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Life Insurance; How Does it Work?

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Many insurance companies offer a life insurance policy. In fact, this is the most elementary type of insurance policy. The policy aims at securing the future of your family in event of your death. The principle defining this type of a cover is quite simple to understand; you purchase a policy and pay premiums at regular intervals such that in the event of your death, a lump sum amount is handed over to your beneficiary. A life insurance policy can be purchased for self or for someone else. Typically, life insurance mandates some sort of agreement between three parties – the insured, the insurer and the owner. The person whose life is being insured is referred to as the ‘insured’. The insurer is nothing but the insurance company. The owner is the person who actually buys the policy. The owner and the insured could be the same or they could be two different people. If you were to purchase a policy for self, then you would be the owner as well as the insured. If, however, you buy it for your partner, then the partner is the insured person and you are the owner. If you are the owner of a policy, it is your responsibility to pay premiums at regular intervals.
A life insurance contract involves another important member – the beneficiary. A beneficiary is the person who benefits from the death of the insured – the lump sum amount becomes payable to him or her in event of the death of the insured person. There are two types of beneficiaries, the irrevocable one and the revocable one. The revocable beneficiary can be changed at the will of the owner while the irrevocable one cannot be changed unless and until the permission of the beneficiary is sought. A life insurance policy is subject to many terms and conditions. Most policies will come along with certain exclusions. Exclusions are certain conditions, which, if satisfied, will absolve the insurer from making any payments that would otherwise have been made. In most of the policies, suicide in the first two years of the policy term is not covered.
In the first two years of the policy period, often referred to as the contestable period, the insurer reserves the rights to make an immediate pay out. In event of death of the insured, the company may stop payment and conduct investigations of its own. These investigations aim to ratify the cause of death. If it is discovered that death was deliberate or a result of homicide, then the insured is relieved from paying the lump sum amount. The amount to be handed over to the beneficiary is known as the face amount. This is usually paid in the event of the death of the insured or upon the attainment of a certain age by the insured.  The date when the amount becomes payable to the beneficiary is known as the maturity date. A life insurance policy is more often than not, a sort of protection for the spouse of the insured in event of his or her untimely death. To purchase an insurance policy, the owner of the policy must have an insurable interest. Insurable interest is a reason to secure the life of a person. Insurable interest is an important consideration that determines the unassailability of a policy especially when the owner and the insured are not the same. In the absence of the same, a policy is declared as invalid. When a person dies, a solid proof of the cause of the death has to be handed over to the insurance company in order to claim the policy benefits. In most cases, a notary’s signature on the death certificate is an accepted form of proof. The benefit could be paid in one go or an allowance is paid at regular intervals. This guarantees the beneficiary some sort of monthly income for the rest of his or her life. There are two types of insurance policies, the temporary one and the permanent one. The temporary insurance or the term life is a cover that insures a person for a fixed period. For instance, a 20-year term life insures a person for a period of 20 years. There are two types of permanent insurance policies: the whole life and the universal policy. In the whole life policy, the person has to continually pay premiums not minding how long he lives. If he passes away, the payout will be done at whatever age. The Universal policy on the other hand is a bit more flexible with more flexibility in the payment of premiums. So it is advisable to consult an agent or a broker before buying any of these insurances.

 


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Teenager Hacks Celebrities Whatsapps, Sells Adult Content  in Delta

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Delta State Police Command has revealed how a 17-year-old boy allegedly hacked into celebrities’ WhatsApp accounts and sold explicit adult content to classmates.

Teenager Hacks Celebrities Whatsapps, Sells Adult Content  in Delta

This was disclosed in a viral video shared by comedian Otaghware Onodjayeke, popularly known as I Go Save, during a security awareness programme where he spoke with Temi Agbede-Zuokumor, divisional police officer (DPO) of Ugborikoko Division, Uvwie Local Government Area of Delta State.

The DPO explained that the case came to light after a routine check of a student’s phone, which first raised suspicion.

Agbede-Zuokumor disclosed that the student’s mother had initially claimed the phone belonged to his sister, but further inspection revealed otherwise.

“The woman looked very modest, so I asked her if she was from Deeper Life. She said no. I then asked why her son took a phone to school, and she claimed it belonged to his sister,” she narrated.

The DPO expressed that the development triggered her suspicion, prompting officers to examine the phone’s contents.

“Something told me to check the phone. When we did, we discovered that everything on the device belonged to the boy,” she said.

She added that the phone contained over 80 foreign numbers, including Australian contacts, alongside numerous explicit materials.

“We saw several foreign numbers, over 80 Australian lines, and the phone was filled with pornographic content,” she said.

The police officer further disclosed that the suspect allegedly sold explicit materials to his classmates, who referred to him as “boss.”

“We also saw chats with his classmates asking if he had explicit content to sell. They were calling him ‘boss’ in school,” she added.

According to her, investigations also revealed that the teenager had hacked into WhatsApp accounts belonging to prominent individuals and used them to solicit money.

“We discovered he had access to WhatsApp accounts of some celebrities, which he used to demand money from unsuspecting victims,” she said.

Speaking during the session, comedian I Go Save recounted a similar experience, describing how he was once contacted by a suspected fraudster impersonating Elon Musk, Forbes world richest man.

“That was how someone impersonating Elon Musk messaged me, saying he was stranded and needed a recharge card,” he said.

“I was surprised and asked which network he used. The person later sent an Opay account,” he added.

The police warned parents and school authorities to be more vigilant, stressing the growing concern of cyber-related crimes among young people.

 


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SERAP Asks Tinubu to Probe Alleged N2.9Bn Fraud In NIGCOMSAT, NNRA

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Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct Bosun Tijani, minister of Communications, Innovation and Digital Economy,  as well as the management of the Nigerian Communications Satellite Ltd (NIGCOMSAT) and the Nigerian Nuclear Regulatory Authority (NNRA), to account for and explain the whereabouts of an alleged ₦2.9 billion in missing or diverted public funds.

SERAP Asks Tinubu to Probe Alleged ₦2.9bn Fraud In NIGCOMSAT, NNRA

SERAP also called on Lateef Fagbemi (SAN), attorney general of the federation and minister of justice,  and relevant anti-corruption agencies to investigate the alleged diversion of funds, including those documented in previous Auditor-General reports.

In a letter dated April 11, 2026, and signed by Kolawole Oluwadare, deputy director SERAP, said: “These allegations, involving critical public institutions, represent a grave violation of the public trust and a fundamental breach of Nigeria’s anti-corruption laws and international obligations.”

The group further urged the Federal Government to direct NIGCOMSAT to disclose the shareholders and beneficial owners of a company that allegedly received ₦465 million in “unauthorised investment” from the agency.

SERAP said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury.”

The organisation gave the government seven days to comply, warning that it may initiate legal action if its demands are not met.

It also stated that accountability in both agencies is critical, given their strategic roles, saying: “Accountability in NIGCOMSAT and NNRA is critical given their strategic roles in Nigeria’s digital economy and national safety systems. Mismanagement in these agencies not only wastes scarce public resources but also threatens national development, technological progress, and public safety.”

SERAP added: “Ensuring accountability is therefore essential to protecting both Nigeria’s present and its future.”

It warned that failure to address the allegations would continue to erode public trust, stating: “These allegations, if left unaddressed, will continue to undermine public confidence in government institutions, weaken Nigeria’s anti-corruption framework, and deprive citizens of resources needed for development.”

The allegations were drawn from the Auditor-General’s report published on September 9, 2025, which examined financial activities in NIGCOMSAT and NNRA and raised concerns over possible mismanagement of public funds.

According to the report, NIGCOMSAT failed to account for over ₦465 million used for an “unauthorised investment” in Gicell Wireless Ltd, made without approvals from the Minister of Science and Technology and the Accountant-General of the Federation.

It also noted that “there was also no evidence that a competent Investment Analyst performed investment appraisal,” while the investment agreement raised concerns over valuation and exchange rate assumptions.

The Auditor-General further stated that “NIGCOMSAT made ineligible, irregular and wrong payments of over ₦3 million to staff,” and that “the payment was made without due process and any documents on what the payments were meant for.”

It also flagged an irregular rent payment of over ₦4.3 million, noting that although a refund was requested, “there was no evidence that the consultant refunded the money.”

It added that NIGCOMSAT “failed to remit over ₦507 million of its internally generated revenue to the Consolidated Revenue Fund,” while also failing to account for over ₦6 million for undelivered store items.

The report further stated that “there was also no evidence of how the transferred funds were spent or utilised,” referring to an irregular ₦84.78 million transfer from a Remita account to a special project account.

On NNRA, the report alleged that ₦4.35 million was spent on training without evidence that it took place, while ₦16.7 million was paid for ICT equipment without approval.

It also stated that ₦33.4 million was spent on items that were never supplied, and that “there were no documents to support” several payments for operational activities.

The Auditor-General further noted that NNRA “failed to retire over ₦6.5 million of cash advances granted to staff,” and that ₦2.05 million paid for foreign training had no evidence of participation.

It also stated that ₦1.95 million collected through Remita was not recorded in the agency’s cashbook, leading to concerns of revenue understatement.

SERAP said the findings point to “a systemic pattern of financial mismanagement, opacity, and corruption within an agency entrusted with advancing Nigeria’s digital and communications infrastructure,” adding that NNRA’s lapses also raise serious concerns about compliance with safety and financial regulations.

 


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IHS Nigeria Renovates, Upgrade Facilities at the National Museum Lagos

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L-r Senior Vice President and Chief Corporate Services Officer, IHS Nigeria Limited, Dapo Otunla; Honourable Minister of Arts, Culture, Tourism and the Creative Economy, Hannatu Musawa; Director-General, National Commission for Museums and Monuments, Olugbile Holloway; during the commissioning of the newly renovated National Museum Gallery, sponsored by IHS Nigeria, on Saturday, 11th April 2026, at the National Museum Lagos, Nigeria.
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IHS Nigeria, part of the IHS Holding Limited (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has partnered with the National Commission for Museums and Monuments to renovate and upgrade facilities at the National Museum, Lagos.

Commissioned by the Honorable Minister of Art, Culture, Tourism and the Creative Economy, Hannatu Musawa, the project is a significant step towards restoring and improving critical facilities at the museum complex, while supporting the long-term preservation of Nigeria’s cultural assets and heritage.

The project has improved the overall aesthetic appeal of the museum site and featured extensive restoration of the museum’s main gallery. The restored gallery incorporates the installation of modern display and lighting systems, air‑conditioning units, a solar inverter system to enhance energy efficiency, and surveillance cameras to aid safety, security and operational performance across the facility. These renovations and upgrades follow on from IHS Nigeria’s sponsorship of the museum’s efforts to digitize Nigeria’s cultural heritage and launch Nigeria’s first digital museum of antiquities at www.museum.ng.

Mohamad Darwish, CEO, IHS Nigeria, commented, Having seen the rich historical and cultural heritage housed in this national museum complex, we believed it was important to go a step further after supporting the development of the digital museum, to also improve the aesthetics, security and structural integrity of the main physical complex. This aligns with our broader commitment to sustainable infrastructure development and the preservation of Nigeria’s history.

“I am proud of these renovations and that visitors, including tourists, researchers and art enthusiasts, can visit the museum to be immersed in Nigeria’s rich history in an environment that is safe, beautiful and welcoming.

“The artifacts can also now be better preserved, protected and presented in a way that celebrates the history they represent. I thank the National Commission for Museums and Monuments for this ongoing partnership which continues to exemplify the power of a collaborative effort in driving innovation, fostering national pride, and enhancing the creative economy.”

Olugbile Holloway, Director General, National Commission for Museums and Monuments, commented, “On behalf of the National Commission for Museums and Monuments, I wish to express our deepest gratitude to IHS Nigeria for their generous support of the restoration of the National Museum, Lagos. This landmark gesture goes far beyond bricks and mortar — it is a profound commitment to preserving the soul of our nation.

“The National Museum Lagos is home to some of Nigeria’s most treasured antiquities, from the ancient terracotta of the Nok civilization to the magnificent bronzes of the Benin Kingdom and the classical works of Ife.

“To restore this institution is to restore our collective memory. We thank IHS Nigeria for choosing to renew not just infrastructure, but the heritage, identity, and the hope of our people. Their support ensures that generations of Nigerians yet unborn will walk through these halls and encounter the full greatness of who we are and where we come from.”


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