The Nigerian Council of Registered Insurance Brokers (NCRIB) has conferred an Honorary Fellowship on Senator Adetokunbo Abiru in recognition of his contributions to reforms in Nigeria’s insurance industry.
Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, received the honour on Wednesday at the council’s 2026 Closing Dinner of the National Insurance Conference and Exhibition at the Shehu Musa Yar’Adua Centre, Abuja.
The council recognised his engagement with industry stakeholders and his role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which he sponsored as Senate Bill 393.
President Bola Tinubu assented to the law on July 31, 2025. It introduced reforms covering capital requirements, risk-based supervision, corporate governance and policyholder protection.
Speaking after receiving the award, Abiru said the recognition reflected the collective efforts of the National Assembly, the Executive, regulators and industry stakeholders to strengthen insurance as a pillar of Nigeria’s financial system.
He noted that low insurance penetration, limited public awareness and weak consumer confidence had constrained the industry’s growth, stressing that effective reforms were necessary to unlock its potential for economic development and financial inclusion.
The senator also highlighted progress in the sector’s recapitalisation exercise, citing a report by the National Insurance Commission in August 2026 that 43 insurance and reinsurance companies had met the new minimum capital requirements.
According to him, a stronger insurance industry would be better equipped to support businesses, infrastructure development and investment while improving the economy’s resilience to financial shocks.
Abiru also pointed to the proposed Insurance Regulatory Commission Bill 2026, which seeks to modernise the regulatory framework and strengthen supervisory and enforcement capacity.
He said the proposed legislation would complement NIIRA by improving the institutional capacity required to implement and enforce insurance regulations.
The senator urged insurance brokers and other professionals to uphold professionalism, transparency, innovation and quality customer service, describing public confidence as critical to expanding insurance coverage across the country.
He thanked the NCRIB leadership and members for the recognition, describing the Fellowship as both an honour and a renewed responsibility to serve.
Abiru reaffirmed his commitment to working with industry stakeholders to build a more resilient and trusted insurance sector that protects policyholders, supports businesses and contributes to Nigeria’s economic growth.
