Business & Economy
Insurance industry reform key to FG’s vision for $1trn economy -Senator Abiru
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“The Act repeals and consolidates outdated statutes, replacing them with a unified legal framework designed to foster innovation, strengthen regulatory oversight, and protect policyholders across the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listed some of the transformative provisions of the NIIRA to include the following: repeals and replaces multiple outdated insurance enactments with a single, modern legal framework to ensure clarity, coherence, and regulatory efficiency; and introduces higher capital adequacy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
Our Reforms Have Repositioned Local Govt System In Bayelsa For Efficiency, Says Dep. Governor
By David Owei,Bayelsa
Bayelsa State Government says its reforms in local government administration has repositioned the system for efficient and effective service delivery to the people.
The Deputy Governor, Senator Lawrence Ewhrudjakpo, stated this, on Thursday, while declaring open a two-day entrepreneurship workshop for retiring local government staff drawn from the eight councils and 32 Rural Development Authorities, RDAs, in the state
Senator Ewhrudjakpo, in a statement issued by his Senior Special Assistant on Media, Mr Doubara Atasi, noted that all the local government councils are now solvent and embarking on meaningful people-oriented projects due to the bold initiatives of the present administration.
According to him, before the advent of the Governor Douye Diri-led government working in the local government service was like inviting a curse, stressing that the prospects of getting
Senator Ewhrudjakpo, however, emphasized that all that had now changed for the better following the reforms, and promised to do more to ensure that people at the grassroots feel real impact of governance.
While appreciating Governor Douye Diri for creating the enabling environment for him to drive the reforms as the supervising officer of the councils and RDAs, he urged the participants to take the training seriously to safeguard their post-retirement life from unnecessary hardship and frustration.
His words: “I wish to first of all, thank the Governor of our state, Senator Douye Diri for the opportunity he has given to us in the local government system. Before now, people think working in the local government was a curse.
“But today, I can assure you that many people are now considering transferring their services to the local government because of the reforms we have introduced.
“The reforms are not meant to idolize or venerate the present administration. But they were deliberate, conscious efforts based on our experiences and what people had passed through over the years.
“We felt we cannot leave the stage and leave people the way we met them. And that is why we came up with the reforms. And with your collaboration and cooperation, the reforms are now manifesting in what you are seeing today. So I thank every single stakeholder.”
In a welcome address, the Chairman of the State Local Government Service Commission, Chief Lambert Ototo, noted that the training with the theme, “Retirement to Relevance: Building Sustainable Livelihood Through Entrepreneurship”, was part of the ongoing reforms in the local government system to adequately prepare retirees for life after active service.
Chief Ototo, who described the participants as fortunate to undergo the pre-retirement workshop, expressed gratitude to Governor Diri and his deputy for turning the pitiable situation of the local government system in the state around for good.
Delivering a lecture titled “Understanding Entrepreneurship and Life After Service, Dr. Zuobomudo Agbana, enjoined the participants and retirees to cheerfully embrace retirement as it only marks the beginning of a new journey in life and not the end of work.
Dr Agbana also charged them to apply entrepreneurship in their retirement phase of life as a tool to enable them achieve financial independence and make impact in their various communities.
Business & Economy
Runway overrun : Senate gives Airpeace Clean bill of health …As FAAN , NIBS , other stakeholders say investigation, ongoing
By Our Correspondent
After mild face off between members of the Senate Committee on Aviation and the Chairman of Airpeace Airlines, Allen Onyeama over runway overshoot on the 13th of July this year at Port Harcourt International Airport , the committee gave Airpeace a clean bill of health .
But critical stakeholders in the Aviation sector like the Federal Airport Authority of Nigeria ( FAAN ) , the Nigerian Safety Investigation Bureau ( NSIB) , Nigeria Civil Aviation Authority ( NCAA) etc , told the committee that investigation on the incident has not been concluded .
The clean bill of health given to Airpeace by the committee came after an hour closed door session between it and stakeholders in the Aviation sector they hurriedly went for , when the Airpeace boss frowned at reason given for the session .
The committee had as mandated by the Senate , titled the session as “One day Investigative hearing on the Need to strengthen Aviation Safety following the NSIB report on Air Peace Runway overun at Port-harcourt Airport “, which was vehemently kicked against by Airpeace Chairman
In kicking against the session , Onyeama told the committee that the investigative hearing shouldn’t have centred on Airpeace alone since Runway overshoots occur globally by various Airlines .
“I initially did not want to honour this invitation but on second thought, I came because the Senate members are our customers, and they have every right to be concerned about safety. I must, however, correct certain impressions created by the title or topic used for this session .
“What we say here is being monitored globally. We must be careful not to impugn the integrity of the NSIB or destroy public trust in Nigerian airlines. Air Peace is one of the safest airlines in the world, not just in Nigeria”, he said .
He clarified that the Air Peace aircraft involved in the incident suffered no mechanical fault or damage, and that the runway excursion was a result of human error.
“The aircraft in question had no single damage. It flew back to Lagos the same day,. The pilot has flown for nearly 40 years — one of the most experienced in our fleet.
“He simply had a bad day. Unfortunately, the early report created confusion that made it appear as if the aircraft was faulty or the pilots were intoxicated.”
Moved by his appeal, the committee led by Senator Abdulfatai Buhari ( Oyo North), went into closed door session with him and other stakeholders after which his Airline was exonerated from any wrong doing as far as the runway overshoot incident was concerned .
Specifically, the Chairman of the committee who gave the clean bill of health to Airpeace said : ” Senate’s review of the Nigerian Safety Investigation Bureau (NSIB) report revealed serious inconsistencies and uncoordinated findings, could damage Nigeria’s aviation reputation before international regulators if left uncorrected.
“Air Peace and United Nigeria Airlines are our own. We need to support them, not damage their reputation with unverified claims.
“The most important thing is that no lives were lost, and the aircraft was not damaged. It was towed and later flown back safely to Lagos.”
He commended Air Peace and other indigenous airlines for maintaining internal safety checks and conducting random testing of their pilots and staff, insisting that Nigeria should “encourage rather than destroy” its local carriers.
Earlier in her submission on the incident before the committee , the Managing Director of FAAN, Mrs Olubunmi Kuku the agency’s commitment to safety was tested during the Air Peace aircraft runway overrun incident on July 13, 2025 which according to her , was efficiently responded to by the PHIA Emergency Response Team.
“There were no reported injuries to the ninety-six (96) passengers, and the seven (7) crew members onboard. Also, all passengers and crew were safely evacuated to the terminal building.
” The Runway was temporarily closed in line with safety protocols, and coordination commenced with the NCAA and NAMA for investigation as well as internal safety review”.
Business & Economy
FG uses 2025 budget revenue to fund 2024 budget-Senator Enang reveals ..says defectors in National , State Assemblies have lost their seats
By Our Correspondent
As the nation awaits the presentation of 2026 budget estimates to a joint session of the National Assembly by President Bola Tinubu,Senator Ita Enang on Wednesday in Abuja , faulted the implementation of capital componate of 2024 with revenue generated in 2025 , positing that affected projects ought to have been rolled into 2025 fiscal year and budgetary provisions .
Ita Enang who expressed his displeasure with the practice while fielding questions from journalists covering the Senate at his Ibom Chambers, said it is inappropriate just as he declared that defected legislators at the National and State Houses of Assembly , have lost their seats in the eye of the law .
” Each year’s revenue should fund that year’s expenditure. Projects not completed in 2024 should have been rolled over and captured in the 2025 budgetary provisions .
“The reality is that the federal government does not have enough money to fund its responsibilities which is making it to borrow money for budget deficit funding .
” But the year of budget implementation and revenue generation supposed to have been same , not what we have at hand now where capital component of 2024 budget , is being implemented by revenue generated in 2025 due to extension of implementation of its life span from December 31st 2024 to December 31st , 2025 “, he said.
He however stated that the borrowing plans of the federal government, were in order , particularly those meant for funding budget deficit .
“To my knowledge, every budget — including those of 2024 and 2025 — has always contained a deficit, and provision for borrowing to fund that deficit. So, the current borrowings were anticipated in the Appropriation Act”, he said .
Defecting politicians and not the ruling All Progressives Party ( APC) , according to him, are the ones turning Nigeria into a one party state .
“Nigeria is not becoming a one-party state by any machination of the APC or the Tinubu administration. It is happening because other political parties have failed to survive as true institutions.
“Most of them exist for a week or two in the news and disappear. Some collapse under internal disputes; others are bought up or enjoined by court orders.
“So, what party do you expect people to belong to? Naturally, they gravitate toward the one that is functional.
“My only concern is the status of members of the National Assembly and state assemblies who defect without a declared divisions in their parties.
“The Constitution is clear: if there is no court-declared division, and you leave your party, you lose your seat — whether it is formally declared vacant or not.
“The Supreme Court has affirmed that such defectors must even refund all salaries and allowances collected after defection”, he said .
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