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Tinubu Signs Landmark Insurance Reform To Accelerate Financial Sector Growth And Achieve $1tn Economy Target
President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Bill, 2025, a major legislative milestone aimed at overhauling the nation’s insurance sector and accelerating Nigeria’s progress toward a $1 trillion economy.
The new law, now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals and consolidates outdated insurance legislation into a single, modern framework.
It establishes comprehensive regulation and supervision of all insurance and reinsurance operations across the country.
In a statement issued Tuesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the landmark legislation was described as a key component of President Tinubu’s Renewed Hope Agenda for financial sector transformation.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” the statement said.
The NIIRA 2025 ushers in a new era of transparency, innovation, and global competitiveness in the Nigerian insurance landscape.
It introduces wide-ranging reforms designed to strengthen investor confidence, protect consumers, and expand industry reach.
Key provisions of the Act include stringent capital requirements for insurance firms to guarantee financial soundness, enforcement of compulsory insurance policies for enhanced consumer protection, and the digitisation of the insurance market to boost access and operational efficiency.
The Act also enforces zero tolerance for delays in claims settlement and mandates the creation of dedicated policyholder protection funds to safeguard customers in the event of insurer insolvency.
Furthermore, it expands Nigeria’s participation in regional insurance schemes such as the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) has been tasked with administering and implementing the provisions of the Act.
The Commission is expected to drive reforms that will significantly raise insurance penetration, improve industry performance, and unlock new investment opportunities.
With the signing of the NIIRA 2025, Nigeria is poised to reposition itself as a major insurance hub in Africa.
The reform is expected to catalyse sectoral growth, boost job creation, and serve as a strong foundation for achieving the administration’s $1 trillion economy target.
President Tinubu’s assent to the legislation is the latest in a series of bold moves aimed at modernising Nigeria’s financial architecture and promoting inclusive economic development through stronger regulatory frameworks.
News
How Rivers Women Spread Wrappers For Wike’s Motorcade During Port Harcourt Visit
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
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Impeachment Proceedings Against Fubara, Deputy Still Active – Rivers Assembly
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
News
Your Second Coming Was A Chance To Avoid These Political Mistakes – Fayose To Fubara
Former Governor of Ekiti State, Ayodele Fayose, says the second coming to office of the Rivers State Governor, Siminalayi Fubara, after the elapsing of the state of emergency should have made him better.
Fayose’s remarks come as the Rivers State House of Assembly has initiated impeachment proceedings against Fubara as of January 8, 2026.
Speaking in an interview on ‘Politics Today’, a programme on Channels Television on Friday, Fayose said he was removed as governor and went to exile but became a better person upon his return.
Fayose said that President Bola Tinubu hates ingratitude just like any other person else does.
The former Ekiti governor also dismissed the claim that what is happening in Rivers state is politics taken too far.
According to him, the constitution provides rules of engagement for every politician, stressing that it is when one gets out of the rule that he begins to look for public sympathy.
“The coming back of Governor Fubara should have made him a better person .If you made a mistake the first time, the second time you are not supposed to go through that route.
“Politics is a power game. Nobody solves political game for you. With due respect, let me tell you. Fubara is the one enjoying the office of the governor of Rivers state. It’s not the FCT Minister, Nyesom Wike.
“Some people are saying it’s about Tinubu’s election. No! Because Tinubu’s election will come first, don’t forget that. Both Wike and Fubara will all work for Tinubu. Two weeks after, there will be an election for Rivers state,” he said.
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