Tag: INSURANCE

Cost of rent to rise, as FG set to enforce compulsory insurance on buildings  

Aminu Imam
FG on insurance

Nigeria has a new law, the Nigerian Insurance Industry Reform Act 2025 (NIIRA), which makes insurance on public buildings compulsory.  This is not entirely a new concept, as the previous Insurance Act 2003 also had provisions for this, but the new law raises the penalties for non-compliance significantly. Landlords and occupiers who fail to insure their properties can now face a fine of at least ₦1 million, up from ₦100,000, and/or up to 12 months in prison. The mandatory insurance policies cover hazards such as: fire, flood, collapse, and other…

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Healthcare Financing: Kaduna Scheme partners Islamic Foundation

Abdul-Azeez Ahmed Kadir

The Kaduna State Contributory Health Management Authority (KADCHMA) says it will partner Africa Islamic Economic Foundation as part of innovative healthcare financing for its health insurance scheme. The Director-General of the authority, Malam Abubakar Hassan, said this in Abuja on Friday at the close of a four-day meeting to review the state’s Health Insurance Scheme under the State Social Security Law, 2023. Hassan said that the partnership was crucial to improving infrastructure in primary healthcare facilities. This, according to him, will improve the quality of healthcare delivery in the state…

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