Tinubu Signs Landmark Insurance Industry Reform Bill into Law

Tinubu Signs Landmark Insurance Industry Reform Bill into Law

President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law — a sweeping legislation aimed at modernising Nigeria’s insurance sector, boosting financial stability, and supporting the country’s goal of becoming a $1 trillion economy. The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates multiple outdated insurance laws into a single, modern framework for regulating all insurance and reinsurance operations in the country. Under the Renewed Hope Agenda for the Insurance Sector, the new Act introduces: The law mandates the National Insurance Commission (NAICOM) to enforce its provisions and drive reforms that will improve insurance penetration nationwide. According to the Presidency, the NIIRA 2025 will attract new investments, enhance transparency, spur innovation, and position Nigeria as a leading insurance hub in Africa.

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Magistrate Remands Alleged Serial Killer Olori Esho in Kirikiri Custody

Lagos | August 5, 2025 —A Lagos Chief Magistrate Court sitting in Ogba has ordered the remand of alleged notorious serial killer, Wasiu Akinwande, popularly known as Olori Esho, at the Nigerian Correctional Service, Kirikiri. The 44-year-old was arraigned on Tuesday before Chief Magistrate Mobolaji Tanimola on an 11-count charge bordering on conspiracy, murder, attempted murder, illegal possession of firearms, membership of an unlawful society, possession of dangerous weapons, grievous bodily harm, threat to life, and unlawful possession of multiple international passports. According to the police, Akinwande and others still at large allegedly committed the offences between December 9, 2010 and April 5, 2025 in different parts of Lagos, including Mushin, Idi-Araba, Surulere, and Fadeyi. Among the alleged victims was 10-year-old Aminat Lateef, killed in 2010 while running an errand. The defendant is also accused of shooting dead 30-year-old Yusuf Bolakale and 23-year-old Yusuf Ramadan in Mushin in July 2024 while in possession of an AK-47 rifle. Police further alleged that on July 31, 2024, he killed six more people during a violent clash between rival cult groups in Idi-Araba, before fleeing to Alagbado, where he was arrested in June this year. During the proceedings, police prosecutor Nosa Uhumwangho sought the suspect’s remand pending advice from the Lagos State Directorate of Public Prosecutions, in line with Section 264 of the Administration of Criminal Justice Law, 2015. He told the court that 13 international passports bearing different names, along with nine AK-47 rifles, two pump-action guns, and two pistols, were recovered from the suspect’s hideout. Defence counsel Adejare Kembi opposed the request for police remand, insisting that his client be kept in a correctional facility for proper constitutional access. Ruling on the matter, Magistrate Tanimola ordered the defendant’s remand at Kirikiri Correctional Centre for 30 days and adjourned the case to September 4, 2025.

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Troops Neutralise Bandit in Benue, Destroy Camps in Makurdi LGA

Troops of the 401 Special Forces Brigade/Sector 1 Operation Whirl Stroke (OPWS), in collaboration with local hunters, have carried out a clearance operation around the Tatough general area of Makurdi Local Government Area, Benue State, neutralising one bandit and destroying multiple hideouts. According to a statement by Acting Assistant Director, Army Public Relations, Captain Abdullahi Lawal Osabo, the weekend operation involved a fighting patrol and the escort of bereaved family members to Tse-Ayele village for a burial. Troops cleared several identified hotspots, including Mdoor, Anter, Tse-Gegu, Tse-Akaajime, Tse-Agam, and Ndor villages. While advancing through Tse-Akaajime, soldiers encountered armed bandits. A brief but intense firefight ensued, resulting in the killing of one bandit, while others fled, abandoning their positions. Items recovered included two Tecno mobile phones and three motorcycles suspected to have been used in criminal activities. Troops subsequently destroyed and set ablaze all identified bandit camps in the area, effectively preventing the criminals from regrouping. In a related development, soldiers deployed in Tatough have continued aggressive foot and perimeter patrols to maintain security and reassure residents of their safety. The Acting Commander, 401 Special Forces Brigade and Sector 1 OPWS, Colonel K.O. Bukoye, commended the troops for their gallantry, urging them to remain vigilant and sustain momentum in the effort to rid Benue State of criminal elements.

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Tinubu Rewards D’Tigress With $100,000 Each, Houses, and National Honours

President Bola Ahmed Tinubu has rewarded members of Nigeria’s women’s national basketball team, D’Tigress, with national honours, one flat each, and cash prizes following their historic fifth consecutive victory at the 2025 FIBA Women’s AfroBasket Championship. At a presidential reception held Monday at the Presidential Villa, and represented by Vice President Kashim Shettima, President Tinubu conferred the Officer of the Order of the Niger (OON) title on every player and member of the technical crew. Each player will receive the naira equivalent of $100,000, while the coach and technical staff will receive $50,000 each. “You have conquered Africa and opened the door to global greatness,” Tinubu said, praising the team’s 78–64 win over Mali and their qualification for the 2026 FIBA Women’s World Cup Pre-Qualifying Tournament. The President commended Coach Rena Wakama for her leadership and praised Amy Okonkwo (tournament MVP) and Ezinne Kalu (top scorer in the final) for their individual brilliance. Tinubu also hailed Nigerian women for their consistency in sports excellence, noting recent triumphs by the Super Falcons and athletes on the global stage. The First Lady, Senator Oluremi Tinubu, described the win as a “resounding statement of hard work, excellence, and national pride,” saying it will inspire generations of Nigerian girls to pursue greatness. Captain Amy Okonkwo thanked the President and First Lady for their support, pledging that the team will continue to make the nation proud.

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NNPC Raises Petrol Price to N955 in Abuja, N915 in Lagos

NNPC Raises Petrol Price to N955 in Abuja, N915 in Lagos

By Kamal Yalwa: Abuja | August 5, 2025 The Nigerian National Petroleum Company (NNPC) Limited has increased the pump price of Premium Motor Spirit (PMS), popularly known as petrol, at its retail outlets nationwide. In Abuja and surrounding areas, the new price is N955 per litre, up by N65 from the previous N890. In Lagos, petrol now sells for N915 per litre, compared to N865 earlier. The hike has triggered concerns among commuters and business owners already grappling with high inflation and rising living costs. A Nigerian Tribune survey confirmed that the new prices have been implemented across NNPC stations in Abuja’s Central Business District, Wuse, Berger, Nyanya, and Mararaba in Nasarawa State. Independent marketers are selling at varied rates — MRS stations in AYA, Abuja, sold at N850, AA Rano at N920, while NIPCO, Zamson, and AYM Shafa stations along the Abuja–Keffi Expressway pegged prices at N920. Although NNPC Limited has yet to issue an official statement, the increase follows Dangote Refinery’s upward revision of the ex-depot price from N820 to N858 per litre.

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Troops Arrest Woman With Military Gear, Loaded Magazines in Katsina

By Kamal Yalwa: Malumfashi, Katsina State Troops of Operation Fansan Yanma have arrested a female suspect allegedly found with military gear and three loaded ammunition magazines in Malumfashi town, Katsina State. The woman was reportedly intercepted at a routine checkpoint around 1:00 a.m. while attempting to leave the town under suspicious circumstances. A search of her travel bag uncovered a military uniform, camouflage trousers, a tactical jacket, several mobile phones, and other security-related items, including the loaded magazines. Security officials say the items were carefully concealed in her luggage to evade detection. A security source disclosed via his official X handle on Monday evening that the suspect is in custody and undergoing interrogation, with investigations focused on identifying her network and motives. While authorities have not released her identity or confirmed any affiliations, military sources suspect she may be linked to a syndicate that supplies weapons and military equipment to terrorist groups operating in the region.

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Ogbagi Akoko Residents Protest Deplorable Road Conditions, Demand Urgent Government Action

By Kamal Yalwa: August 4, 2025 Ogbagi Akoko, Ondo State —Residents of Ogbagi Akoko in Akoko North West Local Government Area of Ondo State staged a peaceful protest on Monday, decrying the worsening condition of the Ikare–Ogbagi–Irun Akoko to Ado-Ekiti Road. The demonstrators, made up of scores of indigenes and community members, marched through major routes in the area carrying placards and banners, demanding swift government intervention. Protesters described the protest as a “collective cry for help,” noting that the dilapidated road has become a daily nightmare for motorists, commercial drivers, and residents. Many lamented the negative impact on economic activities, travel time, and access to healthcare and education. “We are tired of suffering on this road. It’s dangerous, it damages our vehicles, and it is slowing down the growth of our community,” one protester said. In response to the demonstration, the Federal Controller of Works in charge of the project, Mr. Wasiu Owolabi, confirmed that construction work is ongoing on the over 40-kilometre stretch of road. He stated that approximately eight kilometres of the road have been completed so far and appealed for patience from the residents. “We understand the frustration of the people, but work is steadily progressing. We urge residents to bear with the contractors as we work toward the timely completion of the project,” Mr. Owolabi said. The Ikare–Ogbagi–Irun–Ado-Ekiti Road serves as a crucial link between Ondo and Ekiti states and is widely regarded as vital for regional commerce and mobility. Residents say they will continue to monitor the progress and maintain pressure until the road is fully rehabilitated.

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We Slept Like Sardines: Inmates Lament Hellish Conditions in Ogun Correctional Centres

In a chilling testimony, a 50-year-old former inmate identified only as Idris has described his two-year ordeal at the Ibara Correctional Centre in Abeokuta, Ogun State, as “nothing but hell.” His story sheds light on the harrowing reality of life behind bars in Nigeria’s overstretched and under-resourced correctional facilities. “We slept in hundreds, like packed sardines in a room that was supposed to accommodate twenty people,” Idris said, narrating the conditions he endured while awaiting trial. “We battled skin rashes, head lice, bedbugs—and eventually, some inmates developed mental disorders.” Idris was arrested in the aftermath of a cult clash near the Peoples Democratic Party (PDP) secretariat in Abeokuta. Mistakenly caught in the chaos while attempting to greet an old friend, he was shot, hospitalized for a month, and later charged with attempted murder and illegal possession of firearms. “I was shot, I shot at many people also, but I was overpowered,” he admitted, recounting his eventual transfer from hospital to police custody and later to court. His situation reflects a broader crisis in Nigeria’s correctional system. Overcrowded and Overlooked Despite a 2019 rebranding of the Nigerian Prisons Service to the Nigerian Correctional Service (NCoS)—a move aimed at rehabilitation rather than punishment—overcrowding and neglect remain rampant. According to 2025 statistics, 81,287 inmates are currently held in Nigerian correctional facilities. Of this number, 53,178 are awaiting trial, many for non-violent or minor offenses. In Ogun State alone, the Ibara facility, designed for 700 inmates, now holds 1,468. Similarly, the Oba correctional centre, with a capacity of 850, houses 999 inmates. Conditions are grim. Idris’ cell was located next to the prison kitchen, intensifying the heat and congestion. “The food is terrible. Rice is served only twice a week. Other days, it’s garri and beans. Eat too much soup, and you end up with a disability—we called it Sapa ti mu mi lepon,” he said, referring to extreme hunger-related ailments. We Died of Ulcers, Measles and Madness’ Access to healthcare in the prisons is abysmal. According to Idris, many inmates died from treatable conditions like ulcers or lost their sanity due to diseases like measles. “They give only paracetamol. In serious cases, your family must foot the bill,” he revealed. “Two people ran mad from untreated measles.” Correctional Centres Now Breed Criminals – Ex-Inmate Rather than reform, Idris believes prisons now function as training grounds for hardened criminals. “Some people enter for minor theft and come out as armed robbers. Those convicted of capital crimes take them under their wings, and they return to society worse than they went in,” he said. He called for alternatives like community service for minor offenses, decrying how trivial crimes lead to prolonged incarceration and deeper criminal entrenchment. Inmates Plead for Amnesty Ayomide Olagoke, another inmate at Ibara Correctional Centre and a master’s degree holder in Banking and Finance, echoed the call for reforms. Speaking during his convocation ceremony, where he earned a degree in theology from the West African College for Christian Missions, he urged the government to act. “We are reformed and deserve a second chance. People are dying every day. Husbands and wives are locked up for up to nine years awaiting trial. What becomes of their children?” he asked. Chief Judge, Controller Raise Alarm Ogun State Chief Judge, Justice Mosunmola Dipeolu, has also decried the appalling state of the correctional facilities. During a recent visit to Sagamu Correctional Centre, she noted that inmates were forced to stand or sit due to lack of space. “Some inmates have been awaiting trial since 2013—12 years in custody without conviction,” she lamented. Ogun State Controller of Corrections, Abioye Adesina, confirmed the persistent overcrowding despite repeated decongestion efforts. He appealed to Governor Dapo Abiodun for more operational vehicles to improve logistics. Reforms Exist Only on Paper – Legal Expert Legal practitioner and law lecturer Ogaga Ediru criticised the implementation of the Nigerian Correctional Service Act 2019, saying its decongestion measures are largely ignored. “Section 12 of the Act mandates urgent action once a facility exceeds capacity. But in practice, nothing is done,” Ediru said. He warned that overcrowding severely impacts hygiene, nutrition, healthcare, and facilitates disease outbreaks. “Section 23 of the Act mandates proper healthcare for inmates, yet overcrowding renders this provision ineffective,” he added. Ediru blamed the sluggish pace of justice for the crisis, noting that many inmates are locked up for minor offenses longer than the law allows. He advocated for systemic reforms, including: “We must treat criminal justice reform as a national emergency. Until then, correctional centres will remain congested warehouses of human despair,” he concluded. Source: By DAILY POST Staff WriterAbeokuta | August 4, 2025

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