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NAICOM Partners FSD Africa to Launch Digital Insurance Solution

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The National Insurance Commission (NAICOM) is partnering FSD Africa to launch BimaLab, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector.

BimaLab Nigeria, aims to address gaps in the insurance market by educating, nurturing and promoting innovators and Insurtech start-ups.

The programme will borrow from Kenya’s BimaLab I, BimaLab II and global best practices with a focus on local experience to provide Nigeria with the most competitive and attractive start-up accelerator programme.

Kelvin Massingham, the Director, Risk and Resilience, FSD Africa, said ten companies would be selected to participate in the ten-week programme that would provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.

He noted that across the continent, little knowledge of the insurance industry coupled with low income has affected the rate of insurance penetration in the mass market. Yet, a recent report by Deloitte indicated that affordable insurance products play a crucial role in mitigating the effects of negative financial shocks and in doing so reducing financial vulnerability.

He said to widen insurance coverage, FSD Africa, has recently rolled out a similar accelerator programme in Ghana (InnoLab).

“The solutions being supported through the accelerator programmes will be expected to also speak to the needs of populations beyond their borders of origination.

“Among the success stories from previous BimaLab Accelerator Programmes include Bismart, a Kenyan insurance agency that has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart. The cover protects school-going children from dropping out of school in the event of their parent or guardian becoming critically ill or dies, safeguarding the future of the children even in cases of incidents.

“We believe that this programme will enhance the development of a vibrant ecosystem of start-ups; through collaboration with corporate partners, investors and research institutions to accelerate and scale innovation in the insurance industry in Nigeria. We have successfully implemented the programme in Kenya, and are commencing the same in Ghana”, Massingham said.

Also speaking, the Commissioner for Insurance, Mr. Thomas Olorundare Sunday, said as a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains.

He noted that even though these changes could sometimes be accompanied by uncertainty and hesitation, there was evidence of great success.

 


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E-Business

FG Determined to Protect Rights, Privacy Online- NITDA

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Federal government is determined to protect Nigerians’ rights and privacy in the digital space, according to Dr Ayodele Bakare, assistant director, Cybersecurity Department, National Information Technology Development Agency (NITDA),

FG Determined to Protect Rights, Privacy Online- NITDA

To achieve that, Bakare, said that the government has developed several policy and regulatory frameworks to strengthen cybersecurity.

Bakare, stated all these during an interview with the News Agency of Nigeria (NAN) in Abuja on Monday.

He said that cybersecurity governance in Nigeria was implemented through a collaborative approach involving multiple government institutions with different responsibilities.

According to him, the Office of the National Security Adviser (ONSA) provides overall coordination of national cybersecurity efforts through the National Cybersecurity Coordination Centre, which serves as its operational arm.

“At the national level, cybersecurity implementation is done collectively, and different government organisations are responsible for implementing different aspects of the national cybersecurity framework.

“At the top, however, the Office of the National Security Adviser coordinates these efforts through the National Cybersecurity Coordination Centre,” he said.

Bakare said that one of the key policy instruments guiding the country’s cybersecurity efforts was the National Cybersecurity Policy and Strategy Framework.

He also highlighted the legal framework provided by the Cybercrimes Prohibition and Prevention Act 2015, which was recently amended in 2024 to strengthen Nigeria’s response to cyber threats and digital crimes.

According to him, NITDA has also introduced sector-specific regulations to enhance cybersecurity in the country.

“One such regulation is the National Public Key Infrastructure Regulation, which is one of the core infrastructures required to ensure trust and security in digital communications and transactions,” he said.

Bakare said that NITDA played a pioneering role in Nigeria’s data protection landscape through the Nigeria Data Protection Regulation 2019, which laid the foundation for the current data protection framework.

He said the regulation had since evolved into a full legal framework implemented by the Nigeria Data Protection Commission.

Bakare disclosed that the agency was also finalising an Information Security Regulation that would soon be made available to the public.

He further explained that the regulation would provide organisations and individuals with clear guidelines on their responsibilities in safeguarding information and digital assets.

“Nigeria has continued to strengthen its legal and policy environment for cybersecurity, a development reflected in the country’s performance in the Global Cybersecurity Index.

“One of the pillars of the index focuses on legal measures and assesses the availability of national cybersecurity laws and regulations.

“Nigeria recorded a strong performance under the legal measures pillar, reflecting the country’s efforts to establish the necessary frameworks to support cybersecurity governance,” he told NAN.

He said that sustained collaboration among government agencies and stakeholders remained essential to effectively implement the existing policies and strengthen Nigeria’s digital security architecture.


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Firm Warns of Malware Aiming to Steal Data from Individuals, Organisations in Nigeria

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According to Kaspersky telemetry, in 2025, spyware and password stealers attacks showed the biggest year-over-year growth in Nigeria among different analysed malware types.

Spyware, which is a type of malicious software installed on users’ devices to collect their data, grew in the number of attacks by 28% compared with the previous year. Password stealers, designed to gather users’ account information, increased in the number of attacks by 22%.

Exploits decreased slightly in the number of attacks in Nigeria, however they remain an acute threat that should not be underestimated. These are programs designed by cyber attackers to take advantage of vulnerabilities in an application or operating system to gain unauthorised access to it and to cause unintended behaviour to occur on software.

Ransomware, though very targeted in distribution, remains a high-risk threat for organisations, who should also guard themselves from supply chain and trusted relationship attacks.

Overall, Kaspersky security tools blocked more than 4 million online attack attempts on users in Nigeria in 2025. Online threats typically include different types of malware attacks, such as for example, password stealers, exploits, spyware, etc. Another 9 million on-device threats were blocked in the country, including malware delivered via infected USB drives.

“Operations coordinated by INTERPOL, such as Serengeti to which Kaspersky has contributed, demonstrate how international cooperation and threat intelligence sharing can strengthen the fight against cybercrime across Africa. At the same time, both organisations and individual users in the region play an important role in improving cybersecurity by staying informed about evolving threats and practicing good cyber hygiene.

“Dedicated security solutions, including Kaspersky Next for organisations and Kaspersky Premium for individuals, can further help reduce exposure to cyber risks,” said Moses Munguti, Technical Expert & Team Lead in Africa at Kaspersky.

Malware often reaches a device through phishing messages and websites employing social engineering techniques. If an operating system, browser, or application is outdated, attackers may exploit security flaws to install malware. To significantly reduce the risk of infections with malware, Kaspersky experts advise individuals and organisations to follow these best practices:

  • Be cautious with links and attachments received, verify the sender before opening files or clicking links.
  • Download software only from official sources.
  • Install updates for systems and applications as soon as they become available.
  • Use strong, unique passwords and enable multi-factor authentication wherever possible.
  • Install reputable security software that can detect malware before it compromises the system.
  • Regularly back up important data.
  • Staying informed about current cyber threats and maintaining good digital hygiene helps keep devices and data safe.

 


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Nigus International, Elmirate Capital Ink $200m MoU for Nigeria’s Defense Tech, Satellite Hub

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Nigus International Investment Limited and Elmirate Investment LLC (Elmirate Capital) have inked a strategic memorandum of understanding to launch a next-generation defense technology, satellite systems, and advanced manufacturing platform in Nigeria, backed by up to $200 million in planned investment.

Nigus International, Elmirate Capital Ink $200m MoU for Nigeria's Defense Tech, Satellite Hub

Nigus International

The partnership, channeled through a new Special Purpose Vehicle called Nigus Tactical Systems Ltd, aligns with Nigeria’s push for sovereign defense capabilities under the Defense Industries Corporation of Nigeria (DICON) Act 2023.

It targets local production of drones, armored vehicles, munitions, cyber defense tools, and satellite networks to cut import reliance and boost regional security.

“Africa is entering a pivotal phase where technological capability defines economic strength and national security,” said HRH Prince Malik Ado-Ibrahim, Executive Chairman of Nigus International.

“This platform supports innovation, advanced manufacturing, and technology transfer to build a sustainable industrial base for national and regional needs.”

Pankajj Ghode, Managing Director of Elmirate Capital, added: “We’re proud to partner with Nigus to position Nigeria as a technology and aerospace hub.

“Our $200 million commitment connects global expertise in defense, cybersecurity, and aerospace with local talent for resilient growth.”

Key focus areas include Class C manufacturing platforms for tactical/ISR drones, unmanned aerial systems, ammunition, munitions, armored vehicles, and protected mobility; counter-terror surveillance with data analysis and border security tech; military cyber defense and cyber ranges; plus earth observation satellites, secure networks, and geospatial intelligence for defense and civilian use. The initiative aims to create high-value jobs, foster technology transfer, and establish Nigeria as a regional tech hub.


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