Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has received an Honorary Fellowship of the Nigerian Council of Registered Insurance Brokers (NCRIB) in recognition of his contributions to reforms in Nigeria’s insurance industry. The award was presented during the council’s 2026 Closing Dinner…...
Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has received an Honorary Fellowship of the Nigerian Council of Registered Insurance Brokers (NCRIB) in recognition of his contributions to reforms in Nigeria’s insurance industry.
The award was presented during the council’s 2026 Closing Dinner of the National Insurance Conference and Exhibition at the Shehu Musa Yar’Adua Centre, Abuja.
The NCRIB recognised Abiru’s 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 legislation, signed into law by President Tinubu on July 31, 2025, introduced measures to strengthen capital requirements, risk-based supervision, corporate governance and policyholder protection in the insurance sector.
Speaking after receiving the honour, Abiru described the recognition as a testament to 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 long grappled with low insurance penetration, limited public awareness and concerns about consumer confidence, stressing that comprehensive reforms were necessary to unlock its potential to drive economic growth and promote financial inclusion.
The senator also highlighted progress in the industry’s recapitalisation exercise, noting that the National Insurance Commission reported in August 2026 that 43 insurance and reinsurance companies had met the new minimum capital requirements.
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According to him, a stronger insurance industry would be better equipped to support businesses, finance infrastructure and investment, protect policyholders and improve the resilience of the Nigerian economy.
Abiru further highlighted the proposed Insurance Regulatory Commission Bill, 2026, which seeks to modernise the sector’s regulatory framework and strengthen supervisory and enforcement capacity.
He explained that the proposed legislation would complement NIIRA by enhancing the institutional capacity required to implement and enforce insurance regulations effectively.
The senator urged insurance professionals and brokers to maintain high standards of professionalism, transparency, innovation and customer service, emphasising that public trust would be critical to expanding insurance coverage across the country.
He thanked the leadership and members of the NCRIB for the recognition, describing the Fellowship as both an honour and a renewed call to service.
Abiru reaffirmed his commitment to working with relevant stakeholders to build a more resilient, innovative and trusted insurance industry capable of protecting policyholders, supporting businesses and contributing meaningfully to Nigeria’s economic development.