News
PenCom Report Shows 7 States with Insurance Cover for Workers

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.”
News
Nigerian Man Sentenced in U.S. for Sextortion Scheme Leading to Death of American Student

A 27-year-old Nigerian national, Imoleayo Samuel Aina, also known as “Alice Dave,” has been sentenced to six years in prison by a U.S. federal court for his role in a sextortion scheme that led to the death of a 20-year-old American student.

The sentence, handed down by United States District Judge Joel H. Slomsky on Oct. 28, includes 72 months in prison, five years of supervised release, and restitution of $3,250.
United States Attorney David Metcalf announced the sentencing in a press release issued Saturday, Nov. 15, following a delay caused by the recent federal government shutdown.
The case stems from a January 2023 incident in which Jack Sullivan, a sophomore at Kutztown University in Pennsylvania, received flirtatious messages from Aina via Instagram. The exchange escalated to intimate photos on Snapchat, followed by threats demanding money.
Sullivan paid approximately $2,800, but Aina refused to delete the images. Less than 24 hours later, Sullivan was struck and killed by a train near the Jenkintown SEPTA station.
Aina was arrested in Nigeria alongside co-defendant Samuel Olasunkanmi Abiodun on July 31, 2024, and extradited to the United States with assistance from Nigerian authorities and the FBI. A third Nigerian, Afeez Olatunji Adewale, remains in Nigeria pending extradition.
Aina pleaded guilty in May 2025 to multiple charges including cyberstalking, extortion, money laundering conspiracy, and wire fraud. Abiodun, 26, was sentenced to five years in prison in June after pleading guilty to related charges.
U.S. Attorney Metcalf described Aina as “the driving force behind this sextortion scheme,” adding that the Department of Justice is committed to prosecuting overseas scammers who target American citizens.
“This case is a powerful reminder of the profound harm sextortion inflicts on young people and their families,” said Wayne A. Jacobs, Special Agent in Charge of the FBI’s Philadelphia Field Office.
The case was investigated by the FBI and Abington Township Police Department, and prosecuted by Assistant U.S. Attorney Patrick Brown.
The Justice Department acknowledged the critical support of Nigeria’s Attorney General, the Federal Ministry of Justice’s International Criminal Justice Cooperation Department, and the Economic and Financial Crimes Commission in facilitating the extraditions.
News
Firm Urges Organizations to Check Protection of their Websites Amid Search Engine Optimisation Attack Schemes

Kaspersky, a global cybersecurity and digital privacy company, warns of a prominent threat to website owners, including small and medium-sized businesses: search engine optimisation (SEO) spam and hidden links embedded on legitimate websites.

SEO is the practice of improving a website’s visibility in search engine results through ethical strategies like keyword optimisation, high-quality content creation and building authoritative backlinks.
However, malicious actors are exploiting this process by injecting hidden links on reputable sites to manipulate search rankings, often linking to illicit content such as pornography or gambling, jeopardising businesses’ online presence and reputation.
The consequences for affected websites are severe, including plummeting search rankings, eroded visitor trust and potential legal liability if linked to illegal content. The attackers’ goals may be to discredit certain websites or to channel traffic to certain portals.
Attackers embed hidden links on websites by exploiting compromised administrator accounts, outdated website content management system extensions (which were initially designed to enhance the functionality and features) or server weaknesses, allowing them to directly edit the site’s HTML code or inject malicious scripts. Security solutions may categorise such websites as prohibited and block traffic to them.
Popular blogs and forums are among the targets due to their high traffic, making them valuable for boosting attacker-controlled sites. Websites with less traffic are also vulnerable, as attackers exploit weaker security to inject these links, which can go unnoticed until traffic drops or search engines issue penalties.
“Kaspersky’s categorisation engine constantly detects hidden links pointing to pornographic and gambling sites. SEO spam is a serious threat that can silently undermine a company’s digital credibility and financial stability. These hidden links not only exploit a website’s authority to boost illicit sites but can also trigger harsh penalties from search engines and security solutions, devastating businesses that rely on online visibility.
Proactive defence of the website admin panel and content management system is critical to staying ahead of these evolving attacks,” said Anna Larkina, Web Content and Privacy Analysis Expert at Kaspersky.
Kaspersky recommends regular audits of website source code for suspicious elements, using trusted tools such as Google Search Console or OpenLinkProfiler. Businesses should keep CMS platforms and plugins updated, enforce strong passwords with two-factor authentication and restrict admin panel access by IP address. Deploying web application firewalls and maintaining regular backups are also essential to prevent and recover from unauthorised changes.
News
IHS Holding Chairman, Sam Darwish Credits Nigeria for Strong Q3’25 Earnings

New York Stock Exchange listed IHS Towers, the largest independent owner, operator and developer of shared communications infrastructure in Africa and one of the largest in the world by tower count, has delivered strong third quarter earnings ahead of expectations while revisiting its full 2025 guidance upwards.

This is on the back of its strong Nigeria performance where Sam Darwish, Chairman and CEO, tells thousands of Wall Street investors and analysts on its earnings call that “the current Nigerian administration has done in our opinion a great job in stabilizing and improving the economic outlook of the country as they increase reserves and strengthened the currency, while reducing red tape for businesses among other fundamental actions. So, we are upbeat about Nigeria.”.
In Nigeria, revenue increased 10.6% year-on-year to $268.0 million, driven by organic growth during the period and supplemented by favorable movements in the Naira versus the U.S. dollar.
Across the Group, revenue for the period increased by 8.3% year-on-year to $455.1 million, despite a 3.0% inorganic revenue headwind resulting from the disposal of the Company’s Kuwait operations in December 2024. Organic revenue growth of 6.6% reflected constant currency growth of 8.7% and the benefit of foreign exchange (“FX”) resets, partially offset by a reduction in revenues linked to power indexation.
Constant currency growth was primarily driven by higher contributions from colocation, lease amendments, new sites, fiber, and escalators. This strong underlying performance was further supported by a 4.7% benefit from favorable FX movements, particularly the appreciation of the Nigerian Naira against the U.S. dollar.
Adjusted EBITDA rose by 6.3% year-on-year to $261.5 million, despite a 3.3% impact from the Kuwait disposal. The Adjusted EBITDA margin of 57.5% remained consistent with the second quarter of 2025, while net income for the period totaled $147.4 million.
Adjusted Levered Free Cash Flow (ALFCF) surged by 81.2% to $157.8 million, reflecting management actions to enhance free cash flow generation and the re-phasing of interest payments between quarters following the November 2024 bond refinancing. Cash from operations increased by 42.3% to $259.6 million.
Total capital expenditure rose 16.3% year-on-year to $77.3 million, driven by the timing of maintenance and augmentation projects. The consolidated net leverage ratio improved to 3.3x, down 0.6x from the prior year, comfortably within the Company’s target range of 3.0x to 4.0x.
Reflecting the strong year-to-date performance and favorable currency movements, the Company has raised its full-year 2025 guidance.
In Nigeria the Group’s largest operation, organic revenue increased by $12.2 million, an increase of 5.0% year-on-year, driven primarily by foreign exchange resets and escalations, which more than offset a reduction in revenues linked to diesel prices. Continued growth in revenue from Colocation, Lease Amendments and New Sites was partially offset by Churn related to the approximately 1,050 sites MTN Nigeria agreed to vacate as part of the renewed and extended contracts with MTN Nigeria, signed during the third quarter of 2024.
The increase in organic revenue was supplemented by favorable movements in foreign exchange rates used to translate the results of foreign operations, with an average Naira rate of ₦1,523 to $1.00 in the third quarter of 2025 compared to an average rate of ₦1,601 to $1.00 in the third quarter of 2024. This led to a non-core increase of $13.5 million, or 5.6% year-on-year.
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