on their way to Babcock University for Annual GYC Africa Conference when they were kidnapped on April 16 at the community bordering Edo and Ondo States.
The Public Relations Officer of the Command, Moses Yamu disclosed this in a statement made available to newsmen.
Yamu said the rescued students are eight males and two females.
He said during the rescue operation, one of the suspected kidnappers was killed, while other escaped with bullet wounds.
He also disclosed that one of the Police officers, an Inspector sustained gunshot injury and is currently responding to treatment in an undisclosed hospital.
The statement read: “The Command wishes to update the general public of the unfortunate kidnap of some students who were on their way to Babcock University for Annual GYC Africa Conference on 16/04/2025 at a location bordering Edo and Ondo States.
“On receipt of this information, the Commissioner of Police, Monday Agbonika, immediately deployed operatives of the Ohosu Division, IRT, tactical teams alongside vigilantes and hunters into the bushes for possible rescue of the victims and arrest of suspects.
“During the operation, operatives engaged in a gun duel with these kidnappers. In the process, one of the kidnappers was neutralised, while others escaped with bullet wounds.
“The operatives were cautious to avoid collateral damages as the kidnappers used the victims as human shields. Unfortunately, an Inspector of Police sustained a gunshot injury and is currently responding to treatment.
“This rescue effort eventually paid off as the ten (10) kidnapped students comprising eight (8) male and (2) females were released due to intense pressure mounted on them.”
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