General News
Insiders Guide to Buying Term Insurance
Most people consider cost the primary reason for choosing one insurance policy over another. While cost is certainly important, there are additional and by no means less important factor which must be taken into account in deciding to buy term insurance. Among them are some questions to consider.
One of the factors to consider is the strength of the insurance company. This is very essential because prior to the recapitalization of the insurance sector, there had been cases where insurers were unable to live up to their billings. This was either due to poor capital base or technical inefficiency. In today’s uncertain financial climate the quality of your insurance company takes on new meaning. While no insurance company simply goes out of business due to highly regulated reserve requirements of the various regulatory agencies, especially under the present National Insurance Commission,(NAICOM), under Fola Daniel, it is instructive to note that operational environment determines the strength or weakness of an insurance company. Some companies had also gone under while others entered into mergers and acquisition to stay afloat. This generally means the new owner will abide by the guarantees of the original policy of the "devil may be in the details."
Most insurance companies offer both term and permanent life insurance and most carriers will allow the owner of the policy to convert term coverage into a permanent policy within a specific time period. Although most buyers will allow conversion into many of the competitive products they currently offer, those carriers taken over by others may find they options limited to older cash value policies that may not meet you new objective.
One area that has negatively affected the insurance industry in Nigeria is lack of trust. This arose out of public perception that Nigerian insurance companies do not pay claims when the insured peril occurs. But on the part of the insuring public, the unwillingness to disclose relevant information at the time of taking the policy is a crucial factor. For instance if one is taking out an health insurance policy, it is important to state if you smoke rather than hiding it until the insured event occurs. Interestingly, the insurance companies often have reasoned to refuse to pay claims. The insurance company has the right (and some say obligation) to deny your beneficiary’s claim based on fraud, and this is a relatively easy way to show that you, the insured, tried to deceive the company when you applied for coverage. Note that policies have a 2 year period of contestability. This means the company may fail to honor a claim during this period based for fraud or suicide. Subsequent to this time, a claim is paid even if the insured failed to disclose an issue, or died by their own hand. Typically our health declines with age. We may gain some weight, take a medication or two, or generally not be in the same shape we were at a younger age. However, once you have a term policy in force, you have "locked in" your health category with regard to convertibility. Many people drop their term policies only to find their new options severely restricted.
Insurance premiums do vary depending on the peculiar circumstances. This usually has more to do with the insurance company than it does with you. While logic may tell you that the stronger the carrier, the higher the premium, the opposite may well be the case. Today, stronger insurers are using their clout to increase market share. Premiums can also depend on the investment yield the company has experienced, their average bond maturity, mortality experience and other factors.
General News
NIMC Disowns Fake NIN Portal

National Identity Management Commission (NIMC) has warned Nigerians to disregard a viral online flyer claiming that a free portal has been opened for the correction of National Identification Number (NIN) data.

In a statement posted on its official X (formerly Twitter) handle, the commission described the flyer as fake and cautioned the public against using any links associated with it.
“The public is hereby advised not to use the above for modifying their NIN data. All modifications should only be done via the official channel,” NIMC stated, directing users to its authorised self-service portal.
The misleading flyer, which has circulated widely on social media, carries the logos of NIMC and the federal government, falsely claiming that authorities had launched a special correction portal in response to a “high level of complain.”
It lists services such as name, gender, and date of birth corrections, and provides links redirecting users to a suspicious “gvly.xyz” domain—an address the commission says is not affiliated with any government platform.
NIMC noted that the flyer has since been marked “FAKE” in red, indicating it is being recirculated as part of efforts to debunk the misinformation.
The Commission reiterated that all NIN data modifications can only be carried out through its official self-service platform, urging Nigerians to remain vigilant and avoid falling victim to online scams.
General News
Moniepoint Acquires Orda Africa to Transform Africa’s $50Bn Restaurant Sector

Moniepoint Inc. (“Moniepoint” or the “Company”), Africa’s all-in-one financial ecosystem platform for individuals, businesses and their customers, today announced the acquisition of Orda Africa (“Orda”), a leading cloud-based restaurant management platform operating in Nigeria.

Moniepoint
Under the terms of this acquisition, Orda will become part of the Moniebook platform, Moniepoint’s all-in-one Point-of-Sale (POS) and business management platform. Since launching its business management tools product in 2025, Moniebook has rapidly become the go-to platform for thousands of African businesses seeking integrated financial and operational tools, seamlessly unifying payments and bookkeeping in one platform.
With Orda, restaurant owners can now gain access to this proven ecosystem that creates unprecedented opportunities to scale operations, optimize performance, and access credit, as well as the extensive reach of Moniepoint which has powered growth for millions of African businesses.
The acquisition comes as Africa’s food service industry experiences unprecedented growth, with the sector valued at $50 billion and Nigeria’s market alone projected to reach $19.31 billion by 2030, growing at 11.73% annually. With Orda’s restaurant-focused capabilities now part of the Moniepoint ecosystem, the platform is well-positioned to capture this opportunity.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, today Moniepoint has grown into one of Nigeria’s leading distributors of financial services as well as a trusted platform for many of the country’s MSMEs especially in the informal sector.
The company has considerably expanded its offerings to include digital payments, business and personal banking, credit, cross-border payments, and business management tools with a customer base exceeding 20 million active businesses and personal banking customers and processes over US$250 billion in digital payments transaction value annually.
Tosin Eniolorunda, Co-Founder and Group CEO of Moniepoint Inc., said: “The food industry isn’t just about feeding people, it’s a major source of jobs and daily survival for many Africans. It highlights how vital the informal sector is, not just for the economy, but for everyday life across the continent.
Data has shown us that Africa’s restaurant sector is one of the continent’s most dynamic economic engines, yet the majority of food businesses still operate with manual processes and fragmented tools. By bringing Orda into Moniepoint, we are giving restaurant owners what they deserve: one simple platform that handles everything from managing their kitchen to growing their business. Our goal remains to create financial happiness for Africans, giving them the tools to reach their full potential and that’s exactly what we’ve built here.”
Founded in 2020, Orda was built to give Africa’s small and independent restaurants the tools they need to run more efficiently, providing a purpose-built software to businesses that had long operated without it.
Guy Futi, CEO of Orda, reassured existing customers: “Orda has found the perfect home in Moniepoint. We have spent years building deep expertise in restaurant operations, but we have always known that to truly transform the industry, we needed to connect that expertise with comprehensive financial infrastructure.
“That’s exactly what this integration delivers. For our customers, we are assuring a smooth transition with no disruption to the platform and retained access to the support you are used to. What changes is your access to opportunities.
“Over the coming weeks, being part of Moniepoint means you’ll have more tools, more reach, and more ways to grow your business than ever before”
Combining their respective strengths, Moniepoint and Orda deliver a purpose-built solution that empowers food businesses at every scale to manage orders, track inventory, pay suppliers, and access working capital, all in one seamless experience.
This move represents a demonstrated commitment to building a dedicated financial infrastructure designed around the unique complexity of Africa’s food economy.
For the millions of food entrepreneurs across the continent, from the everyday buka owner to the high-end restaurateur, this acquisition means less time managing multiple tools or carrying out arduous manual work and more time doing what they do best – feeding Africa.
General News
Tech Firms Sack over 45,000 so Far in 2026

More than 45,000 jobs have been cut across the global technology sector in the first few months of 2026, according to data from RationalFX, signalling that the industry is still adjusting after a period of aggressive hiring rather than returning to a full growth phase.

“In 2025, automation, artificial intelligence, and sustained cost-discipline measures drove much of the downsizing, with entire departments restructured or eliminated in favour of leaner, AI-assisted workflows. This trend has continued full steam into 2026,” said Alan Cohen, analyst at RationalFX.
According to the report, if the current rate of redundancies is sustained, total layoffs in 2026 could surpass the 245,000 recorded in 2025.
The majority of these layoffs have been concentrated in the United States, with major companies continuing to trim their workforce despite stable core operations.
Amazon has announced approximately 16,000 job cuts this year, while Block has also reduced thousands of roles as it tightens operations and shifts focus towards artificial intelligence.
There are indications that further reductions may follow.
Meta is reportedly considering additional layoffs as it increases investment in AI infrastructure, while PayPal and Klarna are reassessing spending and hiring strategies amid ongoing uncertainty.
Established technology firms are also undergoing restructuring. Dell has reduced its workforce by around 11,000 over the past year as part of a broader reorganisation, while Salesforce has cut approximately 1,000 roles in 2026 while aligning its teams more closely with AI-driven products.
Outside the United States, layoffs have been smaller in scale but more geographically dispersed.
Australia has reported around 2,650 job cuts so far this year, followed by Sweden with roughly 1,923 and Netherlands with about 1,700.
Other markets have also been affected. Israel and India have recorded approximately 1,539 and 1,520 layoffs respectively, with Israel’s startup ecosystem particularly sensitive to tighter funding conditions, while in India, both startups and larger IT firms have reduced headcount as global client spending slows.
In Singapore, around 1,016 layoffs have been reported, reflecting a softer hiring environment across Asia’s major technology hubs, where companies are adopting a more cautious approach amid uneven demand.
Across Europe, job cuts have been comparatively limited but still noticeable.
The United Kingdom has recorded around 1,000 layoffs, while Czech Republic and Germany have seen smaller reductions.
The broader trend suggests that technology companies are shifting towards leaner operations and more defined priorities following years of expansion. Increasing investment in automation and artificial intelligence is also reshaping the types of roles in demand.
For employees, the impact is becoming increasingly visible, with hiring slowing and becoming more selective. While opportunities remain, companies are taking a more measured approach to recruitment compared to the rapid expansion seen in previous years.
Further credit… .storyboard18.com
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