馃嚦馃嚞NigeriaWest Africa
Nigerian Senate passes bill to strengthen insurance regulation
via Punch Nigeria10 min read
The Nigerian Senate has passed the Insurance Regulatory Commission Bill, 2025, which aims to modernize insurance regulation, enhance oversight, and align the sector with international best practices. This legislation, which repeals the National Insurance Commission Act, 1997, will establish a new legal framework for the industry. If signed into law by President Bola Tinubu, it will strengthen the powers of the insurance regulator, introduce tougher sanctions for regulatory breaches, and rename the National Insurance Commission as the Insurance Regulatory Commission. Senator Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, stated that the existing law was outdated. The new bill seeks to grant the regulator enhanced independence, allow collaboration with local and international bodies, and enable intervention in distressed insurance institutions. It also introduces stricter corporate governance provisions, including professional qualifications for board members, and tougher enforcement measures like stiffer fines and license suspensions. The bill updates provisions for supervision, inspection, and regulatory intervention, and allows the Minister of Finance to constitute an interim management committee. Senators Osita Izunaso and Adams Oshiomhole commended the bill, highlighting its importance for holistic regulation and deepening insurance penetration in Nigeria's economy. The bill will now proceed to the House of Represent
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This summary was AI-generated from a story originally published by Punch Nigeria.
The New Nigeria People鈥檚 Party NNPP announced on Tuesday that it has uploaded a placeholder presidential candidate to the Independent National Electoral Commission INEC portal for the 2027 general elections. The party stated this action aligns with electoral guidelines. Additionally, the NNPP confirmed that its original logo, featuring a basket of fruits on a Nigerian map, has been restored on the INEC portal. National Chairman Dr. Major Agbo described this as a victory in the party's leadership tussle, affirming the legitimacy of his National Working Committee. The NNPP has faced a prolonged leadership crisis, with factions disputing control and the party's identity. Agbo also disclosed that the party completed uploading 355 National Assembly candidates, including placeholders, despite time constraints from the late recognition of his leadership. The upload of governorship and state House of Assembly candidates has commenced and is expected to conclude by August 8, 2026. The party chairman did not reveal the identity of the presidential placeholder, stating it was a deliberate act.
Must ReadNigeria's Minister of Foreign Affairs, Amb Bianca Odumegwu-Ojukwu, has called on the African Union Peace and Security Council to strengthen its efforts in combating illicit financial flows, identifying them as a primary driver of terrorism and violent extremism across Africa. Speaking virtually at the 1354th Meeting of the Peace and Security Council, Odumegwu-Ojukwu emphasized that access to illicit funds enables terrorist groups to recruit youth and acquire sophisticated weapons. She urged the Council to advocate for stronger international cooperation in preventing, tracing, recovering, and returning proceeds of illicit financial flows from safe havens to countries of origin. The Minister highlighted that terrorist groups are becoming more resilient, exploiting emerging technologies like drones and digital platforms, and funding their activities through kidnapping for ransom and mining precious minerals. Nigeria condemned all acts of terrorism and violent extremism, expressing solidarity with victims and commending armed forces. Odumegwu-Ojukwu also noted that the spread of terrorism in West Africa has been used to justify unconstitutional changes of government. She called on the AU and member states to implement commitments from the 2022 Malabo Extraordinary Summit on Counter-Terrorism and the 2024 High-Level African Counter-Terrorism Meeting in Abuja. She cautioned against portraying Africa as the global epicenter of terrorism, which could lead to profiling of innocent Afr
Must ReadThe Nigeria Hydrological Services Agency NIHSA has issued a seven-day flood advisory, indicating a medium flood risk for 17 states between July 21 and July 27. NIHSA Director-General, Umar Mohammed, stated that rising water levels at key river monitoring stations, including Saminaka on the Karam River, Waya Dam site on the Waya River, and Amber on the Amber River, have exceeded watch and warning thresholds. Sixteen gauging stations nationwide are reporting elevated river levels, putting nearby communities at risk of localized flooding. The affected states are Adamawa, Bauchi, Benue, Borno, Edo, Gombe, Imo, Jigawa, Kaduna, Kano, Kebbi, Nasarawa, Niger, Plateau, Taraba, Yobe, and Zamfara. Bauchi is identified as having the highest exposure, with 1,841 communities, 145 schools, 101 health facilities, and eight markets vulnerable. Vulnerable communities and public facilities were also identified in Edo, Imo, Kaduna, Plateau, and Benue states. Mohammed urged state governments, local authorities, and residents to take precautionary measures, including activating emergency response plans, relocating people and valuables from floodplains, and pre-positioning essential supplies. He also advised clearing blocked drains and waterways and monitoring daily flood updates from NIHSA. This advisory follows a previous warning for 14 states between July 14 and July 20, and an earlier alert from the Federal Ministry of Environment for 26 states and the Federal Capital Territory.