General News
Expert wants Government to Address Real Problem Confronting Insurance
Mr. Sunny Bamidele, managing director of Century Finance Group, has challenged Nigeria insurance operators to rise up to the real issues confronting insurance growth, rather than formulating unrealizable policies that are only good on paper. According to him, it is good to formulate policies but the question really should be weather such can work under the prevailing environment. The finance consultant explained that if insurance must grow here, the efforts must involve government full participation. He stated that over the years, he has studied the situation and identified four main factors affecting the growth of insurance in Nigeria. He said some of these factors that have contributed to the stunted growth of insurance and reinsurance business in Nigeria and even Africa, are economic. Under this platform is the dwindling economy which has led to even weaker currencies, a situation that makes operators unable to compete in a global economy. “For instance, the naira has been so undervalued that where insurance companies in other climes are competing for business with stronger currencies and favourable working environment, Nigeria is still thinking of how to make the public take even insurances that are compulsory under the law.”
Bamidele also identified political instability which he said has eaten deep into the socio –political structure of the nation. He stressed that no economy can develop under an atmosphere of chaos and corruption, adding that the fact that Nigeria has had almost a decade of civilian administration is not enough to think that all is well, He noted that the corruption that has enveloped the system has made a mockery of whatever gains the industry may have had over time. This has seriously affected economic activities and consequently insurance business in Nigeria and even in other African states.
The finance expert stated that beyond these reasons, the greatest problem which the government must address before insurance can thrive in Nigeria is poverty. “Poverty has eaten so deep into the very fabrics of our existence. It is so devastating that the insuring public has very low disposable income such that insurance does not even stand in a vantage position on the scale of preferences of things to actualize,” he said. Besides, a lot of people do not have regular income and access to basic necessities of life, like food, housing and shelter. In a country where religion also plays a part on who takes what insurance, then it is difficult for insurance to thrive here like it does in the developed world. He stated that a large number of the African population do not believe in insurance, owing to some religious reasons as well as ignorance and illiteracy. He condemned a situation where even our modest achievements are sacrificed on alter of fake insurance products and the inability of law enforcement agencies to curb the bad practice. Also, the underdevelopment in Nigeria makes most members of the public to be isolated and remote to insurance services. He opined that “since a larger majority of people live in rural areas where they have no access to regular financial services, where there is apathy towards insurance and financial protection by an average Nigerian and where culture forbids certain transactions, then it may be difficult to expect a drastic breakthrough.” he said. To corroborate this slow and unimpressive pace, Remi Olowude, Executive Vice – chairman of Industrial and General Insurance (IGI) while speaking at a public forum explained that the present situation arose when the majority of enabling laws enacted to facilitate and promote the overall development of the industry came on board. This he said culminated in the emergence of an array of markets which might conveniently be grouped into two major types, the nationalised ones, where the state had monopoly and the mixed markets, where public and private participation held sway. Also, in order to conserve foreign exchange and build local capacity, certain classes of businesses were domesticated.
Olowude noted that the dismal performance of the industry is well-captured by UNCTAD statistics in 2007, which showed that the continent represents 14 percent of the world’s population, while contributing contributes only 1.03 percent to the global gross premium income.
“It is interesting to note that this performance is enhanced by South Africa, which accounted for 93 percent in Life business and over 50 percent in Non-Life business in the year under review. Not only has the insurance industry in Nigeria been unable to develop as in other parts of the world, it has also been unable to measure up to other competing products in the financial services industry within the continent.
“For example, statistics regarding growth in the financial services industry of South Africa, as released by Finscope (a comprehensive national household survey of financial services, needs and usage among all South Africans) in January 2010, showed that in about four years, that is, 2004 – 2008, growth in the insurance industry is dismal when compared with other sectors of the economy.
“The number of people who opened bank accounts, for example, increased by 7million over the period, while only 700,000 people took out life assurance and 200,000 applied for motor insurance. Whereas there were 7.7million cars on South African roads in 2003, only 2.2 million people had motor insurance in 2008.
Bamidele charged operators and the regulators to be innovative and more futuristic in planning their products. He said the type of policies being offered today policies are mostly elitist in nature and do not adequately address the needs of the larger Nigerian population who dwell in the rural areas. The consultant explained that there is too much concentration of marketing efforts in urban environments, while paying lip service to broadening of insurance business. Tracing the root of this backwardness, he said noting that lack of innovation and poor application of technology is part of the problems, early insurers in Nigeria and most parts of Africa concentrated only on the technical aspects of the business rather than developing the total business. Some of the areas which could have been better developed but where ignored include insurance marketing, enlightenment, management and technical aspects. Due to the prevailing poverty in the land, the operators under rated their capacity, as they fled from lucrative risks and concentrated on smaller premium, thus leaving the juicy pie to the foreign insurers.
He also identified that “sharp practices by practitioners who charge low premium rates for some risks and inflate the rates of others because of their perceived belief that insurance is a ‘chop-chop’ business which only collect premium without paying claims.”
“Today, these challenges have been further compounded by the impact of the global financial meltdown, which is threatening the growth and development of the insurance industry. For us to be able to achieve the expected transformation of the insurance and reinsurance potentialities Bamidele stressed that there are a number of immediate issues worth considering. Some of these issues include market capacity, new products development, information technology and human resource development, effective regulation and supervision by the National Insurance Commission (NAICOM) and the Federal Ministry of Finance and to an extent the National Assembly, strict adherence to the principles of corporate governance and good practices as well as sustainable insurance awareness campaign.
General News
NITDA DG Calls for Innovation-Led Economic Rebirth @ Kano Startup Weekend

Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.

Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.
He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.
He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.
According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”
He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.
He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.
According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.
He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.
“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.
Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.
He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”
He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.
“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.
Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.
General News
Sterling Bank Renewable Energy Colloquium Urges Stakeholders to Unlock Nigeria’s Clean Energy Potential

Sterling Bank Limited on Monday convened stakeholders in the renewable energy industry to explore strategies for accelerating Nigeria’s transition to clean energy and boosting economic growth.

L-R: Mr. Ayo Ademilua, President, Renewable Energy Association of Nigeria; Dr. Jekwu Ozoemene, Group Executive, The Alternative Bank; Mr. Biodun Ogunleye, The Honourable Commissioner, Lagos State Ministry of Energy and Mineral Resources; Mr. Dele Faseemo, Group Executive, Coprporate and Investment Banking, Sterling Bank; Engr. Bem Samuel Anyangeuor, Representative, Honorable Minister of Power and Mr. Oluwaseyi Okunnuga, Group Head, Renewable Energy & Sustainability Finance, Sterling Bank at the just concluded Renewable Energy Colloquium held in Lagos recently.
The colloquium, themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy”, was held in Lagos and brought together policymakers, financiers, and industry leaders to deliberate on priority areas for action.
In his opening address, Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, represented by Mr. Dele Faseemo, Group Executive, Corporate and Investment Banking, said the bank would focus on regulation and financing to expand access to energy.
He noted that energy access remained critical to supporting economic growth and achieving Nigeria’s ambition of building a one trillion-dollar economy.
Delivering a keynote address titled “Scaling Electrification in Nigeria: The REA Impact”, Managing Director of the Rural Electrification Agency (REA), Dr. Abba Aliyu, represented by Mr. Abba Hayatudden, said Nigeria required about 26 billion dollars to bridge its energy deficit.
Aliyu explained that the energy transition strategy integrates grid, mini-grid and off-grid technologies to achieve universal, reliable and sustainable energy access while aligning with national development and climate goals.
Minister of Power, Mr. Adebayo Adelabu, represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the dialogue.
He said renewable energy and rural electrification were central to the Federal Government’s Renewed Hope Agenda.
“The Ministry of Power has continued to expand electricity access to underserved communities to drive economic growth, foster industrial activity and create jobs across the nation,” Adelabu said.
Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, highlighted the state’s efforts in renewable energy, including the ongoing two-gigawatt grid-scale solar project.
He described it as the most ambitious energy transformation ever undertaken by the state.
Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, urged participants to move beyond communiqués and act with intention to deliver meaningful impact.
The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions.
General News
Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Mr. Freddie Oduro, New Country Manager for Ghana.
Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.
Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in sales, business operations, and market expansion.
In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.
He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.
Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.
“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.
“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”
The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.
The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.
“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.
“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.
“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”
Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.
Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.
This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.
Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its footprint across Ghana.
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