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Insurance industry reform key to FG’s vision for $1trn economy -Senator Abiru

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President Bola Ahmed Tinubu

By Abdul-Ganiyy Akanbi

Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru, who represents Lagos East Senatorial District, has declared that the insurance industry reform would help the federal government in its vision to build a $1 trillion economy and strengthening the financial services sector in the country.

Commending President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Bill, 2025, now enacted as the Nigerian Insurance Industry Reform Act, NIIRA, 2025, he said “this marks a pivotal milestone in our collective efforts to reposition Nigeria’s financial services sector for inclusive growth and global competitiveness.”

Senator Abiru, who was the the lead sponsor of the legislation, with all the members of his committee as co-sponsors, affirmed in a statement he personally signed and released on Wednesday that the NIIRA, 2025 represents one of the most comprehensive and far-reaching reforms in the history of Nigeria’s insurance industry.

“The Act repeals and consolidates outdated statutes, replacing them with a unified legal framework designed to foster innovation, strengthen regulatory oversight, and protect policyholders across the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.

“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. 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 stressed.

The lawmaker listed some of the transformative provisions of the NIIRA to include the following: repeals and replaces multiple outdated insurance enactments with a single, modern legal framework to ensure clarity, coherence, and regulatory efficiency; and introduces higher capital adequacy thresholds to strengthen the financial resilience and operational soundness of insurers and reinsurers.

Senator Abiru added that it also establishes dedicated protection funds to safeguard policyholders’ interests in cases of insurer insolvency or failure; and strengthens the enforcement of compulsory insurance policies (e.g. motor vehicle, public buildings, and workers’ compensation) to protect lives and property; and promotes end-to-end digitisation of insurance operations, facilitating transparency, improved service delivery, and broader market access.

Others, according to him are: mandates strict timelines for claims assessment and payment, with penalties for undue delays, to restore trust and accountability in the system; provides for Nigeria’s deeper participation in regional insurance systems such as the ECOWAS Brown Card Scheme, enhancing cross-border coverage and cooperation; and empowers the National Insurance Commission, NAICOM with broader supervisory and enforcement powers to ensure compliance, innovation, and market discipline.

These reforms, he further explained “are not merely regulatory adjustments — they are strategic interventions aimed at unlocking the untapped potential of Nigeria’s insurance ecosystem, attracting investment, creating jobs, and deepening financial inclusion.”

While commending the leadership and members of the National Assembly, the management of NAICOM, and stakeholders across the insurance value chain for their contributions to the successful passage of the legislation, he maintained that as the implementation phase begins, the country would witness a significant leap in insurance penetration, investor confidence, and public trust.

Business & Economy

” E- Visa and E-CERPAC policy frustrating expatriates, foreign businessmen”–Transparency group unveil report

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Visa sample

 

By David Owei,Bayelsa

A Transparency group, Coalition for Ethical Standard Accountability and Good Governance (ESAGG) has unveiled an independent report on the effects of the E- Visa and E-CERPAC policy, declaring that expatriates and foreign workers are becoming frustrated and it has become counter productive.

According to the group, the independent checks and interview conducted with cross section of expatriates at the Abuja, Lagos and Port Harcourt airports, the expatriates expressed the frustration of paying Tax, registered by the Nigerian Immigration Service (NIS) but are frustrated by the ongoing implementation of reforms without being given E-Visa and E-CERPAC as promised.

The group, Coalition for Ethical Standard Accountability and Good Governance (ESAGG), in a statement issued online, the National Coordinator of the Comrade Ebuka Nwachukwu, ” expatriates complained of paying their taxes, getting registered by the NIS, Why are they frustrated being frustrated by the Reforms without getting our E-Visa and E-CERPAC as promised.”

“Expatriates using E- Visa and E-CERPAC have complained to our investigation team at the airport in Abuja, Lagos and Port Harcourt that the much publicized E- visa and E- CERPAC that was suppose to be issued online is frustrating and counterproductive as they experience delays and embarrassment at the point of departure and arrival.”

“This is due to the failure experience at the service windows of the Nigeria Immigration Service,as the technology for issuing online is always down and has put many expatriates at the mercy of some personnel who pretends to be helping them after subjecting them to extra cost apart from the official online payments.”

“The Expatriates interviewed said they prefer to use the regular process pending when the NIS and the Ministry of Interior will sort out with the technical cliches and remove the burden of being surcharge by personnel for undue and unwarranted assistance they are forced to succumb to due to system failure.”

“We are therefore calling on the Ministry of Interior and the NIS to phase out the Visa and CERPAC Regime professionally and side by side,not collapsing the process completely and suddenly as this has put on them lost of time,extra cost and frustrating experience to say the least”

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Slaboh Lauds NCDMB For Skill Aquisition of Ex – Agitators, – Participants Extol Leadership Style of National Chairman Third phase,PAP

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Beneficiaries of the skill aquisition training on digital analysis and marketing

 

By David Owei,Bayelsa

The National Chairman of the Third phase Ex- Agitators of the presidential Amnesty program, PAP, General Elaye Dollar Slaboh had given kudos to the Management of the Nigerian Content and Monitoring Board ( NCDMB ) for the privilege it gave by selecting sixteen delegates to participate in the five day youth empowerment on high selling self reliance skill digital marketing and data analysis program organized for Niger Delta Youths, just as he pleaded for more of such programs for it’s members which he has been advocating as such trainings will go along way to augument their monthly stipends.

The initiative was held in collaboration with the leadership of the PAP under General Elaye Dollar Slaboh,which has equipped participants with valuable skills to navigate today’s digital economy.

An elated Slaboh, stated this while welcoming the beneficiaries to his office, at Azikoro and commended them for being worthy ambassadors that conducted themselves orderly without misbehaving and for their exemplary conduct throughout the duration of the training and urged them to put to use the knowledge they received.

According to him, during several engagements with corporate bodies he had always agitated for for the training and retraining of the ex – Agitators under his leadership and applauded NCDMB and called on other corporate bodies to emulate NCDMB in providing opportunities for Niger Delta Youths to enable them become self reliance and shun youth restiveness for peace to reign and attract investors to the region.

He appealed to those not selected to be patient as they would be opportune in subsequent training programs which his leadership assured them to provide whenever the opportunity beckons and also warned them against selling their starter pack ( laptobs)

” To those not selected , be patient, as there are other trainings in the offing , as everyone can’t benefit at the same time”

Am proud to say members represented us very well as there was no negative reports of misbehaviour and misconduct about you throughout the five day training”

Speaking in their separate interviews, the participants who were randomly selected by the National Chairman, third phase , presidential Amnesty program, General Elaye Dollar Slaboh, had applauded and commended his leadership style for considering them worthy to be Beneficiaries of the skill aquisition training on digital analysis and marketing .

According to Alex Gift, he said he felt excited and considered it a rare privilege to be randomly selected by the national Chairman , Third phase of PAP , General Elaye Dollar Slaboh and prayed to God to continue to enlarge his coast, saying the knowledge he received about digital marketing and data analysis will equip him to advance the ever changing digital economy.

And being , gender friendly, Miss Stella said the training and knowledge was impactful and has increased her horizon on digital marketing and data analysis.

” With this training am now opportune by the exposure that my products can now be marketed globally instead of within the Niger Delta region ”
She poured Ecomiums on General Elaye Dollar Slaboh, for giving her this rare opportunity and wished him well in his current leadership position.

Also speaking , another participant who was overwhelmed by the opportunity given to him to participate in the program, Sammy Vincent, said he was very happy for being selected for the NCDMB five day skill aquisition programe on digital and data analysis for the opportunity impacted in him on the knowledge about graphic design and the gift of laptobs.

From Tonbara. W. Bai” Am so elated and lacked words to thank the National Chairman Third phase of PAP, General Elaye Dollar Slaboh and may God to bless and enlarge his coast”

He said he will not take this opportunity for granted and applauded the NCDMB management for it’s efforts in empowerment of Niger Delta Youths in the region.

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Business & Economy

Senate Approves Tinubu’s $21.5bn External Borrowing Plan

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Senate in session in the chamber

 

By George Mgbeleke

The Senate, on Tuesday approved an external borrowing plan of $21.5 billion for the 2025–2026 Medium Term Expenditure Framework (MTEF) designed to finance key projects in critical sectors including infrastructure, security, education, health, agriculture, and human capital development.

The Red chamber also approved a ¥15 billion Japanese loan, a €65 million grant, and additional domestic borrowing of ₦757 billion through federal bonds to offset pension arrears as of December 2023.The lawmakers further gave approval to an exec request to raise up to $2 billion through foreign-currency denominated instruments in the domestic market.

These approvals, which came on Tuesday, followed the presentation of a report by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Aliyu Wamakko (APC-Sokoto), at plenary. Wamakko said the loan request was in line with the already approved Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the 2025/2026 budget cycle. According to him, him, the committee recommended the approval, as the borrowing plan is within the framework already passed by the National Assembly.

Chairman, Senate Committee on Appropriation, Senator Solomon Adeola (APC-Ogun) while supporting the motion srated that the loans were embedded in the 2025 Appropriation Act, adding that with the approval, all revenue sources, including loans, were now in place to fund the budget.
Similarly. Chairman Senate Committee on Finance, Senator Sani Musa (APC-Niger) stressed that the loans would be disbursed over six years and assured that Nigeria was in a good position to utilise the loan and pay back as agreed with the creditors. Musa ruled out the fears in some quarters that Nigeria’s debt profile was becoming too burdensome, stressing that Nigeria had never defaulted on any of its liabilities.
However, Senator Abdul Ningi (PDP-Bauchi) raised concerns over the absence of repayment details and how the loans would directly impact constituents.
“We must tell Nigerians exactly how much is borrowed in their name and for what purpose,” Ningi said.
inclusiveness.

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