General News
Abiru Bags NCRIB Fellowship for Championing Insurance Reforms
The Nigerian Council of Registered Insurance Brokers (NCRIB) has honoured Senator Adetokunbo Abiru (Lagos East) with its Fellowship in recognition of his contributions to reforms in the insurance sector.
Abiru, who chaired the Senate Committee on Banking, Insurance and Other Financial Institutions, was inducted as a Fellow of the NCRIB on Wednesday, October 21, 2026, at the council’s 2026 Closing Dinner held at the Shehu Musa Yar’Adua Centre, Abuja.
Specifically, the NCRIB recognised Abiru’s constructive engagement with industry stakeholders and his role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA), 2025, which he sponsored as Senate Bill 393.
The law, assented to by President Bola Ahmed Tinubu on July 31, 2025, introduced reforms aimed at strengthening capital requirements, risk-based supervision, corporate governance and policyholder protection.
In his goodwill message, Abiru described the honour as not merely a personal achievement but a recognition of the collective efforts of the National Assembly, the Executive, regulators and industry stakeholders to reposition insurance as a stronger pillar of Nigeria’s financial system.
He noted that the sector had long faced challenges, including low insurance penetration, limited public awareness and concerns over consumer confidence, stressing that effective reforms were necessary to unlock its potential for economic growth and financial inclusion.
Abiru also highlighted progress in recapitalisation, noting that the National Insurance Commission reported in August 2026 that 43 insurance and reinsurance companies had met the new minimum capital requirements.
He said a stronger insurance industry would be better positioned to support businesses, infrastructure and investment while improving the economy’s resilience.
The senator further drew attention to the proposed Insurance Regulatory Commission Bill, 2026, which seeks to modernise the regulatory framework and strengthen supervisory and enforcement capacity.
He said the proposed reform complements NIIRA by improving the institutional capacity needed to implement and enforce insurance regulations effectively.
He urged insurance professionals and brokers to uphold high standards of professionalism, transparency, innovation and customer service, emphasising that public confidence would be essential to expanding insurance coverage across Nigeria.
Abiru expressed gratitude to the NCRIB leadership and members for the recognition, describing the Fellowship as both an honour and a renewed call to service.
He reaffirmed his commitment to working with industry stakeholders to build a more resilient, innovative and trusted insurance sector capable of protecting policyholders, supporting businesses and contributing more meaningfully to Nigeria’s economic development.