By Kayode Araba
Thus,Snator Adetokunbo Mukhail Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has received an Honorary Fellowship of the Nigerian Council of Registered Insurance Brokers (NCRIB) in recognition of his contributions to reforms in Nigeria’s insurance industry.
This award was conferred on Wednesday, October 21, 2026, at the council’s 2026 Closing Dinner of the National Insurance Conference and Exhibition at the Shehu Musa Yar’Adua Centre, Abuja.
However, NCRIB recognized Abiru’s constructive engagement with industry stakeholders and his role in the passage of the Nigeria Insurance Industry Reform Act (NIIRA), 2025, which he sponsored as Senate Bill 393. The law, assented to by President Bola Ahmed Tinubu on July 31, 2025, introduced reforms aimed at strengthening capital requirements, risk-based supervision, corporate governance and policyholder protection.
Senator 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.
Furthermore, Abiru stated that the sector had long faced challenges, including low insurance penetration, limited public awareness and concerns over consumer confidence, stressing that effective reforms were necessary to unlock its potential for economic growth and financial inclusion.
Also, Abiru highlighted progress in recapitalisation, 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 economy’s resiliencs
Senator Abiru expressed gratitude to the NCRIB leadership and members for the recognition, describing the Fellowship as both an honour and a renewed call to service.
He reaffirmed his commitment to working with industry stakeholders to build a more resilient, innovative and trusted insurance sector capable of protecting policyholders, supporting businesses and contributing more meaningfully to Nigeria’s economic development.
