NCRIB advocates clampdown on houses without insurance

Babatunde Adeleke, President of the Nigerian Council of Registered Insurance Brokers, has advocated for a nationwide crackdown on houses without insurance.

Adeleke disclosed this during his presentation at the public hearing for the proposed “Nigerian Insurance Industry Reform Bill, 2024”, which took place at the Red Chamber of the National Assembly last Friday.

Adeleke expressed the council’s support for the reform bill, but emphasized the need for an additional provision that would mandate insurance coverage for all government-approved houses across Nigeria.

“This is very necessary and requires the empowerment of building approving authorities and the National Insurance Commission, with relevant laws. For NAICOM, require legislation by way of provision in the reform bill, should be provided for it, to seal off buildings or houses that are not insured,” he said.

Earlier, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, and major stakeholders in the Insurance sector on Friday, supported the move by the Senate to reform the Sector as contained in a draft bill to that effect.

The support of the Attorney General and insurance stakeholders was made clear during public hearings held by the Senate Committee on Banking, Insurance, and Other Financial Institutions.

In his backing of Senator Adetokunbo Abiru’s (APC Lagos East) bill, the Attorney General, represented by Mr. Oloyede Hussein, noted that the reforms will help to address the persistent issue of capital flight in Nigeria’s insurance industry.