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Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission

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Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”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

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31 firms win 37 oil, gas blocks in Nigeria’s 2025 Licensing Round

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Thirty-one companies have emerged winners of 37 oil and gas blocks in Nigeria’s 2025 Licensing Round following the conclusion of the commercial bid conference held in Abuja on Tuesday.

The bidding process, held at the Transcorp Event Centre, attracted 143 companies, which submitted about 200 bids for 37 of the 50 oil and gas blocks offered by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The blocks span multiple terrains, including the Niger Delta onshore, shallow-water and deep-offshore areas, as well as the Benin, Anambra, and Chad basins and the Benue Trough.

While 37 blocks received bids, the remaining 13 attracted no offers.

The NUPRC described the outcome as significant, noting that it is the first time Nigeria’s frontier basins—including the Benue Trough, Chad Basin, Anambra Basin and Benin Basin—have attracted such strong investor interest.

Among the successful bidders are SSonic Petroleum Limited, CFP Pipeline and Flowlines, Dutchford E&P Limited, Attabanson Global Company Limited, Rosem Energy Limited, Pivot-GIS Limited, Network E&P, Asharami, LexOil, BVOF, Gupsco Energy Limited, Saratoga, Volante, Concept-Reel Petroleum Services Limited, Clinton Oil Field, Nuway Oaklane Limited, Ramec, Italia, Blueridge E&P, Up Energies Limited, AYM Shafa, Blackrock Holdings Limited, Funtay Integrated Business Limited, Riparian Development and Production Limited, Nikstallis, Stardeep Petroleum, Dakoda & U Limited, Southborne Oil and Gas Limited, Lanaka Petroleum, Highban Resources Limited and Eyre Energy Limited.

The commission said the companies will receive final awards only after paying the required signature bonuses and obtaining the approval of the Minister of Petroleum Resources, in line with the Petroleum Industry Act (PIA) 2021.

Speaking after the exercise, the NUPRC Chief Executive, Oritsemeyiwa Eyesan, thanked President Bola Tinubu for supporting the successful conduct of the licensing round.

She congratulated the successful bidders and urged them to promptly pay their signature bonuses and develop the awarded assets, warning that undeveloped assets could be withdrawn under the commission’s “drill or drop” policy.

The commercial bid conference was monitored by representatives of the Federal Ministry of Petroleum Resources, the Federal Ministry of Finance, the Nigeria Extractive Industries Transparency Initiative (NEITI) and other stakeholders to ensure transparency and compliance with applicable laws.

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NIHSA Issues Flood Alert For 17 States

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The Nigeria Hydrological Services Agency (NIHSA) has issued a seven-day flood advisory, warning of a medium flood risk in 17 states between July 21 and July 27.

The agency said the alert followed rising water levels at key river monitoring stations, increasing the likelihood of localised flooding along river channels and floodplains.

NIHSA Director-General, Umar Mohammed, disclosed this in the National Flood Advisory (Alert No. NFA-2026-200) issued on Tuesday.

He said the affected states are Adamawa, Bauchi, Benue, Borno, Edo, Gombe, Imo, Jigawa, Kaduna, Kano, Kebbi, Nasarawa, Niger, Plateau, Taraba, Yobe and Zamfara.

According to Mohammed, river levels at Saminara on the Karam River, Waya Dam Site on the Waya River and Amber on the Amber River had exceeded watch and warning thresholds.

He said 16 gauging stations nationwide were recording elevated river stages, placing nearby communities at risk of localised flooding.

Mohammed urged state governments, local authorities and residents of flood-prone communities to take precautionary measures immediately.

NIHSA said Bauchi had the highest exposure, with 1,841 communities, 145 schools, 101 health facilities and eight markets identified as vulnerable.

The agency also identified vulnerable communities and public facilities in Edo, Imo, Kaduna, Plateau and Benue states.

Mohammed urged the National Emergency Management Agency (NEMA), State Emergency Management Agencies (SEMAs), local governments and community leaders to activate emergency response plans.

He recommended relocating residents, livestock and valuables from floodplains to safer locations.

He also advised emergency agencies to pre-position food, medical supplies and water treatment materials in areas likely to be affected.

The NIHSA boss called for community mobilisation through early warning volunteers and local communication channels to ensure timely dissemination of flood alerts.

He cautioned residents against walking, driving or riding through flooded roads, bridges and fast-flowing waterways.

Mohammed further urged authorities to clear blocked drains, culverts and waterways to improve water flow and reduce flooding.

He advised the public and relevant agencies to monitor daily flood updates and advisories issued by NIHSA. (NAN)

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