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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
Obasanjo’s Library Ready to Face EFCC in Court over Invasion
The Managing Director of the OOPL, Mr Vitalis Ortese, at a press conference in Abeokuta, said that the Anti – graft commission invasion was an assault on all what the presidential library stood for.
The management of Olusegun Obasanjo Presidential Library (OOPL) has given the Economic and Financial Crime Commission, EFCC a seven-day ultimatum to apologize of face legal action.
The Managing Director of the OOPL, Mr Vitalis Ortese, at a press conference in Abeokuta, said that the Anti – graft commission invasion was an assault on all what the presidential library stood for.
He demanded for a N3.5 billion compensation for the victims and the presidential library where the former president, Olusegun Obasanjo resides.
The legal Adviser of OOPL, Olumide Ayeni while showing the media evidence, including bullet shells and EFCC beret, said the presidential library is ready to face the anti graft in court, if it fails to yield to their demands.
The Michael & Cecilia Ibru University (MCIU) has announced the appointment of Professor Anthony Kila as its new Pro-Chancellor and Chairman of the Governing Council. This move marks a significant step in the university’s mission to enhance quality education and leadership development in Nigeria.
The appointment, made official in August, was conveyed in a letter signed by the university’s Visitor and Registrar, Dr. (Mrs.) Cecilia Ibru, and Dr. T. Kolo. It confirms the selection of Kila—an esteemed international jurist, political economist, and Jean Monnet Professor—for the university’s top strategic role.
Professor Kila, known for his extensive contributions to education, governance, and international development, brings decades of academic and professional experience to the role. As Pro-Chancellor, he will lead the university’s strategic planning, policy development, and global engagement efforts.
In a statement acknowledging his appointment, Professor Kila expressed appreciation to the university’s Governing Council and pledged to collaborate closely with the Vice-Chancellor, academic staff, and stakeholders to strengthen MCIU’s academic standing and societal impact.
“Education is the most enduring and sustainable investment one can make for the future,” Kila said. “At MCIU, we have the honour and responsibility of shaping the next generation of leaders who will drive positive transformation in Nigeria and beyond.”
In addition to his new role, Professor Kila serves as Director of the Commonwealth Institute of Advanced and Professional Studies (CIAPS) and remains a vocal advocate for educational reform and institutional capacity building.
Founded in 2015 by the Michael & Cecilia Foundation, MCIU is dedicated to academic excellence and community service. The university has previously been guided by notable figures such as Professor Ayo Banjo, Chief Joop Berkhout, and Professor Peter Gbewa Hugbo.
Kila’s appointment is expected to inject renewed energy, strategic direction, and international visibility into the university’s operations. His official inauguration will be held later this year at MCIU’s campus in Delta State.
An Ikeja Magistrates’ Court on Wednesday discharged Miss Comfort Emmason of charges bordering on unruly behaviour and assaulting the flight crew aboard an Ibom Air aircraft from Uyo to Lagos on Monday.
Magistrate Olanrewaju Salami struck out the five-count charge against Emmason after the police prosecution team withdrew the case.
At the resumed hearing, prosecutor Oluwabunmi Adeitan informed the court of new developments that necessitated the withdrawal.
She tendered an application to the court for the withdrawal of the case, which was admitted by the court.
Obasanjo’s Library Ready to Face EFCC in Court over Invasion
Ibru University Names Prof Kila as New Pro-Chancellor
BREAKING: Court discharges Comfort Emmason accused of unruly behaviour on Ibom Air flight
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