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Insurance Reforms Act Key to Strengthening Nigeria’s Financial System, Senator Abiru Declares
Insurance Reforms Act Key to Strengthening Nigeria’s Financial System, Senator Abiru Declares
The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA, has described the recently passed Nigerian Insurance Industry Reform Act as a decisive step toward repositioning the country’s insurance sector for growth, resilience and global competitiveness. According to the senator, the reform law represents a critical legislative milestone aimed at modernising the legal framework governing the industry and unlocking its long-standing potential. Abiru stated this on Wednesday while delivering a keynote address at the Insurance Sector Consultative Forum organised by EnterpriseNGR at the Nigeria Insurers Association Conference Hall, Victoria Island, Lagos.  Speaking on a topic titled, “Reform, Resolve, Results: Powering a New Era for Nigeria’s Insurance Sector,” the lawmaker noted that despite Nigeria’s population of over 200 million people, insurance penetration remains about 0.44 percent of Gross Domestic Product (GDP), indicating significant room for expansion. Senator Abiru said although gross premiums reached about ₦1.56 trillion in 2024, the industry’s long-term investment capacity remains modest compared with other emerging markets. Drawing comparisons across Africa, he observed that insurance penetration exceeds 11 percent of GDP in South Africa and is above 2 percent in Kenya, largely driven by innovation and wider distribution channels.  The lawmaker further noted that the expected outcomes of the reform include stronger solvency standards, faster and more transparent claims settlement, increased insurance penetration among households and small businesses, and improved enforcement of compulsory insurance policies, stressing that the reforms had restored consumer confidence in the industry. He said that a stronger and well-capitalised insurance sector would significantly contribute to national economic resilience by providing long-term financing for development projects. According to him, insurance companies globally serve as major institutional investors that support infrastructure development and economic expansion. The Chairman of EnterpriseNGR, Mr. Aigboje Aig-Imoukhuede; Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin; and other prominent industry leaders emphasised the urgent need for coordinated reforms, stronger industry collaboration, and innovative approaches to expand insurance adoption and improve public confidence in the sector. On why the EnterpriseNGR,is convening critical meeting of top stakeholders in the insurance industry, the Chairman of EnterpriseNGR, Mr. Aigboje Aig-Imoukhuede, said: “The greatest source of growth for any economy is investment, and the lever through which that growth is achieved is the financial and professional services sector. So we want to have a vibrant financial and professional services sector. One of the most important professions and services across the world is insurance, and that is why we are focused on the insurance subsector at this time.  “The whole idea is to achieve a level of relevance of insurance in the economy that is higher than what it is today. Right now, we are under one percent penetration in terms of insurance-to-GDP ratio. Some countries are at three percent, others at 11 percent. So if we grow from where we are today to three percent, that is tripling the sector, and if we go to 11 percent, that is ten times growth. The effect on the overall economy will be tremendous.” Also, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission, Mr. Olusegun Omosehin, disclosed that: “Given the ambition of President Bola Tinubu on the direction of the transformation of the Nigerian economy, the transformation of the insurance sector is no longer optional. It has to commence now. “Given the level of work that has been done at the regulatory end, it then becomes obvious that we needed a platform for collaboration across all stakeholders in the financial services and professional ecosystem to ensure that the desired transformation is given meaning. There is no nation on this planet that can successfully transit to that level of growth without the resilience required from the insurance sector.”  Also speaking, the President and Chairman of Council of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori; the Director-General of the Nigerian Insurers Association, Mrs. Bola Odukale; the Chief Executive Officer of EnterpriseNGR, Obi Ibekwe; and other stakeholders underscored the importance of collective action across regulators, policymakers, insurers, brokers, and other stakeholders to address structural barriers limiting insurance penetration and strengthen the sector’s contribution to Nigeria’s economic development. They emphasised the need for stronger collaboration between industry stakeholders, professional bodies, and academic institutions to build a future-ready workforce while reinforcing ethical standards and continuous professional development across the sector. Odukale said, “the talks about collaboration are very important because we are transitioning in terms of reforms, like the NIRA Act 2025, which is going to transform our market. So when we are talking about transformation, you actually need people that you will collaborate with. You can’t do everything just by yourself. “For us as an industry, collaboration is key and this is very important to us. We believe it is going to have a lot of impact on the ability to deepen insurance penetration in Nigeria and also for our industry to continue to give value to the insuring public.”. Participants at the forum also examined the key factors responsible for the low adoption of insurance products in Nigeria, including limited consumer awareness, trust deficits driven by claims disputes, and inefficiencies in customer experience.
Senate Advocates CBN’s Coordination of Other Regulatory Agencies to Regulate Fintech Operations in Nigeria; Seeks Stricter Measures to Prevent Ponzi Scheme Fraud
The Nigerian Senate has called for a strengthened regulatory framework that places the Central Bank of Nigeria (CBN) at the centre of coordinating oversight for the country’s fast-growing fintech sector, while also demanding tougher measures to combat the proliferation of Ponzi schemes in Nigeria. The position was articulated by Senator Mukhail Adetokunbo Abiru (Lagos East), Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, on Wednesday at the National Assembly, Abuja, during a one-day public hearing on the Banks and Other Financial Institutions Act (Amendment) Bill 2025 (SB. 959) and an investigative hearing into the operations of Ponzi schemes in Nigeria, with particular reference to the recent Crypto Bullion Exchange (CBEX) incident.  The hearing, jointly convened by the Senate Committees on Banking, ICT and Cyber Security, Capital Market, and Anti-Corruption and Financial Crimes, focused on strengthening Nigeria’s financial regulatory architecture amid rapid digital transformation and rising financial fraud. Senator Abiru, a retired bank chief, an accomplished economist and accountant, in his address advocated for strengthening the existing legal framework under the Banks and Other Financial Institutions Act (BOFIA) and explicitly placed fintechs under the supervisory authority of the CBN.  According to him, the Bill seeks to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 to provide a clear statutory framework for the designation, registration, and enhanced supervision of Systemically Important Institutions, particularly technology-enabled financial service providers. Over the past decade, Nigeria’s financial ecosystem has evolved significantly. Fintechs—mobile money operators, payment platforms, digital lenders, and settlement companies—now serve millions of Nigerians, process vast transaction volumes, and hold sensitive financial data. While their growth has strengthened financial inclusion, the law has not kept pace with their scale and systemic relevance.  Although the Central Bank of Nigeria currently designates Systemically Important Financial Institutions, the framework is largely bank-focused and does not fully address the realities of large, data-driven, non-bank financial platforms. This creates a regulatory gap with implications for financial stability, data sovereignty, consumer protection, and national security. This amendment will: Empower the CBN to designate qualifying fintechs and digital financial institutions as Systemically Important Institutions. Establish a national registry to enhance transparency and beneficial ownership disclosure. Strengthen risk-based supervision tailored to technology-driven financial services. Promote data sovereignty and systemic stability. “The question has arisen as to whether the creation of a new standalone regulatory agency would be a preferable pathway for supervising fintechs,” Abiru said. “However, after careful consideration, it is evident that establishing an entirely new agency would duplicate functions, create bureaucratic overlap, increase administrative costs, and fragment regulatory authority in a sector where coordination and coherence are essential.” He emphasised that fintech regulation is closely linked to monetary policy, payments oversight, prudential supervision, Know-Your-Customer (KYC) and Anti-Money Laundering (AML) enforcement, and systemic risk monitoring functions that already reside within the Central Bank.  “It is far more effective to strengthen the BOFIA framework, modernise CBN supervisory powers, and mandate robust coordination with agencies such as the Securities and Exchange Commission, Nigerian Communications Commission, National Information Technology Development Agency, Corporate Affairs Commission, Federal Competition and Consumer Protection Commission, Office of the National Security Adviser and the Federal Ministry of Finance,” he said. He added that incorporating fintech regulation into BOFIA would prevent the emergence of regulatory silos and ensure that digital financial services remain fully integrated with the broader banking ecosystem. Beyond fintech regulation, the Senate intensified its scrutiny of Ponzi schemes and fraudulent digital investment platforms during the hearing. Senator Abiru described their growing prevalence as a serious threat to financial stability and public confidence, citing the recent CBEX incident, which reportedly caused significant losses to many Nigerians, including young professionals, retirees, traders, small business owners, and students. He warned that such schemes not only inflict individual hardship but also undermine trust in legitimate financial institutions, distort capital allocation, damage Nigeria’s financial reputation, and heighten risks of money laundering and illicit financial flows. Following its investigation into regulatory gaps, institutional coordination, and the adequacy of existing laws, the Senate proposed stricter measures to curb the operations of fraudulent Ponzi schemes. Stakeholders and industry experts who made submissions and submitted memoranda at the public hearing include; the Central Bank of Nigeria, CBN, Nigerian Deposit Insurance Commission (NDIC), EFCC, NCC, FCCPC, Ministry of Finance Incorporated, Chartered Institute of Bankers among others.
Youths key to sustainable national development, says Abiru
The Senator representing Lagos East Senatorial District, Adetokunbo Abiru, said that President Bola Tinubu understands that sustainable national development cannot be achieved without the full engagement of young people. The event held at the Lagos State House of Assembly. It had as its theme, “Youth Legislature on the Rise: Shaping Policies for the Future,” reflecting the urgency of the times. Mr Abiru, who is also the chairman of the Nigerian Southern Senators Forum, said that on this day, they had witnessed young Nigerians taking up critical roles in the Federal Executive Council and other key institutions. The federal lawmaker added that the president had demonstrated a clear commitment to repositioning the economy and creating sustainable opportunities for young people.  He said: “One of the most admirable hallmarks of the President’s administration is the inclusion of young people in governance. “Examples are: Dr Bosun Tijani, Minister of Communications, Innovation and Digital Economy – a tech visionary; Mr Ayodele Olawande, Minister of Youth Development an active youth voice from the grassroots.  “Mr Aminu Umar-Sadiq, MD/CEO of Nigeria Sovereign Investment Authority entrepreneurship. An advocate for youth; Uzoma Nwagba, MD/CEO of Nigerian Consumer Credit Corporation champion of financial inclusion for youth empowerment. “And several others serving as special assistants, advisers, and chief executive officers of critical agencies. “This intentional inclusion is a validation of the age-old truth that the youths are not just leaders of tomorrow; they are leaders of today.” The senator said it was no coincidence that one of the fastest-growing sectors under this administration was the digital economy and tech space. He said the president had strategically positioned Nigeria to become a hub for innovation and entrepreneurship in Africa. Mr Abiru said through support for tech startups, the expansion of digital infrastructure and favourable regulatory reforms, our young people were now leading a digital revolution. He said: “Across the world, young people are no longer content with being passive observers of governance. “They are innovators, entrepreneurs, digital architects, policy advocates, and reform champions. The 21st century has shifted power dynamics. “As young leaders, your role is not merely to critique policies, but to engage constructively, monitor implementation, propose improvements, and support initiatives that advance national progress.” Mr Abiru said looking ahead to the general elections in 2027, young people must recognise the power of their civic participation. He said supporting continuity where reforms were yielding results was not about partisanship, but it was about stability, progress, and the consolidation of gains already made. Mr Abiru urged the youth to mobilise, organise, and galvanise support for the success of this administration and its re-election in 2027.  He also advised youth parliamentarians that leadership required more than ambition, as it also required competence, character, collaboration, and consistency. Mr Abiru said they might sit this day in a chamber that mirrored the architecture of governance, adding that one day, many of them would occupy positions in the national assembly, state assemblies, and become chief executives. In his remarks, the Speaker of the House, Mudashiru Obasa, said in spite of the Not Too Young Act, which lowered age barrier into public offices, youth representation in legislative chambers remained limited in practice. Mr Obasa, represented by his deputy, Lasbat Meranda, said this reality was a clarion call that youth participation would not flourish by accident; it must be strengthened through deliberate policies and intentional institutional design. He added that in the just concluded 2023 general elections, youths constituted the largest segment of registered voters, yet the translation of voter registration into youth representation remained marginal. According to him, these numbers underscore the reality that our youths are numeric, they have not yet achieved the commensuration influence within the corridor or policy making and law making. In her welcome remarks, the Speaker of the 5th Lagos State Youth Parliament, Itunuoluwa Soniregun, said it gave her pride to welcome guests to the first of its kind Eko Youth Parliamentary Summit. Ms Soniregun, who is also the vice chairperson of the Conference of State Speakers in Nigeria, said this day was a proof that the voice of Lagos youth was no longer a whisper in the corridor of power but a desirable call to shape the state.  She said the Lagos parliament had been recognised as a youth body actively engaged in international partnership that provided opportunities, exposure and open relevance to young people in the state. (NAN)
Senator Tokunbo Abiru Delivers New Blocks of Classrooms In 5 Schools In Imota, Ikorodu West, Ikorodu North LCDAs
Several communities in Ikorodu division of Lagos East Senatorial District have expressed excitement following the delivery of new classroom blocks facilitated by Senator Mukhail Adetokunbo Abiru to improve educational infrastructure and support better learning outcomes. The beneficiary schools include UNA Primary School, Igbalu, Imota LCDA; Anglican Primary School, Isawo; Ipakodo Senior Grammar School; Local Government Primary School, Ipakodo; and Farm Settlement Primary School, Odogunyan.  The projects were commissioned on behalf of the senator by the executive chairmen of the respective local council authorities: Ameen Apanishile (Ikorodu North LCDA), Sulaimon Kazeem (Ikorodu West LCDA), and Sunday Benson (Imota LCDA). They commended the Senator for attending to the growing educational needs of the people, strengthening ongoing efforts to improve public education infrastructure and human capital development within Lagos East Senatorial District. Speaking through his Special Adviser on Constituency Matters, Otunba Saheed Oladapo Ibikunle, PhD, who represented him at the events, Senator Abiru reaffirmed his commitment to delivering the greatest good to the largest number of constituents in Lagos East. He noted that the classroom projects are part of several interventions he had facilitated across the district and assured residents that more impactful projects are underway.  He also commended President Bola Ahmed Tinubu, GCFR, for enabling the funding support that made the projects possible, stressing the President’s commitment to national development. Senator Abiru further acknowledged the Lagos State Government under Governor Babajide Olusola Sanwo-Olu for sustained efforts aimed at improving learning outcomes through targeted educational interventions.   The Education Secretary, Local Government Education Authority, Ikorodu, Hon. Taiwo Odumbo, commended the Senator for his strides in the education sector in Ikorodu division, and across the Lagos East Senatorial district. He described the performance of the Senator as outstanding, stressing that the division and the entire Lagos East district is blessed to have Senator Abiru as representative at the upper chamber of the National Assembly.   Head teachers, parents, pupils of the schools, School Based Management Committee (SBMC), Community Development Associations(CDAs), expressed gratitude to the Senator for his dedicated service to the people. They said the new facilities will enhance pupils’ comfort, boost morale, and improve academic performance. They described the projects as inclusive initiatives spread across multiple communities to ensure broader access to quality education. 
Senator Abiru Highlights Tinubu’s Achievements As Ikorodu Division Rallies Support for President’s Re-Election Bid In 2027
Senator Mukhail Adetokunbo Abiru has reaffirmed the strong support of Ikorodu Division, Lagos East Senatorial District and Lagos State for the re-election of President Bola Ahmed Tinubu in 2027, highlighting his major achievements in office, which include key economic reforms and stability, social programmes and massive infrastructure development across the country. Speaking at the Ikorodu Division Unites for 2027 Rally in Ikorodu on Monday, Senator Abiru said the gathering reflected the division’s confidence in the President’s Renewed Hope Agenda and its belief in the direction of current national policies. According to the senator, Nigeria faced a critical turning point in 2023 when President Tinubu assumed office amid economic pressures, declining public confidence and structural challenges. He noted that the administration opted for difficult but necessary reforms aimed at stabilising the economy and laying the foundation for sustainable growth. Among the major policy decisions cited were the removal of fuel subsidy, unification of the foreign exchange market and broader economic restructuring. Abiru said these major policy decisions, though initially challenging, have allowed government resources to be redirected toward priority sectors such as education, healthcare, agriculture, infrastructure and social protection.  He pointed to emerging indicators which, according to him, suggest gradual economic improvement. These include stabilising fiscal conditions, record growth in non-oil revenue, five consecutive trade surpluses, stronger external reserves, now at their highest level since 2019, and a significant reduction in Nigeria’s debt service ratio from about 97 per cent to below 50 per cent. The senator also noted that reforms have expanded fiscal space for states and local governments through increased federal allocations, enabling subnational authorities to respond more effectively to local development needs.  Highlighting people-centred initiatives, Abiru referenced the Nigerian Education Loan Fund (NELFUND), which he said has provided educational loans to more than 510,000 students nationwide. He also cited CrediCorp, a federal credit programme that has reportedly disbursed over ₦30 billion in affordable loans to more than 150,000 Nigerians. He added that workers’ welfare has received attention through the introduction of a new national minimum wage of ₦70,000, while the ongoing Project Bridge fibre-optic initiative, a proposed 90,000-kilometre digital infrastructure network, is expected to boost connectivity, innovation and economic inclusion.  Abiru further emphasised the role of the National Assembly in supporting the administration’s agenda. According to him, the 10th National Assembly has provided legislative backing through key laws and reforms, including the Student Loan Act, Electricity Act amendment, Data Protection Act, Nigerian Insurance Reforms Bill, Police and broader security sector reforms, as well as measures aimed at strengthening Nigeria’s startup ecosystem and improving revenue harmonisation. He argued that many of the policies reflect governance strategies previously applied during Tinubu’s tenure as Lagos State governor, which he said are now being implemented at the national level. Reaffirming the political stance of his constituency, the senator said the Ikorodu Division was proud to endorse President Tinubu for re-election in 2027, adding that Lagos East and Lagos State remained supportive of the administration’s development agenda. “From Ikorodu Division, Lagos East Senatorial district, Lagos State and across the country, there is a shared commitment to the President’s vision for a stronger, stable and more prosperous Nigeria,” he said. The All Progressives Congress, APC Chairman in Lagos State, Pastor Cornelius Ojelabi, Members of the prestigious Governance Advisory Council, GAC, Honourable Member, representing Ikorodu Federal Constituency, Hon. Babajimi Benson, royal fathers eminent political and community leaders, also endorsed the president for a second term.
Senator Abiru Highlights President Tinubu’s Economic Reform Gains, Unveils Scorecard at Lagos East APC Stakeholders’ Meeting
The Senator representing Lagos East Senatorial District, Senator Mukhail Adetokunbo Abiru, FCA, has said that Nigeria’s economy is stabilising under President Bola Ahmed Tinubu, as key macroeconomic reforms begin to yield positive results. Speaking at the Lagos East Senatorial District APC Stakeholders’ Meeting held on Thursday in Ikosi-Isheri, Magodo, Senator Abiru described President Tinubu’s leadership since May 2023 as the “calm of the storm,” noting that the administration took bold but necessary decisions to avert economic collapse and reposition the country for sustainable growth. According to him, reforms such as fuel subsidy removal, foreign exchange unification, fiscal and tax restructuring have started to produce measurable gains, including easing inflation, particularly food inflation, greater exchange rate transparency, improved external reserves and renewed investor confidence. He added that GDP growth has remained positive and that improved subnational revenues are gradually impacting the micro-economy, easing pressure on households and small businesses.  Abiru, who is the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, urged party leaders to mobilise residents for Independent National Electoral Commission, INEC’s second phase of Continuous Voter Registration and the APC membership e-registration exercise, stressing that data-driven planning is critical to electoral success. He also endorsed the funding structure proposed by the Lagos East APC leadership, emphasising the need for predictable and transparent party financing. Presenting his stewardship, the senator said his representation has been anchored on three pillars: legislation, empowerment and endowment. He highlighted his role in sponsoring and co-sponsoring landmark legislations, including the Insurance Industry Reforms Act and the Copyright Amendment Act, as well as ongoing amendment bills on BOFIA, NEXIM and NAICOM.  On constituency projects, Abiru disclosed that over 35 schools have benefited from classroom construction and rehabilitation, while several health facilities, including 40-bed hospitals and primary health centres across the district, have been constructed or upgraded. He added that about 11 community roads have been completed, with more ongoing, alongside the installation of over 700 solar streetlights, provision of transformers to over 30 communities and construction of 21 motorised boreholes. He further disclosed that 48 cooperative societies, each supported with a ₦10 million take-off grant, amounting to ₦480 million, to boost grassroots economic inclusion was equally launched last December. He added that about 2,000 constituents received empowerment tools like: Freezers, Generators, Ovens, Industrial Sewing Machines and Grinding Machines, among others. While over 80,000 households had so far benefitted from Food Pack schemes, across the district, Abiru informed.  Calling for unity and discipline within the APC, the senator urged stakeholders to continue to support President Tinubu’s Renewed Hope Agenda, stressing that collective effort remains essential for sustained development in Lagos East, Lagos State and Nigeria. Lagos State APC Chairman, Pastor Cornelius Ojelabi, other elders of the party, who are also members of the Governance Advisory Council, GAC, members of the National Assembly, Lagos State House of Assembly, Commissioners, and other cabinet members of the Lagos State Executive Council from Lagos East, Council chairmen, APC LGA chairmen among others were in attendance.
2026: Senator Tokunbo Abiru’s New Year Message
As we step into the year 2026, I extend my heartfelt New Year greetings and warm wishes to the great people of Lagos East Senatorial District, Lagos State, and indeed all Nigerians. The dawn of a new year offers us another opportunity for reflection, renewal and collective resolve as we journey toward progress and prosperity. This year presents an opportunity to consolidate on the gains already recorded, deepen grassroots empowerment, and expand pathways for our vibrant, innovative and enterprising youth to thrive. My commitment remains unwavering: to champion policies that promote economic stability, and inclusive growth, and to ensure that development touches every ward, every community and every household across Lagos East. At the national level, encouraging signs of economic recovery are beginning to emerge, driven by far-reaching reforms aimed at stabilising our economy and laying the foundation for sustainable growth. In this regard, I urge us to continue to support the administration of President Bola Ahmed Tinubu, GCFR, as it implements critical policies to strengthen the economy, improve infrastructure, expand opportunities and secure a more prosperous future for all Nigerians. Our unity as a people remains our greatest strength. Regardless of differences in opinion, background or belief, we must continue to embrace dialogue, tolerance and mutual respect. Our diversity is not a weakness but a powerful asset that, when harnessed through cooperation, enables us to overcome challenges and build a more inclusive, just and forward-looking nation. May the year 2026 bring peace, good health, progress and renewed hope to every home. Happy New Year.
We've Never Had It This Good, Lagos East Constituents Celebrate As Senator Abiru Food Packs Touch 12,000 Families Across 16 LGs and LCDAs
"This is unprecedented, we have never had it this good in the history of Lagos East", this was the common commendation showered on the Senator representing Lagos East Senatorial District, Senator Mukhail Adetokunbo Abiru, FCA, across the 16 LGAs/LCDAs, as 12 households benefitted from the Senator’s End of the Year Food Packs. In total, a whopping 84,000 households had so far benefited from the scheme from inception till day.  **IKORODU** The food packs contain essential staples such as rice and garri, which were distributed across all 16 Local Government Areas (LGAs) and Local Council Development Areas (LCDAs) in the district, bringing relief to thousands of households, many of whom described the support as timely and impactful. The programme targeted the most vulnerable members of the society, including, elderly, widows, persons living with disabilities, women and unemployed youths.  **IBEJU-LEKKI** Each food pack, branded with the Renewed Hope of President Bola Ahmed Tinubu, GCFR, and Senator Abiru’s #DoingGood, underscored the alignment of the Senator with the far-reaching policy direction of President Tinubu’s agenda on food security, social protection and inclusive welfare. To further ensure fairness and transparency, beneficiaries were equally selected through a community-driven process.  **SOMOLU** Residents across Lagos East submitted nominations via an online platform, recommending vulnerable individuals and families within their neighbourhoods. These nominations were randomly shortlisted and beneficiaries emerged cutting across all the 16 LGAs and LCDAs in Lagos East.  **KOSOFE** For many beneficiaries, the initiative went beyond food support, it was a reaffirmation of responsive leadership and compassion-driven representation of Senator Abiru that has continued to touch lives across Lagos East.  **EPE** In addition to food packs, cows were also distributed to certain traditional rulers, party leaders to support festive celebrations.
Senator Abiru Highlights SAIL's Success Story At LASUSTECH Research Fair; Says Innovation Key To Nigeria’s Development
The Senator representing Lagos East Senatorial district, Senator Mukhail Adetokunbo Abiru, FCA, has declared that innovation is key in the quest for Nigeria’s development, advocating for a radical transformation of research and innovation in the nation’s university system to keep pace with global technological change, stressing that innovation-driven education remains central to national competitiveness. Speaking as Special Guest of Honour at the maiden Research, Innovation and Development Fair of the Lagos State University of Science and Technology (LASUSTECH) on Tuesday, Abiru said Nigeria must “re-imagine, re-engineer and reinvigorate” its research culture if it hopes to remain relevant in a world shaped by artificial intelligence, biotechnology, renewable energy, digital finance, and other emerging technologies. The theme of the event, “Rebuilding Nigeria’s Research and University System in a Fast-Changing Global Environment,” he noted, underscored the urgent need for universities to become engines of economic growth through knowledge enterprise and industry-aligned innovation.  Abiru, the co-founder of SAIL Empowerment Foundation, hailed LASUSTECH for convening a fair that deepens collaboration between academia and industry, an approach he said mirrors successful global models such as Silicon Valley, Germany’s research–industry synergy and South Korea’s university–government–industry partnerships. Bringing the conversation home, the Senator highlighted the SAIL Innovation Lab in Ikorodu, an initiative he founded with his wife, Feyisola, under the SAIL Empowerment Foundation, saying SAIL demonstrates the transformative power of equipping young Nigerians with digital, tech and entrepreneurial skills. “Many of our youths are now software engineers, product designers, data scientists and startup founders making their mark nationally and internationally,” Abiru said, describing SAIL as proof that Nigerian youths excel when given the right platform.  He commended LASUSTECH for building similar structures that expand pathways for students to turn research into real-world solutions, from food security to urbanisation, energy, health, transportation and digital transformation. Abiru, who chairs the Senate Committee on Banking, Insurance and Other Financial Institutions, reaffirmed his commitment to championing legislation that strengthens research ecosystems, supports innovation-driven entrepreneurship, expands funding access for startups, promotes digital transformation and enhances university research capacity. “Nigeria can innovate at scale. Nigeria can build research-driven industries,” he said. “But it requires academia, industry and government working collaboratively and intentionally.” The Vice-Chancellor of the university, Professor Olumuyiwa Odusanya, and the Chairman of the occasion, Chief Francis Meshioye, the President, Manufacturers Association of Nigeria (MAN), other speakers, charged participants to explore vast opportunities in innovation, referencing the groundbreaking SAIL Innovation Lab.
Senator Abiru Launches 48 Cooperatives With N480m Grants, Empowers 2,000 Constituents, Distributes Food Packs to 12,000 Households in Lagos East
It was a moment of joy for residents of Lagos East Senatorial District, as the Senator representing the district, Senator Mukhail Adetokunbo Abiru, FCA formally unveiled 48 cooperative societies with take-off grants of N480 million, and also distributed empowerment items to about 2,000 constituents and food packs to over 12,000 households across the 98 wards, in the 16 LGAs/LCDAs of Lagos East. The event, adjudged as one of the largest empowerment exercises in the district’s history, underscored what many described as governance rooted in compassion, inclusion and tangible outcomes, which prioritised sustainable economic support, social intervention and a reaffirmation of people-focused leadership. Senator Abiru, who chairs the Senate Committee on Banking, Insurance and other Financial Institutions, while addressing a cross-section of traditional rulers, political and community leaders, party faithful, women groups, youths and artisans, said the programme was a continuation of his commitment to delivering “greater good to larger number” of his constituents across Lagos East Senatorial District. “Beyond the ceremonial, your presence here affirms our shared belief that governance must be responsive, compassionate, and firmly rooted in meeting the genuine needs and aspirations of the people,” he said, setting the tone for a programme. According to the senator, since his election to the National Assembly, his leadership philosophy has remained consistent: translating public office into measurable value and lasting hope for ordinary people. He noted that the co-operative initiative was carefully designed to support women, farmers, artisans and traders with easy, flexible, affordable capital for sustainable economic empowerment. “True empowerment is not all about handouts,” Abiru stressed. “It is about enabling people to unlock their potential, create wealth, and contribute meaningfully to national development.”  The 48 cooperative societies span key economic and social groups, including market women associations, youth organisations, farmers’ groups, artisans and trade bodies drawn from different parts of Lagos East, each getting N10million, totalling N480 million. The senator explained that cooperative societies remain powerful vehicles for grassroots economic inclusion, as they allow members to pool resources, access financing, build creditworthiness and expand their enterprises in a structured manner. He described the intervention as a deliberate effort to strengthen the grassroots economy and create a sustainable pathway to inclusive growth. Beyond the cooperatives, about 2,000 constituents received empowerment items and starter kits aimed at promoting self-reliance and sustainable livelihoods. The items include Freezers, Generator, Grinding Machines, Industrial Sewing Machines, Head dryers, among several others. “This empowerment items distribution programme is deliberately designed to empower our youths, women, artisans, farmers, traders and other hardworking constituents with relevant tools, starter kits and institutional support that promote self-reliance, productivity and sustainable livelihoods”, Abiru stressed. In line with festive seasons support for families, the Senator also flagged off the distribution of food packs to 12,000 households across the district for the Christmas and New Year period, sustaining an intervention he said has been consistently delivered over the past three years to support constituents, particularly the elderly, unemployed youths, women and persons living with disabilities.  Senator Abiru further highlighted achievements under what he described as three pillars—legislation, empowerment and endowment—citing bills and motions on economic inclusion, financial system stability and governance, as well as investments in education, healthcare, road infrastructure and digital skills through the SAIL Innovation Lab. He said the programme aligns with the Renewed Hope Agenda of Bola Ahmed Tinubu, translating national priorities into tangible grassroots outcomes. Reaffirming his commitment to diligent, compassionate and results-driven representation, Abiru urged beneficiaries to deploy the grants and tools responsibly, noting that inclusive growth depends on disciplined use of public support and sustained community partnership.  The Paramount ruler of Ikorodu division, HRM Oba Kabir Adewale Shotobi, the Ayangbure of Ikorodu, described the co-operative societies initiative, empowerment items and food packs distribution exercise as remarkable. He said the people of Ikorodu, and the entire Lagos East were very proud of his outstanding achievements. The State chairman of the All Progressives Congress, APC, Pastor Cornelius Ojelabi, who spoke on behalf of political leadership , commended Senator Abiru for making the party proud, through his people-oriented and innovative programmes , like the co-operative societies, that have lasting impact in the lives of constituents.  “Thank you for helping to grow our party membership. We are extremely proud of your achievements. The innovations you brought into politics are very impactful. All you are doing is promoting the philosophy of our great party”, Pastor Ojelabi declared. Prince Abiodun Ogunleye, the former deputy governor of Lagos State and the APC Apex leader in Ikorodu division, said has continued to advance the tenets of progressive politics since he he was elected as the Senator, urging other elected public officials to take cue from the innovation Abiru has brought into politics and representation. The Ikorodu division market leader, Deaconess Busola Isikalu, expressed profound appreciation to the Senator for creating a platform for economic emancipation for market men and women, artisans , women and youths across the district. She assured that beneficiaries will make judicious use of the empowerment tools and grants.  Dignitaries in attendance include, members of the Governance Advisory Council, Asiwaju Reuben Olorunfunmi Basorun, Alhaji Shakiri Seriki, Senator Adeseye Ogunlewe, others are HRM Oba Barrister Semiudeen Orimadegun Kasali, The Adeboruwa of Igbogbo Kingdom, HRM Oba Richard Ogunsanya, The Olubeshe of Ibeshe Kingdom, HRM Oba Olukayode David Raji, JP, The Eweye of Isiu, HRM Oba Ahmed Ogunnaike, The Alagura of Agura, Alhaji Tunde Isiaq, Alhaji Babatunde Rotinwa, Hon. Ganiyu Abiru, local government chairmen led by Hon Sesan Abdullahi Olowa, Ibeju-Lekki Chairman, who is the Conference 57 chairman., religious leaders, political and community leaders, among several others.
Senate Holds Zonal Security Summit In Lagos, Senator Abiru, South-West Stakeholders Push For Indigenous Solutions, Modern Technology, State Police To Tackle Insecurity
In a bid to combat the rising security challenges facing the nation, the Nigerian Senate held the South-West Zonal Security Summit, in Lagos, on Friday, where major stakeholders across security agencies, government, civil society, and traditional institutions renewed calls for the adoption of indigenous security solutions, advanced technology, and state policing as part of efforts to address Nigeria’s escalating security challenges. The Senator representing Lagos East Senatorial District, Senator Mukhail Adetokunbo Abiru, who is the Chairman of the South-West geopolitical zone interactive hearings of the 10th Senate's ad-hoc committee on the National Security Summit, in his remarks charged Nigerians to collectively join hands to defeat insecurity.  Abiru, who is the Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions and Chairman, Southern Senators’ Forum, stressed the need for stronger collaboration among all stakeholders to tackle insecurity effectively. He said, "While the South-West has not experienced the full brunt of terrorism as in some other regions, the rise in banditry, kidnapping, and violent crimes across our states is deeply troubling. "Our villages and farmlands have come under increasing threat; farmer-herder clashes have been on the increase, our highways have seen more daring incidents, and the disturbing spread of armed groups such as the reported Lakurawa incursion into parts of Kwara and Kogi underscores the urgent need for proactive measures. If decisive action is not taken, the danger could spill fully into the South-West geo- political zone. "We must not allow the South-West to become a sanctuary for criminality or a battleground for those who seek to destabilise our nation. We must use every resource – human, material and technological – to defend our communities.  "No effort is too small in the quest to secure the South West Zone and our nation. Security is a collective responsibility. We must build trust, stay vigilant, and report suspicious activities promptly to our community leaders and security agencies," he said. Senator Abiru also urged the media to see the fight against insecurity as a national duty, noting that "We must promote narratives that strengthen unity, inspire confidence, and avoid framing our national challenges along ethnic or religious lines. Let us strive to paint a positive and reassuring picture of our country", he admonished. The Governor of Lagos State, Mr Babajide Olusola Sanwo-Olu, who was represented at the event by the Chief Executive Officer of the Lagos State Security Trust Fund, Dr. Ayodele Ogunsan, reaffirmed his administration’s commitment to strengthening security architecture in Lagos State. He also called for a regional security framework, noting that security is essential not only for peace but also for economic stability. He said, "As governors of this region, we must reaffirm our commitment to a regional security framework, which includes transforming Amotekun into a more unified, well-equipped, technology-driven command that can facilitate cross-state intelligence sharing and joint operations. Our traditional institutions – our Obas and community leaders – must remain central to this framework, as no one knows the heartbeat of local communities better than they do. "Security is not just about keeping the peace; it is about ensuring our economic survival. When insecurity disrupts markets, farmlands, transportation, and investment, our GDP takes a hit, livelihoods crumble, and growth stalls. A region that cannot promise safety cannot promise prosperity either. That is why our strategy needs to be proactive, driven by intelligence, and deeply embedded in community involvement”.  Also speaking, Senator Ibrahim Jimoh, representing Ondo South and sponsor of the bill establishing the National Security Summit, stated that terrorism and insurgency require non-conventional approaches involving both military and civilian efforts. Senator Gbenga Daniel, representing Ogun East, also called for collaborative efforts by all stakeholders to address insecurity in Nigeria. During his presentation, Lagos State Commissioner of Police, Moshood Jimoh, emphasised the need to sustain the current moment, noting that security challenges are often local and require local solutions. Speaking on behalf of traditional rulers, the Alara of Ilara in Epe, Lagos, Oba Olufolarin Ogunsanwo, advocated community policing, the use of modern technology, a joint task force comprising all security agencies, expanded police recruitment, increased funding, better equipment and more employment opportunities to limit youth restiveness and associated threats.  He said that President Bola Tinubu’s administration had intensified collaboration with international partners but noted that weak structures at the grassroots continued to derail progress. On his part, the Aare Onakankanfo of Yorubaland, Iba Gani Adams, maintained that state policing remains a key solution to tackling insecurity nationwide. Representatives of civil society organisations, women, youths, and Christian and Islamic leaders also called for improved welfare packages for security operatives to motivate them to diligently discharge their duties without fear or favour.
Senate, Stakeholders Back ₦1tr Capital Base for NEXIM Bank, reform of Insurance regulatory framework
The Nigerian Senate has reaffirmed its commitment to strengthening Nigeria’s financial regulatory framework to enhance economic growth and global competitiveness, recommending N1 trillion as capital base for the Nigerian Export-Import Bank. The Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, FCA, speaking at a public hearing on the Nigerian Export-Import Bank Act (Amendment) Bill, 2025 (SB. 599) and the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, 2025 (SB. 394), held at the National Assembly Complex, Abuja on Wednesday, said the two Bills represent a major step toward modernizing Nigeria’s financial laws to meet current realities.  Abiru explained that the amendment to the Nigerian Export-Import Bank (NEXIM) Act, first enacted in 1991, aims to reposition the institution to better promote non-oil exports, support small and medium enterprises, and facilitate trade financing in line with global best practices. He noted, “It is however important to note that the existing NEXIM Act was enacted in 1991; over thirty years ago. The structure and realities of both the global and domestic economies have evolved significantly since then. The law has therefore become outdated and inadequate in addressing modern trade realities, technological advancements, and new financing models that now define the global export landscape. This amendment, therefore, seeks to modernize the enabling law to align with contemporary best practices and Nigeria’s strategic economic priorities.  On the National Insurance Commission Act (Repeal) and Insurance Regulatory Commission Bill, the senator said the legislation seeks to overhaul the insurance regulatory framework, which has remained largely unchanged since 1997. The new Bill proposes the establishment of a stronger, more responsive Insurance Regulatory Commission to address emerging issues such as digital insurance products and fintech innovations. According to Abiru, both Bills symbolize the Senate’s broader reform agenda to modernize financial institutions, strengthen regulatory oversight, and align Nigeria’s financial system with international governance and transparency standards. “These Bills reflect the Senate’s commitment to supporting the executive’s economic reform initiatives, strengthening institutional efficiency, and aligning our financial sector with global standards,” he said. He stressed that public hearings like this are vital to participatory lawmaking, as they allow policymakers, regulators, and industry experts to provide input that ensures the resulting legislation is both practical and transformative. The Honourable Minister for Trade and Investments, Jumoke Oduwole, lauded the Senate for their support in driving President Bola Tinubu-led administration’s vision of building a one trillion dollar economy. Mr Olusegun Omosehin, the commissioner for Insurance/ Chief Executive National Insurance Commission, Abuja, in his remarks commended the Nigerian Senate, particularly Abiru-led committee for providing the regulatory framework for the sector to blossom. Also the Managing Director/ Chief Executive, NEXIM, Mr. Abba Bello, strongly supported the proposal for the establishment of an export development fund to enhance the operational effectiveness of the bank, stressing that “despite Nigeria’s vast potential, non-oil exports contribute less than 10% of total foreign exchange earnings, largely due to inadequate export financing”. Abiru assured stakeholders that all submissions and recommendations made at the hearing would be carefully considered in the committee’s report to the Senate.
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