The Ombudsman journal chronicles evolution of Nigeria’s insurance laws, highlights NIIRA reforms
Nike Popoola
A new journal, The Ombudsman: Journal of Insurance Law, has been released, providing an in-depth examination of the historical evolution and recent reforms shaping Nigeria’s insurance landscape, with particular focus on the newly enacted Nigeria Insurance Industry Reforms Act (NIIRA) 2025.
Edited by Barr. Adegboyega Adepegba, former Director-General of the Chartered Insurance Institute of Nigeria (CIIN 2003-2013), the publication, Nigeria Insurance Industry Reforms Act 2025: Perspectives from Critical Stakeholders, traces the development of the nation’s insurance industry from its colonial roots in 1921 through multiple reform eras, culminating in the landmark NIIRA 2025.
The journal made available to Dailyeconomy details how Nigeria’s insurance regulation has evolved through thirteen major legislations, beginning with the establishment of the Department of Insurance and the Insurance Companies Act No. 53 of 1961, which marked the first attempt to formalize insurance operations in the country. It further outlines milestone laws including Decree No. 59 of 1976, which consolidated insurance statutes; Decree Nos. 1 and 2 of 1997, which birthed the National Insurance Commission (NAICOM); and the Insurance Act 2003, which remained the industry’s principal legislation for over two decades.
According to the journal, the coming into force of NIIRA 2025 represents the culmination of years of advocacy, consultations, and policy reviews aimed at strengthening Nigeria’s insurance framework, improving claims settlement, and building investor and public confidence in the system.
The publication also revisits the Prof. J. O. Irukwu-led Inter-Ministerial Committee on the Review of Insurance Laws, inaugurated in March 2009, which laid the groundwork for the eventual reforms encapsulated in NIIRA 2025. The committee, comprising eminent industry figures and government representatives—was tasked with harmonizing Nigeria’s insurance laws to reflect global best practices and position the sector for sustainable growth.
Barr. Adepegba, in his editorial note, described the new Act as “a decisive step toward a transparent, resilient, and globally competitive insurance industry,” emphasizing the importance of continuous stakeholder collaboration to ensure effective implementation.
The Ombudsman provides valuable insights for policymakers, regulators, insurers, brokers, legal experts, and other stakeholders keen on understanding the legal and institutional transformations within the industry. It also serves as a historical record of Nigeria’s long journey toward a modern, technology-driven, and policyholder-centered insurance regime.
