Court Stops Reps From Summoning 17 Insurance CEOs Over Alleged Debt

The Federal High Court in Abuja has barred the House of Representatives from compelling 17 insurance company CEOs to appear before its Committee on Capital Market and Institutions over alleged debt.

Justice Emeka Nwite granted the order following a suit filed by the insurers under the Nigerian Insurers Association (NIA). The firms argued that they are already regulated by statutory agencies such as NAICOM, CAC, and FIRS, insisting the National Assembly lacks constitutional powers to demand operational records or probe alleged indebtedness.

The dispute stems from a House investigation into 25 insurers accused of failing to remit ₦98.4 billion to the Federal Government.

The plaintiffs include AXA Mansard, NEM Insurance, Cornerstone Insurance, LASACO, Mutual Benefits, and others. The defendants are the Speaker of the House, the Committee on Capital Market and Institutions, and its leaders.

The substantive case has been adjourned to September 9, 2025.

#NigeriaCourt #Insurance #HouseOfReps #DebtProbe

Landlords, Occupiers Face N1m Fine, Jail for Uninsured Buildings.

Landlords & occupiers of public buildings in Nigeria now risk a fine of at least N1 million, a jail term of up to 12 months, or both, if they fail to insure their properties against hazards. This follows the signing of the Nigerian Insurance Industry Reform Act.

According to the new law, all public buildings must be insured against risks such as coll@pse, fire, earthquakes, storms, floods, and other hazards as determined by the National Insurance Commission (NAICOM).

Public buildings are defined under Section 76 (6) as tenement houses of more than one floor, hostels, buildings occupied by tenants or lodgers, and any structure accessible to the public for education, medical services, recreation, or business transactions.

The Act mandates that such insurance policies cover not only property & lives but also the legal liabilities of landlords and occupiers in cases of injury, death, or damage suffered by users of the premises & third parties.

In addition, every insurer issuing such policies must remit 0.25% of net premiums quarterly into a Fire Services Maintenance Fund, to be managed by NAICOM for grants and firefighting equipment.

Defaulters risk fines up to 10 times the required amount, with persistent offenders facing cancellation of their licenses. The law also empowers NAICOM to order the sealing of any building deemed a public risk if it lacks valid insurance coverage.

Beyond public buildings, Section 77 makes it compulsory for all assets and employees of the Federal Government and its agencies to be insured. Section 78 further mandates compulsory insurance for all petroleum and gas refilling stations, installations, and vehicles transporting such products against third-party losses from fires or explosions.

Owners of petroleum facilities or products in transit are required to provide a Certificate of Insurance, which must be displayed at the station or included in transport documents. Non-compliance attracts a minimum penalty of N1 million, at least two years in prison, or both.

Tinubu Signs Nigerian Insurance Industry Reform Bill 2025 Into Law

President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, aimed at strengthening Nigeria’s financial sector and accelerating the country’s drive toward a $1 trillion economy.

The Act consolidates outdated insurance laws into a modern framework, introducing stringent capital requirements, compulsory insurance policies, digitisation of the market, zero tolerance for delayed claims, and dedicated policyholder protection funds. It also encourages participation in regional schemes like the ECOWAS Brown Card System.

The National Insurance Commission (NAICOM) is tasked with implementing the reforms, which are expected to boost investment, consumer confidence, and position Nigeria as a leading insurance hub in Africa.

#NigeriaEconomy #InsuranceReform #NAICOM #Tinubu