News
Path Solutions Maintains Top Position in IBSI SLT 2021 in a Winning World Record

Path Solutions has won the top position in two categories in the IBSI Sales League Table 2021 (IBSI SLT); Islamic – Universal Banking | Core, Data Warehouse & Business Intelligence.
Path Solutions re-affirmed TOP position for twelve consecutive years in the IBSI Islamic Sales League Table 2021 with its industry-leading AAOIFI-certified digital banking suite iMAL. The company has an established track record of product innovation.

It is a recognized global leader in financial software solutions for Islamic and conventional financial institutions, and this is further proven by its extensive market reach and continuously growing clientele base.
“Keeping an excellent winning record year after year at the IBSI SLT is a tremendous feat and clearly demonstrates the strength of our Islamic banking platform, our strong focus and deep understanding of the segment’s specificities, driven by a passion and commitment to add value to our clients.
We are very proud as well for topping the Data Warehouse & Business Intelligence category highlighting clearly the success of our Path Intelligence initiative that we launched a year ago.
During the pandemic and recent market volatility, our customer-centric solution has provided our clients with outstanding capabilities to help them transform into becoming analytically data-driven resulting in significant competitive advantages that assisted them to weather the storm”, commented Mohammed Kateeb, the Group Chairman & CEO of Path Solutions.
“Path Solutions strives to remain the first-choice Islamic software partner for financial institutions across the globe, and this year’s fantastic display of wins really reinforces that”, said Robin Amlôt, Managing Editor, IBS Intelligence.
“We are especially pleased to see Path Solutions reaping the benefits by leading the power of automation and digitalization to create new Sharia-compliant solutions to address the current needs of the burgeoning Islamic banking segment”.
It is also worth mentioning that Path Solutions positioned as a Competitive Player in the IBSI LeaderBoard – Universal Banking | Core for CY 2020 Deals, featured in the SLT Leadership Club 2021 among category leaders, and ranked second in Islamic Retail Lending category.
Despite the 2nd wave of COVID-19 around the world, IBSI SLT 2021 witnessed consistent participation by vendors as 60 vendors submitted their nominations.
Of the 2,073 deals evaluated, the qualified deals of SLT 2021 included 1,046 global deals (SLT 2020: 800+) and over 500 domestic deals (SLT 2020: 900+) across all SLT categories. New SLT categories introduced this year include Conversational Banking, Data Warehouse & Business Intelligence, and InsurTech.
In recognition of the fast-growing Islamic banking segment, IBSI SLT is expanding its Islamic SLT which lists the leading suppliers catering to this segment.
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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