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NCDMB Espouses Benefits of Insurance Industry Collaboration

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The Nigeria Content Development Monitoring Board, NCDMB, has craved the understanding and support of the insurance sector to strengthen the Boards desire towards the implementation of the Nigerian Oil and Gas Industry Content Act, NOGICD, in the sector.

Simbi Wabote, the Executive Secretary, ES, of the Board, who made the call at the 2023 Oriental News Nigeria conference in Lagos, with the theme, “Building Local Content Synergy between the Oil and Gas and the Insurance Sector in Nigeria” said over the years, the Board has taken deliberate steps to forge collaboration with various critical stakeholders to support the attainment of its strategic goals and mandate.

Wabote, who was represented by Mr. Daziba Patrick Obah. Director, Corporate Services of NCDMB, said that stakeholders’ engagement and collaboration is one of the key enablers to the Board’s ten-year strategic road map designed to achieve 70 per cent Nigerian content performance by the year 2027.

This he said is the reason for various engagement and collaboration between NCDMB and several MDAs, including the National Insurance Commission, NAICOM which crystalized in the joint issuance of the Insurance Guideline in 2022 to support the implementation of the insurance requirements contained in Sections 49 and 50 of the NOGICD Act 2010.

The main benefit of the guidelines according to Wabote, is the creation of a database of all insurance programs procured by the operators, project promoters, alliance partners, and Nigerian indigenous companies, to enable the Board monitor utilization of in-country insurance capacity thereby enhancing in-country value retention.

“It is worthy to emphasize that collaboration between government agencies is crucial for effective public service delivery through alignments of areas of strength, better decision-making, sharing of resources, optimization of opportunities and better understanding of issues and challenges with policy implementation.

“This ultimately, create huge benefits for both country and citizens, as it enables collaborating agencies to understand and respond to the needs and expectations of Nigerians. In NCDMB, we recognize the importance of collaboration and synergy amongst government organizations and other stakeholders to the fulfilment of our statutory mandate.

The Executive Secretary described the theme of the conference as apt and timely as it underscores the imperative of fostering the much-needed collaboration and synergy amongst MDAs and critical stakeholders; in this case between two critical regulators in the Oil and Gas Industry and the Insurance Industry.

“There is no doubt that Nigeria has not extracted sufficient value across the Nigerian oil and gas industry value chain since the commencement of hydrocarbon mining in Nigeria. It is this very low indigenous participation in the hydrocarbon value-chain in Nigeria that necessitated the enactment of the NOGICD Act in 2010 with the sole aim of deepening local content in the nations’ economy.

“Similarly, the performance of the insurance sector, particularly in relation to oil and gas businesses, is also sub-optimal due to various reasons.” Wabote observed.

Speaking further he said that building synergy between these two critical sectors of our economy holds huge potentials for growth and development of the Nigerian economy, adding, “The summit, therefore, presents a great opportunity for key stakeholders to brainstorm on the benefits and challenges impeding optimal performance in these two critical sectors.

“Furthermore, this summit offers us a strong veritable platform for the Insurance Industry, the Oil and Gas Industries, and other stakeholders to articulate processes, procedures, and practices to forge sustainable collaboration in optimizing opportunities and harnessing benefits for themselves as Nigerians.”

Dwelling more on the legislation, he said that, “In addition to various provisions of the NOGIC Act and the Insurance Act, Sections 49 and 50 of the NOGICD Act specifically provide concrete basis for NCDMB and NAICOM to work together to extract maximal value from both the Insurance and the Oil and Gas Industry for the Nigerian economy.

The Section 49(1) states: “All operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry, shall insure all insurable risks related to its oil and gas business, operations or contracts with an insurance company, through an insurance broker registered in Nigeria under the provisions of the Insurance Act as amended”

Also, Section 49(2) states: Each operator in subsection (1) of this section shall submit to the Board, a list of all insurance companies and insurance brokers through which insurance covers were obtained in the past six months, the class of insurance cover obtained, and the expenditures made by the operator while Section 50 states, No insurance risk in the Nigerian oil and gas industry shall be placed offshore without the written approval of the National Insurance Commission which shall ensure that Nigerian local capacity has been fully exhausted.”

Wabote further noted that Section 49 makes it mandatory for operators, project promoters and other entities in the oil and gas industry to obtain insurance coverage for all insurable risks with insurance companies and brokers that are registered in Nigeria in line with the Insurance Act (as amended).

“It is important to note that Section 50 forbids entities in the oil and gas industry from offshore placement of any insurable risks except with the written approval of NAICOM. The essence of these two provisions of the NOGIC Act is to ensure full utilization of available in-country capacity in the insurance sector by oil and gas industry players. The goal ultimately is to promote more capital retention in country and to boost the capacity of Nigerian insurance companies and brokers to support the Nigerian oil and gas industry.

“To give life to these sections of the NOGIC Act, NCDMB and NAICOM set up a   Technical Committee which developed the structures and strategies to promote and ease interface between both regulatory institutions.

“One of the tools to ease the interface between the two bodies involved the development of the NOGIC JQS Statutory Reporting Module which makes submission of insurance performance report by oil and gas companies to NCDMB automatically accessible to NAICOM for prompt review and feedback to NCDMB.

“The benefit of this virtual interface is to reduce the turnaround time and to promote the ease of doing business. NCDMB and NAICOM are still fine-tuning the Application Programming Interface to enhance its functionality and efficiency.” he said.

Speaking on seeming, challenges, the ES, said, “Despite the commitment of both agencies to optimize the benefit of the NOGICD Act and the Insurance Act, there are still some obstacles in the way of full implementation.

“One of the challenges of utilizing Nigerian loss adjusters or brokerage firms is the low capital base of the insurance industry. Closely related to it is the capacity of local insurance firms to underwrite the huge loss associated with a typical upstream petroleum project.”

He said, however that in response, NAICOM has made remarkable efforts to mitigate some of these limitations, but a lot still needs to be done.

He added that in the spirit of collaboration, NCDMB is poised to work with NAICOM as a credible partner every inch of the way to get around some of these obstacles particularly within the boundaries of our statutory mandate.

On the way forward he said the Board will not only look at the challenges of building sustainable synergies but will also come up with feasible proposals to encourage collaboration to surmount impediments.

“To address the issue of low capital base of the industry, for example, we call on all stakeholders to support NAICOM to push for an increase in the minimum capital base of insurance companies.

“Secondly, NAICOM and other stakeholders need to also work assiduously to forge and promote mergers of insurance companies to enhance their efficiencies and improve their market share as part of their collective benefits.

“I am aware that some steps have been taken in this direction, but these efforts need to crystallize into reality.” he added.


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Dr. Olusola Teniola, Honoured with Yoruba Study Group Golden Leadership Excellence Award

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ipNX Director, Dr. Olusola Teniola, has been awarded the prestigious Golden Leadership Excellence Award by the Yoruba Study Group. Dr Teniola, who leads Strategic Business Initiatives (SBI) at ipNX, the leading Nigerian technology and telecommunications company, was conferred with this award at the ipNX Corporate Headquarters, Victoria Island, Lagos.

Dr. Teniola was recognised as an Icon of Excellence & Most Outstanding Administrator of the Year 2025/2026 for his remarkable contributions to the advancement of Nigeria’s telecommunications industry, as well as his unwavering commitment to making data more affordable and accessible to millions of Nigerians.

The award celebrates his embodiment of the revered Omoluabi ethos of Yorubaland, defined by integrity, diligence, excellence, and strong character. His leadership and impact have been particularly notable through his work with the Association of Telecommunications Companies of Nigeria (ATCON) and the Alliance for Affordable Internet, where he has played a pivotal role in shaping policies and initiatives that drive digital inclusion and connectivity across Nigeria.

In its citation, the Yoruba Study Group commended Dr. Teniola for his “exemplary contributions to the advancement and management of telecommunications in Nigeria, his unquantifiable efforts in ensuring affordable data for the teeming masses, and his outstanding record of quality service delivery.”

Reacting to the recognition, Dr. Teniola said “I am deeply honoured to receive this award from the Yoruba Study Group. This recognition is not just a personal milestone, but a reflection of the collective efforts of industry stakeholders committed to advancing Nigeria’s digital future. I remain dedicated to driving initiatives that promote affordable access to connectivity, foster innovation, and empower more Nigerians to participate meaningfully in the digital economy, while upholding the values of integrity, excellence, and service.”

The Yoruba Study Group, a socio-political organisation founded in 2019, is dedicated to promoting Yoruba traditions, values, and cultural heritage. ipNX described the award as a testament to Dr. Teniola’s enduring impact on both the technology sector and society at large.

“Dr. Teniola exemplifies the highest standards of leadership, innovation, and service. His contributions continue to strengthen Nigeria’s digital economy while reflecting the values of excellence and integrity that we uphold at ipNX,” said Mobolaji Caxton-Martins, Head Marketing and Corporate Communications, ipNX Nigeria.

This recognition not only highlights Dr. Teniola’s professional achievements but also underscores his commitment to fostering inclusive growth, strengthening industry collaboration, and advancing Nigeria’s position in the global digital landscape.


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Joshua Ichor, Nigerian Innovator Bags Europe’s €60m Fellowship

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Joshua Ichor, a Nigerian geoscientist and innovator, has secured a rare invitation into the prestigious EWOR Fellowship, one of Europe’s most selective founder programmes built for outlier entrepreneurs with the potential to create billion-euro companies.

Joshua Ichor, Nigerian Innovator Bags Europe’s €60m Fellowship

Joshua Ichor

The invitation places Ichor inside EWOR’s elite founder ecosystem, a powerful European platform associated with a reported €60 million commitment to backing exceptional founders building the next generation of globally significant companies.

EWOR describes itself as a fellowship for founders who “think in decades and build in days.” The platform says it backs the top 0.1% of founders building potential €10 billion+ companies, with mentorship from unicorn-builders and a founder-first model designed for exceptional entrepreneurs.

For Ichor, the selection is more than another milestone. It is a signal that one of Europe’s most ambitious founder networks sees major global potential in the Nigerian innovator.

While the technology Ichor is currently building has not been disclosed to the public, sources close to the development describe it as a powerful and ambitious piece of technology with the potential to scale internationally.

The project remains under wraps as Ichor continues to refine the product, strategy, and long-term market direction.

According to the fellowship invitation, EWOR believes Ichor is among the few founders with what it takes to build a company that could be valued at €1 billion or more.

That belief places him in a rare class of founders being watched not only for what they have done, but for what they are quietly building next.

EWOR has earned attention for its radical selectivity and founder-first approach.

Its own platform highlights a 0.1% acceptance rate, describing the fellowship as a community of outlier founders who push and sharpen one another.

EWOR’s public materials also reference the fellowship as “Harder than Y Combinator,” built by unicorn founders for founders seeking a higher level of ambition.

The fellowship connects selected founders with a powerful network of unicorn builders, investors, and operators.

Ichor is expected to build alongside a high-calibre founder community that includes names such as Ricky Knox, known for two nine-figure exits; Andrew Nutter, associated with a €180 million revenue company and Sequoia Scout experience; Nick D’Aloisio, widely known for achieving a major technology exit as a teenager; and Jörgen Tveit, who raised one of Europe’s biggest-ever pre-seed rounds by a first-time founder.

The EWOR ecosystem also gives founders access to sessions with globally recognized operators and investors, including Fabrice Grinda, founder of OLX; Kevin Hartz, founder of Eventbrite and Xoom; Mark Ghermezian, founder of Braze; and Michael Baum, founder of Splunk.

For a Nigerian geoscientist to enter this circle is a major statement. It shows that African technical talent is increasingly stepping into the same rooms as some of the world’s most ambitious venture-backed founders.

Ichor’s current technology remains confidential, but the conviction from EWOR suggests that the opportunity is significant.

The details are not yet be public, but the direction is clear: Joshua Ichor is building something with global ambition.

EWOR’s wider network includes some of the world’s leading startup investors and venture names, including A16Z, Accel, Atomico, Balderton, Earlybird, EQT, FJ Labs, Lakestar, Sequoia, Speedinvest, World Fund, and others.

Its platform says fellows raise at 50–300% higher valuations than average, further underlining the strength of the ecosystem around selected founders.

 


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More than 50 Percent of Leaked Passwords End with a Number – Research Reveals

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To mark the occasion of World Password Day, Kaspersky experts analysed 231 million unique passwords in major password leaks from 2023 to 2026, and uncovered several key patterns.

First, 68% of modern passwords can be cracked within a day. Second, it turned out that the vast majority of compromised passwords either begin or end with a digit – a common pattern that makes them potentially vulnerable to brute force attacks.

And third, users also favour positive and trending words; for example, over the past couple of years, use of the word “Skibidi” in analysed passwords surged 36 times, mirroring the rise of that Internet trend.

In recent years, secure passwords’ rules have become a widely discussed topic. More and more services now demand passwords that are at least 10 characters long, include an uppercase letter, and contain a number or a symbol.

Yet a comparative analysis of leaked passwords from the past few years shows that even following some of those rules does not guarantee resistance to brute‑force or AI‑driven attacks.

Kaspersky experts share practical advice on how to make passwords more complex and secure, and how not to repeat common mistakes.

Be creative with using symbols and numbers

Among the leaked passwords that contain just one symbol, the “@” sign tops the list, appearing in 10% of cases. The next most common symbol is a dot (.), found in 3% of passwords. Among all analysed passwords “@” takes second place in terms of prevalence, and in third place is “!”.

Numbers also follow similarly predictable patterns:

53% of examined passwords end with digits;

17% begin with digits;

Nearly 12% include a numeric sequence that resembles a date (from 1950 to 2030);

3% of leaked passwords include keyboard sequencies like “qwerty” or “ytrewq”, but most of them are digital sequencies like “1234”.

Alexey Antonov, Data Science Team Lead at Kaspersky, notes that commonly used symbols, numbers, or dates – especially when placed in obvious positions (such as at the beginning or end of a password) – significantly simplify brute force attacks for cybercriminals. That’s why it’s highly recommended to give preference to less popular characters, and avoid numeric or keyboard sequences.

“Bruteforce works by systematically trying every possible character combination until the correct password is found. When attackers already know which characters users tend to favour, the time required to crack a password drops dramatically. To avoid the temptation of choosing predictable symbols, entrust password creation to dedicated generators that produce random letters, numbers, and symbols with equal probability”, says Alexey Antonov.

Between… Eden and hell: Try to avoid using words in a password

The research shows that emotional and trending words frequently become the basis for a password. For example, from 2023 to 2026 the use of the word “Skibidi” in passwords increased 36 times – mirroring the rapid rise of that Internet trend.

Kaspersky experts have also conducted analysis of the occurrence of positive and negative words in passwords, and it turned out that there are more positive ones. Among those regularly appearing are positive words like “love”, “magic”, “friend”, “team”, “angel” and “star”, “eden”. Interestingly, positive words are much more common than negative ones. However, words like “hell”, “devil”, “nightmare” and “scar” also occur.

“Using a single‑word password, even with a trailing number or a special character, is a weak choice. The pattern is too predictable, making it easy for attackers to guess. Instead, craft a passphrase that strings together several unrelated words, each supplemented with internal numbers and symbols, and sprinkle in a few intentional misspellings.

The longer and more random and unpredictable the password is, the harder it is to crack. As an additional way to protect yourself, enable two-factor authentication (2FA) wherever possible,” recommends Alexey Antonov.

Is password length important?

It’s well known that longer passwords are harder to crack, and the analysis of leaked passwords confirms this principle. However, with the rise of AI driven tools, length alone no longer guarantees security: even lengthy passwords can be compromised if they follow predictable patterns.

The research shows that short passwords of up to eight characters that appeared in the leak are typically cracked by brute force attacks in under a day. However, thanks to AI-powered smart algorithms, more than 20% of 15-character passwords can be broken in less than a minute.

What’s more 60.2% of all analysed passwords – regardless of length – can be cracked in about an hour; 68.2% – in a day.

In the examples provided, the calculations assume a single RTX 5090 GPU and the MD5 algorithm. In real‑world scenarios, attackers can rent multiple GPUs – ten, a hundred, or even more. Under such conditions, the cracking rate would increase potentially by several orders of magnitude.

In modern terms, truly secure passwords not only meet the gold standard of 16+ characters, but also consist of random, non-repeating letters, numbers, and symbols, and are unique for each account. To help users create such passwords, Kaspersky has added a password generation feature to the Kaspersky Password Generator website. Now users can not only check their passwords for leaks, but also generate secure passwords for free.

For easy and secure password management, auto-fill, and cross-device synchronisation consider using a password manager in which all credentials are stored in a secure vault and protected by a single master password. This eliminates the need to remember hundreds of passwords while keeping them safe from breaches.

What’s more, not only passwords, but also passkeys can be created and stored directly in Kaspersky Password Manager, which allows not only to sign in to supported services with a single tap, but also to access passkeys on all devices owing to secure synchronisation.


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