General News
The Scramble for Africa Insurance Market. How beneficial?
That there is a vast market in the Nigeria’s insurance market is an understatement. While it could also be said that the big insurance companies have offices across selected states in Nigeria, it is difficult to find any of the insurance companies having offices in all the 36 states of the federation. Also, the large areas of unexplored businesses are enough to sustain any operator who chose to so dare. Yet, while these large business opportunities are waiting to be explored, Nigerian insurance companies have not relented in their scramble for Africa insurance market. Industry watchers have expressed concern over the fast rate at which these firms compete to deliver quality services to the detriment of local market is being pursued. Analysts say that the present level at which Nigeria insurers are rushing to the West Coast is alarming. At the last count, twelve insurance companies have opened subsidiaries in some African countries. Many more are on the verge of doing so.
Ordinarily, it is a thing of celebration for Nigerian insurance companies to be exporting insurance services to other countries. If for anything else, it would attract the much-needed foreign exchange to the country. However notwithstanding the beauty of this exercise, concerned industry watchers opined that it may not be healthy for the needed local penetration in Nigeria.
Their argument is hinged on the fact that some of these companies’ who are making waves in these African markets have not really established their foothold on the vast markets available in Nigeria.
Some see this as a mere ego trip while others tag it the scramble for the partition of African insurance market named after the historic partition of Africa.
Industry watchers believe that if the present scramble is not checked, Nigeria insurance companies may neglect the local market which needs full attention to rise to the level of the developed markets and accelerated development of foreign markets at the expense of the local one.
The question one may ask is, are some of the companies embarking on this scramble for African market well positioned for it? Of what benefit is a local insurer who has less than ten branches nationwide setting up subsidiaries in the West Coast?
According to concerned analysts, one of the main reasons why these companies are going abroad is because they want to meet the shareholders expectations.
They stated that some of these investors are so eager for a quick return on investments that waiting on the local market alone may not be enough to meet their demands.
Anther school of though believes that insurance is about risk taking so to some of these companies, there is need to explore any available opening anywhere whether for pure or speculative reasons.
At the moment, not less than 12 insurance companies have set up offices in the West Coast. Some have even gone as far as to the Far East and North African countries while more are exploring opportunities to join the band wagon train.
Out of the recapitalized insurance companies in Nigeria, a sizeable number have opened subsidiaries in Ghana, Liberia, Gambia, Uganda, Sierra Leone, Algeria, Tunisia, Egypt, Tanzania, Sao Tome & Principe, Conakry, among others..
Analysts are of the opinion that the actions of these companies are merely borrowing a leaf from similar moves by banks soon after the consolidation of Nigerian banks. However, some hold the opinion that the banks on such ego trips have good reasons to do so, having already consolidated their branch networks before embarking on it.
Industrial and General Insurance (IGI) is one of Nigeria’s biggest insurers. While acknowledging the fact that it has done so well on the local scene, the insurance giant is reputed to now have so much presence on the global scene that it has almost become a household name. In 2005, IGI successfully acquired 60per cent government of Uganda’s stake in National Insurance Corporation, thus becoming the first insurance company in Nigeria to achieve continental outreach.
IGI also has 60per cent controlling shares in Network Assurance Limited, Ghana, 60per cent holding in Gamstar Insurance in Gambia.
In like manner, IGI became the largest shareholder with 35percetn equity holding in SONARWA S.A., Rwanda. It also has significant presence in Sierra Leone and Tanzania.
Mr. Anthony Aletor, group managing director of Capital Express Insurance, had said at a forum that insurance companies should strive towards a good mix of their revenue base. One of the approaches to this, he said, is found in subsidiary operations which off-shore investments provide.
Supporting the adventure, he had said that what it portends is similar to the action of European Countries in the past to scramble for the African market because of the obvious advantages they stood to gain.
His support for off-shore investment also found anchor in the pattern of such investments which are spread across the difficult regions. The argument therefore is that it would be difficult for the investments to be uniformly plagued by adverse effects especially against the backdrop of the different socio-political and economic factors.
Another company that has also shown significant presence off-shore is Continental Reinsurance. According to Mr. Adeyemo Adejumo, managing director of the Company, Continental Re which is based in Nairobi, Kenya, is positioned to serve as a reinsure to many other countries outside Kenya. These countries, he said are Ethiopia, Uganda, Rwanda, Mozambique, Zimbabwe and Sudan.
As earlier said, the need to meet the companies obligations to shareholders inform some of these actions Staco Insurance Companies is among the young and dynamic ones venturing into the West Coast with a significance presence in Sierra Leone.
Mr. Fidelis Ako, managing director of Trinity Consulting Group , in a reaction challenged the local insurers to research not ways of breaking the insurance poor penetration leveling Nigeria, rather than opening subsidiaries abroad. He argued that if the insurance culture in those countries providing gat traction to Nigeria is weak, no reasonable company would invest in them.
He particularly frowned at the situation where some of these countries are not as large as one stake in Nigeria. “The size of some of these countries are smaller than one state in Nigeria which goes to show that it is the culture put in place by the people, the operators and the government at large” he said. Rather than embarking on ego tripping. Ako advised stakeholders to individually and collectively research into how to raise the aware level such that it becomes a necessity for every Nigerian to have insurance policy.
Recently, NICON Insurance opened a subsidiary in Sao Tome and Principe. According to Barrister Jimoh Ibrahim, group chairman, the venture into the tiny Island Country was born out of business boost .Industry watchers believe that one thing that seems to give added strength to this scramble is the poor exchange rate of the naira and the sliding economy. What do we stand to gain if our local insurers are becoming household names in other countries while they are not even known in many of the local government even in the major states of Nigeria. As the Nigerian insurance companies take us back to the legendary scramble for partition of Africa insurance markets, stakeholders are watching with keen interest to know how the action will benefit the nation’s fragile market.
Prof. Chukwuma Soludo, governor, Anambra State, has approved an indefinite ban on graduation ceremonies in kindergarten, primary and secondary schools across the state as part of efforts to reduce the financial burden on parents.
Prof. Chukwuma Soludo, governor, Anambra State,
The directive was confirmed by Dr. Law Mefor, commissioner for Information and Value Reformation, in a statement issued on Friday.
According to the commissioner, the government deemed it necessary to clarify the policy following public inquiries and concerns over the scope of the ban.
Mefor explained that the directive applies to all graduation-related ceremonies in both public and private schools across the state.
He said the ban covers events described as graduation, passing-out, crossover or any other ceremony organised to mark the completion of kindergarten, primary or secondary school levels.
The government said the decision was taken to discourage unnecessary financial obligations often imposed on parents through elaborate school celebrations.
The commissioner clarified that students completing Senior Secondary School (SS3) are exempt from the directive.
However, he stressed that graduation ceremonies for SS3 students are not compulsory and may only be held without imposing any financial burden on students or their parents.
According to him, schools choosing to organise such ceremonies must ensure that no levies, compulsory contributions or hidden charges are demanded from parents.
Mefor warned that the state government would not hesitate to sanction any school that violates the directive.
He said schools found organising prohibited graduation ceremonies or imposing illegal charges on parents risk severe penalties, including possible closure.
The commissioner urged school proprietors and administrators to comply fully with the directive in the interest of parents and the education sector.
The state government said the policy is part of broader efforts to make education more affordable and eliminate unnecessary expenses associated with school activities.
Many parents have previously complained about the increasing costs of graduation ceremonies, including compulsory levies for gowns, entertainment, souvenirs and other related expenses.
The government expressed optimism that the directive would ease the financial pressure on families while encouraging schools to focus more on academic excellence than ceremonial activities.
General News
Universities, Polytechnics Submit 169 Entries for NASENI Research Commercialisation Grants
About 169 proposals from Nigerian institutions including universities, polytechnics, and research institutes spread across Nigeria’s six geopolitical zones have entered for the NASENI Research Commercialization Grant Programme (NRCGP).
NASENI
The programme, an initiative of the National Agency for Science and Engineering Infrastructure (NASENI), aimed at bridging the gap between research and industry, is designed to identify innovative research with strong commercial potential and support its transition from laboratories to the marketplace.
Speaking on the latest episode of the NASENI Window Podcast, recorded on yesterday at NASENI Studio, NASENI headquarters, Abuja, the Team Lead of the NRCGP and Deputy Director, Monitoring and Evaluation, Ms. Joy Elugbe, said the team received 169 proposals from eligible institutions across the country, including Universities, polytechnics and other research institutions.
Following the close of applications, and to ensure transparency and a rigorous selection process, NASENI engaged 21 professors with expertise across the Agency’s approved thematic areas to evaluate the originality and technical quality of the shortlisted proposals.
According to her, a rigorous preliminary screening reduced the number to 49 proposals after removing duplicate entries and submissions that failed to meet eligibility requirements while the Agency’s Innovation Hub assessed their commercial viability to determine their potential for market adoption.
“12 proposals, two from each geopolitical zone, have progressed to the due diligence stage before the final selection of six grant beneficiaries will be done. The objective is not simply to fund research but to invest in innovations that can successfully reach the market and deliver real impact,” Elugbe explained.
The NRCGP was conceived to address one of Nigeria’s longstanding innovation challenges which is the research breakthroughs that remain on the shelves due to inadequate funding.
She said the initiative, championed by the Executive Vice Chairman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, targets promising research proposals with the capacity to generate economic value, create jobs and contribute to Nigeria’s industrial development.
“The idea behind the programme is to identify innovative and commercially viable research outputs that have remained on the shelves because of lack of funding, and provide the support needed to transform them into products that can impact the economy,” she said.
Explaining the concept of commercialization, Elugbe described it as the process of transforming an invention, research outcome or service into a profitable product that meets market needs. The NRCGP aligns with NASENI’s strategic focus on Collaboration, Creation and Commercialization (3Cs), stressing that innovation only achieves its full value when it reaches end-users.
She disclosed that following the launch of the application portal, the Proposal Evaluation Team went on nationwide sensitization campaigns across the six geopolitical zones to educate prospective applicants on the programme requirements and application process.
The sensitization exercise, complemented by radio awareness campaigns, significantly improved participation and the quality of submissions.
She further revealed that NASENI’s support would extend beyond grant disbursement, noting that successful innovators would be linked with the Agency’s Innovation Hub for continuous technical guidance, market advisory services and commercialization support to ensure their products achieve sustainable market success.
The NASENI Research Commercialization Grant Programme was inaugurated in March 2025 to promote innovation, technological advancement and the commercialization of research outcomes in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR.
General News
NITRA Conference: Stakeholders Seek Policy Reforms, Grassroots Innovation to Bridge Nigeria’s Digital
Stakeholders in Nigeria’s information and communications technology (ICT) sector have called for comprehensive policy reforms, stronger infrastructure investment and grassroots innovation to bridge the country’s digital divide and improve global competitiveness.
NITRA Conference
The stakeholders made the call on Thursday during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference held at Citi Height Hotel, Ikeja, Lagos.
The conference, themed “Bridging Nigeria’s Digital Divide With Scientific Innovation,” brought together government agencies, technology experts, regulators, telecom operators, private sector players, academics and policymakers to examine strategies for accelerating digital inclusion through science and innovation.
A panel session titled “The Place of Policy and Infrastructure in Nigeria’s Quest for Global Competitiveness through Scientific Innovation: Roles of Different Stakeholders in Grassroots Mobilisation” examined the policy, infrastructure and human capital requirements for driving Nigeria’s digital transformation.
Panelists identified multiple taxation, high right-of-way (RoW) charges, inconsistent state government policies, poor electricity supply, inadequate digital infrastructure and limited grassroots innovation support as major impediments to expanding broadband access and improving Nigeria’s competitiveness in the global digital economy.
One of the speakers noted that transporting internet bandwidth from Lagos to Canada is cheaper than extending connectivity to some parts of Nigeria because of infrastructure bottlenecks and multiple charges imposed by sub-national governments.
According to the panelist, although some state governments claim to have abolished right-of-way charges, operators are still subjected to numerous levies under different names.
“When we talk about right-of-way limitation, it affects the cost of providing services in some states.
“Some states say right of way is free, but when they grant free right of way, they introduce development charges, education levies and infrastructure fees, making the so-called free right of way meaningless,” the panelist said.
The speaker called for harmonised national policies that would eliminate multiple taxation and reduce the cost of deploying telecommunications infrastructure across the country.
Another panelist representing telecommunications operators stressed that government policies should encourage fair competition rather than favour dominant market players.
According to the representative, improved collaboration between regulators and industry operators is necessary to ensure that policies support innovation, cybersecurity and sustainable sector growth.
Speaking on innovation development, a representative of a private sector innovation fund said Nigeria must begin identifying and nurturing innovators from an early age.
The representative said the organisation supports young innovators through essay competitions, grants and educational programmes aimed at exposing students to science, technology and entrepreneurship.
“We believe innovation begins from childhood.
“By helping children in primary and secondary schools think creatively, they become better positioned to seize opportunities as they grow.
“Innovators exist everywhere, including rural communities. What many of them need is exposure and opportunity,” the speaker said.
On cybersecurity, another panelist advocated greater investment in developing indigenous cybersecurity professionals through structured internship and mentorship programmes.
The panelist also suggested that young people involved in cybercrime should, where appropriate, be rehabilitated and equipped with legitimate digital skills rather than relying solely on imprisonment.
“Part of what we are known for is developing local talent.
“We recruit interns from schools and train them in cybersecurity.
“We should find ways to harness the abilities of young cyber offenders instead of simply sending them to prison,” the speaker said.
A representative from the computer society sector emphasised that Nigeria’s digital transformation should begin with reforms in basic education.
According to the representative, pupils should be introduced to coding, robotics, artificial intelligence and innovation at the primary school level.
“If Nigeria wants to become globally competitive, we must start from primary school.
“Our schools should not merely prepare students for examinations; they should become innovation clubs where children learn robotics, coding and problem-solving,” the panelist said.
The speaker also referenced the recent launch of an artificial intelligence university portal in Lagos designed to create a talent pipeline from primary education through tertiary institutions.
Addressing regulation, a media analyst cautioned against excessive government control that could discourage technological innovation.
According to the analyst, regulatory frameworks should emerge through stakeholder engagement and strike a balance between consumer protection and innovation.
“Regulation must come with dialogue.
“If regulation becomes excessive, it will stifle innovation.
“As Nigeria develops policies on artificial intelligence, there is a need to strike the right balance,” the analyst said.
On infrastructure protection, another panelist called for stronger public awareness campaigns to discourage vandalism of telecommunications infrastructure.
The speaker said community ownership and public education are essential to safeguarding digital infrastructure.
“When telecommunications infrastructure is vandalised, everyone suffers, including regulators, operators and consumers.
“People need to understand that protecting infrastructure benefits the entire society,” the panelist said.
Participants also highlighted the affordability of digital services as a major challenge to digital inclusion.
One speaker urged the Federal Government to consider subsidy mechanisms that could reduce the cost of internet-enabled devices.
“Telecommunications companies are businesses, not charity organisations.
“If government introduces subsidy policies similar to what has been done in other sectors, device prices can become more affordable,” the speaker said.
Another panelist stressed that reliable electricity remains fundamental to Nigeria’s digital competitiveness.
“The child who enjoys uninterrupted electricity and internet access cannot be compared with one who has gone months without power.
“For Nigeria to compete globally, every child should have reliable electricity, internet access and opportunities to acquire digital skills,” the speaker added.
Earlier, NITRA Chairman, Mr Chike Onwuegbuchi, said the conference was organised to provide a platform for stakeholders to examine policy options capable of strengthening scientific innovation and promoting grassroots technological development.
He noted that the Federal Government had demonstrated increasing commitment to building an innovation-driven economy through various strategic initiatives.
Founded in 2013, NITRA is the umbrella body of journalists covering Nigeria’s information and communications technology sector.
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