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Elumelu Urge NAICOM to Increase Insurance Brokers’ Capital to N50m

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The National Insurance Commission (NAICOM), has been urged to upgrade the minimum capital base of insurance booking firms from the current N5 million to N50 million.

The insurance brokers on their part have been challenged to achieve the highest level of professionalism and dedication to service delivery to the public who rely on them for provision of comfort.

The Chairman, Heirs holding, the parent body for Heirs group of Insurance firms, Mr Tony Elumelu, gave the advise while delivering a key note address at the 60th year anniversary of the Nigeria Council of Registered Insurance Brokers (NCRIB), held in Lagos.

Elumelu whose insurance firms; Heirs life, Heirs Insurance and Heirs insurance brokers, currently hold high the flag of digitalisation and redefinition of insurance industry, addressed the brokers on the need to redefine the insurance industry saying   “We as an industry need to enforce strict adherence to corporate governance by all NCRIB members.

“The need for the body to weed out non-registered and non-compliant members from its fold.  These are the ones tarnishing the image of the broking profession and the industry at large.

“In redefining the practice and practitioners in the broking profession, NCRIB should lead the war against many of the unethical practices that have been the bane of the industry for years.”

“These include premium rate cutting, delayed premium remittance, unremitted premium, overloading of premium, returned premium, fake documents, fraudulent claims, collusion to defraud, mis-selling, unhealthy competition, misrepresentations, manipulation of policy conditions, self-enrichment methods disguised as marketing expenses, and many more, ”he stated.

He said while NAICOM continued to play its role as the industry regulator, NCRIB as a body must ensure that appropriate sanctions were imposed on any of its members found using unethical practices

He urged NCRIB and other insurance industry bodies to collaborate more to deepen insurance penetration in Nigeria.

He said, “Where there are differences on issues, such must be resolved as friends and colleagues to protect and preserve the image of the industry. The body should also play a key role in government advocacy for pro-insurance laws and policies.”

In the area of innovation, the Heirs holding boss said the industry could benefit from innovation across all phases of the service, adding that for  this to happen, there was  the need to reward and incentivise innovation across the industry.

He also advised the entire insurance industry to benchmark against global trends, pointing out that the starting point for innovation in the broking arm of the industry was retail insurance development.


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Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

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Tony Elumelu, Nigerian businessman and philanthropist, has warned about the growing dangers of artificial intelligence misuse after an AI-generated video falsely showed him promoting a forex and cryptocurrency trading platform.

Elumelu Tags Elon Musk, Disowns AI-Generated Scam Video

Tony Elumelu,

The founder of Tony Elumelu Foundation revealed this in a post on his X account on Monday, explaining that the video appeared highly convincing but was entirely fabricated.

In the post, he also tagged Elon Musk, X owner, and Nigeria’s Federal Ministry of Communications, Innovation and Digital Economy while calling for stronger safeguards against the misuse of artificial intelligence.

“A few days ago, my team flagged an AI-generated video of me endorsing a forex and crypto platform.

“It looked and sounded remarkably real, but it was completely fake. This incident highlights a growing and serious threat to digital trust,” he wrote.

He stressed that he has no affiliation with any cryptocurrency or foreign exchange trading platforms.

“For the avoidance of doubt, I am not associated with any crypto or forex trading platforms.

“My commitment to inclusive prosperity has always been through long-term investments, building sustainable businesses, and empowering entrepreneurs,” he said.

While acknowledging the transformative potential of artificial intelligence, Elumelu urged African youths to embrace the technology responsibly and use it to develop scalable solutions.

“I strongly believe in the potential of AI. It is a defining technology of our time, and African youth must be at the forefront of adopting it to build scalable solutions. We cannot afford to be left behind in the global tech race,” he added.

The business leader, however, warned that rapid technological advancement also presents risks if not properly regulated.

“But the flip side of rapid innovation is the risk of abuse. The ease with which identities can now be cloned to deceive the public is alarming.

“Policymakers and regulators must act now to establish safeguards and hold those using it to scam innocent people accountable,” he said.

Elumelu also urged the public to remain vigilant and protect themselves from digital fraud.

“We must create a safe digital environment where true innovation can thrive without being overshadowed by fraud. Protect your hard-earned money, stay alert, and let us continue to build the Africa we deserve,” he said.

 


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NITDA DG Appraised the Role of Teachers as Key to Nigeria’s Digital Transformation

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By Solomon Yaji

Kashifu Inuwa, the Director-General of the National Information Technology Development Agency (NITDA), has emphasised the critical role teachers play in driving Nigeria’s digital transformation, noting that classrooms will be central to shaping the country’s technology-driven future.

Inuwa made the remark during a stakeholders’ dialogue organised by the Development of Educational Action Network Initiative (DEAN) in Abuja.

Speaking on the theme “Nigeria’s Current Digital Landscape: Our Reality and Its Practical Connection to Education,” the NITDA DG, who was represented by the agency’s Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said the rapid expansion of the digital economy is reshaping the education sector and redefining the role of teachers in modern learning environments.

He explained that while digital technologies have created unprecedented access to information and opportunities for students, they also present challenges that require guidance and responsible use.

According to him, teachers must go beyond the traditional role of knowledge transmission to become mentors who help students navigate the digital world safely and responsibly.

“Teachers are no longer just instructors; they are now guides who help students identify credible information, avoid harmful online content, and develop responsible digital behaviour,” he said.

Inuwa added that educators must cultivate critical thinking among students while equipping them with the skills needed to thrive in an increasingly technology-driven society.

He reaffirmed NITDA’s commitment to advancing digital literacy nationwide through initiatives such as the Digital Literacy for All programme and partnerships with educational institutions aimed at strengthening teachers’ digital capacity.

The NITDA boss stressed that empowering teachers with digital skills is vital to preparing Nigerian students for the future workforce and ensuring the country remains competitive in the global digital economy.

Nigeria is currently pursuing an ambitious digital literacy agenda, targeting 70 per cent digital literacy by 2027 as part of broader efforts to build a knowledge-driven economy powered by innovation and technology.

Earlier in his remarks, the Executive Director of DEAN Initiative, Semiye Michael, said the workshop was designed to re-engineer teachers’ capacity in line with the realities of the digital economy.

“We need to strengthen teachers’ competence and provide them with access to the necessary digital infrastructure,” Michael said, adding that the engagement would help shape policies that support technology-driven learning in Nigerian schools.

He described the workshop as an “awesome experience,” noting that ideas generated during the session would be consolidated into a policy guide for the ministry and other relevant agencies.

Michael further noted that strengthening teachers’ digital capacity would be vital to enhancing Nigeria’s competitiveness in the global knowledge economy.

The event attracted key stakeholders from the Federal Ministry of Education, Nigerian Communications Satellite Limited (NIGCOMSAT), as well as private sector experts.


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Amnesty Poll: 97% of Nigerians Doubt Judicial Independence

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A new Amnesty International poll exposes stark public distrust in Nigeria’s judiciary, with nearly 97% of respondents believing judges face external influence and lack independence in their duties.

Amnesty Poll: 97% of Nigerians Doubt Judicial Independence

Amnesty International

Shared on social media by Amnesty International Nigeria, the poll asked if Nigerian judges operate freely. An overwhelming majority answered “No,” with only a tiny fraction expressing confidence amid fears of pressure from political actors or powerful interests.

Judicial independence underpins democratic governance, enabling impartial rulings based on law alone. In Nigeria, doubts have intensified after controversial decisions in high-stakes political cases.

While not a scientific survey, the findings echo civil society demands for reforms to boost transparency, accountability, and trust. Advocates stress that bolstering court autonomy is vital for upholding the rule of law and citizens’ rights nationwide.


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