Abiru bags NCRIB fellowship for insurance sector reforms
Abiru bags NCRIB fellowship for insurance sector reforms
Sen. Mukhail Abiru, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, has received Honorary Fellowship of the Nigerian Council of Registered Insurance Brokers (NCRIB).
This is contained in a statement signed by Mr Enitan Olukotun, Media aide to Abiru, and issued on Thursday in Lagos.
According to Olukotun, the award was conferred on Wednesday at the council’s 2026 Closing Dinner of the National Insurance Conference and Exhibition at the Shehu Musa Yar’Adua Centre, Abuja.
He said the NCRIB recognised Abiru’s contributions to reforms in Nigeria’s insurance industry, constructive engagement with stakeholders and role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA), 2025.
Abiru sponsored the proposed legislation, which was assented to by President Bola Tinubu on July 31, 2025.
In his goodwill message, Abiru described the honour as not merely a personal achievement, but recognition of the collective efforts of the National Assembly, the Executive, regulators and industry stakeholders to reposition insurance as a stronger pillar of Nigeria’s financial system.
He noted that the sector had long faced challenges, including low insurance penetration, limited public awareness and concerns over consumer confidence.
“Effective reforms are necessary to unlock the sector’s potential for economic growth and financial inclusion.
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Abiru also highlighted progress in recapitalisation in insurance industry, noting that the National Insurance Commission reported in August 2026 that 43 insurance and reinsurance companies had met the new minimum capital requirements.
He said a stronger insurance industry would be better positioned to support businesses, infrastructure and investment while improving the economy’s resilience.
The lawmaker drew attention 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 reform aimed at improving the institutional capacity needed to implement and enforce insurance regulations effectively.
Abiru urged insurance professionals and brokers to uphold high standards of professionalism, transparency, innovation and customer service.
He emphasised that public confidence would be essential to expanding insurance coverage across Nigeria.
The lawmaker expressed gratitude to the NCRIB leadership and members for the recognition, describing the fellowship as both an honour and a renewed call to service.
“I reaffirmed my commitment to working with industry stakeholders to build a more resilient, innovative and trusted insurance sector capable of protecting policyholders, supporting businesses and contributing more meaningfully to Nigeria’s economic development,” he said
