General News
Expert Canvasses Further Down-sizing of Insurance Firms
As the financial sector continues to reap the gains of consolidation initiated by the Charles Soludo- led Central Bank of Nigeria (CBN) insurance stakeholders are agitating for further down-sizing of registered insurance companies, with a view to strengthening them like the banks. While acknowledging the fact that the present level is a big achievement, considering the weedy level prior to consolidation, Barrister Olugbenga Tobe, insurance and pension consultant has called on the National Insurance Commission (NAICOM) and the ministry of finance to commence another round of consolidation, which would further reduce the number of operators to fifteen mega insurance companies nationwide. He stated that such exercise would not only financially empower the operators, but would engender public confidence which has eluded the industry over the years. He applauded the fact that the insurance consolidation boosted the industry image, having reduced the number of registered insurance firms from the over 100 pre- recapitalization level to the present 50. He however added that it was the needed move to further consolidate insurance business in Nigeria and boost the confidence of the insuring public, especially if the growing confidence in the sector is to be sustained.
While reflecting on the challenges facing the industry over the years, he explained that poor public image, sharp practices such as rates-cutting and perceived negative public views that insurance companies often repudiate from paying claims to the insured are some of the issues which have impacted negatively on the industry. The consultant stressed “going by the last mandatory recapitalization, insurance companies that are rendering life insurance had an N2bn minimum requirement, while non-life was pegged at N3bn and N10bn for the reinsurance companies.”
This, he said was a “significant lift from the hitherto low level where the highest capitalized insurance company in Nigeria could not even fit into the categories of the poorest in the world.”
He said even now, the highest capitalized insurance companies in Nigeria even though it has risen sharply through private placement, are still within the bracket of the weak ones in the world, going by the industry international standard. The insurance consultant explained that the best way to address the contending issues in the industry is to merge operators of like minds, while combining to raise their capital base, adding that the present number of registered operators which stand at 50 should be further reduced to a maximum of twenty.
He explained that the present large number is still not good enough for the industry; stating that with fewer companies, rate-cutting will be eliminated, while corporate governance will be deeply entrenched for the over-all growth of the industry. While emphasizing that he was not advocating for a deregistration of the present operators, he opined that mergers and acquisition will lead to mega insurance companies that can compete anywhere in the world. He emphasized that this would give the industry a competing edge with banks instead of the present trend where banks are dictating the pace in the financial market.
Tobe called on operators to close rank and adhere strictly to the rules of insurance business. For instance, he said, “If all members of the Nigerian Insurance Association (NIA) take sustainable steps to address the key issues confronting the industry, a decisive step to shun rate- cutting, it could be eliminated once and for all.
He said merger and acquisition has helped the developed economies to come out of their woods, stressing that Nigeria cannot be different. He said going by our current standard, there is no way any Nigeria insurance company can meet the rating of global rating agencies like Standards and Poor and Fitch Rating Agencies.
“For Nigeria insurance companies to get to the level of international companies, it would need to merge and recapitalize continually.” he said.
General News
SSDC Warns Businesses against Cyber, Election-Related Risks

Security Skills Development Company (SSDC) has released its 2026 Security Outlook, highlighting four major security challenges expected to shape Nigeria’s business and operating environment as the country moves closer to the 2027 general election.

The report, developed from a nationwide survey and expert contributions at the recently concluded Security Thought Leadership Roundtable, identifies internal security threats, protection of national assets, cyber risks and election-related instability as the most significant concerns facing organisations and institutions in the coming year.
According to SSDC, findings from the survey and stakeholder discussions reveal growing concern over the increasing complexity of security challenges and their potential impact on business continuity, economic stability and public confidence.
A substantial number of respondents identified internal threats within organisations as an emerging risk, pointing to the need for stronger corporate governance, workforce integrity measures and structured risk management systems.
Security experts at the roundtable noted that weaknesses in critical public infrastructure and national assets could have far-reaching consequences for the economy and national development if not adequately addressed.
The report also highlights cybercrime as a persistent and evolving threat to both public and private sector institutions.
Participants stressed the importance of strengthening cyber resilience through proactive monitoring, investment in technology-driven safeguards and improved security awareness.
Another key concern raised in the outlook is what SSDC described as the “2027 Election Shadow.” Many respondents expressed concerns about the possibility of heightened political tension as the election season approaches, warning that uncertainty and security disruptions could affect business operations, investment decisions and overall economic confidence.
Speaking on the report’s findings, Mike Igbodipe, managing director, SSDC, called for a more strategic approach to security management across both public and private sectors.
He said organisations must move beyond reactive security measures and integrate security considerations into their broader strategic planning and decision-making processes. He also advocated the development of a gold-standard, locally certified training programme for security professionals tailored to Nigeria’s unique security environment.
SSDC, a security training and consulting firm focused on advancing professional standards in Nigeria’s security sector and strengthening industrial resilience through capacity building and strategic expertise, said the Security Outlook forms part of its ongoing thought leadership initiative aimed at promoting informed dialogue on national security, institutional resilience and risk management.
The company reaffirmed its commitment to supporting stakeholders through research, training and strategic advisory services designed to improve preparedness and response to emerging security challenges.
General News
Moniepoint DreamDevs Bootcamp Graduates Second Cohort to Strengthen Homegrown Talent Pipeline

Moniepoint Inc., Africa’s leading digital financial services provider, has officially graduated the second cohort of its flagship DreamDevs Bootcamp, marking a significant milestone in the company’s ongoing effort to build world-class engineering talent from the ground up.

The graduation was celebrated at a Demo Day event held in Lagos, themed “Training Done! Demo Up!”, where participants presented capstone projects built to real-world engineering standards.
The graduation comes at a crucial time for Africa’s tech ecosystem. Although Nigeria’s tech talent is growing, it isn’t sufficient, especially at the mid-to-senior engineering level, where demand far exceeds supply. By 2030, the global shortage of software developers could reach 85 million, leading to economic losses of $5.5 trillion. For a continent developing its digital infrastructure, this is critical. Moniepoint’s DreamDevs Bootcamp is a strategic response to these challenges.
The nine-week curriculum, created by Moniepoint’s Engineering Unit in partnership with Semicolon, covered Java Object-Oriented Programming, Data Structures and Algorithms, Software Testing, MySQL, Spring Boot APIs, System Design, Docker, Messaging Queues, Frontend UI, and Cloud Infrastructure. Participants received programme stipends and mentorship from experienced Moniepoint software engineers, gaining valuable exposure to the production environment of one of Africa’s fastest-growing fintech firms.
During the Demo Day presentation, the participants paired into 9 teams were excited to showcase how they have deployed knowledge and skills gained during the course of the bootcamp into real and useful solutions in real estate, hospital management, event management, food and agriculture.
Commenting, Felix Ike, Co-Founder and Chief Technology Officer of Moniepoint, said, “DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise, not a pipeline built solely to serve Moniepoint’s hiring needs. That said, we are proud that some graduates from our first cohort are already active members of our engineering team, proof that when young African engineers are given the right training and the right environment, they can compete at the highest level”.
Felix added that “Engineering excellence is not a naturally occurring phenomenon. It is a curated and intentionally built process that requires the right systems, the right resources, and sufficient time to take hold. Building that process and making it accessible to the brightest young engineers on this continent is a responsibility we have chosen to own.
Africa’s digital economy is attracting significant global capital, yet the talent infrastructure required to sustain that growth remains underdeveloped. The DreamDevs Bootcamp and our other capacity-building initiatives across some of Nigeria’s public universities demonstrate Moniepoint’s commitment to this responsibility.
The initiative also aligns with Nigeria’s broader national agenda on technology skills development. Moniepoint serves as a key sponsor of the Federal Government’s 3 Million Technical Talent (3MTT) programme, which focuses on mass technical skills training across the country. While 3MTT addresses the scale challenge, DreamDevs provides depth, offering a specialised, end-to-end pathway from foundational training through to employment within Moniepoint’s complete development ecosystem.
As Nigerian fintechs deepen their infrastructure ambitions, the ability to grow engineering capacity that feeds these aspirations requires an urgent industry intervention, as Moniepoint is demonstrating to address Africa’s engineering talent challenge.
General News
NITDA, Benin’s Digital Agency Strengthen Ties on Digital Transformation

The National Information Technology Development Agency (NITDA) and Agence des Systèmes d’Information et du Numérique (ASIN), the Information Systems and Digital Agency of the Republic of Benin, have moved to strengthen bilateral cooperation on digital transformation, digital public infrastructure, and innovation-driven governance.

The commitment was reaffirmed during a courtesy visit by the Beninese delegation to NITDA’s corporate headquarters in Abuja, where discussions centred on deepening bilateral cooperation, sharing best practices, and advancing digital development across the region.
Speaking during the engagement, the Director General of NITDA, Kashifu Inuwa, represented by the Director of Stakeholder Management and Partnerships, Dr. Aristotle Onumo, said regional collaboration remains critical to advancing Africa’s digital economy and building resilient digital ecosystems capable of supporting sustainable growth.
He noted that NITDA is committed to driving Nigeria’s digital transformation through the development of policies, standards, and strategic frameworks designed to modernise governance and improve service delivery across the public sector.
According to him, the agency has developed several foundational frameworks, including the Enterprise Governance Framework, Digital Transformation Framework, and Software Quality Assurance Framework, to guide Ministries, Departments, and Agencies (MDAs) in their digital transformation journeys.
“Our goal is to move government institutions beyond basic digitalisation to full digital transformation, and ultimately, to build an intelligent, data-driven government powered by emerging technologies such as artificial intelligence,” he said.
Inuwa also disclosed that since 2018, NITDA has reviewed over ₦1.5 trillion worth of government IT projects to ensure compliance, technical alignment, and value for money.
He said the intervention has helped the Federal Government save more than ₦300 billion by eliminating duplication, promoting shared services, and improving the success rate of digital projects across ministries, departments, and agencies.
On digital public infrastructure, he revealed that Nigeria has transitioned from fragmented agency-to-agency data exchanges to a more integrated and citizen-centred digital ecosystem through the Nigerian Data Exchange (NGDX) platform.
He explained that the platform provides a federated and centralised framework for seamless data exchange among government institutions while preserving the autonomy of individual information systems.
According to him, the proposed e-Government and Digital Economy Bill will provide the legal backing needed to strengthen the platform and institutionalise digital collaboration across government.
The DG further highlighted NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0) 2024–2027, which aligns with the Federal Government’s Renewed Hope Agenda and focuses on critical areas such as digital literacy, research and development, cybersecurity, innovation, inclusive access, and strategic partnerships.
Earlier, the Head of International Partnerships at ASIN, Tildy Erlong, said the delegation’s visit followed a recent Smart Africa workshop in Abuja and was aimed at strengthening institutional ties and learning from Nigeria’s digital transformation experience.
She described ASIN as the operational agency under Benin Republic’s digital ministry, responsible for implementing strategic digital development projects across the country in collaboration with key institutions, including the national identity agency, ANIP, and the cybersecurity agency, CENIN.
Erlong highlighted Benin’s achievements in digital public infrastructure, noting that about 98 per cent of the country’s population—approximately 13.6 million citizens—has been enrolled on its digital identity platform.
She added that more than 60 government agencies and service institutions are connected through Benin’s XROAD interoperability platform, enabling the delivery of over 250 digital services to citizens.
According to her, Benin is also prioritising digital inclusion, open-source systems, and the deployment of artificial intelligence to improve service delivery in sectors such as healthcare, education, and justice.
Telecom2 days agoPrice of Data in Nigerian Mobile among Top Four Cheapest Globally – MTN CEO
E-Financial2 days agoBOI Wins Dual Honours @ EMEA Finance Awards for Sustainability and Social Impact Leadership
E-Financial2 days agoCBN Imposes N100m Penalty on Dealing Bank Inadequate Processing of Forex Documents
E-Business2 days agoNITDA Okays NiRA’s Annual, Business Report
Telecom2 days agoNAIFF Returns for 2026, Expands Focus on AI-Powered Storytelling in Africa
Telecom2 days agoFCCPC Refutes Airtime Market Takeover Claims
General News2 days agoSSDC Warns Businesses against Cyber, Election-Related Risks
General News2 days agoMoniepoint DreamDevs Bootcamp Graduates Second Cohort to Strengthen Homegrown Talent Pipeline













