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Senate Passes Nigeria Insurance Industry Reform Bill, 2024 For Second Reading

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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.

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UK court jails Nigerian man for masturbating in front of a woman

British Transport Police said Odutola approached a woman on the train, looked her up and down and became aggressive when she refused to engage with him. He then exposed himself while sitting in a wheelchair and began masturbating while staring at the woman and telling her to “come over”

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•A Nigerian man and registered sex offender, Babatunde Odutola

A Nigerian man and registered sex offender, Babatunde Odutola has been jailed in the UK after exposing himself and masturbating in front of a woman on a train travelling towards Manchester.

Odutola, 36, of no fixed address, was sentenced to 44 weeks in prison at Manchester Magistrates’ Court on Monday, September 14, after pleading guilty to outraging public decency and breaching a suspended sentence order.

The incident occurred around 7pm on Friday, September 11, on a train travelling through Cheshire towards Manchester Piccadilly railway station.

British Transport Police said Odutola approached a woman on the train, looked her up and down and became aggressive when she refused to engage with him. He then exposed himself while sitting in a wheelchair and began masturbating while staring at the woman and telling her to “come over”.

A fellow passenger intervened and escorted the distressed woman from the carriage.

According to police, CCTV footage showed Odutola continued masturbating as other passengers walked through the carriage.

British Transport Police officers arrested him after the train arrived at Manchester Piccadilly. He was subsequently prosecuted and jailed within 72 hours of the incident

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Digital Economy Minister Says NDPC Now Properly Functional With New HQ

” An asset recovered on behalf of the Nigerian people has now been returned to productive use for the Nigerian people. That is reform made tangible,” he said .

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Abuja| NDPC new headquarters commission , Tuesday, 15 September,2026.

An EFCC-recovered property allocated to the Ministry of Communications, Innovation & Digital Economy, has been transformed to the new headquarters of the Nigeria Data Protection Commission (NDPC) in Abuja, as its headquarters.

Speaking during the commissioned ceremony of the building, the Honourable Minister incharge of the ministry, Dr. ‘Bosun Tijani, described the facility as a tangible demonstration of the visionary leadership of President Bola Ahmed Tinubu, and his commitment to building strong institutions that can support Nigeria’s growing digital economy.

The Minister emphasised that said the occasion represented more than the opening of a new office, but a reflection of the administration’s commitment to strengthening the institutions required to protect Nigerians and build trust in the country’s digital economy.

Dr. Tijani said, “Shortly after assuming office in 2023, President Tinubu signed the Nigeria Data Protection Act into law, giving the NDPC the appropriate legal foundation and authority to protect the data and privacy rights of Nigerians.

The President also directed Ministries, Departments and Agencies of the Federal Government to comply with established data protection laws and frameworks, demonstrating that government must lead by example in upholding the standards it expects from citizens and businesses.”

He added, “In the early days of the Commission, it was difficult to ask an institution to protect the data of over 200 million Nigerians and support one of Africa’s largest digital economies without the institutional resources to do so.

President Tinubu recognised this challenge and moved to solve it, approving the resources required for the NDPC to become properly operational and functional, while building towards becoming a sustainable institution in its own right.

He also directed that an EFCC-recovered property be allocated to the Commission as its headquarters.

“An asset recovered on behalf of the Nigerian people has now been returned to productive use for the Nigerian people. That is reform made tangible,” he said .

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Boko Haram Denies Ceasefire with FG, Vows Continued Attacks

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Boko Haram has strongly denied reports of a ceasefire agreement with the Federal Government and insisted that it will continue its campaign of attacks.

In a statement released by the group, the militants dismissed claims of any truce or negotiated pause in hostilities, describing such reports as false and misleading.

The group reaffirmed its commitment to ongoing operations against government forces and other targets, vowing that its attacks will persist without interruption.

The denial comes against the backdrop of persistent insecurity in the northeast and other affected regions, where the group has maintained a long-standing insurgency.

Security sources note that the latest statement appears aimed at clarifying the group’s position and rejecting any suggestion of dialogue or de-escalation with the authorities.

Military and government officials have not issued an immediate detailed response to the claim, though security operations against the militants remain active. Authorities continue to urge vigilance as the group signals its intention to sustain violence.

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