President Bola Tinubu has signed the Nigerian insurance industry reform bill 2025 into law.
![](https://thenigerialawyer.com/wp-content/uploads/2024/11/TheNigerialawyer-WhatsApp-Channel1.jpg")
Tinubu assented to the bill on Tuesday to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
In a statement on Tuesday, Bayo Onanuga, special adviser on information and strategy to Tinubu, said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.
Onanuga explained that the new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” he said.
“The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy.”
Onanuga said the Act is a part of the renewed hope agenda for the insurance sector, introducing critical measures such as stringent capital requirements to ensure the financial soundness of operators.
He said the initiative will also ensure enforcement of compulsory insurance policies to enhance consumer protection, and digitisation of the insurance market to improve access and efficiency.
The spokesperson further said the new Act will ensure zero tolerance for delayed claims settlement, creation of dedicated policyholder protection funds in insolvency cases, and expanded participation in regional insurance schemes like the ECOWAS Brown Card System.
“The National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country,” Onanuga added.
He noted that the National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.
Onanuga added that the reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.
Interested buyers are encouraged to place their orders and enquiries via:
0704 444 4777, 0704 444 4999, 0818 199 9888
Website: www.alexandernigeria.com
Reimagine your practice with the power of AI “...this is the only Nigerian book I know of on the topic.” — Ohio Books Ltd
Authored by Ben Ijeoma Adigwe, Esq., ACIArb (UK), LL.M, Dip. in Artificial Intelligence, Director, Delta State Ministry of Justice, Asaba, Nigeria.
Bonus:
Get a FREE eBook titled “How to Use the AI in Legalpedia and Law Pavilion” with every purchase.
How to Order: 📞 Call, Text, or WhatsApp: 08034917063 | 07055285878 📧 Email: benadigwe1@gmail.com 🌐 Website: www.benadigwe.com
Ebook Version: Access directly online at: https://selar.com/prv626
_______________________________________________________________________ [A MUST HAVE] Evidence Act Demystified With Recent And Contemporary Cases And Materials
The book, titled The Law of Torts in Nigeria: A Functional Approach, authored by Professor Hagler Sunny Okorie Ph.D and Ikeocha, Nathaniel Ngozi Esq, offers law students, practitioners, and academics a comprehensive guide to understanding and applying tort law in Nigerian courts. Interested buyers can place orders via the following contact numbers: 08028636615, 08037667945, 08032253813, or +234 902 196 2209.
