General News
Expert Tasks Loss Adjusters on Training, Status Enhancement
As insurance business in Nigeria grows, industry watchers have opined that the loss adjusting arm of the industry is not growing at a corresponding rate. Of significant importance is that not many people seem to know the role of loss adjusters in insurance. While some have blamed this on lack of awareness brought about by the industry lukewarmness, others believe that this arm of business has chosen to hide at the back of the insurance industry instead of correspondingly creating its image enhancing platform. Who is a loss adjuster and what role does he play in the insurance business? Industry watchers say the loss adjusting profession is in a state of flux. According to expert opinion, the market, as with other areas of insurance, is characterised by a shortage of candidates to fill the available pool of loss adjusting jobs.
Loss adjusting as a profession has always been viewed as contractors, but the lack of availability of quality permanent candidates has brought about a situation where employers are hiring a more diverse workforce, including older loss adjusters and those loss adjusters who want to work more flexible hours. Having loss adjusters in close proximity is the main priority of claims managers. The result is that there is a shortfall in the number of adjusters expected to cope with the renewed pace of the insurance companies especially after the recapitaliszation of the insurance industry.
Nigeria has been growing at the same pace with insurance. So since the general impression is that insurance has had it rough in terms of acceptability, loss adjusting therefore cannot be any better. However, due to the cyclical nature of loss adjusters workloads, there are periods where firms are not as frantic about anlarging the horizon by taking in more loss adjusters.The market has experienced skills shortages, especially within specialist and property claims.
Succintly put, the Nigerian loss adjusting market is characterised general lack of qualified loss adjusters and this has also been the case in other areas of insurance such as underwriting jobs. Employers across the country seek smart, personable, customer service-focused individuals but identifying this mix of skills is not always easy. For some insurance firms, investment in training is more crucial than ever.
Increasingly, employers within the insurance industry are training candidates from diverse backgrounds such as engineering, surveying and accountancy. This provides a pool of talent that can be deployed across businesses. As the boundaries between financial services companies become less defined, more candidates are moving to and from broking jobs, insurance and loss adjusting segments of the industry.
More than before, there is renewed need to entice new entrants into the loss adjusting profession to cope with the projected business explosion which may result from the operators determination to join in the fast-moving global insurance train. But in an attempt to attract candidates into it, employers are offering structured training programmes and benefits such as flexitime and generous bonuses in response to candidates demanding security, exposure to more sophisticated markets and the ability to fulfil their career aspirations.
Concerned industry watchers have therefore tasked the leadership of Institute of Loss Adjusters of Nigweria,(ILAN), on the need to redouble their efforts by taking campains to the higher institutions as well as intensifying training programmes with a view to enhancing the profession. This becomes more so as the insurance industry in Nigeria is beginning to enjoy a measure of acceptability from the insuring public. With a good platform, professionals in other business areas may be attracted into loss adjusting as a career.
Commercial adjusters have to be qualified to cope with emerging trends which makes training a necessity. Following the market they serve, loss adjusting business is increasingly becoming more flexible. The role of Loss Adjusting firms is expected to evolve into claims solutions companies as it cannot be detached from insurance. Expectedly therefore, mergers and acquisitions, either by insurers or other outsourcing firms cannot be ruled out, a situation that will further consolidate the market.
Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.
According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
General News
First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy
First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.
As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.
Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.
Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.
“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”
Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.
For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.
First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.
General News
Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory
Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.
The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.
The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.
Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.
There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.
The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.
Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.
Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.
Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.
Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.
The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.
It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.
For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric
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