General News
Have What it Takes to Practice Universal Banking.
The guideline went further to state the various other activities like market activities, such as underwriting/issuing house activities and insurance services. With particular respect to insurance activities, the guideline specified the insurance services as, agency services, brokerage services underwriting services, loss adjusting services, underwriting services and re-insurance services.
Banks may provide insurance marketing services while they may provide underwriting services and re-insurance services indirectly through a subsidiary or an associated company. Banks can therefore undertake insurance services as specified under the insurance guidelines.
According to Adejumo, the regulations issued for banks that may wish to engage in insurance business under universal banking varied.
The guideline stated that an insurance subsidiary of a bank shall comply with the capitalization requirements under the Insurance Decree 2 of 1997 and any subsequent amendments all insurance activities wherever they occur shall be licensed and regulated by the National Insurance Commission {NAICOM} and subject to the provisions of the Insurance Decree of 1997 or such other insurance laws as may be enacted.
An insurance policy should not be rejected solely because the policy has been issued or underwritten by a person not associated with the bank when such insurance is required in connection with a loan or extension of credit. A debtor, insurer, or insurance agent or broker must not pay a separate charge for the handling of insurance that is required in connection with a loan unless such is required when the bank’s affiliate is the licensed insurance agent or broker providing the insurance.
There should be no payment or receipt of any commission or brokerage fee for services rendered as a broker or agent unless such a person is properly licensed by NAICOM.
A bank shall not release any insurance information about a customer to any person other than an employee, agent, subsidiary, or affiliate of a bank for the purpose of soliciting or selling insurance without the consent of the customer. A bank shall not use health information obtained from the insurance records of customers for any purpose, without the customer’s consent except for activities as licensed insurance agent or brokers. A bank shall not insist, for extension of credit, on the condition that the customer obtains insurance from the bank’s affiliate/associate or a particular insurer, agent, or a broker, but must inform the customer or prospective customer that insurance is required in order to obtain a loan, and that approval of a loan is contingent upon the customer obtaining insurance, or that insurance is available from the institution.
The guideline added that banks shall not require that, when a customer’s application for a loan is pending and insurance is offered to the customer or it is required in connection with the loan that a written disclosure is provided to the customer. Such as indicating that his choice of an insurance provider will not affect the credit decision or credit terms except that the bank may impose reasonable requirements concerning the credit worthiness of the insurance provider and scope of coverage.
It stated further that the bank shall clearly and conspicuously disclose to the customer, prior to the sale of any insurance policy, that such policy is not a deposit, insured by the NDIC, guaranteed by the bank and an investment, credit and insurance transactions should be completed through separate documents when a customer obtains insurance and credit from a bank. An insurance company shall not transfer its funds to a bank which is either its holding or associated company without clearance from NAICOM except for the purpose of investment.
A bank shall not issue instructions to its insurance subsidiary or associate that will affect the insurance funds adversely or commit insurance funds to a purpose outside insurance, except dividends declared. A bank shall not include the expenses of insurance premiums in the primary credit transaction without the customer’s consent, where the customer obtains insurance and credit from a bank.
It added that banks shall be required to maintain separate and distinct records relating to insurance transactions and such records should be made available to the appropriate regulators. Also, banks should also disclose specifically among other things earnings from insurance activities in their published accounts. However the on- going reforms in the industry may further modify the current trend as banking specializations, as being proposed may lead to a narrower business horizon. But by and large banks and insurance are closely related and if insurance must deliver on set agenda, it should align with global economic trends.
General News
NOA Warns of Fake N1000 Notes in Circulation, How to Identify Them

National Orientation Agency (NOA) in Kwara has cautioned the public on fake N1000 notes circulating in the state.
Alhaji Abdulganiyu Dare, state director of NOA, disclosed this in a statement issued in Ilorin.
Dare emphasised the need for vigilance among residents and business owners in the state.
According to him, there is confirmed intelligence reports of syndicates flooding the area with counterfeit currency with batch numbers 364232 and 898248.
Dare said the counterfeit notes can be identified by their blurred portraits, watermarks, and irregular security features.
He urged the public to be cautious when handling large sums of money.
“The syndicates behind this crime exploit peak commercial hours in major local markets to carry out transactions with counterfeit notes.
“They target unsuspecting POS operators and merchants by defrauding them of their hard-earned money.
“NOA Kwara Directorate is committed to sensitising the public on the dangers of fake currency and the importance of verifying the authenticity of banknotes.
“The agency is working tirelessly to ensure that residents of Kwara are protected from financial scams,” he said.
While describing the crime as unpatriotic and capable of distorting the Nigerian economy, Dare said NOA would work closely with security agencies to bring the culprits to book.
The director advised residents to report any suspicious transactions or individuals to the authorities immediately.
“Together, we can build a safer and more secure financial environment for all residents of Kwara.
“By working together, the NOA and the public can prevent the circulation of fake currency and protect the financial interests of Kwara residents,” he said.
General News
NCC, IHS Towers Lead Others To NITRA-ALTON CNII & Telecom Sustainability Conference 2025

Telecom industry regulator, the Nigerian Communications Commission (NCC) and other industry operators, including IHS Towers, Digital Realty and 9mobile Nigeria, have joined the line of partners that will chart the way forward as stakeholders gather for the Maiden Edition of the CNII & Telecom Sustainability Conference 2025 being organized as a collaboration between media body, the Nigeria Information Technology Association (NITRA) and Industry advocacy group, the Association of Licenced Telecom Operators of Nigeria (ALTON).
Scheduled for August 7, 2025 in Lagos, the event, which is expected to host the Minister of Communication, Innovation and Digital Economy, Dr. Bosun Tijani, will also bring stakeholders from Nigeria Security and Civil Defence Corps (NSCDC) and the Peace Corps Nigeria, to discuss the security of infrastructure, stakeholders’ roles, and the practical implementation of the Critical National Information Infrastructure (CNII) Presidential Order.
Headlining the event, with its theme as “Telecoms Industry Sustainability and the CNII Act – Way Forward”, IHS Towers will throw light on the state of infrastructure in the country, while the Panel Session will discuss the “Role expectations of stakeholders in the implementation of the CNII Act”
Keynote speeches will come from the NCC EVC, Dr. Aminu Maida and the President of the Association of Telecommunication Companies of Nigeria (ATCON).
The Nigerian Designation and Protection of Critical National Information Infrastructure (CNII) Order, 2024, aims to safeguard critical infrastructure like telecommunications networks, financial systems, and power grids by designating them as CNII and outlining measures for their protection. This order, signed in June 2024, is an extension of the Cybercrimes Act of 2015 and seeks to reduce disruptions to these vital systems.
Some of the questions stakeholders will give answers to at the Panel Discussion include:
- How do we ensure that this Order is implemented to the letter?
- What are the roles of each stakeholder in the industry – Federal, States, Operators, Consumers, and other actors?
- Are telecom companies keying into the CNII provisions, and how?
- Are there areas worth looking into once more, or is the Order perfect as it is?
- What is the role of regulators in ensuring public compliance to the Bill?
- How do we ensure security?
- What is the place of collaboration?
- Publicity: how much of the CNII provisions are the public aware of?
- How can we sustain the growth and development of telecommunications in Nigeria?
According to the General Secretary of NITRA, Mr. Chidiebere Nwankwo, this industry collaborative event will afford stakeholders in the public and private sectors the opportunity to sit back together and review how well the CNII Order has thus far been implemented, and to re-strategise, if need be, on the way forward.
“This event is key because it will bring Stakeholders to the CNII plan to a roundtable to re-evaluate the decision, make amends and continue the journey. This has to be a periodic gathering to make the goals of this order achievable,” he said.
ALTON is the official private sector industry body for all providers of telecommunications and subsidiary services in Nigeria.
The Chairman of ALTON, Engr. Gbenga Adebayo and the Chairman of NITRA, Mr. Chike Onwuegbuchi will be on hand to welcome industry stakeholders.
General News
Fearless Freedom Launches to Tackle Inequality and Champion Global Economic Inclusion

Fearless Freedom, a bold new global advocacy initiative focused on ending economic inequality and expanding economic opportunity, officially launches today, 2nd August, 2025.
Backed by the founder of Fearless Fund, the first venture capital fund in the U.S. built by women of color for women of color, this new chapter builds on a legacy of breaking barriers and driving inclusive progress.
The launch of Fearless Freedom comes nearly one year after the dismissal of a federal lawsuit that challenged the organization’s efforts to empower underrepresented communities. The case, which drew national attention, was filed on August 2, 2023, and dismissed permanently on September 11, 2024.
Fearless Freedom is not just an advocacy; it is a global movement for visibility, justice, and financial equity. Through storytelling, policy conversations, and creative programming, Fearless Freedom is reclaiming space, spotlighting the real challenges, and championing the people building powerful solutions.
“Fearless Freedom is our global declaration, a refusal to be silenced, erased, or sidelined,“ said HM Queen Wa Arian Simone, CEO of Fearless Fund. “We’re not just funding change anymore, we’re amplifying the voices that have always driven it. This initiative is about power, presence, and rewriting the rules of who gets seen, supported, and heard.”
“August 2nd was once about legal resistance. From now on, it marks something else: a day of fearless expression and global visibility,” she added.
As a global advocacy initiative, Fearless Freedom will spark meaningful dialogue around economic inclusion, inviting communities to reflect, learn, and speak out against financial inequality, all through creative expression and powerful storytelling.
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