Business

NAICOM Applauds Senate Over Passage of Insurance Regulatory Commission Bill

Published

2 hours ago

July 23, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) extends its profound appreciation to the leadership of the Senate and to *Senator Adetokunbo Mukail Abiru*, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, for their pivotal role in the successful passage of the National Insurance Regulatory Commission Bill in the Red Chamber.

This landmark legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. With enhanced oversight, transparency, and accountability, the Bill will deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.

NAICOM acknowledges the vision, dedication, and collaborative spirit demonstrated by the Senate leadership and Senator Abiru in championing reforms that will modernize insurance regulation and advance financial inclusion in Nigeria. Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector.

The Commission reaffirms its readiness to ensure the effective implementation of the provisions of the new law once signed, and to continue working closely with all stakeholders to position the insurance industry as a catalyst for national development.

The post NAICOM Applauds Senate Over Passage of Insurance Regulatory Commission Bill appeared first on Business Today NG.

Related Topics:Applauds bill Commission Insurance NAICOM Passage regulatory senate

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Business

FAAN unveils 2025 bye-laws

Published

10 hours ago

July 22, 2026

Preport

The Federal Airports Authority of Nigeria (FAAN) has unveiled its 2025 Bye-Laws, marking the first comprehensive review of the authority’s regulatory framework in 21 years.

The new bye-laws were officially launched by the Chairman of the FAAN Board, Umar Ganduje, who commended the management for successfully reviewing the legal framework to reflect current realities in the aviation industry. He described the revised bye-laws as a significant milestone that will strengthen airport governance and enhance operational efficiency across the authority.

Speaking at the unveiling, the Managing Director/Chief Executive of FAAN, Olubunmi Kuku, said the previous bye-laws, last reviewed in 2005, had become outdated and were no longer effective in addressing the demands of the modern aviation environment.

She explained that the 2025 Bye-Laws were developed in line with current aviation realities and FAAN’s evolving operational framework to ensure the Authority remains responsive to emerging challenges and global best practices.

READ ALSO: FAAN set to transform domestic air travel with V-Pass facial recognition system

According to Mrs Kuku, the revised bye-laws will serve as a comprehensive operational guide for FAAN staff, airport users, stakeholders and relevant partners, while promoting safer, more secure and commercially viable airport operations across the country’s airport network.

She added that the new framework reinforces FAAN’s commitment to regulatory compliance, operational excellence and improved service delivery in Nigeria’s aviation sector.

Business

Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission

Published

18 hours ago

July 22, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—The Senate on Tuesday passed a bill seeking to rename the National Insurance Commission (NAICOM) as the Insurance Regulatory Commission.

If enacted, the proposed law will establish an Insurance Regulatory Commission and repeal the existing legislation that established the National Insurance Commission (NAICOM).

Under the proposed framework, the new regulatory body would be responsible for providing guidance to the Federal Government on policies concerning natural disaster risks and other important issues affectcing the insurance sector.

The bill was sponsored by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC, Lagos East).

Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

“Despite its the commission’s vsignificant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law and necessitating urgent amendments,” he said.

Regarding administrative leadership, Abiru explained that the draft law outlines precise criteria for director appointments, guaranteeing that solely qualified specialists with backgrounds in risk mitigation, law, financial systems, corporate management, and underwriting obtain leadership seats.

He noted further that this updated statute equips the agency to offer enhanced strategic guidance and supervisory control, driving the expansion of the nation’s coverage market

The post Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission appeared first on Business Today NG.