Tokunbo Abiru
Tokunbo Abiru, senator representing Lagos east, says the newly enacted Insurance Act will deepen financial inclusion and enhance investor confidence in the country’s insurance sector.
President Bola Tinubu signed the Nigerian insurance industry reform bill 2025 into law on August 5.
In a statement on Wednesday, Abiru, who chairs the senate committee on banking, insurance and other financial institutions, said the law is a major step towards aligning Nigeria’s insurance industry with global best practices.
The Insurance Act 2025 repeals the Insurance Act of 2003 and introduces a more robust regulatory framework aimed at increasing transparency and public trust.
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Abiru said the new legislation would support economic stability and growth by improving governance standards and expanding insurance penetration.
“The Act repeals and consolidates outdated statutes, replacing them with a unified legal framework designed to foster innovation, strengthen regulatory oversight, and protect policyholders across the country,” he said.
“This reform is a key pillar in the legislative agenda of the 10th National Assembly and aligns seamlessly with the Federal Government’s vision of building a $1 trillion economy.
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“It is also a testament to what is achievable when all arms of government work in concert to deliver on the Renewed Hope Agenda.”
He said the Act would make the sector more attractive to investors, while helping to build public confidence in insurance products and services.
Abiru commended Tinubu for signing the bill into law and thanked his colleagues for their cooperation during the legislative process.
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