CATHOLIC PRIESTS NOT LIKE ‘FAKE BISHOPS’, ATIKU BLASTS PRESIDENCY’S ATTACK ON ONAIYEKAN. (PHOTO)

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Catholic Priests Not Like ‘Fake Bishops’, Atiku Blasts Presidency’s Attack On Onaiyekan Presidential Candidate of the African Democratic Congress ADC, Atiku Abubakar, has condemned the Presidency’s attack on the Catholic Church and John Cardinal Onaiyekan, accusing the President Bola Tinubu administration of growing intolerant of dissent and uncomfortable truths. In a statement by his Senior Special Assistant on Public Communication, Phrank Shaibu on Sunday, Atiku said the Presidency chose intimidation and political attacks instead of reflecting on the substance of the cleric’s message. Catholic bishops had recently had an engagement with the president, where the latter defended his record and the independence of the electoral umpire. However, the cardinal in a television interview on Friday said the Catholic bishops told the president that the country is bleeding and the economy is not helping poor citizens. According to him, Tinubu and his officials present at the meeting were “not l...
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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The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.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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