EFCC ARRAIGNS MAN FOR ALLEGED ₦55M FRAUD IN LAGOS. (PHOTO). #PRESS RELEASE.

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 EFCC Arraigns Man  for  Alleged ₦55m Fraud in Lagos The Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC, on Wednesday, December 3, 2025 arraigned one Gabriel Celestine Nwawuzor, before Justice Daniel Osiagor of the Federal High Court in Ikoyi, Lagos for ₦55m fraud. Nwawuzor was arraigned alongside Moonlink Pharmaceuticals Limited, on a 3-count charge bordering on fraud and money laundering to the tune of N55,000,000 (Fifty Five Million Naira) One of the counts reads: "That you Gabriel Celestine Nwawuzor and Moonlink Pharmaceuticals Limited sometime in April, 2021, in Lagos, within the jurisdiction of this Honorable Court procured the account number 2170235882 domiciled in Zenith Bank to retain the sum of N55, 000, 000.00 ( Fifty Five Million Naira) which sum you knew forms part of the proceeds of your unlawful act and you thereby committed an offence contrary to Sections 21(a), 18(2)(d) of the of Money Laundering (Prevention and Prohibitio...
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PRESIDENT TINUBU ASSENTS TO NIGERIAN INSURANCE INDUSTRY REFORM BILL 2025 TO DRIVE FINANCIAL SECTOR TRANSFORMATION. (PHOTO). #PRESS RELEASE.

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 STATEHOUSE PRESS RELEASE


 


PRESIDENT TINUBU ASSENTS TO NIGERIAN INSURANCE INDUSTRY REFORM BILL 2025 TO DRIVE FINANCIAL SECTOR TRANSFORMATION


 


President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025 — a landmark legislation to strengthen Nigeria's financial sector and accelerate the nation's march toward a $1 trillion economy.


 


The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework. The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.


 


This development reaffirms the administration's commitment to financial stability, economic development, and inclusive growth.


 


The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government's vision of achieving a $1 trillion economy.


 


As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as:


 


1. Stringent capital requirements to ensure the financial soundness of operators;


 


2. Enforcement of compulsory insurance policies to enhance consumer protection;


 


3. Digitisation of the insurance market to improve access and efficiency;


 


4. Zero tolerance for delays in claims settlement;


 


5. Creation of dedicated policyholder protection funds, especially in cases of insolvency;


 


6. Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.


 


The National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry's full potential and significantly improves insurance penetration across the country.


 


The reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.


 


 


Bayo Onanuga


Special Adviser to the President


(Information & Strategy)


August 5, 2025

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