The Senate has passed a bill seeking to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the agency to be renamed the Insurance Regulatory Commission (IRC).

The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after lawmakers considered and adopted the report of the Senate Committee on Banking, Insurance and Other Financial Institutions during plenary.

Presenting the committee’s report, the Chairman, Senator Adetokunbo Abiru (APC, Lagos East), said the proposed legislation became necessary because the existing National Insurance Commission Act of 1997 is outdated and no longer reflects the realities of Nigeria’s rapidly evolving insurance industry or current global regulatory standards.

Abiru explained that the new bill is designed to modernise the legal framework governing the insurance sector, strengthen regulatory oversight, and position the Commission to effectively address emerging challenges in the industry.

According to the committee, the decision to change the agency’s name from the National Insurance Commission (NAICOM) to the Insurance Regulatory Commission (IRC) is intended to eliminate confusion associated with the current designation and more accurately reflect its core mandate as the nation’s insurance regulator.

The bill also provides legal protection for the Commission and its officers against lawsuits or adverse claims arising from actions lawfully taken in the discharge of their statutory responsibilities.

Abiru noted that the existing law has created significant regulatory gaps that require urgent legislative intervention.

He said, “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

The lawmaker further explained that the proposed legislation would strengthen the Commission’s operational independence by empowering it to make regulatory decisions without undue external influence.

He added that the bill also expands the Commission’s powers to collaborate and exchange information with local and international regulatory institutions, issue regulations, guidelines, standards and directives for the insurance industry, and take timely intervention measures in financially distressed insurance companies to protect policyholders and safeguard the stability of the nation’s financial system.

With the passage of the bill by the Senate, the proposed legislation will proceed to the next stage of the legislative process for concurrence by the House of Representatives before being transmitted to the President for assent.

The Senate on Thursday confirmed the nomination of Professor Abayomi Sunday Fasina, former Vice-Chancellor of the Federal University Oye-Ekiti (FUOYE), as a Non-Career Ambassador of the Federal Republic of Nigeria, despite a heated debate over allegations of sexual misconduct previously levelled against him.

The confirmation followed the presentation and adoption of the report of the Senate Committee on Foreign Affairs, which recommended Fasina’s nomination after screening him and reviewing petitions submitted both in support of and against his appointment.

Presenting the committee’s report on behalf of its Chairman, Senator Sani Bello, Senator Simon Lalong (Plateau South) said the committee found no legal or constitutional grounds to reject the nominee.

According to Lalong, the committee carefully considered the petitions challenging Fasina’s nomination and noted that the allegations had already been investigated by the FUOYE Governing Council, the Nigeria Police Force and the Department of State Services (DSS).

He stated that all the relevant authorities cleared the nominee after finding the allegations to be unsubstantiated.

“The committee received petitions against the nominee as well as counter-petitions supporting his nomination. The accusations were investigated by competent authorities, including the University Governing Council and the Nigerian Police, which found the allegations to be false,” Lalong told the Senate.

He added that Fasina also received security clearance from the DSS and the police, while his record of service in academia further strengthened the committee’s recommendation.

“The committee had no doubt in recommending Professor Abayomi Sunday Fasina for confirmation as a Non-Career Ambassador of the Federal Republic of Nigeria,” he said.

However, the recommendation sparked strong opposition from some senators during plenary.

Senator Adams Oshiomhole (Edo North) urged the Senate to suspend consideration of the nomination until all allegations against Fasina were conclusively resolved by the courts.

While acknowledging the constitutional principle of presumption of innocence, Oshiomhole argued that confirming the nominee amid such allegations could undermine public confidence and send the wrong message, particularly to women.

“I am aware, and it is public knowledge, that this gentleman has been accused by two women. Nobody is saying he is guilty; he deserves to be presumed innocent until proven guilty. But, as a matter of sensitivity, I believe the Senate should allow him to clear himself before the courts before endorsing him,” Oshiomhole said.

Senator Cyril Fasuyi (Ekiti North), who represents the constituency where FUOYE is located and also serves on the Foreign Affairs Committee, also expressed reservations about the nomination.

Fasuyi said he was familiar with the controversy surrounding the case and insisted that justice had not been served.

“I know about this case. I also know about the woman involved. She did not get justice. This is a very sensitive issue that we cannot simply sweep under the carpet,” he said.

He subsequently called for further investigation by the Senate Committee on Rules and Business before any final decision on the nomination.

Responding to the concerns, Senator Lalong maintained that the committee had not been presented with any documentary evidence showing that Fasina was standing trial before any court.

He argued that allegations alone could not serve as sufficient grounds for rejecting a nominee who had been cleared by the relevant investigative authorities.

“It is not every allegation that will stop the proceedings of the Senate. Until a court of competent jurisdiction delivers judgment, an allegation does not amount to guilt. If a court eventually convicts him, appropriate action can then be taken,” he said.

Senate President Godswill Akpabio also defended the committee’s recommendation, stressing that the Senate was constitutionally bound by the principle of presumption of innocence enshrined in Section 36(5) of the 1999 Constitution.

Akpabio noted that the complainant at the centre of the allegations neither appeared before the committee nor submitted any evidence during the screening process.

“The report before us states that the nominee is highly qualified, articulate and recommended for confirmation. A man is presumed innocent until the contrary is proved. We cannot fail to discharge our constitutional responsibility merely because allegations have been made against him,” the Senate President said.

Supporting the committee’s recommendation, Senator Abdul Ningi (Bauchi Central) cautioned lawmakers against turning the Senate into a forum for determining matters beyond its constitutional mandate.

He explained that the responsibility of the screening committee was limited to assessing a nominee’s qualifications, competence and whether the individual had any criminal conviction, rather than adjudicating on unresolved allegations.

“The committee is not constitutionally empowered to investigate personal allegations outside its mandate. Matters of that nature remain within the jurisdiction of the courts and relevant investigative agencies,” Ningi stated.

As deliberations continued, Senator Fasuyi attempted to withdraw his signature from the committee’s report, but Akpabio ruled that such a move could not be made during plenary.

The Senate President advised him to follow the appropriate parliamentary procedure by presenting an affidavit when the Votes and Proceedings are considered.

Following the debate, Akpabio put the committee’s recommendation to a voice vote.

Although the initial response from lawmakers appeared divided, the Senate President ruled that the “ayes” had carried the motion. After repeating the vote, he again declared that the majority supported the confirmation.

He thereafter announced that the Senate had approved the nomination of Professor Abayomi Sunday Fasina as a Non-Career Ambassador and High Commissioner of the Federal Republic of Nigeria.

Challenges Federal Government to pay fallen heroes’ benefits, insurance claims and other entitlements;

Commends President Tinubu, Armed Forces and security agencies for successful rescue of abducted Oyo pupils and teachers

The Senate on Tuesday urged the Federal Government to sustain and intensify military and intelligence operations against terrorists, kidnappers, bandits and other criminal elements across the country, following the successful rescue of abducted pupils and teachers in Oriire Local Government Area of Oyo State.

The upper legislative chamber also called on the Federal Government to ensure the immediate payment of statutory death benefits, insurance claims, pensions and other welfare entitlements to the families of security personnel who lost their lives during the rescue operation.

The resolutions were adopted after the Senate considered a motion sponsored by the Leader of the Senate, Senator Opeyemi Bamidele, and co-sponsored by 108 other senators, commending President Bola Ahmed Tinubu for his leadership and commitment to strengthening Nigeria’s security architecture.

Leading the debate, Senator Bamidele recalled that terrorists invaded schools in Oriire Local Government Area, abducting 39 pupils and seven teachers, an incident that plunged the victims, their families and the nation into weeks of anxiety, fear and uncertainty.

He described the attack as a disturbing expansion of organised criminal activities into the South-West and a direct assault on every child’s constitutional right to education in a safe and secure environment.

According to him, President Tinubu immediately directed the Armed Forces and all relevant security and intelligence agencies to deploy every available lawful military asset to secure the unconditional release of the victims.

Bamidele explained that the Nigerian Armed Forces, working closely with intelligence and other security agencies, carried out a painstaking, intelligence-driven and highly coordinated rescue mission that lasted over 50 days before the victims were successfully rescued on Friday, July 10, bringing an end to 56 days of captivity.

He noted that the operation also led to the arrest of eight terrorists, while several others were neutralised during the military offensive.

The Senate Leader, however, disclosed that the operation came at a heavy cost, as Lieutenant F. A. Isaac of the Nigerian Army, Private Silas Musa of the 81 Battalion, Nigerian Army, and Sergeant Abena John Jerome of the Nigeria Police Force paid the supreme sacrifice while rescuing the abducted pupils and teachers.

He also revealed that Lance Corporal Adamu Hussain of the 81 Battalion sustained injuries during the operation.

Bamidele lamented that although one of the abducted teachers was killed during the period of captivity, the successful rescue of the remaining victims without further loss of life represented a remarkable achievement deserving national recognition.

He said the operation had restored hope and confidence among Nigerians, particularly parents and school communities, while sending a strong message that criminal elements would find no safe haven anywhere in Nigeria.

Chairman of the Senate Committee on Aviation, Senator Fatai Buhari, who seconded the motion, described the day of the abduction as a “Black Friday” for his senatorial district.

He recalled visiting the rescued pupils and teachers at the hospital immediately after their rescue, noting that while some of the victims were initially placed on oxygen support and intravenous drips, they showed remarkable improvement within 24 hours.

In its resolutions, the Senate urged the Federal Government to sustain and intensify military and intelligence operations against terrorists, kidnappers, bandits and other criminal groups by providing modern equipment, advanced surveillance technology, improved intelligence capabilities, better logistics and enhanced welfare packages for members of the Armed Forces and other security agencies.

The Senate also called for the prompt payment of all statutory death benefits, insurance claims, pensions and other welfare entitlements due to the families of the fallen security personnel, while urging the government to continue strengthening the training, equipment and operational capacity of security agencies.

The lawmakers further appealed to Nigerians to continue supporting the Armed Forces and other security agencies through timely intelligence, cooperation and patriotism in the collective fight against insecurity.

The Senate paid glowing tribute to Lieutenant F. A. Isaac, Private Silas Musa and Sergeant Abena John Jerome for making the ultimate sacrifice in defence of innocent Nigerians, and commended President Bola Ahmed Tinubu for what it described as his decisive leadership, strategic direction and unwavering commitment to improving Nigeria’s security architecture.