AIICO Insurance

🚨NEW LAW: Why Uninsured Building Owners Now Risk Jail Time Or a ₦1M Fine

Nigeria’s protection landscape has changed. Under the newly signed Nigerian Insurance Industry Reform Act (NIIRA), Nigerian Insurance Commission (NAICOM) now has stronger powers to enforce mandatory insurance across the country.

⚠️ PENALTY ALERT:
Occupants and landlords of uninsured buildings now face up to 12 months in jail or a ₦1,000,000 fine.

This reinforces the existing Insurance Act (Sections 64 & 65) for public buildings and properties valued above ₦1M.

➡️ACTION:
Compliance isn’t optional anymore — it’s the law. AIICO is here to help you stay protected and fully compliant.

Stay tuned for our next post on the specific buildings and assets affected.

With us, your stability is assured...