Insurance consultant urges collective action for seamless NIIRA 2025 implementation
An insurance consultant, Dr Babatunde Raimi, has urged Nigerians and industry stakeholders to take responsibility in ensuring the successful implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mr Raimi made the call during an interview on Friday in Lagos.
He commended President Bola Tinubu, the National Assembly, and the National Insurance Commission (NAICOM) for driving the landmark reform which was signed into law on August 5.
Mr Raimi said that insurance firms must comply fully with the law, invest in digital infrastructure, and prioritise timely service and solvency.
The insurance consultant urged NAICOM to provide clear regulatory guidance and ensure fair enforcement.
He also urged the civil society to monitor implementation, educate citizens on their rights and promote transparency.
He appealed to Nigerians to embrace insurance as a vital financial buffer and hold operators accountable to the promises of NIIRA 2025.
He stated, “Together, we can turn NIIRA from a legal instrument into a living framework that fuels economic resilience, innovation and trust. In unity, we can realise the vision of a thriving insurance ecosystem, fuelling Nigeria’s march toward a robust and inclusive financial future. The NIIRA 2025 is a landmark achievement that will chart a new path for Nigeria’s insurance industry, anchored on stability, innovation, inclusiveness, and regional integration.
“But its success depends on active collaboration from all corners of the society. I advise government, regulators, industry stakeholders and citizens, to work together in building an insurance ecosystem that delivers, protects and prospers for all.’’
According to Mr Raimi, the Act represents a turning point for the industry, but its true value will only be realised through collaboration among government, regulators, operators and the public.
The NIIRA 2025 made provision for stringent capital requirements, compulsory insurance enforcement, digitisation of insurance operations and strict claims settlement timelines.
Other provisions are policy protection fund, broader regional insurance integration and regulation of online insurance businesses.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Lagos
APC condemns disruption of Obi’s NDC town hall meeting in Lagos
The APC enjoined political parties and candidates to campaign on issues that uplift Nigerians’ lives and not instigate violence at political events.
Hot news Home top
I left Obi because my trust, loyalty were betrayed: Yunusa Tanko
Mr Tanko’s exit from the Obidient Movement is the latest in a series of departures by Mr Obi’s followers.
Heading 1
2027: ASUU warns officials against endorsing political parties, candidates
ASUU said members were free to exercise their constitutional rights to vote and participate in the electoral process.
Anti-Corruption
Alleged $4.5 billion Fraud: Emefiele used cronies to acquire properties worth billions, EFCC witness tells court
Counsel to the first defendant urged the court to discountenance the evidence concerning the properties in Agbor.
NationWide
2.8 million electricity consumers metered, says power ministerÂ
The minister said the president approved a N3.3 trillion plan to settle verified legacy debts owed to generating companies.
Heading 4
One dead, four injured as gunman opens fire near White House
Mr Carroll said the suspect shot himself dead while barricaded inside an apartment.
