Mukhail Abiru, the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has received the honorary fellowship of the Nigerian Council of Registered Insurance Brokers.

According to a statement on Thursday by his spokesman, Enitan Olukotun, the award was given 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 Mr Abiru’s contributions to reforms in Nigeria’s insurance industry, his constructive engagement with stakeholders, and his role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA), 2025.

Mr Abiru sponsored the proposed legislation, which President Bola Tinubu assented to on July 31, 2025.

In his goodwill message, Mr 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.

Mr Abiru also highlighted progress in recapitalisation in the 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 highlighted 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 aims to improve the institutional capacity needed to implement and enforce insurance regulations effectively.

Mr Abiru urged insurance professionals and brokers to uphold high standards of professionalism, transparency, innovation and customer service. He restated that public confidence would be essential to expanding insurance coverage across Nigeria.

(NAN)