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NAICOM Set To Unveil Industry IT Guidelines

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Nigeria’s Insurance Industry, is about witnessing full blown digitization to enhance operational efficiencies and sustain growth in the face of COVID-19 which has negatively impacted businesses around the world.

This would be facilitated with Information Technology (IT) guidelines about to be unveiled very soon by the National Insurance Commission, NAICOM.

Commissioner for Insurance, Sunday Thomas, gave the indication Thursday, October 1, at a dinner of 2020 Seminar for Insurance Journalists, holding at Uyo, Akwa Ibom State.

He said already the Commission’s portal that has been on the drawing board for over six years, has been fixed. “Now we have a portal that is taking us from where we were to a new level.

The last module of the portal, will be fixed before the end of the year. Substantially, we now have a portal we can call NAICOM portal,” he added.

He said in the past three weeks, NAICOM has been sensitizing technical people in the industry and that they have been going through series of trainings.

The Commissioner maintained that the commission fully understands that essence of digitalization, stressing that the digital world remains the driver of business.

“The digital world will drive regulation. On like what we said before, we are going to engage the industry with our IT guidelines. It is no longer going to be historical reporting, it is going to be reporting as at now.

If you tap anybody in the commission, he or she should be able to tell you the transactions in the market in the last four days. That is the objective, that is where we are heading to,” he stated.

This was confirmed by Mr. Ebose Augustine, the Managing Director/Chief Executive Officer, Anchor Insurance Company Limited,.

Augustine, told the media in Lagos, that he hoped that more businesses would be generated by the industry through e-platforms in the next three years.

He said COVID-19  has forced operators to reinvent its processes and customer experience as well as how to meet public expectations.

He maintained that the industry is leveraging social media platforms to drive sales, adding that the impact of the pandemic has made them regain human capital, Information Communication Telecommunication (ICT) and our processes.

On the reduction of insurance contribution to the nation’s Gross Domestic Product (GDP) by 29 per cent, he said: “Before the pandemic, insurance awareness in Nigeria has been very low compared to other advanced economy and that is why the Nigerian Insurers Association (NIA) is sensitising the public, creating awareness to deepen insurance penetration. The pandemic affected every business, so, we expect that insurance will also be affected.

“Part of the initiative is what our regulator is doing, to upscale the compulsory insurance so that the members of the public that are not buying insurance will buy at all levels.This will impact positively on the GDP. All stakeholders in the industry are also putting measures in place to deepen penetration, sensitise the public and create awareness.’’


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E-Business

Report Shows Start-ups Fuel Innovations in Africa

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Bloomberg has released its second annual “25 African Startups to Watch” list, underscoring the growing influence of venture-backed innovation across the continent.

Published thursday, the list highlights companies building solutions in “environments where infrastructure or systems have failed to deliver.”

The featured start-ups build solutions to challenges such as accessing healthcare in Chad, moving goods in Kenya, securing loans in South Africa, and safeguarding borders in Nigeria.

Nigeria, South Africa and Kenya jointly lead with four companies each, reflecting the ongoing strength of Africa’s three most visible start-up ecosystems.

The 25 companies span 13 countries and sectors including healthcare, fintech, security, climate resilience, waste management, and transport.

Nigeria’s four startups are 10mg Health, Remedial Health, Sycamore and Terra Industries, covering areas from healthcare financing and pharmaceutical supply chain integrity to digital lending and defence technology.

South Africa’s contingent includes Omnisient, Amesect, AURA and Jem. Omnisient uses grocery purchase data and AI to extend credit to those outside traditional financial systems.

Kenya’s notable four include Zeraki, a school-data analytics platform partnering with Safaricom to reach secondary students across the country.

According to Bloomberg, a defining theme this year is the source of funding.

Nearly half of the total capital raised by these start-ups came from African investors, marking a shift from previous years when international capital predominantly drove early growth.

International backers such as 8VC, controlled by Palantir Technologies co-founder Joe Lonsdale, and Google continue to see value in investing in African companies, Bloomberg noted.

The report also highlights that start-ups across the continent almost doubled their debt fundraising in 2025, even as equity financing from venture capital firms declined.

Separately, the Start-up Ecosystem Report 2026 states that Kenya has overtaken Nigeria as Africa’s top startup investment destination, attracting $984 million in 2025.

Jennifer Zabasajja, Bloomberg Television’s chief Africa correspondent and anchor, highlighted the dual significance of the list, the variety of solutions being built and the growing role of African-sourced capital in backing them.

She noted that the list comes at a consequential moment, one shaped by global disruptions, from the conflict in Iran to sweeping cuts in US foreign healthcare assistance, that have made the case for African-owned capital more urgent than ever before.


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NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

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Nigeria Data Protection Commission has warned that the growing misuse of personal data and digital platforms could undermine Nigeria’s democratic process ahead of the 2027 general elections.

NDPC Raises Alarm: Fake News, Data Abuse Could Destroy Nigeria’s 2027 Elections

NDPC

The warning was delivered during the 2026 Press Week organised by the FCT Council of the Nigeria Union of Journalists in Abuja.

Speaking at the event, Vincent Olatunji, national commissioner and chief executive officer,  NDPC, who was represented by Itunu Dosekun, head of Media Unit at the commission, said disinformation and unlawful exploitation of personal data posed serious threats to credible elections.

The event had the theme: “2027 Election: Defending Democracy in the Era of Disinformation.”

Dosekun said the struggle for credible elections was no longer confined to polling units, noting that digital platforms had become major channels for manipulated narratives, fake news, propaganda and AI-generated misinformation.

According to him, the rapid growth of social media platforms, messaging applications and data-driven political campaigns has created vulnerabilities capable of influencing voter perception and weakening public trust in democratic institutions.

He warned that the abuse of personal data for political profiling and psychological targeting had become one of the most dangerous threats facing democracies worldwide.

“The misuse of citizens’ personal information carries serious social implications, especially for vulnerable groups who may not fully understand how their data is harvested, processed and weaponised online,” he said.

Dosekun noted that coordinated disinformation campaigns could inflame ethnic tensions, spread fear and discourage civic participation, particularly among young Nigerians.

He described the Nigeria Data Protection Act, 2023, as a critical legal framework aimed at protecting citizens against unlawful data processing and digital exploitation.

According to him, the law gives Nigerians greater control over their personal information while placing obligations on organisations, institutions and political actors to handle data responsibly.

Dosekun also called for stronger collaboration among political parties, media organisations, technology firms, civil society groups and citizens to promote responsible digital behaviour ahead of the elections.

He stressed the role of journalists and media professionals in combating fake news, fact-checking information and safeguarding public discourse.

According to him, protecting personal data should not only be seen as a privacy issue but also as a democratic responsibility necessary for maintaining public confidence, national stability and electoral credibility.

Stakeholders at the event emphasised the need for improved digital literacy, stronger regulation and increased public awareness to prevent the abuse of digital platforms during future elections.


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Anthropic Raises $65 Bn to Expand AI Research, Innovation

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Anthropic, artificial Intelligence company, has said that  it has secured sixty-five billion dollars in a new funding round, raising the company’s valuation to about nine hundred and sixty-five billion dollars.

Anthropic Raises $ 65 Bn to Expand AI Research, Innovation

The development places the company ahead of its rival, OpenAI, maker of ChatGPT, which was valued at about eight hundred and fifty-two billion dollars earlier this year.

Anthropic, founded by former OpenAI employees and led by Dario Amodei, chief executive officer, has emerged as one of the leading firms in the global Artificial Intelligence industry.

The company is widely recognised for its advanced coding capabilities and generative AI models, particularly its AI assistant known as Claude.

Unlike some competitors focusing mainly on general consumers, Anthropic has concentrated on delivering AI solutions to enterprise and business clients.

The company also says it places strong emphasis on AI safety while expanding its products and services amid growing competition in the sector.

Krishna Rao, chief financial officer of Anthropic, said the new funding would support the company’s research efforts and help meet rising global demand for its AI technologies.

Reports indicate that the investment round attracted major Silicon Valley venture capital firms, including Altimeter Capital, Dragoneer, Greenoaks and Sequoia Capital.


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