The Nigerian Council of Registered Insurance Brokers (NCRIB) has honoured the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Adetokunbo Abiru, with an Honorary Fellowship for his role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA), 2025, and ongoing efforts to strengthen regulation and rebuild public confidence in the insurance sector.
Abiru received the honour on Wednesday at the council’s 2026 Closing Dinner of the National Insurance Conference and Exhibition held at the Shehu Musa Yar’Adua Centre, Abuja.
The fellowship recognises his role in advancing reforms in the insurance industry, particularly his sponsorship of Senate Bill 393, which culminated in the NIIRA 2025, signed into law by President Bola Tinubu on July 31, 2025.
In his goodwill message, Abiru said the recognition went beyond his personal contributions, describing it as an acknowledgement 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 industry had struggled with low insurance penetration, limited public awareness and concerns over consumer confidence, stressing that addressing these challenges through effective legislation and regulation was critical to unlocking its potential for economic growth and financial inclusion.
The senator said the reforms introduced by NIIRA were designed to strengthen capital requirements, promote risk-based supervision, improve corporate governance and enhance policyholder protection.
On the progress recorded under the recapitalisation exercise, Abiru disclosed 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 and better-capitalised insurance industry would be better equipped to support businesses, infrastructure development and investment, while strengthening the economy’s capacity to withstand financial shocks.
Abiru also highlighted the proposed Insurance Regulatory Commission Bill, 2026, which seeks to modernise the regulatory framework and improve supervisory and enforcement capacity in the industry.
According to him, the proposed legislation would complement NIIRA by strengthening the institutional structures required to ensure effective implementation and enforcement of insurance regulations.
He urged insurance brokers and other professionals to uphold high standards of professionalism, transparency, innovation and customer service, noting that public trust remained essential to expanding insurance coverage across the country.
The senator maintained that regulatory reforms and improved capitalisation must be matched by a stronger commitment to protecting policyholders and delivering reliable services if more Nigerians were to embrace insurance.
Abiru thanked the leadership and members of the NCRIB for the recognition, describing the fellowship as both an honour and a renewed call to service.
He reaffirmed his commitment to working with stakeholders to build a more resilient, innovative and trusted insurance industry capable of protecting policyholders, supporting businesses and contributing more meaningfully to Nigeria’s economic development.
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