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Pathway to Taking Insurance to Greater Heights

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Insurance business in Nigeria is almost a century old, yet, its level of growth and acceptability among the insuring public is still unbelievably low.  Why?  Expert’s opinion is unanimous in condemning the practice of operators in sticking to their familiar old pattern without minding the culture and operational environment. wilson itsisor takes a look at the industry and the probability of exploring new grounds in order to take the industry to the next level.

Why does the insuring public have unexplainable apathy towards insurance practice?  Reason: the operators have failed to be proactive by exploring new areas and breaking barriers.
First, in the mode of practice over the years, a lot appears to be unclear to the insuring public around whom the business itself is woven.  Among these are the technical languages with which most insurance businesses are transacted. This has been further worsened by the activities of a few operators who repudiate from paying claims when the need arises.
Interestingly, however, among all existing businesses, insurance is one that has the greatest potential for growth.  This is traceable to the many untapped areas which operators have not looked into.  From the operational viewpoint of operators, their greatest undoing is keeping to their old traditional methods some of which the public have lost confidence in.
Industry watchers are of the opinion that the operators are not doing enough in new products development.  For instance, Nigeria ’s population is over 150 million people.  Yet, over the years, operators have struck to the traditional Life Insurance Policy which accounts for less than 5 percent of the population.  Also, operators ought to work on government to enforce the law that any employer who employs up to five percent ought to take insurance cover.
According to an analyst, Ambrose Umosor, a dynamic sector as insurance should be able to brainstorm and work out policies that will accommodate at least 60percent of the population.  “But, can the industry grow if operators fail to explore every conceivable opportunity to raise Life Assurance beyond its present low level?”
However, some keen observers have blamed poverty and ignorance on the part of the people for the slow pace of development.  But to what extent can the operators contribute in alleviating this poverty and ignorance?  Here lies some of the problems confronting the insurance.  If identified problems are not frontally addressed, the likelihood is that the status quo will remain.
Umosor posits that insurance practitioners should do extensive enlightenment, spread over every facet of life in order to break the barrier of ignorance to the growth of the industry.
Still on exploring new grounds, analysts say that that less than 10 percent of existing properties belonging to the various tiers of government are insured.  Every where you go, there are various government properties belonging to federal, states and local governments which are not covered with insurance policies. Yet, operators seem to be satisfied with the low level of such properties that are presently covered by insurance.
Analysts suggest that insurance operators should liaise with relevant government agencies to identify all such government properties up to the ward levels at the local government.  They opined that when concerted efforts are made by them, the dividends of such efforts will not only enhance the scope of business but also contribute to raising industry standard.
In addition, research findings show that in Nigeria , household items are usually not insurable as it is done in the developed nations.  Mr. Shola Olafimiyan explained that a sector like insurance with a greater potential for growth, should be active in evolving ways out of the doldrums.”  What does it take to get all Nigerians, for instance, who own household items to insure them against theft and fire?”
Olafimiyan said: “It takes a proactive insurance sector working with relevant government agencies to formulate, amend and change policies towards the enhancement of the insurance business”.
Another area which has remained largely untapped is motor vehicle insurance.  According to sources at the National Insurance Commission (NAICOM), over 70percent of vehicles on our roads are not insured.  Out of these less than 30percent of vehicles that are insured, majority of them carry third class insurance instead of comprehensive policies.
Besides, a large percentage of these vehicles carry fake insurance certificates.  Mr. Ambrose Umosor explained that everyday in Nigeria ; thousands of new vehicles are bought, noting that if an existing law says that all vehicles must be compulsorily insured, what stops the operators from deploying all their resources to ensure that this is fully complied with.
He blamed this slow pace of development on the winner-takes-all syndrome among operators which forbade them from working as a united front to raise the standard.  For instance, analysts believe that if the operators, individually and collectively, through the Nigerian Insurance Association and other professional groups, work hand-in-hand with NAICOM, the Federal Ministry of Finance and the National Assembly, the insurance coast will be further enlarged.
Industry watchers believe that vehicle insurance alone, if properly harnessed, is enough to cater for the greater needs of operators.  But because of the several leakages arising from the lukewarm stand of operators, the industry is still shrouded in myth and mystery.
Apart form public buildings and the unexplored vehicle insurance cover; the uninsured private buildings in Nigeria , especially story buildings are other areas which operators have not looked into.
Recently, the Lagos State House of Assembly proposed a bill which will see to the compulsory insurance of story buildings.  This was proposed to nip the cases of collapsed buildings in the bud.
Concerned watchers opined again that a proactive and innovative industry should have tapped into this area in order to enhance its growth.  Unfortunately, insurance operators have struck to their old grounds, many of which have failed to develop beyond their status even after several decades.
Notwithstanding stakeholders have been challenged to rise to their responsibility and raise the standard of the industry. This becomes critical, especially now that the consolidation wind is still blowing across the industry.  The good performance of insurance stocks on the floor of the Nigerian Stock Exchange (NSE) now is an indication of the positive effects of the reforms.
Therefore, if other factors militating against enhanced standard are addressed, the insurance industry may be the most vibrant in our economy.
 

 


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SSDC Warns Businesses against Cyber, Election-Related Risks

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Security Skills Development Company (SSDC) has released its 2026 Security Outlook, highlighting four major security challenges expected to shape Nigeria’s business and operating environment as the country moves closer to the 2027 general election.

SSDC Warns Businesses against Cyber, Election-Related Risks

The report, developed from a nationwide survey and expert contributions at the recently concluded Security Thought Leadership Roundtable, identifies internal security threats, protection of national assets, cyber risks and election-related instability as the most significant concerns facing organisations and institutions in the coming year.

According to SSDC, findings from the survey and stakeholder discussions reveal growing concern over the increasing complexity of security challenges and their potential impact on business continuity, economic stability and public confidence.

A substantial number of respondents identified internal threats within organisations as an emerging risk, pointing to the need for stronger corporate governance, workforce integrity measures and structured risk management systems.

Security experts at the roundtable noted that weaknesses in critical public infrastructure and national assets could have far-reaching consequences for the economy and national development if not adequately addressed.

The report also highlights cybercrime as a persistent and evolving threat to both public and private sector institutions.

Participants stressed the importance of strengthening cyber resilience through proactive monitoring, investment in technology-driven safeguards and improved security awareness.

Another key concern raised in the outlook is what SSDC described as the “2027 Election Shadow.” Many respondents expressed concerns about the possibility of heightened political tension as the election season approaches, warning that uncertainty and security disruptions could affect business operations, investment decisions and overall economic confidence.

Speaking on the report’s findings, Mike Igbodipe, managing director, SSDC, called for a more strategic approach to security management across both public and private sectors.

He said organisations must move beyond reactive security measures and integrate security considerations into their broader strategic planning and decision-making processes. He also advocated the development of a gold-standard, locally certified training programme for security professionals tailored to Nigeria’s unique security environment.

SSDC, a security training and consulting firm focused on advancing professional standards in Nigeria’s security sector and strengthening industrial resilience through capacity building and strategic expertise, said the Security Outlook forms part of its ongoing thought leadership initiative aimed at promoting informed dialogue on national security, institutional resilience and risk management.

The company reaffirmed its commitment to supporting stakeholders through research, training and strategic advisory services designed to improve preparedness and response to emerging security challenges.

 

 

 


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Moniepoint DreamDevs Bootcamp Graduates Second Cohort to Strengthen Homegrown Talent Pipeline

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L-r: Co-Founder/Chief Operating Officer, Semicolon, Ashley Immanuel; Employer Brand Manager, Moniepoint, Celestina Dike; Head of Engineering, Moniepoint, John Ojetunde and Head, Talent Acquisition, Moniepoint, Perpetual Ibe at the Moniepoint DreamDevs Demo Day presentation which held in Lagos.
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Moniepoint Inc., Africa’s leading digital financial services provider, has officially graduated the second cohort of its flagship DreamDevs Bootcamp, marking a significant milestone in the company’s ongoing effort to build world-class engineering talent from the ground up.

The graduation was celebrated at a Demo Day event held in Lagos, themed “Training Done! Demo Up!”, where participants presented capstone projects built to real-world engineering standards.

The graduation comes at a crucial time for Africa’s tech ecosystem. Although Nigeria’s tech talent is growing, it isn’t sufficient, especially at the mid-to-senior engineering level, where demand far exceeds supply. By 2030, the global shortage of software developers could reach 85 million, leading to economic losses of $5.5 trillion. For a continent developing its digital infrastructure, this is critical. Moniepoint’s DreamDevs Bootcamp is a strategic response to these challenges.

The nine-week curriculum, created by Moniepoint’s Engineering Unit in partnership with Semicolon, covered Java Object-Oriented Programming, Data Structures and Algorithms, Software Testing, MySQL, Spring Boot APIs, System Design, Docker, Messaging Queues, Frontend UI, and Cloud Infrastructure. Participants received programme stipends and mentorship from experienced Moniepoint software engineers, gaining valuable exposure to the production environment of one of Africa’s fastest-growing fintech firms.

During the Demo Day presentation, the participants paired into 9 teams were excited to showcase how they have deployed knowledge and skills gained during the course of the bootcamp  into real and useful  solutions in real estate, hospital management, event management, food and agriculture.

Commenting, Felix Ike, Co-Founder and Chief Technology Officer of Moniepoint, said, “DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise, not a pipeline built solely to serve Moniepoint’s hiring needs. That said, we are proud that some graduates from our first cohort are already active members of our engineering team, proof that when young African engineers are given the right training and the right environment, they can compete at the highest level”.

Felix added that “Engineering excellence is not a naturally occurring phenomenon. It is a curated and intentionally built process that requires the right systems, the right resources, and sufficient time to take hold. Building that process and making it accessible to the brightest young engineers on this continent is a responsibility we have chosen to own.

Africa’s digital economy is attracting significant global capital, yet the talent infrastructure required to sustain that growth remains underdeveloped. The DreamDevs Bootcamp and our other capacity-building initiatives across some of Nigeria’s public universities demonstrate Moniepoint’s commitment to this responsibility.

The initiative also aligns with Nigeria’s broader national agenda on technology skills development. Moniepoint serves as a key sponsor of the Federal Government’s 3 Million Technical Talent (3MTT) programme, which focuses on mass technical skills training across the country. While 3MTT addresses the scale challenge, DreamDevs provides depth, offering a specialised, end-to-end pathway from foundational training through to employment within Moniepoint’s complete development ecosystem.

As Nigerian fintechs deepen their infrastructure ambitions, the ability to grow engineering capacity that feeds these aspirations requires an urgent industry intervention, as Moniepoint is demonstrating to address Africa’s engineering talent challenge.


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NITDA, Benin’s Digital Agency Strengthen Ties on Digital Transformation

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The National Information Technology Development Agency (NITDA) and Agence des Systèmes d’Information et du Numérique (ASIN), the Information Systems and Digital Agency of the Republic of Benin, have moved to strengthen bilateral cooperation on digital transformation, digital public infrastructure, and innovation-driven governance.

The commitment was reaffirmed during a courtesy visit by the Beninese delegation to NITDA’s corporate headquarters in Abuja, where discussions centred on deepening bilateral cooperation, sharing best practices, and advancing digital development across the region.

Speaking during the engagement, the Director General of NITDA, Kashifu Inuwa, represented by the Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said regional collaboration remains critical to advancing Africa’s digital economy and building resilient digital ecosystems capable of supporting sustainable growth.

He noted that NITDA is committed to driving Nigeria’s digital transformation through the development of policies, standards, and strategic frameworks designed to modernise governance and improve service delivery across the public sector.

According to him, the agency has developed several foundational frameworks, including the Enterprise Governance Framework, Digital Transformation Framework, and Software Quality Assurance Framework, to guide Ministries, Departments, and Agencies (MDAs) in their digital transformation journeys.

“Our goal is to move government institutions beyond basic digitalisation to full digital transformation, and ultimately, to build an intelligent, data-driven government powered by emerging technologies such as artificial intelligence,” he said.

Inuwa also disclosed that since 2018, NITDA has reviewed over ₦1.5 trillion worth of government IT projects to ensure compliance, technical alignment, and value for money.

He said the intervention has helped the Federal Government save more than ₦300 billion by eliminating duplication, promoting shared services, and improving the success rate of digital projects across ministries, departments, and agencies.

On digital public infrastructure, he revealed that Nigeria has transitioned from fragmented agency-to-agency data exchanges to a more integrated and citizen-centred digital ecosystem through the Nigerian Data Exchange (NGDX) platform.

He explained that the platform provides a federated and centralised framework for seamless data exchange among government institutions while preserving the autonomy of individual information systems.

According to him, the proposed e-Government and Digital Economy Bill will provide the legal backing needed to strengthen the platform and institutionalise digital collaboration across government.

The DG further highlighted NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) 2024–2027, which aligns with the Federal Government’s Renewed Hope Agenda and focuses on critical areas such as digital literacy, research and development, cybersecurity, innovation, inclusive access, and strategic partnerships.

Earlier, the Head of International Partnerships at ASIN, Tildy Erlong, said the delegation’s visit followed a recent Smart Africa workshop in Abuja and was aimed at strengthening institutional ties and learning from Nigeria’s digital transformation experience.

She described ASIN as the operational agency under Benin Republic’s digital ministry, responsible for implementing strategic digital development projects across the country in collaboration with key institutions, including the national identity agency, ANIP, and the cybersecurity agency, CENIN.

Erlong highlighted Benin’s achievements in digital public infrastructure, noting that about 98 per cent of the country’s population—approximately 13.6 million citizens—has been enrolled on its digital identity platform.

She added that more than 60 government agencies and service institutions are connected through Benin’s XROAD interoperability platform, enabling the delivery of over 250 digital services to citizens.

According to her, Benin is also prioritising digital inclusion, open-source systems, and the deployment of artificial intelligence to improve service delivery in sectors such as healthcare, education, and justice.


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