Connect with us

News

PenCom Report Shows 7 States with Insurance Cover for Workers

Published

on

Kindly share this post

Only seven states had group life insurance cover for their workers as of the end of March 2022, according to the National Pension Commission.

This means that 29 states did not have insurance covers for their workers within this period.

Figures obtained from PenCom on ‘Summary of the implementation status of states with valid group life and sinking funds’ as of March, 31, 2022, showed that only Lagos, Federal Capital Territory, Osun, Ondo, Edo, Ekiti and Kaduna states had covers for their workers.

The pension industry regulator explained that “Kaduna replaced the group life insurance with a sinking fund, which is domiciled with the CBN and the state has commenced setting aside funds in the account for the settlement of death benefits.”

PenCom and the National Insurance Commission jointly released the ‘Revised guidelines on group life insurance policy for employees’.

Section 4(5) of the Pension Reform Act 2014 provides that “every employer must maintain a group life insurance policy in favour of each employee for a minimum of three times the annual total emolument of the employee and premium must be paid not later than the date of commencement of the cover.”

Section 120 of the PRA 2014 defines the annual total emolument to mean the gross emoluments of an employee or deceased person.

Where an employee dies, his entitlements would be paid by an underwriter to the named beneficiary in line with Section 57 of the Insurance Act, according to the section.

Where an employee dies,  the employer must immediately notify the insurance company and commence processing of death benefits claim on behalf of the deceased employee, as prescribed in the operational terms of the group life insurance policy and in all cases, not later than 365 days from the date of the incident giving rise to the claim, the section says.

Where the employer fails to notify the insurance company of the employee’s death, it adds, the employer will be liable to pay the death claim from its resources.

“Any employer who fails to maintain a group life insurance policy for the benefits of its employees is in contravention of the PRA 2014,” it states.

The Commissioner for Insurance, National Insurance Commission, Mr Sunday Thomas, said the commission was partnering with states to ensure the enforcement of compulsory insurance policies in the country.

He noted that group life insurance was one of the compulsory insurance policies in the country’s statutory laws.

The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, assured insurers that the Federal Government would ensure compliance with compulsory policies in the country.

She said, “We have also keyed into the Market Development and Restructuring Initiatives of NAICOM, which was developed to promote compulsory insurance products and increase penetration by ensuring compliance with group life insurance of civil and public servants.

“In addition, the government is also deploying resources and engaging various stakeholders, including state governments, to ensure that it domesticates insurance laws and improves the business of insurance in the states.”

 


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Experts Reveal a Steady Decline of High-severity Incidents Over the Years

Published

on

Kindly share this post

According to the ‘Anatomy of a Cyber World: Global Report by Kaspersky Security Services’, there has been a noticeable decline in the percentage of high-severity incidents over the past few years.

While 2021 recorded the highest proportion at 14.3%, 2025 experienced the lowest in six years at just 3.8%. This trend indicates that many attack attempts were quickly detected and effectively mitigated by Kaspersky MDR experts, preventing their severity from escalating beyond medium levels.

High-severity incidents are defined as attacks involving direct human involvement that result in a significant impact on the customer’s IT infrastructure. In 2025, the number of such incidents detected by Kaspersky MDR decreased by 19% compared to 2024, highlighting improvements in early detection capabilities and more effective remediation efforts among Kaspersky MDR clients.

A detailed analysis of the root causes of these incidents in 2025 reveals the following insights:

Human-driven attacks accounted for approximately 23% of high-severity incidents. Although this represents a slight decrease from 2024, they continue to be the primary cause of serious breaches.

Kaspersky detected such attacks in nearly 21% of customers, demonstrating that motivated adversaries persist in bypassing automated defences. Despite advancements in automated detection tools, these highly skilled attackers still find ways to evade security measures.

Confirmed cyber exercises like Red Teaming made up over 23% of incidents. When activity is verified as part of security testing, it’s often classified as infrastructure false positives, though customers frequently report them as incidents.

Social engineering ranked third, responsible for over 15% of high-severity attacks and affecting nearly 18% of organisations. These are classified as high-severity when successful and not automatically remediated, often leading to security awareness recommendations.

Security policy violations constituted just under 14% of all cases, involving legitimate accounts performing suspicious actions like data exfiltration. Malware incidents represented less than 12%, while artifacts from past attacks, or APT traces, were found in over 7% of cases. Vulnerability detection, though not core focus for Kaspersky MDR, was reported in fewer than 5% of incidents.

“The decline in high-severity incidents highlights the critical importance of adopting a proactive cybersecurity strategy. Human-led solutions such as Managed Detection and Response (MDR) and Incident Response remain essential in combating sophisticated, human-driven threats.

To further enhance the effectiveness and efficiency of in-house security teams, organisations should incorporate advanced, automated solutions like Extended Detection and Response (XDR), which provide improved visibility and enable faster responses.

Additionally, leveraging SOC consulting services can assist in building a robust Security Operations Center from the ground up or optimising an existing one for maximum performance.

An integrated approach to hybrid security operations empowers organisations to detect threats early, contain them swiftly, and ultimately prevent severe breaches from occurring,” comments Sergey Soldatov, Head of Security Operations at Kaspersky.

 

 

 

 

 


Kindly share this post
Continue Reading

News

Google, UpSkill Universe Relaunch Hustle Academy to Bring Free AI Skills to Africans

Published

on

Kindly share this post

Google and UpSkill Universe, Sub-Saharan Africa’s leading AI and business skills training partner, have announced a major redesign of the Google Hustle Academy programme.

For the first time, the free training initiative is open to everyone, not just business owners. The new curriculum is focused on equipping individuals and entrepreneurs with practical AI skills.

Small businesses are the engine of Africa’s economy, creating over 80% of jobs on the continent. To help them grow, the Hustle Academy was launched in 2022, providing bootcamp-style training on business strategy, digital skills, AI, and leadership. The program has since trained over 18,000 SMEs, with many reporting increased revenue and job creation.

Now, as AI reshapes the job market, the program is evolving. The 2026 edition is built for anyone in Sub-Saharan Africa, including employees, students, and jobseekers, who wants to use AI to advance their career.

To meet the needs of a diverse audience, the new format includes short, 60-minute webinars and more immersive, high-impact bootcamps. These sessions are laser-focused on putting AI to work immediately in areas like digital commerce, marketing, and growth strategy.

Speaking about the academy, Gori Yahaya, Founder & CEO UpSkill Universe said “The 2026 Hustle Academy is designed to close the AI Skills gap with hands-on training that is short, focused, and immediately useful. AI is reshaping how businesses win and how careers are built, right across this continent.

“We’re excited to renew our partnership, now in its fifth year with Google, combining their global AI leadership with our deep regional AI expertise. The next wave of AI leaders will come from this continent. We are making sure they are ready.”

The Hustle Academy initiative has strengthened digital competitiveness across emerging African economies by enabling SMEs to move beyond AI awareness to practical implementation, positioning them for sustained growth in an increasingly AI-driven business environment.

“We believe that the future of Africa’s digital economy lies in the hands of individuals and entrepreneurs alike. Our new strategy focuses on scaling reach by training individuals in the latest AI-centered tools and techniques,” said a Google representative.

 


Kindly share this post
Continue Reading

News

Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Published

on

Kindly share this post

Lagos State has dragged 45 individuals and firms, including Bi-Courtney Aviation, DAAR Communications and Leaders & Company, to revenue court for tax debts running into billions of naira.

Lagos Govt Drags Top Firms to Court Over Billion-Naira Tax Debts

Lagos Govt

Bi-Courtney, operators of Murtala Muhammed Airport Terminal Two, faces N38.7 million claim; DAAR, behind Africa Independent Television, owes N22.4 million; ThisDay publishers Leaders & Company allegedly skip N67.1 million.

GMT Energy Resources tops corporates at N145.8 million, followed by Sheriff Deputies at N132.1 million; others like Heyden Petroleum, AA Rescue, BRT operator Primero also listed.

Individuals owe N13.5 million to N35 million each.

Attorney-General Lawal Pedro said suits followed ignored notices, aiming to enforce laws and fund infrastructure.

More defendants: IENG Nigeria, James Fisher, V Care Diagnostics, Venture Garden, Saro Africa, Barry Callebaut, Native Media, First Consulting, Eyowo Payments.

Compliant taxpayers post-notice escaped prosecution; defaulters risk penalties, interest, jail.

Pedro urged prompt filings and payments.


Kindly share this post
Continue Reading

Trending