General News
NIA Rises Against Employees’ Compensation Bill
The Nigerian Insurers Association (NIA) has raised its opposition against the Employee Compensation Bill. The bill which is currently awaiting the attention of the National Assembly is seen by insurers as inimical to the smooth running and growth of the insurance industry. Raising its opposition, NIA opined that it was not proper to replace the Workmen’s Compensation Act 2004 with the Employee Compensation Scheme to be managed by the Nigerian Social Insurance Trust Fund, (NSITF). The insurers’ umbrella body recently wrote a strongly worded memorandum to the Senate Committee on Employment, Labour and Productivity, stressing that the NSTIF is incapable of managing the scheme. The memo which was signed by Mr. Wole Oshin, chairman of the association, who stated that the trust fund has been incapable before now in managing the deductions from workers salaries occasioned by the volume of unpaid benefits to retirees
According to the NIA, the Workmen’s Compensation Act 2004 was statutorily required to provide benefits for work-related diseases such as injuries, accidents and death, in the course of duty. It argued that the duty of performing this role the private sector had rested under the insurance companies for decades. It further stressed that the insurance companies have been playing this role well in accordance with the Act. The body stated that since the insurers have been performing this role well, it would be improper and a negation of the spirit of federal government reform program to take the responsibility away from it and entrust it to NSITF, a public institution which already has enough challenges to handle. According to NIA, "Nigerians are aware of how public institutions vested with monopolistic powers and duties have fared. We are not sure that Nigerians want to go through that experience again". The insurers’ body reiterated that the responsibility to handle the management of risks of accident, disease and death, and paying benefits to victims falls within the jurisdiction of insurance. It stressed further that since the insurers have been doing it, there was no gain taking it away from it especially as the NSITF does not have the prerequisites to manage it such as the right training, knowledge and expertise to manage risks emanating from these tasks. The insurers’ body emphasized that "under the present Workmen’s Compensation Act the liability for Workmen’s Compensation is on the Employers, and they are expected to insure the liability with insurance companies who must provide the money for payment of compensation whenever the need arises". Earlier, the National Insurance Commission (NAICOM), the regulatory body of the insurance industry had raised its objection to the move to transfer workmen’s compensation to the NSITF. With the latest move by the association, industry watchers are waiting to see which direction the pendulum would swing.
Veteran Applauds NAICOM over Claims’ Disputes Resolution
Alade Olafinmiyan, veteran insurance broker, has praised the oversight r of the National Insurance Commission (NAICOM), stressing that its promptness in rising to industry challenges has helped in curtailing the excesses of some insurance companies. He explained that apart from the intervention of the commission in addressing past challenges, the recent ones aimed at finding lasting solutions to disputes arising from claims is commendable. He recalled that in recent times, NAICOM has intervened in the redressing complaints arising from over 170 cases. HE stated that “the intervention led to settling claims’ dispute amounting to N182.321million. To have achieved this only within the first quarter of 2010 is an indication that the regulator is up to growing challenges facing the industry.” According to spokesperson of the commission, Mr. Lucky Fiakpa he explained in a statement recently that most of the settled complaints were concluded in January while the other cases which were spill- over from last year were also concluded within the time under reference.
Apparently excited at the way the Commission handled his claim issue, an assistant director with the National Institute for Policy and Strategic Studies (NIPSS) wrote to the Commission recently to express his feelings when he said he respectfully thank the commission “for the prompt action that compelled the insurance company to settle my claims after 987 days. It paid the sum of N338, 895.60 inclusive of the accrued interests for the period it held the money", he disclosed. Corroborating, a Loss adjuster also commended NAICOM when he wrote that to confirm that they have received the insurer’s cheque for the amount involved in full and final settlement of their indebtedness to their organization, while expressing deep appreciation to the commission for its prompt intervention and immediate conclusion of their case. Olafinmiyan emphasized that when a body is performing creditably, the achievement cannot be hidden from industry watchers who expect high ethical standard from public institutions. He recalled the NAICOM’s recent breakdown of settled disputes concerning claims involved a total of 142 cases which were received by it between January and March 2010 while 72 of the correspondences were fresh complaints. It would be recalled that the commission’s image maker had stated its recent statement that, Properfunds Limited lodged a complaint before the commission that five insurance institutions issued their guarantee bonds in various sums of money in their favour and when there was a default, the insurance companies refused to settle the claims with incidental interests. He explained that rising from these complaints, the commission also resolved the case between Crusader General Insurance Limited and the complainant which brought about a cheque payment of N389.021.78 which had since been issued to the complainant as full and final settlement. Also as an attestation, Mr. Fola Daniel, commissioner for insurance, had expressed concern over the issue of non-payment of claims by few operators in the market which over the years has given the industry a bad name. The commissioner gave stern warning to operator that cheques must be paid out within 90 days after due process had been followed, adding that the commission would not hesitate to cancel the licence of any defaulty operator. The veteran advised the operators to cooperate with the leadership of NAICOM to ensure that its regulatory duties are performed creditably.
Federal High Court in Abuja has adjourned the Federal Government’s alleged tax evasion case against Binance Holdings Ltd. cryptocurrency exchange, until September 24, 2026, to allow both parties more time to pursue an out-of-court settlement.
Justice Emeka Nwite fixed the new date on Thursday after Moses Ideho, counsel to the Federal Government, informed the court that discussions aimed at resolving the dispute amicably were still ongoing.
Ideho, a deputy director of Legal and Prosecution at the Nigeria Revenue Service (formerly the Federal Inland Revenue Service), told the court that the matter, which had been scheduled for a report on settlement or continuation of trial, could not proceed.
According to him, one reason for the delay was the reported elevation of Justice Nwite to the Court of Appeal, while the second was the continued reconciliation efforts between the parties.
“The parties are still exploring settlement in the charge that led to this case,” Ideho told the court.
Sunday Agaji, counsel to Binance, did not oppose the application for adjournment, following which Justice Nwite postponed proceedings until September 24 for either a report on the settlement discussions or continuation of trial.
The case was previously adjourned on May 12 after both the Federal Government and Binance informed the court that negotiations were underway to settle the matter outside the courtroom.
Binance had first indicated its willingness to pursue an amicable resolution on March 24.
The cryptocurrency company was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
Ayodele Omotilewa, Nigerian representative, pleaded not guilty on behalf of the company.
The re-arraignment followed the removal of Binance executive Tigran Gambaryan and his colleague, Nadeem Anjarwalla, from the charge after the Federal Government amended the case to make Binance Holdings Ltd the sole defendant.
Justice Nwite had, on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla after the prosecution filed the amended charge.
Binance is also facing a separate criminal prosecution by the Economic and Financial Crimes Commission (EFCC), which accuses the company of laundering about $35.4m.
In addition, the Nigeria Revenue Service is pursuing a separate civil suit against Binance before another judge of the Federal High Court, seeking approximately $79.5bn in alleged economic losses linked to the company’s operations in Nigeria.
Oodua Youth Coalition (OYC), a Yoruba socio-cultural group, has issued a notice to stage peaceful picketing at MTN Nigeria offices nationwide.
This action stems from the company’s alleged failure to publicly condemn recent xenophobic attacks against Nigerians in South Africa.
This is coming despite statement by Karl Toriola, chief executive officer, MTN Nigeria, who recently said that MTN may have originated from South Africa, he explained, but MTN Nigeria is a Nigerian publicly quoted company, managed by Nigerians and with a Nigerian board.
However, in a statement jointly signed Olatunji Adejuwon and Olaoye Abolaji,vice president and national secretary respectively of OYC, described MTN Nigeria’s silence as unacceptable, given the company’s South African roots and the patronage it enjoys from Nigerians
The coalition said it would proceed with a peaceful protest if the telecommunications company continued to ignore its demands, stressing that the action was intended to draw attention to the need for corporate responsibility and moral leadership in condemning xenophobic attacks against fellow Africans.
“Consequently, the Oodua Youth Coalition hereby gives notice that we shall, without hesitation, commence a peaceful picketing of MTN Nigeria’s offices if the company continues to ignore our legitimate demands.
“Our action is intended to draw attention to the need for corporate responsibility and moral leadership in condemning acts of xenophobia against fellow Africans,” the statement said.
The group renewed its call on MTN Nigeria to immediately convene a press conference, with representatives of the coalition in attendance, to unequivocally condemn the xenophobic attacks and reaffirm its commitment to the safety, dignity and unity of all Africans.
It maintained that the proposed protest would be peaceful, orderly and in accordance with the laws of the Federal Republic of Nigeria.
According to the coalition, relevant security agencies have been notified of the planned action, while appropriate communications have also been sent to the South African diplomatic mission in Nigeria.
“We once again call on MTN Nigeria to immediately convene a press conference, with representatives of the Oodua Youth Coalition in attendance, to unequivocally condemn the xenophobic attacks and reaffirm its commitment to the safety, dignity and unity of all Africans.
“We emphasise that our proposed action shall remain peaceful, orderly and in accordance with the laws of the Federal Republic of Nigeria. Relevant security agencies have been duly notified, and appropriate communications have also been sent to the South African diplomatic mission in Nigeria.”
Reaffirming its commitment to defending the rights and dignity of Nigerians, the coalition vowed not to relent until its concerns received the desired attention.
“The Oodua Youth Coalition remains committed to defending the dignity of Nigerians and promoting African solidarity. We will not relent until our concerns receive the attention they deserve,” the statement added.
Responding to the controversy, Toriola further condemned all forms of xenophobia and violence against Africans living in South Africa, insisting that MTN Nigeria is a Nigerian company with substantial local ownership.
“We unequivocally condemn any form of xenophobia, violence or attacks against any community in the world. We’re a Nigerian company, through and through. We’re listed on the stock exchange with over 201,000 retail investors, and 11 million people hold shares through their pension funds in MTN Nigeria.
“We provide the digital backbone of the economy, and we have a completely Nigerian entity.
“Yes, MTN was founded in South Africa, and the parent company that is the majority shareholder is South African. But let’s also look at it objectively. The shareholding of MTN Holding South Africa is only 50 per cent African.
“The remaining 50 per cent is from across the world — 27 per cent from the United States, with the rest from the United Kingdom, Europe, the Middle East and the Asia-Pacific region,” Toriola said.
By Bidemi Oke
Every civilisation has been built on one invisible infrastructure. The Romans built roads. The Industrial Revolution built electricity. The Internet built information. The next economy may be built on something far less tangible.
Trust
That sounds counterintuitive because we have spent centuries believing that money is the foundation of every economy. It isn’t. Money has never been the foundation; it has simply been the mechanism through which trust is exchanged. Every major financial innovation, from coins and paper notes to credit cards, online banking and blockchain, has been humanity’s attempt to solve the same problem: “how do we help strangers trust one another without ever meeting?”
Seen through that lens, today’s financial revolution looks very different.
Most discussions about digital finance revolve around whether cash will disappear. We debate mobile wallets, central bank digital currencies, cryptocurrency, real-time payments and digital banking. Yet these conversations often mistake the visible change for the actual transformation.
The real shift is not that money is becoming digital. The real shift is that trust is becoming programmable. That single idea explains why the financial landscape is changing faster than many people realize.
For decades, finance has depended on institutions to create confidence. Banks verified identities, governments authenticated currencies, contracts relied on lawyers, payment networks validated transactions and every exchange involved an intermediary whose primary role was to reassure two parties that the system could be trusted.
Technology is quietly rewriting that arrangement
Today, identities can be verified digitally. Transactions can be authenticated within seconds, smart contracts can execute agreements automatically once predefined conditions are met, and artificial intelligence can detect suspicious activity before humans notice it. Increasingly, confidence is being built into the infrastructure itself rather than added afterwards.
This is why I believe we need a new way to think about the evolution of finance, not as a journey from cash to digital payments, but as “three generations of financial trust”.
The first generation was Physical Trust. Trust was tied to tangible assets like gold, paper currency, handwritten signatures and face-to-face interactions. Confidence came from what people could physically see and hold.
The second generation was Institutional Trust. As economies expanded, institutions became the guarantors of financial confidence. Banks, regulators, payment networks and financial intermediaries enabled transactions at a scale impossible through personal relationships alone. Trust shifted from physical objects to established organisations.
We are now entering the third generation: Programmable Trust.
Here, trust is embedded directly into technology. Verification happens automatically. Payments settle in real time, financial services become integrated into everyday experiences instead of existing as separate destinations. Increasingly, people interact with trusted systems rather than trusted institutions alone. That distinction is more profound than it first appears.
Many organisations still measure digital transformation by counting how many services have moved online, but digitising an existing process is not the same as redesigning how trust flows through an economy. Converting paperwork into an application does not automatically create a digital financial ecosystem.
This explains why some economies process millions of digital transactions every day yet continue to face friction, inefficiency and limited financial inclusion. The missing ingredient is rarely another payment platform. More often, it is interoperable infrastructure, trusted digital identity, consistent regulation and systems capable of working together seamlessly.
In other words, the future of finance will not be determined by who builds the fastest application. It will be determined by who builds the most trusted ecosystem.
This has significant implications for Africa. The continent has rightly earned global recognition for accelerating digital financial adoption. Yet the next opportunity extends beyond increasing transaction volumes. The greater challenge is designing financial infrastructure where payments, identity, data, compliance and commerce interact intelligently rather than operating in isolation.
That is where long-term competitive advantage will emerge. Perhaps the greatest irony of all is that the more advanced finance becomes, the less visible it will appear.
People rarely think about the internet protocols that power a video call or the cloud infrastructure supporting an online purchase. Likewise, future generations may hardly think about payment rails, settlement networks or blockchain architecture. Financial experiences will simply happen securely, instantly and almost invisibly.
History suggests that successful technologies eventually disappear from our attention not because they become less important, but because they become so reliable that we stop noticing them altogether.
So, are we entering a fully digital financial economy? Perhaps that is no longer the right question.
A more useful question is whether we are entering an economy where trust itself becomes digital infrastructure because if that is true, then the organisations shaping the future of finance are not merely moving money more efficiently.
They are redesigning how entire economies create confidence at scale and that may prove to be the most valuable innovation of all.
Bidemi Oke is the Chief Executive Officer of FlashChange, a fintech platform focused on secure digital asset exchange. He is an entrepreneur and vibrant leader, recognized for driving innovation and redefining access in the financial technology industry.
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