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Abuja Reports

Nigeria Insurance Industry Reform Bill Passes Second Reading In Senate

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The Nigeria Insurance Industry Reform Bill, 2024 (SB 393) has passed its second reading at the Senate. Sponsored by Senator Mukhail Adetokunbo Abiru and 41 other Senators, the bill aims to provide a comprehensive legal framework for the regulation and supervision of insurance businesses in Nigeria.

Speaking on the bill, Senator Abiru decried the low penetration of insurance services in Nigeria, despite being one of the oldest industries in the nation’s financial services sector. He put the penetration rate at 0.5 per cent, ranking 70th globally and 5th in Africa.

Abiru, who is an economist and accountant, who retired as a  bank chief executive, argued further that, “With its young and vibrant population and growing GDP, the potential for exponential growth is undeniable. However, to truly thrive in the next decade, the industry must reform in order to take advantage of the opportunities and contribute to economic growth in the country”.

In reference to the extant laws that regulate the practices of various insurance businesses, like the Insurance Act, 2003, the Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigeria Reinsurance Corporation Act, these laws, according to Senator Abiru, have become obsolete and ineffective in the wake of innovations and dynamics that have characterised the practices of insurance in recent time.

“All these legislations, having surpassed a two-decade mark, lack provisions that can adequately address contemporary challenges and support growth & innovations within the industry. This legal obsolescence has led to some level of regulatory inefficiencies in the insurance industry.

“This has also hampered the industry’s ability to successfully compete on a global level, underscoring the necessity of a thorough assessment and update to improve international competitiveness of Nigeria’s insurance industry”, Senator Abiru submitted in his lead debate.

 He highlighted the specific objectives of the bill and the general benefits to Nigerians, and the economy. The bill consolidates various existing pieces of legislation regulating the conduct of insurance businesses in Nigeria such as the Insurance Act, 2003 the Marine Insurance Act, Motor Vehicles (Third Party Insurance) Act, National Insurance Corporation of Nigeria Act, and Nigeria Reinsurance Corporation Act.

According to him, the bill seeks to provide a robust legal and regulatory framework that will ensure that the Insurance sector contributes positively to the principal objective of the Financial System Strategy to make Nigeria Africa’s financial hub and one of the twenty largest economies in the world.

He also said that the legislation seeks to evolve effective risk based supervision in the regulatory system as the existing rule based supervision, enabled by the current laws has become obsolete; Fast track the process of managing weak companies as the existing legislation is not efficient for effective distress management; Review the penalties as the ones prescribed in the existing laws are inadequate and not deterrent enough.

Other objectives are: The need to ensure ethical practice and international best practices as required by the International Association of Insurance Supervisors(IAIS), and the need for a legal and regulatory framework that allows the supervisory authority to deal promptly with issues evolving from the dynamism of the insurance business.

The Senators unanimously supported the bill and commended Senator Abiru, and 41 other co-sponsors for coming up with a well-researched and critical bill that will revolutionise the insurance sector in Nigeria.

 

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Abuja Reports

Atoyebi Adewumi Wins 4th National Essay Competition, Beats 2,000 Contestants

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By Samson Adeyanju

Atoyebi Adewumi has emerged winner of the fourth edition of the National Essay Competition, beating more than 2,000 contestants in an intellectual contest aimed at promoting academic excellence, critical thinking and creative writing among young Nigerians.

The competition, which focused on the relevance of taxation to national development, challenged participants to examine the role of tax revenue in financing public services, stimulating economic growth and strengthening the relationship between government and citizens.

The initiative provided a platform for young Nigerians to demonstrate their writing skills, articulate informed perspectives on national issues and contribute ideas towards building a more responsible and progressive society.

Speaking after being declared winner, an elated Adewumi expressed gratitude to the convener, Foluso Sylvanus Ojo, and the organising team for providing young Nigerians with an opportunity to showcase their intellectual abilities.

“I am so glad, very, very glad, to have this privilege of emerging as the winner. I am grateful to the convener and the entire team, as well as everyone who supported this vision,” Adewumi said.

In his remarks, Ojo expressed concern over the tendency to criticise the attitudes and lifestyles of younger generations without providing adequate opportunities to nurture their talents and channel their energies towards productive pursuits.

He called on the government, corporate organisations and nongovernmental organisations to invest more in educational initiatives that promote intellectual excellence, creativity and responsible citizenship.

According to him, sustained investment in academic competitions and youth development programmes would encourage discipline, innovation and a stronger commitment to national development.

Drawing a comparison with the substantial cash prizes awarded in some reality television competitions in Nigeria, Ojo argued that students and intellectually gifted young Nigerians deserved greater recognition, financial support and encouragement.

“I believe the government should support initiatives like this because individuals need supportive hands, especially from the government. When they receive such support, they become more confident and motivated to continue their good work,” he said.

Ojo maintained that society could not continue to complain about the attitudes and lifestyles of young people without deliberately investing in programmes that encourage positive values and productive engagement.

The fourth edition of the competition also underscored the importance of tax awareness among young Nigerians, highlighting how effective taxation, transparency and accountable governance could contribute to improved infrastructure, education, healthcare and other essential public services.

Beyond celebrating the winner, the competition reinforced the need to identify, encourage and empower emerging intellectual talents capable of contributing meaningfully to Nigeria’s development.

Winner of the 5,000,000 naira

Winner of 3,000,000 naira

Winner of 2,000,000

All the participants 

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Abuja Reports

20 Finalists Begin Final Stage of National Essay Competition

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By Samson Adeyanju

Twenty finalists from across Nigeria have begun the final stage of the fourth edition of the National Essay Competition in Abuja, following an orientation session designed to prepare them for the decisive examination.

The finalists arrived in the Federal Capital Territory for a four-day, all-expenses-paid programme featuring the essay examination, institutional tours and opportunities for learning and networking.

The competition, the brainchild of Mr Foluso Ojo, is sponsored by the Nigeria Revenue Service (NRS).

Ahead of the examination, the finalists participated in an orientation session led by Professor Omotosho Borisade of Ekiti State University, who serves as the competition’s umpire.

The session familiarised participants with the competition’s rules and regulations, examination guidelines and assessment criteria, helping them understand the requirements of the final stage.

The essay examination is scheduled to begin today at 9 a.m., after which the finalists are expected to embark on institutional tours around Abuja.

The programme is designed to extend beyond the contest itself, exposing the finalists to new learning opportunities, professional connections and experiences in the nation’s capital.

The competition brings together young Nigerians to demonstrate their writing ability, knowledge, creativity and critical-thinking skills as they compete for the top honours.

With the finalists prepared for the examination, attention now turns to their performance and the eventual emergence of the competition’s champion.

 

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Abuja Reports

Caritas Nigeria Urges Ecological Conversion, Climate Action

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By Samson Adeyanju

Caritas Nigeria has called on Nigerians to embrace what Pope Francis describes as “ecological conversion,” urging citizens, institutions and governments to move beyond environmental rhetoric and take concrete action against climate change and environmental degradation.

The call was made during the commemoration of World Environment Day 2026 at the Catholic Secretariat of Nigeria (CSN) Training Hall, Abuja, under the theme: “Inspired by Nature. For Climate. For Our Future.”

Delivering an address on behalf of the Catholic Secretariat of Nigeria, the Deputy Secretary, Rev. Fr. Augustine Okochi, described care for the environment as a moral, spiritual and ethical responsibility rooted in Christian faith.

“Our concern for the environment is not a passing trend. It is part of our moral duty, our Christian witness, and our responsibility to future generations,” he said.

Fr. Okochi noted that climate change is already affecting communities through flooding, land degradation, water pollution, rising temperatures and declining livelihoods, with the poor, women, children and displaced persons bearing the greatest burden.

He commended Caritas Nigeria’s efforts in environmental awareness, tree planting, climate-smart agriculture and support for vulnerable communities, while urging families, schools, parishes and institutions to cultivate a culture of environmental stewardship.

Speaking at the event, Caritas Nigeria’s Environmental Focus President, Dr. Pascal Onu, stressed the importance of educating young people on environmental protection through debate and quiz competitions.

“We believe it is important to catch them young. When we imbibe the right environmental culture in our children, it goes a long way in protecting the environment,” he said.

Dr. Onu identified inadequate infrastructure, poor waste management systems and limited funding as major obstacles to environmental sustainability despite increasing public awareness of climate issues.

Also speaking, Director of the Department of Climate Change at the Federal Ministry of Environment, Dr. Iniobong Abiola-Awe, reaffirmed Nigeria’s commitment to climate action through initiatives such as the National Adaptation Plan, Nationally Determined Contributions (NDCs), the Just Transition Action Plan and the National Clean Cooking Policy.

She emphasized the role of young people in advancing climate solutions through programmes such as the Eco-Schools Initiative and the Youth Climate Innovation Hub.

In a goodwill message, the Abuja Environmental Protection Board (AEPB), represented by Chief Environmental Health Officer Omenta Rachael Chinenye, urged Nigerians to draw inspiration from nature in addressing environmental challenges and commended the active participation of students in climate debates.

Students at the event said the programme deepened their understanding of environmental protection, forest conservation and sustainable living, pledging to promote environmental responsibility in their schools and communities.

The event brought together religious leaders, government officials, environmental experts, students and development partners who renewed their commitment to building a cleaner, greener and more climate-resilient Nigeria.

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