TEAM LAGOS EMERGES TOP AT 23RD NATIONAL SPORTS FESTIVAL SOUTH WEST ELIMINATION. (PHOTOS). #PRESS RELEASE.

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 TEAM LAGOS EMERGES TOP AT 23RD NATIONAL SPORTS FESTIVAL SOUTH WEST ELIMINATION Lagos State athletes proved their dominance in the South West by edging out regional competitors and emerging top in the five team events contested at the elimination series qualifier for the 23rd National Sports Festival later this year in Enugu. The elimination series featured team events in volleyball, basketball, football, beach volleyball, and cricket in male and female categories. While the team clinched only the female football ticket by topping their group, they showed dominance in three other sports by winning both the male and female tickets. Team Lagos took first position in the volleyball male and female categories. The male team defeated their counterparts from Ondo in the finals by 25-18, 24-26, 25-20, and 25-20, while the female team defeated Team Oyo by 25-18, 22-25, 28-26, 16-25, and 15-8. The Osun basketball team fell to the superior firepower of the Team Lagos male team in their last ...
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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The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.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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