NCRIB calls for effective implementation of NIIRA 2025
Caption: L-R: The Executive Secretary/CEO, The Nigerian Council of Registered Insurance Brokers, Mr. Tope Adaramola; Past President, Mr. Shola Tinubu; Deputy President, Mrs. Ekeoma Ezeibe; President, Prince Babatunde A. Oguntade and Vice President, Mrs. Funke Adenusi, mni at the August 2025 Members Evening tagged Interactive Section with the President on NIIRA 2025
The President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, has emphasized the need for effective implementation of the Nigeria Insurance Industry Reform Act (NIIRA) 2025. Speaking at the August 2025 Members’ Evening, Prince Oguntade noted that the Act promises to promote a more conducive business environment for insurance professionals and the industry at large.
According to Prince Oguntade, the Council will work closely with regulatory bodies to ensure compliance with the new regulatory framework, collaborate with stakeholders to drive industry growth, and monitor the impact of the Act on members and the industry.
The President expressed gratitude to the President of the Federal Republic of Nigeria and the National Assembly for their visionary leadership and commitment to developing the industry through the passage of the NIIRA 2025.
Prince Oguntade emphasized that effective implementation of the Act will be crucial to maximizing its benefits and driving growth of the industry. By working together, the Council and regulatory bodies can create a more favorable environment for insurance professionals to thrive.
In a relative development, the President assured Members of the Council in navigating the alleged infractions of some of its Members by the Nigeria Data Protection Commission (NDPC).
It will be recalled that the Commission launched an investigation into 1,369 organizations, including 392 insurance broker firms and 35 insurance companies, for suspected data protection breaches.
