₦airaland Forum

Landlords and occupiers of public buildings now must insure against fire, collapse, floods, earthquakes, and more or face a minimum N1 million fine, up to 12 months in jail, or both.
The new Insurance Industry Reform Act also makes it mandatory for federal government assets and all petroleum stations to be insured, with harsh penalties for non-compliance. Insurers contribute to a Fire Services Maintenance Fund to bolster safety nationwide.
NAICOM can even seal buildings lacking proper coverage, sending a clear message: insurance is no longer optional.
Source: State House press release
https://statehouse.gov.ng/news/president-tinubu-assents-to-nigerian-insurance-industry-reform-bill-2025-to-drive-financial-sector-transformation/

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The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.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

It is a good one. Buildings should be insured. It makes sense.

Softmirror:
It is a good one. Buildings should be insured. It makes sense.

When it increases the price of office rents I hope you know the effect on the economy

Wow!! Where do one insure his/her house/houses?

Are we to insure at any insurance company or with a government agency?

This is very important. Person no wan go Jail oooo.

This is a welcome development.

SalamRushdie:
When it increases the price of office rents I hope you know the effect on the economy

It is the right thing to do. I hope you know this. Don't you also insure your cars?

A good policy if the cost is not on the high side..If implemented tenants should just be ready to pay more

They should insure because they are expecting disaster to happen, if the said disaster now happen, Government or the insurance companies in Nigeria, which of them have been really responsible when disaster happened. Insurance companies that will be expecting you to be paying for your car insurance regularly, but when your car is stolen, that's when they will start asking you why didn't you also have fence in your house to protect your car.

The bill should be suspended for now as it will eventually end up in scam. There are more better bills the presidency can assent to. Empower the Nigeria youths by funding Vocational centres fully across Nigeria. One musician artist for example, he will have a manager, driver, pa, make up artist. Those are things they can learn at the vocational centres at early age, even as they are studying, they are already making money.

This government will one day ask us to pay four the air we breadth.

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

This number 2,though sounds good but will cause a lot of difficulties to Nigerians and increase the already suffocating house rents many Nigerian families are faced with.When a Landlord pays for an insurance policy for the house with tenants,he automatically factors in the cost into the house rent and what it means is more strangulating house rents for the ordinary Nigerians.