News
NAICOM Boss Urges Operators to Strategise for Effective Management of N14tn Annuity Premium

Mr. Sunday Thomas, the commissioner for Insurance, has charged insurance industry operators to strategies on how best to effectively manage the existing N14 trillion pension assets, which will through life annuity plan be transferred to insurers as annuity premium by pension fund operators.

Thomas, who stated this in Lagos during a visit to Mutual Benefit Assurance Plc retail office, said time has come for insurance to take its rightful place in the scheme of things in the economy.
He charged insurance operators to brace up to the challenge of effective management of stream of premium that will flow into the industry especially through annuity plan as stated by the law.
The Pension Reform Act 2014, which established the on-going Contributory Pension Scheme (CPS) says that at retirement, a contributor into the scheme is at liberty to continue receiving the remaining part of his contributed fund after the initial lump sum pay on monthly basis from his Pension Fund Administrator (PFA) under programme withdrawal for 18 years or purchase life annuity from a licensed life insurance company to whom the retiree’s pension fund manager transfers the fund to and who takes over payment of Benefit to him for life.
Initially, contributors into CPS were confused on the choice to make between annuity plan and programme withdrawal but with time, majority now prefer buying life annuity which has the advantage of paying benefits to them for life instead of 18 years.
This means that the pension assets belonging to this greater number of contributors will automatically be transferred to life insurers as annuity fund.
Speaking to the retail insurance marketers and management of Mutual Benefit Assurance Plc, he said insurance business in Nigeria is no longer business as usual and that days were gone when insurance was described as poor cousin of the bank.
He said even before now, the above statement was misconception of what insurance does pointing out that most of the assets used today in Abuja was insurance fund.
“Before now, insurance was owned by banks but now it is not like that. Insurance firms own some banks and more banks will be taken over by insurance firms. Even some of the monumental assets in Abuja is owned by insurance industry look at Nicon Hilton, Sheraton Hotel, all were built with insurance funds. Abuja itself was built by insurance money and without insurance, Abuja wouldn’t have come to be,” Thomas stated.
The insurance commissioner said the N14 trillion pension fund will be emptied into insurance treasury as annuity fund to be managed by insurers adding that insurance managers have been assigned the responsibility of managing the fund by the regulation that established the prevailing Contributory Pension Scheme.
He said this is in addition to the existing N500 billion annual premium income in their coffers.
Section 4, subsection one of insurance Act 2014 on contributors’ retirement benefits says “A holder of a retirement savings account upon retirement or attaining the age of 50 years, whichever is later, shall utilise the balance standing to the credit of his retirement savings account for the following benefits-
“programmed monthly or quarterly withdrawals calculated on the basis of an expected life span; annuity for life purchased from a life insurance company licensed by the National Insurance Commission with monthly or quarterly payments; and a lump sum from the balance standing to the credit of his retirement savings account, Provided that the amount left after that lump sum withdrawal shall be sufficient to procure an annuity or fund programmed withdrawals that will produce an amount not less than 50 percent of his annual remuneration as at the date of his retirement.”
Initially, insurance and pension fund managers had clash over sale and management of the annuity fund but later came up with a document they tagged Revised Regulation on Retiree Life Annuity Pursuant to the Pension Reform Act 2014 Jointly Issued by the National Insurance Commission and National Pension Commission (NAICOM).
News
Army Says Terrorists Now Recruiting, Raising Funds Online

Nigerian Army has warned that terrorist and criminal groups were increasingly exploiting cyberspace to recruit members, raise funds, coordinate attacks and spread propaganda, describing the trend as a growing threat to Nigeria’s national security.

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), raised the alarm on Tuesday at the 2026 Nigerian Army Cyber Warfare School Seminar in Abuja.
Represented by Maj.-Gen. Jeremiah Manjang, deputy chief of Special Services and Programmes, the Army Chief said cyberspace has evolved into a strategic battlefield where both state and non-state actors operate with unprecedented speed, making security threats more complex and difficult to counter.
He noted that hostile actors no longer require physical presence to disrupt critical infrastructure, compromise sensitive information, manipulate public opinion or undermine national security through anonymous cyber attacks.
According to him, terrorism, insurgency, banditry, kidnapping, separatist agitations, organised crime, misinformation and disinformation are increasingly being enabled, coordinated and amplified through digital platforms and cyber networks.
“The reality is that terrorist and criminal groups now exploit cyberspace for recruitment, propaganda, fundraising, intelligence gathering, attack coordination and concealment of illicit financial transactions. This demands a proactive and coordinated national response,” he said.
Shaibu said the changing nature of security threats had compelled the Nigerian Army to strengthen its cyber capabilities to effectively address complex, asymmetric and technology-driven challenges.
He called for stronger cyber intelligence capabilities driven by artificial intelligence (AI), machine learning and advanced data analytics to improve early warning systems, threat detection and predictive security analysis.
The COAS also advocated deeper collaboration among government institutions, the military, law enforcement agencies, academia and the private sector, stressing that cybersecurity can no longer be handled by a single institution.
He emphasised the need for sustained investment in indigenous cyber capabilities, research, technological innovation and human capacity development to protect Nigeria’s digital sovereignty and enhance national resilience against emerging threats.
Shaibu further stated that integrating cyber capabilities into conventional military operations would strengthen surveillance, intelligence gathering, geospatial analysis, command-and-control systems, situational awareness and overall operational effectiveness.
Earlier, Brig.-Gen. Jacob Bawa, commandant of the Nigerian Army Cyber Warfare School, said the seminar was organised to deepen cybersecurity awareness, strengthen cyber resilience and promote collaboration among security stakeholders.
Bawa noted that Nigeria’s increasing reliance on digital technologies has exposed critical infrastructure, including telecommunications, power systems, financial institutions and government databases, to cybercriminals, terrorists and hostile state actors.
He said the Cyber Warfare School was established as a centre of excellence for cyber warfare training, education and research.
According to him, participants at the seminar would examine cyber resilience, threat intelligence, incident response, cyber warfare and emerging technologies with a view to developing practical recommendations for strengthening Nigeria’s cybersecurity architecture.
Also speaking, Abdulhakeem Ajijola, cybersecurity expert, warned that national security now depends significantly on the protection of digital systems, noting that artificial intelligence is transforming military operations, command structures and the protection of critical infrastructure.
Ajijola urged Nigeria to develop sovereign cyber capabilities, warning that excessive dependence on foreign-controlled software, platforms and artificial intelligence systems could undermine national resilience, operational continuity and independent decision-making during periods of crisis.
He stressed that while technology should be deployed to strengthen national sovereignty, responsibility for operational decisions must remain with human commanders.
News
Verve Strengthens Global Acceptance Across Leading Digital Platforms

Verve International, Africa’s payment cards and digital solutions brand, is strengthening its global acceptance footprint through strategic partnerships with leading digital platforms, reinforcing its role as a key enabler of digital payments and financial inclusion across the continent.

Verve has established a strong presence in more than 13 African countries, including Kenya, Uganda, The Gambia, Senegal, Sierra Leone, Benin Republic, the Democratic Republic of Congo, Rwanda, and several other markets across the continent.
This growing reach reflects Verve’s commitment to delivering secure, convenient and innovative payment solutions that empower consumers, businesses and financial institutions while advancing financial inclusion and economic participation across Africa.
As digital payments continue to transform economies across Africa, Verve remains focused on developing solutions that address local payment needs while supporting broader participation in the digital economy.
Through collaborations with banks, fintechs, merchants and payment service providers, Verve continues to drive financial inclusion and enable seamless payment experiences for millions of consumers across the continent.
Speaking on Verve’s growth trajectory and expanding reach, Vincent Ogbunude, Managing Director, Verve International, said: “Verve’s continued expansion across Africa reflects our commitment to building payment solutions that empower individuals, businesses and economies to thrive.
“Today, our presence across more than 13 African countries demonstrates the strength of our partnerships, innovation and ambition to be the preferred payment brand for Africans wherever they are.
“As digital commerce continues to evolve, we are expanding access to global opportunities through strategic partnerships with leading technology and digital platforms, while introducing innovations such as contactless payments and enhanced digital payment capabilities. Together, these efforts are enabling more seamless, secure and convenient payment experiences for consumers across Africa and beyond.”
Complementing its growing reach across Africa, Verve continues to expand its global acceptance footprint through partnerships with some of the world’s most recognised technology, e-commerce and digital service brands.
Today, Verve cardholders can conveniently make payments for products, services and subscriptions on platforms including Google, Spotify, Netflix, Facebook, YouTube Premium, Adobe, AliExpress, Temu and Flywire, among others.
These partnerships are helping bridge the gap between African consumers and the global digital marketplace by providing secure and convenient access to education, entertainment, travel, e-commerce, productivity tools and business solutions from virtually anywhere in the world.
Verve’s growth strategy is underpinned by continued investment in payment innovation. Through capabilities such as contactless payments, tokenisation and digital wallet integrations, Verve isenhancing convenience, security and user experience across physical and digital channels.
As Verve strengthens its position across existing markets and explores new growth opportunities, the company remains committed to driving financial inclusion, accelerating digital commerce and delivering innovative payment solutions that enable consumers and businesses to participate confidently in an increasingly connected world.
With an expanding presence across Africa, growing acceptance on global digital platforms and continued investment in innovation, Verve is helping connect millions of consumers to opportunities within and beyond the continent while shaping the future of Africa’s digital payments landscape.
News
FG Captures 32m Students DNEMIS ahead July 1 Rollout

Federal government has said that more than 32 million students have been captured on the Federal Government’s Digital National Education Information Management System (DNEMIS), ahead of the official launch of the platform on Wednesday, July 1.

The DNEMIS, is part of efforts to replace paper-based and fragmented education records with a single digital database.
Mr. Adebayo Onigbanjo, national project coordinator of the Special Programmes Operations and Implementation Unit in the Office of the Minister of Education, disclosed this on Monday in Abuja at a press conference.
Onibanjo said that the digital platform would transform education administration through technology and data-driven decision-making.
He said DNEMIS is the core platform of the Nigerian Education Data Infrastructure (NEDI), an initiative under the Nigeria Education Sector Renewal Initiative (NESRI), established to provide accurate, integrated and timely education data for planning, budgeting, policymaking and service delivery.
According to Onigbanjo, the platform replaces the fragmented data systems that have long constrained effective planning in the education sector.
“For many years, education planning relied on fragmented systems, inconsistent reporting structures and limited access to reliable data. DNEMIS changes that by ensuring that every learner, every school, every teacher and every investment in education is captured within a system that supports evidence-based decision-making,” he said.
He described education data as a strategic national asset, noting that the platform would strengthen transparency, accountability and governance across the sector.
Onigbanjo said the availability of reliable data would also support government efforts to tackle Nigeria’s out-of-school children challenge by enabling authorities to monitor enrolment, identify dropout patterns and target interventions where they are most needed.
“If you don’t measure, you can’t get a good sense of what the data is. Today, we already have 32 million students on the platform, and that gives us an indication of where learners are.
“We are also understanding their journey from when they start school and when they drop out. That gives us insight into their challenges and where investments need to go. Every school becomes visible, every student gets counted, every teacher is known, and every government expenditure in education becomes trackable. To a greater extent, this will stop wastage,” he said.
He added that the ultimate goal is to provide government with complete visibility into every learner’s educational journey, from enrolment through graduation, to improve learning outcomes and policy decisions.
Addressing concerns over data privacy, Onigbanjo said the platform was developed using globally recognised digital architecture with robust safeguards to protect personal information.
He explained that sensitive data would be masked while secure digital identity profiles would allow authorised users to access relevant information without exposing personal details.
Also speaking, Abubakar Isah, national coordinator, Nigerian Education Data Infrastructure (NEDI), said the system fully complies with Nigeria’s data protection regulations and international data security standards.
“We recognise the importance of data protection. We are complying with the country’s data protection rules and taking every necessary precaution to ensure that this data is secure,” he said.
Isah noted that while schools and state governments would have access to their respective data, communities, alumni associations and development partners would be able to access selected non-sensitive information to support school improvement and strengthen public accountability.
Earlier, Miss Mojoyin Adebajo, special adviser to the Minister of Education on Digital Communications and E-Learning, described DNEMIS as a major milestone in Nigeria’s digital education transformation.
She said the platform, developed on the globally recognised DHIS2 infrastructure, would digitise the Annual School Census and provide reliable information on schools, teachers, learners and education infrastructure across the country.
Adebajo added that Wednesday’s event would also witness the unveiling of the Public DNEMIS Portal, which will provide researchers, journalists, civil society organisations, development partners and members of the public with access to selected official education data through an interactive online platform.
She said the initiative underscores the Federal Ministry of Education’s commitment to promoting transparency, strengthening evidence-based planning and leveraging technology to improve educational outcomes nationwide.
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