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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.
News
Police must pay transport fares, says AIG
” No police officer has the right to enter your vehicle without paying. We should assist one another willingly, not by force,” he said.
• The Assistant Inspector-General of Police(AIG) in charge of Zone 2 Command, Mr Olohundare Jimoh, speaking with transporters at Obalende garage, Lagos State, on Wednesday.
The Assistant Inspector-General of Police, Zone 2 Command, Mr Olohundare Jimoh, has declared that officers must pay fares before boarding commercial vehicles, warning against abuse of authority.
Jimoh spoke on Wednesday at Obalende garage during a sensitisation meeting with drivers and transport workers marking National Police Day 2026.
He stressed that relations between police and the public must be based on partnership, not coercion, urging both sides to support each other voluntarily.
“No police officer has the right to enter your vehicle without paying. We should assist one another willingly, not by force,” he said.
Jimoh called for stronger cooperation to maintain safety and order on roads, insisting there was no conflict between officers and transport unions.
“I don’t collect money from officers. We don’t arrest people arbitrarily. If you have issues with any officer, report directly to me,” he said.
(Vanguard)
News
Tinubu scurries to Jos after Mutfwang’s security brief
President Bola Ahmed Tinubu will leave for Jos tomorrow to commiserate with the state government and residents over recent deadly gun attacks that lefts dozens dead.
This was following Governor Caleb Mutfwang’s security briefing to the President on the recent violent attack in Angwan Rukuba, Plateau State.
During the meeting on Wednesday at the presidential villa in Abuja, Governor Caleb Mutfwang told Mr President that although security forces have restored calm after fresh disturbances involving looters on Wednesday morning, following the deadly Palm Sunday attack that left more than a dozen dead and many others injured.
He said that investigations are continuing to determine the identities or motives of the attackers who are yet to be apprehended .
Presidency source said that President Tinubu was initially scheduled for a planned trip to Ogun State to flag off operations at the Gateway International Cargo Airport on Thursday.
From Jos, the President will travel to Lagos to observe Good Friday.
On Saturday, April 4, he will visit Ogun State to commission projects including the cargo airport.
He will then return to Lagos during the Easter holiday to commission several state infrastructure projects, including the Ojota/Opebi Link Bridge.
Before heading back to Abuja, the president will visit Bayelsa State on April 10 to commission projects completed under Governor Duoye Diri.
News
JUST IN: Tinubu Heads to Jos Tomorrow, Postpones Ogun Trip for 5-State Visits
President Bola Ahmed Tinubu will tomorrow embark on a visit to Jos, Plateau State, as the first leg of a five-state tour across the country.
The Presidency announced that the President has postponed his scheduled trip to Ogun State to enable him to commence the series of official visits.
Details of the remaining four states in the tour are expected to be released by the Presidency in due course.
The development comes as President Tinubu continues nationwide engagements aimed at assessing development projects, interacting with stakeholders, and addressing key national issues in the respective states.
Further updates on the itinerary will be communicated as the visits progress.
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