Business

Senate Passes Bill to Rename NAICOM as Insurance Regulatory Commission

Published

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Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”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

Related Topics:bill Commission Insurance NAICOM passes regulatory Rename senate

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General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP

Published

11 hours ago

September 23, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR—Nigeria’s lead underwriter, Mutual Benefits Assurance Plc has protected a Gross Written Premium of ₦96.82 billion for the twelve months ending 31 December 2026.

According to notice released on the exchange, for dealing members and investors, the company’s insurance revenue, is projected to stand at ₦89.42 billion.

The company’s general business is expected to generate 72% of the projected GWP, while the Life arm of the group will account for j28%.

Investment income would largely be driven by returns on its financial assets, with non-cash items such as depreciation of non-current assets, amortisation of intangible assets, and net fair value gains or losses on financial assets factored into its profit or loss and other comprehensive income statement.

On the profitability side, Mutual Benefits projects gross premium written of ₦96.82 billion and insurance revenue of ₦89.42 billion, against an insurance service expense of ₦81.56 billion. Net income from reinsurance contracts held is estimated at ₦802.64 million, bringing the insurance service result to ₦8.66 billion.

Net investment income is expected to stand at ₦13.16 billion, while net insurance finance expenses are projected at ₦1.99 billion, resulting in net insurance and investment results of ₦19.84 billion. With other income of ₦237.03 million and total non-attributable expenses of ₦2.76 billion, the company expects a profit before income tax of ₦17.31 billion.

After an income tax expense of ₦1.90 billion, Mutual Benefits projects a full-year profit of ₦15.41 billion for the period under review.

The post General Business to Drive 72% of Mutual Benefits Assurance’s Projected ₦96.82bn GWP appeared first on Business Today NG.

Business

Court set to hear suit on turf battle between ICAN, forensic fraud investigators institute

Published

19 hours ago

September 22, 2026

Preport

Federal high court abuja e1694386328728.jpg.webp

The Federal High Court in Abuja on Tuesday fixed Nov. 24 for hearing in a suit filed by the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (CIFCFIN) against the Institute of Chartered Accountants of Nigeria (ICAN).

CIFCFIN is challenging the power of ICAN to train and issue qualifying certificates to forensic professionals.

The matter, which is before Justice Joyce Abdulmalik, was initially scheduled for mention on Tuesday but the case was adjourned to enable parties appear properly before the court.

The News Agency of Nigeria (NAN) reports that CIFCFIN, through its counsel, Shaibu Aruwa, a Senior Advocate of Nigeria (SAN), sued ICAN as the sole defendant in the suit marked FHC/ABJ/CS/1559/2026.

CIFCFIN argued that ICAN cannot offer a “Certification Programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN).”

It submitted that this was in line with the combined interpretation of Sections 2(a) – (i),3(1)(a) and 4(a) – (c), 6(2), 12(2), 13, (1) () and (g), 17(1l) (a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45, 2022,

Mohammed Arafat, the Head of Legal and Corporate Services of CIFCFIN, maintained in a supporting affidavit that ICAN’s invitation to applicants for a seven-day professional certification programme culminating in the award of Certified Forensic Accountant of Nigeria (CFAN), is outside its mandate and could confuse the general public.

The plaintiff alleged that ICAN had invited applicants in the fields of knowledge of chartered accountants, compliance managers, bankers, investment analysts, auditors, and anti-corruption agencies staff and other institutions to register for the programme.

CIFCFIN, therefore, prayed the court for an order setting aside and nullifying the award of the qualification or the CFAN certificate, or any other qualification or certificate in the field and practice of forensics in Nigeria by ICAN.

It urged the court to make an order for the defendant to withdraw, retract or cease any publication, gazette notice, or public representation asserting that it has power to certify or license.

CIFCFIN also sought an order of perpetual injunction restraining ICAN, its council, etc, from issuing, advertising or recognising CFAN qualification, designation, licence or certification or any title or award identical or similar to those created under the provisions of its Act.

It further sought a declaration that “by the combined provisions of Sections 2(a) -(i), 3(1)(a) and 4(a)- (c), 6(2), 12(2), 13, (1)(0) and (g), 17(1)(a) and (b) and 22 of the Chartered Institute of Forensics and Certified Fraud Investigators of Nigeria (Establishment) Act No. 45. 2022, the defendant cannot offer ‘Certification Programme’ culminating in the award of CFAN.”

(NAN)