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.
The Securities and Exchange Commission (SEC) has noted the need for Nigeria to harness its demographic dividend to advance financial inclusion through investments by 2030 for national survival or face deepening inequality.
Emomotimi Agama, Director General, SEC, said this at the United Capital Asset Management Investment forum held Wednesday in Lagos.
Agama, in his keynote address titled: “Advancing Financial Inclusion through Investments: Bridging Nigeria’s Knowledge and Wealth Gap,” said Nigeria must harness its demographic dividend to boost investment.
“Our theme, Advancing Financial Inclusion through Investments, is not aspirational; it is foundational to national survival.
“We stand at a pivotal moment. By 2030, Nigeria can either harness its demographic dividend or face deepening inequality. The knowledge-wealth gap is not merely an economic challenge; it is a moral imperative,” Agama said.
He said the term inclusion should be reframed as active financial involvement, where access meets empowerment, and capital becomes a tool for transformation.
Agama said that closing the financial inclusion gender gap could lift 700,000 Nigerians from poverty.
He said, “Nigeria has a great population yet we have a tiny drop of this number of persons involved in the capital market.
That’s one reason for poverty, because we are running from money. We have to do something. Our market capitalisation is an opportunity to do something, we all have.
“We need to change the narrative and move the market forward. We must reach out to make the difference. We are committed to protecting investors and developing the market. Our goal is to do the right thing no matter whose ox is gored. We will work by the principles of fairness and equity to change the market. We will provide a fair ground for everyone to aspire.
He noted that MTN Nigeria’s share offering drew 150,000 new investors – 75 percent women, 85 percent under 40. Agama recommended a four-pillar strategy for bridging the gaps.
He listed the four-pillar strategy as democratisation of financial knowledge, catalyse MSME Investment Channels, blended Finance Vehicles: Partner with Bank of Industry (BOI) to de-risk loans for women-led SMEs.
“We need to educate people about finances. As we drive this market, we do so for a purpose, I enjoin everyone to be the disciple and the apostles. Getting this market to move is a deliberate action,” he added.
OpenAI has launched Codex, which it regards as its most capable AI coding agent available to ChatGPT Pro, Enterprise, and Team subscribers.
Users will have ‘generous access at no additional cost’ for a few weeks, after which OpenAI plans to introduce pricing options and rate-limited access.
Codex, a cloud-based software engineering agent, can write features, answer questions about a codebase, fix bugs, and propose pull requests for review. Several tasks can run simultaneously, and users retain full access to their computers while the agent takes anywhere from one to 30 minutes to complete a task.
The research preview of Codex offers powerful code-writing, debugging, and collaboration features, which mark a major step in OpenAI’s push to automate software development.
“We imagine a future where developers drive the work they want to own and delegate the rest to agents—moving faster and being more productive with AI,” OpenAI said.
Since it is still in research preview, the tool remains in early development. “It currently lacks features like image inputs for front-end work, and the ability to course-correct the agent while it’s working,” the firm said in a blog post.
Additionally, delegating to a remote agent takes longer than interactive editing, which can take some getting used to, it stated. Over time, however, the company said using the service will feel more like asynchronous collaboration with colleagues.
The launch comes as part of a broader rise of AI tools for software engineers that are meant to handle repetitive, boring tasks rather than take over the whole gamut.
OpenAI is reportedly in talks to acquire Windsurf, a maker of AI coding tools, for around $3 billion, which is potentially its largest acquisition to date.
General News
Africa Gears Up For Digital Sovereignty At 13th Edition Of Digital Africa Conference 2025
Africa’s digital destiny will on October 28-29, 2025, take centre stage at the 13th Edition of the Digital Africa Conference & Exhibition (DACE), to be held at Merit House, Abuja, under the theme: “Sovereign Intelligence: Africa’s Voice in the Global Digital Order.”
At a time when artificial intelligence (AI), smart systems, and data technologies are reshaping societies, economies, and governance structures worldwide, DACE 2025 is sounding a clarion call: ‘Africa must lead, not lag in this transformation.’
Organizers say the aim is to move beyond consumption and dependency, and instead position the continent as a proactive contributor to global digital norms and governance.
“This year’s conference is about shifting from passive adoption to active leadership,” said Dr. Evans Woherem, Chairman, Digital Africa Consult, organisers of the event. “Sovereign Intelligence is more than a concept, it’s a movement to ensure that Africa controls its digital resources, designs its own ethical frameworks, and asserts its voice in shaping global technology norms.”
A Defining Moment for Africa’s Digital Future
Woherem said the conference will serve as a high-level, cross-sectoral platform aimed at positioning Africa as a co-author of global AI governance standards, rather than a mere recipient, assuring that the conversations are expected to align closely with the African Union’s Continental AI Strategy, advocating for a united, self-determined digital ecosystem across the continent.
“The urgency of this moment cannot be overstated. As the world builds its digital infrastructure, much of the technology consumed in Africa is still imported, foreign-owned, and culturally disconnected. African data is often stored offshore, local languages and cultural contexts remain invisible in AI systems, and African experts are frequently excluded from global decision-making tables.
“This must change. Digital Africa 2025 is about taking control of our data, our narratives, and our technological development. Africa must move from being users of foreign systems to creators of our own,” Woherem added.
Key Objectives of DACE 2025
One of the primary objectives of this year’s event is to advocate for African ownership of digital infrastructure, data policies, and technology standards. Organizers hope to inspire African leaders and institutions to say yes to innovation and regulation built by Africans, for Africans.
Another major focus will be amplifying African voices on the global stage. This involves not only advocating for inclusion in international policy dialogues but also ensuring that African values, cultures, and wisdom shape the design and deployment of AI systems worldwide.
“The conference will also spotlight homegrown innovation. Startups and developers from across the continent will showcase digital solutions addressing local challenges in healthcare, agriculture, finance, and education. These practical examples will reinforce the message that Africa is already generating intelligent, scalable answers to complex problems,” said Nneoma Ofodile, General Manager, Digital Africa.
Empowering young Africans through digital skills, research opportunities, and leadership training is another key goal of the gathering. Organizers are committed to fostering a new generation of African tech leaders who can confidently shape global digital trends from a place of knowledge and ownership.
Regional cooperation will be front and centre, as DACE encourages cross-border collaboration on harmonizing laws, sharing infrastructure, and building integrated digital ecosystems. Sessions will explore how African nations can jointly develop policies and platforms that reflect the continent’s unique needs and aspirations.
While global partnerships will also be on the agenda, the conference aims to deepen Africa’s engagement with international institutions such as UNESCO, the UN, and the OECD, not as passive participants but as co-authors of global standards for ethical and inclusive AI.
Nneoma said that throughout the two-day event, attendees can expect high-level discussions on digital law, tech sovereignty, and innovation policy, alongside practical workshops for developers, educators, and youth. Innovation showcases will highlight the work of African tech hubs, while strategy sessions will promote cross-country digital alignment.
At the close of the event, a concrete roadmap is expected to emerge—outlining actionable steps toward achieving digital sovereignty across the continent. The conference will also aim to strengthen networks among African innovators, regulators, and thinkers, while increasing the visibility of African insights in international technology policy.
Above all, Digital Africa 2025 is about reclaiming agency. “This isn’t just a technology conversation,” Nneoma emphasized. “It’s about power, voice, and independence. Africa must not only catch up; Africa must lead.”
As preparations intensify, DACE 2025 is inviting visionary organizations, sponsors, and partners to join the mission of building a digitally sovereign and inclusive Africa.
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