General News
Enforce Laws on Compulsory Insurance – NAICOM Urged
Determined to ensure that the compulsory insurances under the Insurance Act 2003 are fully implemented, the National Insurance Commission (NAICOM), has reiterated its avowed commitment to enforcing it. Towards this end, the commission has initiated a project which it plans to use as a veritable tool to giving bite to the Act. Tagged Market Development and Restructuring Initiative (MDRI), the full implementation of the project is expected to generate over N250 billion premium by the end of this year. Under the Insurance Act 2003, no one can construct a building of more than two floors without taking the necessary insurance cover. Expectations are rife that if the high rate of building constructions in Nigeria especially storey buildings is anything to go by, then insurance is finally positioned to be every investors delight. With the current efforts of the commission, industry watchers are convinced that the industry projection under the Finance Services Sector (FSS) would be realized. This is hinged on the fact that if N1trillion premium is achieved by 2012 and N6trillion by 2020, then the insurance industry will be well positioned to occupy its pride of place among comity of developed economies. Industry watchers opined that if the projection must work, efforts must also be made to ensure that the laws are enforced accordingly. For instance under the Act, any one who fails to take the necessary insurance cover, must pay for his negligence or that of his agent concerning any bodily injury or death to any worker or damage to property at the construction site. Such person on conviction, must pay a fine of N250.000 or go to jail for three years.
Olugbenga Tobe, consultant on insurance and pension matters explained that under Section 65 of the Insurance Act 2003, every public building shall be insured with a registered insurer. The hazards to insure against, according to him, cover not only injury or death to construction workers but also of collapse, fire, earthquake, storm and flood arising after construction. The Act extends public building to include tenement houses, hostels, buildings occupied by tenants, lodger or licensee and “any building to which members of the public have ingress and aggress for the purpose of obtaining educational or medical service, or for the purpose of recreation or transaction of business.” Tobe noted that one of the greatest problems that the industry has faced over the years is non enforcement of existing laws. He charged NAICOM to stick to its renewed commitment. Of particular interest, he said, was the commission’s recent affirmation to the gains of the MDRI at Ibadan, the Oyo State capital. T.G Madziga, deputy director, Research and IT, had expressed that in the past decades, particularly between 1987 and 2004, sixteen compulsory insurances have been identified in Nigeria. Unfortunately, he observed, only six were popular with operators. Tobe noted that since the commission is well informed of his shortcomings, the renewed determination is expected to bring about the much desired industry growth. He called for the cooperation of the National Council of Registered Engineers as well as that of Town planners in making sure that they adhere strictly to the rules of the game.
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General News
World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.
Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.
Others said the country should reduce dependence on foreign loans and focus on improving local revenue.
The federal government has continued to defend its borrowing plans.
Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.
Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.
General News
Lagos Plans New Cybersecurity Centre

The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.
According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.
The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.
Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.
Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.
The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.
The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.
The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.
General News
LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.
Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.
By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.
Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.
LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.
The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.
For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.
For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.
At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.
According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.
“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”
Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.
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