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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
Federal Government Denies Plans to Introduce New Telecoms or Fuel Taxes
The Federal Government has firmly rejected recent media reports and public speculation suggesting that new taxes on telecommunications services and petroleum products are being planned or have been adopted following the release of the International Monetary Fund’s (IMF) Article IV Consultation Report on Nigeria.
In a statement issued on Tuesday, the government described the claims as inaccurate and misleading, stressing that they do not reflect its official position.
“The Federal Government is not considering the introduction of any new taxes on telecommunications services or petroleum products,” the statement read.
The government clarified that the IMF report contains only the Fund’s assessments and policy recommendations, which are not binding on Nigeria. Policy decisions, it emphasised, are made through Nigeria’s constitutional, legislative, and institutional processes, guided by national priorities and economic realities.
On petroleum products, the statement confirmed that the current Value Added Tax (VAT) waiver on fuel remains fully in effect and has not been withdrawn. It added that implementing the fuel surcharge provided for in existing law would require a specific ministerial order and publication in the Official Gazette — steps that are not being contemplated at this time.
The suspended taxes, according to the government, have helped keep domestic fuel prices below international averages and those in neighbouring countries, providing relief to Nigerian households and businesses amid global energy market volatility.
Regarding telecommunications, the government noted that the excise duty introduced before 2023 has already been repealed under the new tax laws and is no longer applicable.
The public, media organisations, businesses, and other stakeholders have been advised to disregard any reports claiming the government intends to introduce these new taxes.
The statement reaffirmed the government’s commitment to a transparent, growth-oriented tax policy framework focused on improving revenue administration, expanding economic activity, eliminating inefficiencies, and fostering a competitive environment for investment and job creation.
“Any future tax policy changes, where necessary, will be communicated through official channels and implemented strictly in accordance with the law and due process,” it added.
The statement was signed by Maryann Duke, Senior Special Assistant on Communications & Press Secretary to the Honourable Minister of Finance and Coordinating Minister of the Economy.
News
Appeal Court Overrides Justice Lifu’s judgment against ADC, 4 others
The appellate court held that Justice Lifu’s action amounted to an affront on the hierarchy of courts.
The Court of Appeal in Abuja has ordered the stay of execution of the judgment that directed the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC) and four other political parties.
In a unanimous decision, a three-member panel of the appellate court led by Justice A. B. Mohammed, berated Justice Peter Lifu of the Federal High Court in Abuja for flouting an order it made on May 22, which directed him to suspend proceedings before him.
The appellate court held that Justice Lifu’s action amounted to an affront on the hierarchy of courts.
It held that the lower court’s action was “the highest form of judicial impertinence,” stressing that the Supreme Court previously held that a judge who acted in such manner “is unfit for the bench as it amounts to judicial rascality.”
“Courts are enjoined to protect their integrity.
This Court has supervisory authority over the trial court. The decision of the lower court to proceed with the judgment despite the express order of this court is a brazen violation of the hierarchy of the court and the 1999 Constitution.“
This court has the duty to invoke its powers in ensuring that its orders are made.
News
Police confirms NIPSS Kuru Jos killings
The command disclosed that security has been beefed up around the facility following the attack.
Gunmen attacked the National Institute for Policy and Strategic Studies (NIPSS) Kuru, Jos leaving three security operatives dead in the early hours of today, 16th June 2026.
This was revealed by the Plateau State Police Command Public Relations Officer, SP Alfred Alabo.
“Regrettably, three security personnel lost their lives during the incident.”
The command disclosed that security has been beefed up around the facility following the attack.
“Security reinforcements have been deployed, and patrols have been intensified around the general area by the Commissioner of Police, CP Bassey Ewah,” SP Alabo stated.
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