There is a feeling that money cannot directly buy, but insurance can. It is the feeling Kingsley gets
when he unlocks his business on a Monday morning, watch customers walk through the door, and
thinks to himself: whatever happens today, I am covered.
That is not arrogance, that is preparation. In Nigeria’s unpredictable business environment, it
might just be the smartest investment you ever make.
In August 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Industry
Reform Act (NIIRA) 2025, and it directly affects you; whether you own a building, run a business,
or simply walk into one.
Under Section 76(6) of the NIIRA Act 2025, the law casts a wide and deliberate net. Any building
that opens its doors to the public for business, education, worship, healthcare, or recreation is
now legally required to carry insurance cover, renewed every single year without exception.
In plain terms, this covers a sweeping range of familiar spaces that Nigerians interact with daily;
Amaka’s neighborhood petrol station, the shopping mall where she spends her Saturday, the
church or mosque where her community gathers every week, the school her daughter attends,
the hospital she trusts with her family’s health, the hotel she checks into on a business trip, the
event center that hosted her (cousin) Ebere’s wedding. Every one of these buildings now falls
under a binding legal obligation to be insured, and the responsibility sits squarely with the owner.
At IGI, our public liability insurance is designed for how Nigerian businesses operate,
straightforward, comprehensive, and fully NAICOM-compliant.
Finally, luxury is not always a penthouse or a designer bag. Sometimes it is the simple, settled
confidence of knowing that the business you have worked for, sacrificed for, and built from nothing
is protected.
Sources:
Punch Nigeria: Key facts on NIIRA 2025 compulsory insurances: punchng.com
BusinessDay Nigeria: Valuation for Insurance and NIIRA 2025: businessday.ng
Legit.ng: New industry act mandates insurance for gas stations: legit.ng
Ecofin Agency: Nigeria enacts 2025 insurance reform law: ecofinagency.com