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
Moonshot Returns with a Defining Third Edition, Charting Africa’s Next Phase of Innovation
Moonshot, Africa’s flagship tech and innovation gathering, officially announces its third edition. Scheduled to take place from October 15 –16, 2025, at the Eko Convention Centre in Lagos, Nigeria, the future-shaping conference will convene over 4,000 participants and more than 120 speakers from over 15 countries, all focused on accelerating the trajectory of Africa’s tech-driven future.
This year’s theme, “Building Momentum: Africa’s Tech Ecosystem Positions Itself for Its Next Big Leap,” captures a critical moment for the continent’s tech landscape.
Following years of resilience through economic downturns and funding contractions, the ecosystem is maturing rapidly and sensibly redirecting focus toward sustainable, scalable growth. Moonshot 2025 will serve as a platform to consolidate these hard-won gains and align stakeholders around the next era of opportunity, across key tech verticals.
Headline sponsored by Sabi, a global trade and supply chain enabler, the agenda-setting conference has evolved into a continental platform for catalysing connections, unlocking capital, and amplifying bold ideas. Now in its third year, Moonshot serves as a dynamic hub, and a living museum, of Africa’s innovation journey, actively bridging past achievements with future ambitions.
Speaking about the event, Tomiwa Aladekomo, CEO of Big Cabal Media, said: “The last few years truly tested the resilience of Africa’s tech ecosystem, but they also undeniably sharpened it. The ups and downs in funding have given way to something far more intentional, with founders now building smarter and with clearer purpose.
Despite the challenges, African founders have persevered and thrived. Crucially, regulations have also matured, providing much-needed direction. What we’re witnessing now is genuine momentum, firmly grounded in strong fundamentals, propelled by clarity, and intensely focused on scale.
“Moonshot 2025 offers a vital space to reflect on our journey and to channel this momentum into meaningful progress for founders, investors, and the entire ecosystem”
This year’s edition will welcome a distinguished lineup of speakers, including Andrew Alli, Non-Executive Director, British International Investment (BII), Maxime Bayen, Operating Partner, Catalyst Fund, and Lexi Novitske, General Partner, Norrsken22, among others.
The event will also showcase its nine signature content tracks, now enhanced with refreshed programming designed to foster deeper, more impactful conversations. This include:
- FUEL: The Investor Conference: This track is significantly upgraded to improve deal-making and investment opportunities, with a stronger focus on attracting Limited Partners (LPs), Development Finance Institutions (DFIs), and first-time investors in Africa. It will feature structured deal rooms, curated pitch sessions, an investor’s guide to Africa, and dedicated spaces for peer exchange across the investor landscape.
- Startup Festival: Tailored for both early- and growth-stage founders, this festival will offer intensive workshops, operator-led sessions, and live startup showcases, including the TC Battlefield – it’s flagship pitch competition.
- Emerging Tech (AI): A dedicated space to explore the practical applications of artificial intelligence across various sectors on the continent, featuring product demos and insights from leading builders and researchers.
- Government & Policy Conference: This vital track will convene policymakers from across Africa to engage in discussions on crucial digital policy reforms and work towards tangible commitments to support innovation and scale across the continent.
Additional tracks, including Creative Economy, Climate Tech, Future of Commerce, Big Tech & Enterprise, and Entering Tech, will feature compelling conversations on critical topics such as financing infrastructure, workforce development, and fostering cross-sector collaboration.
Also speaking about the event, Anu Adedoyin, CEO and co-founder of Sabi said “This marks our third year as a proud partner of Moonshot, and the evolution of this conference mirrors the incredible growth and ambition of African tech.
“We believe in building robust foundations for digital commerce, and Moonshot is crucial for fostering the connections and clarity needed for founders to build smart, scalable solutions. We’re excited to see the tangible momentum this year’s event will generate for Africa’s next big leap.”
Proudly supported by platinum sponsors Flutterwave, Luno, Fincra, Raenest, Cardtonic, Roqqu, Opay, and Busha, the conference will build on the outcomes of previous editions, including a $120,000 ecosystem pledge at last year’s Tech Ecosystem Alliance roundtable.
Moonshot is powered by the leading tech publication in Africa, TechCabal, providing reporting, data and context that help investors and professionals globally understand where African tech is and where it is going.
FirstBank, the West African premier financial institution and financial inclusion services provider, has emerged as Nigeria’s Best Bank for Environmental, Social, and Governance (ESG) at the prestigious Euromoney Awards for Excellence 2025, held recently in London. This marks FirstBank’s second consecutive win in the ESG category, affirming its leadership in sustainable finance and responsible banking across Nigeria.
The Euromoney Awards for Excellence are regarded as one of the most coveted accolades in the global financial industry. The highly competitive selection process involves rigorous analysis and assessment, measuring performance against strategic and impact-oriented criteria.
The Bank earned the award through its deepened sustainability commitments embedded across its operations and community initiatives. In 2024, FirstBank screened 237 transactions worth over ₦3 trillion for sustainability risks, integrating ESG considerations into its credit framework.
Among its flagship sustainability initiatives, FirstBank commenced a tree planting campaign in partnership with Nigeria Conservation Foundation (NCF), planting over 30,000 trees in 16 locations across Nigeria. This was the first phase of its 50,000-tree initiative, projected to absorb approximately 720 tonnes of CO₂ by the end of 2025, contributing to climate resilience and supporting biodiversity preservation.
FirstBank has been proactive in gender inclusion through the Gender Market Strategy, disbursing over ₦43 billion FirstGem loans to women-led businesses in 2024. The Bank’s commitment to inclusive banking saw a significant increase in the worth of transactions facilitated by FirstMonie agents to over ₦9 trillion.
The Bank prioritises ESG/sustainability capacity building, evidenced by the training of over 9000 employees, and its webinars and workshops reaching over 2,000 SMEs and corporates. The bank’s investment in leadership for over 2,000 female employees through the FirstBank Women Network has demonstrated a dedicated structural commitment to cultivating a knowledgeable and diverse workforce catering to the dynamic ESG landscape.
Commenting on the award, the Chief Risk Officer of the Bank as well as the Chairman of the FirstBank Sustainability Committee, Patrick Akhidenor said, “We are honoured to receive this prestigious award for the second time in a row, which is a validation of our efforts to create a sustainable and inclusive future for all our stakeholders. Our approach to sustainability is hinged on three pillars: education, health and welfare; diversity and financial inclusion; responsible lending, procurement and climate initiatives”
He added: “We remain focused on driving impact through purposeful initiatives and inclusive growth, ensuring that our ESG efforts continue to create meaningful change in communities across Nigeria and beyond.”
The continued success in ESG and sustainability is driven by FirstBank’s vision to be Africa’s bank of first choice, leading with purpose, responsibility, and innovation.
Federal Government is increasing collaborations with China to digitalise Nigeria Customs Service operations. This past weekend, NCS strengthened its cooperation efforts through a high-level engagement with the General Administration of Customs of China (GACC).
The meeting, held in Beijing, China, brought together senior officers of the customs service and top officials from the GACC to explore bilateral knowledge exchange and capacity development in customs administration.
Abdullahi Maiwada, NCS Assistant Comptroller of Customs said that discussions were held with officials from the GACC International Cooperation Division, the Training and Education Centre and representatives of the Shanghai Customs College.
“The engagement focused on deepening cooperation in customs training methodologies, modernisation models and technology-driven solutions, especially as China plays a pivotal role in Nigeria’s international trade network,” said Maiwada.
He added that during the meeting, the Chinese customs authorities shared their structured training system, which incorporates virtual reality, 5G-enabled systems, and blended e-learning approaches. In 2024, GACC conducted over 8 000 physical training sessions and developed 360 online courses.
Discussions also highlighted Nigeria’s active participation in China-led customs development initiatives, with over 200 African customs officers, including 89 from Nigeria, having received training since 2023 across various areas, such as trade facilitation, anti-smuggling enforcement, food safety supervision and digital port operations.
The bilateral dialogue between the two customs agencies also heralded new areas of collaboration, including Nigeria’s participation in upcoming Customs Modernisation Courses and officer development training at the Shanghai Customs College.
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