Hope dashed, as consolidated insurance bill missed out of eight signed into law

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Chuks Udo Okonta

Insurance stakeholders’ hope for a new law to prop activities in the industry to lofty heights seemed dashed as Consolidated Insurance Bill was left out of the eight signed into law yesterday, by outgoing President, Muhammadu Buhari

The President had assented to bills establishing the National Social Investment Programme Agency and the National Senior Secondary Education Commission as well as six others passed by the National Assembly.

A statement by Senior Special Assistant to the President on National Assembly Matters – Senate, Senator Babajide Omoworare, stated that the assent was in furtherance of the provisions of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.

The statement entitled: ‘President Buhari Assents to the National Investment Programme Agency, National Senior Secondary Education Bills and Six Others.’ revealed that by signing establishment bill into law, legalises the National Social Investment Programme initiated by the outgoing regime, which was established to assist and empower the poor and vulnerable in Nigeria, and changes its name to National Social Investment Programme Agency.

The objective of the Act, accord to the statement is to provide a legal and institutional framework for the establishment and management of the National Social Investment in Nigeria.

The National Senior Secondary Education Act establishes a Commission, prescribes minimum standards for senior secondary education in Nigeria and the management of National Senior Secondary Education Fund.

The Chartered Institute of Power Engineers of Nigeria Act establishes the Chartered Institute of Power Engineers of Nigeria and is charged with the responsibility for determining the standard of knowledge and skill to be attained by persons seeking to become chartered power engineers.

“The President also assented to the Federal University of Health Sciences Ila-Orangun (Establishment) Act, the Federal University of Health Sciences, Azare (Establishment) Act, the Chartered Institute of Development Studies and Administration of Nigeria (Establishment) Act, the Federal Institute of Industrial Research (Establishment) Act, and the Institute of Strategic Management of Nigeria Act, respectively,” the statement submitted.

An insurance practitioners, who does not want to be named, told Inspenonline that hope is not totally lost as they would work with the incoming administration to see the bill through.

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