General News
Expert Tasks Operators on Slow Pace of Insurance Growth
Notwithstanding the efforts of stakeholders aimed at rising the stakes of the insurance sector, expert opinion have indicated that the industry is not growing at a corresponding rate. According to a financial analyst, Mr. Anddy Okamoso, the Nigerian environment does not follow some of the economic principles that are known in the world. He stated that it was quite unfortunate that in Nigeria, banks have so much money in their kitty and yet they do not lend this money out to the relevant sectors of the economy that need this fund to develop their sectors. He stressed that if the situation persists, the economy not growing, he advised the government to come out with directives, so that banks can give out loans at a given rate. Okamoso who is also the managing director of ABC Consulting Group stated that insurance business is at its lowest ebb in Nigeria, adding that most Nigerians don’t know what is called insurance and due to the poor take in this area, the insurance industry is not growing the way it should.
He acknowledged the efforts of the Nigerian Insurers’ Association (NIA) whose wonderful leadership role has been of immense benefit to the operators. He called for a review of some of the current laws guiding the industry which accounts for the slow pace of development over the years. He particularly tasked the Loss adjusters to review some of their operations and the aged long public belief that they are ready tools in the hands of insurers especially in furthering their nefarious activities. For instance, he faulted the scale of adjuster’s fees which he said needed a review in line with growing industry demand. If improved upon, he added, the loss adjusters will be better encouraged and such morale booster would have a multiplier effect on the industry at large. As it is now, the scale of fees are not attractive to work with when compared with what operates in the international scene. For instance in Europe and elsewhere, loss adjusters apply hourly rates and therefore receive living income from professional services rendered. Unfortunately, here in Nigeria, the last scale of fees which loss adjusters are using was the one agreed upon with Nigeria Insurers Association in 1992. Unfortunately, the Institute of Loss Adjusters itself has come out to say that their efforts have been frustrated in the past by the Nigeria Insurers Association (NIA) Governing Council. The financial consultant called on the National Insurance Commission (NAICOM) to look into the issue. He stated that one of the contending factors is that there seems to be a gap between them and underwriters whom they have accused in time past for either delaying or even forgetting to pay loss adjusters fees. He stressed that in an ideal situation, the claimant’s cheque and the loss adjuster’s bill ought to be processed at the same time and promptly. While claiming not to hold fort for adjusters, Okamoso canvassed a role for them under the Employee Compensation Bill. For now, he said, adjusters are not involved in that business, stressing that insurance firms are offering the service on workman compensation, a situation he said was not necessary. It will be counter productive, except they want to repeal all the laws that are already in place. He warned that If the bill as allowed, to go through, the employees also should be allowed to have option, adding that the current fight by the insurers for a fair representation was a fight in the right direction.
He called on government to be actively involved in shaping the industry if there would be any sustainable results in on-going economic revival policies.
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.
News2 days agoThe Nigeria Prize for Science & Innovation Records New Height as 2026 Edition Attracts 237 Entries
Telecom2 days agoFirm Shares 5-step Safety Action Plan on What to Do When You Discover Your Phone is Missing
General News2 days agoCross-Border Payments Startup Chimoney Closes Shop After 4 Years
Telecom2 days agoChamber Raises Alarm over Increasing Telecoms Infrastructure Vandalism
General News2 days agoTribest Corporate Support Group Appoints Fadebi as Group Executive Director
E-Financial2 days agoNDIC Drags Wema Bank to Court over N125.38Bn Banana Island Assets
General News2 days agoFCMB, REA Others Launch $188M Fund to Finance 191mw Solar Capacity
General News2 days agoGozi-Anyaokei, Bank MD Arraigned over Alleged N19m, $30,000 Fraud













