General News
BMI puts Nigerian Insurance Premium Growth at 30%
Business Monitor International, an organisation that provides insurance associations, regulatory bodies and professionals with independent forecasts and competitive intelligence, has stated in its recent report that most Nigerian motorists are uninsured. According to it, an optimistic interpretation of the latest developments within the insurance industry shows that Nigeria’s insurance sector has actual and potential for growth, emphasizing however that Nigeria’s insurance sector remains one of the most opaque of all those that are profiled by BMI. Notwithstanding, it added that the industry has enough data to confirm performance growth in premiums of 25% in 2008 and perhaps 30% in 2009.
The report explained that the National Insurance Commission (NAICOM) was optimistic the Market Development and Restructuring Initiatives (MDRI) will boost growth even further. The government envisages also that insurance premiums could rise to N6000 billion (US$45bn) by 2020. In the medium term, government is looking for premiums of N1100 billion (US$8.3bn) in 2012. By way of contrast, BMI is looking for total premiums of N401billion (US$3.0bn) in that year. A central plank of the MDRI is the enforcement of compliance with the Insurance Act of 2003 and the Pension Reform Act of 2004, which identify sixteen lines of insurance that are compulsory, such as compulsory third party motor liability and building insurance. In practice, the report says, Nigeria is far from innovative insurance as insurance companies have only developed products that cater for only six lines of compulsory insurance. Further, there is massive non-compliance with the law, even among major companies and institutions.
While noting that successful insurance industries revolve around trust, it stressed that trust was absent in Nigeria insurance culture. This is clear from, for example, any discussion of the country’s motor insurance sub-segment. The report explained that most Nigerian motorists are unlicensed and uninsured with motorists carrying bogus documents to help them pass through checkpoints manned by police who are looking for uninsured drivers.
Bogus documents are also used to pursue spurious claims, which the insurers are reluctant to pay a situation that discourages properly insured drivers who regard their motor insurance premiums as a government-mandated tax. The insurers themselves often suffer liquidity problems because of slow or non-payment of premiums by insurance brokers, who are overwhelmingly the most important distribution channel (except in the life segment, where there are other problems). There is a complete lack of information concerning cars and drivers that is needed by the Federal Road Safety Commission (FRSC). This is one reason why premiums may be set too low. It also identified cut-throat price competition which prevails across the entire non-life sector.
Nigerians, the report noted, do not use life insurance to provide for their long-term income needs. Most products do not provide protection against inflation which has traditionally been a problem in Nigeria with the result that lapse rates are extremely high.
It stated that there are rules mandating majority Nigerian ownership to keep many of the insurance premiums that are paid by operators within the country’s massive energy industry. In practice, Nigeria’s 49 small insurance companies do not have the sufficient capacity, transparency or financial strength making most risks to be often insured outside the country. Unlike in most other large developing countries, multinational insurers have not seen it to be worth their while to lobby to have the rules changed so that they can re-enter the market.
The presence or absence of multinationals could be the key factor that determines whether the government comes close to realizing the hugely optimistic vision associated with the MDRI. Without the multinationals, it may even be that BMIs much less bullish but still basically positive forecasts are over optimistic.
General News
NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

Nigeria Centre for Disease Control (NCDC) has intensified nationwide disease surveillance following reports of a Hantavirus infection cluster connected to international cruise ship travel involving several countries.

Dr Jide Idris, director-general, NCDC, in a public health advisory, confirmed that Nigeria has not recorded any confirmed Hantavirus case and stated that the overall public health risk remains low.
According to the agency, the reported outbreak currently involves a limited number of confirmed and suspected infections linked to cruise ship exposure, while international investigations and contact tracing efforts continue.
The NCDC explained that the advisory was released to strengthen national preparedness and encourage vigilance against emerging infectious diseases amid growing global concern surrounding the outbreak.
Health authorities noted that Hantaviruses are mainly transmitted through exposure to infected rodents, their urine, saliva, droppings, or contaminated dust particles. Symptoms may include fever, fatigue, muscle pain, gastrointestinal illness, and in severe cases, respiratory complications.
The current outbreak has reportedly been associated with the Andes virus strain, which has shown limited human-to-human transmission through close contact in previous cases.
The NCDC stated that enhanced monitoring systems have been activated nationwide to support early detection and rapid response efforts.
The agency also urged Nigerians to maintain proper hygiene, prevent rodent infestations, safely store food items, and avoid exposure to rodents and contaminated environments.
Officials further advised the public to rely only on verified information from recognized health authorities and avoid spreading misinformation regarding the outbreak.
General News
Moniepoint Partners GDG Lagos, Women Techmakers to Empower the Next Generation of Women Architects in Tech

In a critical move to bolster talent density and accelerate Nigeria’s digital economy, Africa’s all in one financial ecosystem, Moniepoint hosted an International Women’s Day event bringing together women in technology for a day of leadership development and hands-on product building.

Held at Moniepoint’ Headquarters in Lagos, themed “Break the Pattern,” the event was organised in partnership with Women Techmakers Lagos and Google Developer Group (GDG) Lagos with participants spanning both technical and non-technical backgrounds, reflecting the breadth of women currently active across Nigeria’s digital economy.
In a keynote address delivered by Kemi Nwogu, Head of Product at Moniepoint Inc, titled “Breaking the Pattern: How Women Can Redefine the Future of Tech,” she made the case that progress for women in technology requires not just access to existing structures, but the tools and confidence to reshape them. Furthermore, Nwogu issued a bold call to action, urging attendees to move beyond traditional career playbooks and take ownership of shaping the industry’s future.
“From a young age, many girls have been subtly discouraged from pursuing science and tech. They are told sometimes directly, sometimes indirectly, that tech is too hard, too technical, or simply not for them. These patterns are not facts, they are constructs. And what has been constructed can be deconstructed! The future of tech needs leaders who build people, not just products, cultures, not just systems,”said Nwogu.
On building skills with purpose, she urged women to “show up everyday, make small, steady progress with online courses, coding bootcamps, open-source projects while leveraging the full ecosystem; take on challenging tasks as your greatest classroom using real problems to build real skills; while knowing why you’re building a skill as every learning goal can be tied to a career journey.”
This thematic fare of the event was further explored in a panel discussion, “Unscripted: Leading Beyond the Patterns We Inherited”, moderated by Atinuke Oluwabamikemi Kayode and featuring leaders from fintech, creative design, and software engineering space, including Chukwu Adaeze (Creative Director, CAV Digital), Chinenye Ogbu (Customer Experience Lead, Hydrogen), and Motunrayo Koyejo (Senior Software Engineer, Cowrywise).
The robust and extensive conversation examined the professional archetypes that have historically defined leadership in the Nigerian tech ecosystem: the engineering culture that equates output with exhaustion, the creative industry’s tendency toward top-down authority, the script-driven rigidity of customer-facing roles. The panelists also provided deep insights into how they had navigated and, in places, dismantled those patterns within their teams and organizations.
The event went beyond conversations to a hands-on workshop, Prompt to Production, facilitated by Taiwo Famakinde which guided attendees through modern product development from prompt design through rapid prototyping to the deployment of a functional application using AI tools.
A lot of the participants entered with little to no prior experience building software products. The workshop then fed directly into a Buildathon, where participants developed and deployed their own solutions in real time, with the strongest builds recognised and rewarded at the closing ceremony.
“IWD celebrations are often heavy on inspiration, but we wanted to offer something more, a proof of capability. Oftentimes, there is a gap between having ideas and actually building them, and we set out to bridge that by creating a space where women could easily deploy their ideas into live products with AI in just a few hours. By the end of the day, something that once felt complex due to the fast pace of AI started to feel possible.
“Our participants left with both the technical confidence to build and the leadership frameworks to navigate their careers on their own terms, ensuring they are no longer just participants in the tech ecosystem, but the architects of its future. They are now ready to test their ideas and lead without waiting for perfect conditions or a full team.” said Funke Olasupo, Co-organizer, Women Techmakers Lagos.
Interestingly, the “Break the Pattern” event sits within a broader investment in Nigeria’s technology talent pipeline that Moniepoint has deployed over the years. As one of Nigeria’s most significant fintech employers, the company runs a critical engine that sustains Nigeria’s formal and informal economy.
Moniepoint has invested in developer community partnerships including its ongoing collaboration with GDG Lagos as well as internal programmes designed to build engineering depth across product domains that include its highly successful Women in Tech initiative, DreamDevs, HatchDev and the government’s acclaimed 3MTT programme.
General News
Google Disrupts AI-Driven Cyberattack, Warns of Emerging Security Risks

Google says it has disrupted an attempt by a criminal group to use artificial intelligence (AI) to exploit a previously unknown software vulnerability, highlighting growing concerns over the use of AI in cybercrime.

The technology company disclosed this on Monday, saying the hackers planned to exploit a “zero-day” vulnerability in an unnamed company’s digital system before the attack was intercepted.
A zero-day vulnerability refers to a software flaw unknown to the vendor or security teams, leaving no time to develop a protective fix before exploitation.
John Hultquist, Chief Analyst at Google’s threat intelligence arm, described the incident as a significant shift in cybersecurity threats.
“It’s here. The era of AI-driven vulnerability and exploitation is already here,” Hultquist said.
According to Google, the attackers intended to exploit a security flaw that would have allowed them to bypass two-factor authentication and gain access to a widely used online system administration tool.
The company said it had notified the affected firm and relevant law enforcement agencies, successfully disrupting the operation before any damage occurred.
Google, however, declined to identify the targeted company, the threat actors involved, or the AI model used in the attempted breach.
The firm said preliminary analysis suggests the hackers used a large language model, similar to those powering popular AI chatbots, to identify the vulnerability.
Google noted there was no evidence linking the attempted attack to any government-backed operation, although groups connected to China and North Korea have reportedly explored similar AI-enabled cyber techniques.
The disclosure comes amid growing debate over the regulation of increasingly advanced AI systems capable of coding, vulnerability discovery, and cybersecurity analysis.
Recent advancements in AI hacking tools, including Anthropic’s newly announced cybersecurity-focused model, Mythos, have intensified concerns among governments and technology firms worldwide.
The U.S. government has also stepped up oversight of advanced AI systems, with the Commerce Department recently announcing agreements with major technology firms, including Google, Microsoft, and xAI, to evaluate powerful AI models before public release.
Industry analysts warn that while AI could strengthen cybersecurity by helping organisations detect and patch software flaws faster, it could also accelerate cyber threats by enabling criminals to discover and weaponise vulnerabilities at unprecedented speed.
Dean Ball, Senior Fellow at the Foundation for American Innovation, said governments may need to consider stronger oversight of advanced AI tools.
“I don’t like regulation. I would prefer for things not to be regulated. But I think we need to in this case,” Ball said.
Experts say the growing use of AI in cybersecurity could create a transitional period of heightened digital risk before stronger defences are developed globally.
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