General News
NITDA Launches Trustmark Seal to Strengthen Nigeria’s Digital Economy
Federal Government has unveiled the Nigerian Digital Trustmark Seal, a cybersecurity initiative aimed at enhancing trust, transparency, and safety across Nigeria’s digital ecosystem.
The launch, which coincided with Cybersecurity Awareness Month, was announced during a press conference organised by the National Information Technology Development Agency (NITDA) in Abuja.
The event drew participation from key stakeholders including the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), media representatives, and digital economy experts.
Speaking at the event, Director-General of NITDA, Kashifu Inuwa, CCIE, said the initiative was designed to verify the authenticity of online platforms, businesses, and organisations, thereby protecting consumers from fraudulent and cloned websites.
“The digital economy has been Nigeria’s fastest-growing sector for almost five years, surpassing oil and gas in GDP contribution,” Inuwa said. “However, as we digitise, challenges emerge.
“Technology is a double-edged sword. While good actors use it to drive efficiency, bad actors exploit it to cause harm and erode public trust.”
He explained that the Digital Trustmark Seal was co-created by NITDA, NACCIMA, and GIZ to serve as a visible indicator of authenticity.
The seal will be displayed on verified websites, enabling citizens to easily distinguish between genuine platforms and malicious ones often used for scams and identity theft.
“This initiative is designed to build trust within our digital ecosystem. Every company, e-commerce platform, business, and government organisation will have a Trustmark seal on their website to ensure authenticity,” he added.
Inuwa noted that the project aligns with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises rebuilding public trust through inclusive governance and promoting transparency in the digital space.
He emphasised that the initiative encourages collaboration between the public and private sectors to jointly design and implement solutions that make Nigeria’s digital environment safer and more trustworthy.
“This initiative will also work closely with the private sector. They are the main drivers of adoption, and it won’t be a challenge because, for them, it helps build reputation and customer confidence,” Inuwa said.
“For citizens, it builds confidence and trust that when they interact and transact online, they are dealing with authentic websites and providers,” he added.
Representing NACCIMA, Mr Suleiman Adebayo Audu, an Advisor to the Association, commended NITDA and GIZ for initiating the project, describing it as “a timely and impactful effort” that will improve business confidence and international perception.
“Many genuine Nigerian businesses lose customers due to a lack of trust. This seal will help restore credibility and make Nigerian SMEs more competitive globally. NACCIMA will work with our state chambers to sensitise members and support them through the verification process,” Audu said.
Mr Chinedu Albert, a consultant with GIZ, reaffirmed the organisation’s support, noting that the initiative aligns with GIZ’s broader mission of promoting safe, inclusive, and transparent digital ecosystems across Africa.
“Trust is the foundation of every digital transaction. Without it, progress slows down. Our role is to provide technical expertise and international best practices to ensure the seal serves all, including women-led businesses and startups,” Albert said.
In his remarks, Director of NITDA’s Cybersecurity Department, Dr Mohammed Lawan, described the initiative as a significant milestone in establishing a robust digital trust infrastructure for Nigeria.
“Trust is the currency of the digital economy. This seal will serve as a verifiable digital signature, reducing fraud and enhancing Nigeria’s reputation globally,” Lawan said.
He announced that NITDA would soon roll out stakeholder engagements, capacity-building workshops, and sensitisation programs to drive nationwide adoption of the Digital Trustmark Seal.
The event concluded with a call to action for all stakeholders, including the media, to play a vital role in amplifying awareness and reshaping Nigeria’s image on the global stage.
Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.
These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.
BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.
Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.
The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.
“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.
The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:
- Do not click on links or respond to unsolicited emails.
- Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
- Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.
Universal Insurance Plc has secured the approval of its shareholders to raise additional capital of N15 billion through a proposed recapitalisation exercise, as the insurer intensifies efforts to strengthen its balance sheet and position the company for long-term sustainability.
The approval will be granted at an Extraordinary General Meeting (EGM) scheduled for February 5, 2026 in Lagos.
Currently, Universal Insurance’s share capital stands at N8 billion, with 16 billion ordinary shares held by existing shareholders on the NGX. The board is seeking to revalidate, authorise, and regularise 14 billion unissued ordinary shares for the planned capital raise and also secure approval to list and admit the new shares for trading
Following resolutions passed at the Extraordinary General Meeting (EGM), Universal Insurance Plc is moving forward with a comprehensive recapitalisation programme aimed at reinforcing its capital base and improving its capacity to underwrite larger and more diversified risks.
Shareholders approved the plan to raise new equity through a combination of capital market instruments, subject to regulatory approvals, as part of efforts to meet industry capital requirements and support future growth.
Gross premium written rose to N18.59 billion, up from N12.29 billion a year earlier, driven by increased underwriting activity across key insurance segments. Insurance revenue also grew to N14.68 billion, compared with N9.85 billion in the prior period, reflecting stronger risk acceptance and improved pricing discipline.
Despite higher insurance service expenses, the company posted an insurance service result of N1.13 billion, while net investment income surged to N2.79 billion, supported largely by fair value gains on financial assets. As a result, net insurance and investment income increased to N5.18 billion, nearly double the N2.61 billion recorded in the same period of 2024.
On the balance sheet, total assets expanded to N21.82 billion as at September 30, 2025, from N18.14 billion a year earlier, supported by growth in financial assets and investment properties. Shareholders’ funds rose to N14.38 billion, up from N12.33 billion, reflecting improved profitability and reserve accumulation.
Investors have also responded positively to Universal Insurance’s performance, with its stock delivering an 83.33 percent return in 2025, rising from N0.66 to N1.21 per share, and trading volumes exceeding 6 billion shares.
The recapitalisation initiative, combined with the improving financial performance recorded in Q3’25, underscores Universal Insurance Plc’s determination to reposition itself as a more resilient and competitive player in Nigeria’s insurance industry.
The company aims to deliver improved value to policyholders, investors, and partners, while supporting broader economic activity and generating sustainable returns for shareholders.
Federal Ministry of Solid Minerals Development has debunked allegations by the Northern Elders Forum that the Federal Government sited a gold refinery in Lagos, breaching the federal character principle.
Minister Dele Alake
In a statement from Abuja, Special Assistant to Minister Dele Alake, Segun Tomori, described the claim by the forum’s spokesperson, Prof. Abubakar Jiddere, as “false and misleading.” He clarified that the minister never announced any government-owned gold refinery in Lagos or elsewhere.
Mr Tomori stressed that Minister Alake explicitly described the refinery as a private initiative by Kian Smith, one of several such projects nationwide. “The Federal Government does not compel private companies to site operations in specific regions,” he added, crediting founder Nere Emiko’s leadership.
The project supports the government’s value-addition policy to curb raw mineral exports and boost local processing. Reforms over two years have spurred investments like a $600 million lithium plant in Nasarawa, a $400 million rare earth facility there, and a $200 million ASBA lithium plant in Abuja.
Tomori highlighted the policy’s role in attracting foreign capital and creating jobs, describing the Lagos refinery as proof of successful reforms. He urged the Northern Elders Forum to back efforts for a stronger Nigerian economy rather than spreading misinformation.
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