News
Senate Proposes N50m Fine for Unlicensed Insurance Firms
The Senate has proposed a fine of N50m to the principal officers of insurance companies operating without valid licenses or that they be sentenced to a two-year prison term or both.
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It proposed this in a bill sponsored by Senator Tokunbo Abiru (APC, Lagos East) and 40 others titled, ‘Nigeria Insurance Industry Reform Bill, 2024,’ which seeks an Act to repeal the Insurance Act, Cap117 2004, the Marine Insurance Act, Cap M3 Laws of the Federation of Nigeria 2004, the Nigeria Reinsurance Corporation Act, Cap, N131, Laws of the Federation of Nigeria, etc.
The bill which passed its second reading in July also proposed that any individual found engaging in unlicensed insurance activities will face a fine of N25,000,000 or imprisonment for up to two years, or both.
The bill states, “A person who transacts any insurance business without being licensed for that purpose under this bill commits an offence and is liable on conviction, in the case of an individual, to a fine of N25,000,000 or to imprisonment for two years or both.
“(b) a company, firm or other combination of persons, each principal officer of the company, firm or other combination of persons responsible to a fine of N50,000,000 or imprisonment for a term of two years; or to both.”
In addition to these punitive measures, the bill outlines stringent capital requirements that must be met by any entity wishing to operate in the insurance market.
Non-life insurance businesses must maintain a minimum capital of N25bn or a risk-based capital as the commission determines.
The Senate also set the minimum capital for life assurance businesses at N15bn, while reinsurance businesses are required to maintain a capital of N45bn.
These requirements, according to the sponsor, are designed to ensure that insurers possess the financial resilience necessary to meet their obligations.
The bill also mandates that any insurer intending to commence operations in Nigeria must deposit 50 per cent of the required minimum capital with the Central Bank of Nigeria.
It added that upon registration, 80 per cent of this deposit will be returned with interest within 60 days. Existing companies are required to deposit 10 per cent of the minimum capital with the CBN, with interest applied annually at the minimum lending rate.
To further protect consumers, the bill specifies that insurance policy documents must be delivered to the insured within five working days after the payment of premiums, or within 30 working days for special and industrial risk insurance.
Failure to comply with this provision will result in a fine of up to five per cent of the premium received, along with additional penalties as determined by the commission.
Insurers are also prohibited from denying claims based on policy terms or conditions if it is proven that the policy document was not delivered before the loss occurred, except in specific circumstances.
Moreover, the bill noted that the introduction of new insurance products will require prior approval from the commission, which must respond within 30 days of receiving an application.
If the commission fails to communicate its decision within this timeframe, the product will be deemed approved.
Insurers who introduce new products without the necessary approval will face daily fines of N5m for each day the violation continues.
The bill states that “A person shall not carry on insurance business in Nigeria unless the insurer has and maintains, while carrying on that business, a minimum capital in the case of non-life insurance business, the higher of N25,000,000,000.00, or risk-based capital determined from time to time by the commission.
“In the case of life assurance business, the higher of — N15,000,000,000, or risk-based capital determined from time to time by the commission.”
It further adds that “in the case of reinsurance business, the higher of N45,000,000,000, and risk-based capital determined from time to time by the commission.”
News
IEEE CTU-EMEA Summit Organizers Hold Strategic Meeting with Baze University Management

The Local Organising Committee of the IEEE Connecting the Unconnected Europe, Middle East, and Africa (CTU-EMEA) Summit 2025 on Wednesday paid a courtesy visit to the management of Baze University, Abuja, in preparation for the international conference scheduled to hold from Nov. 27 to 28.

The visit, which brought together top officials from IEEE Nigeria Section and senior management of Baze University, focused on finalising arrangements for the summit themed “Bridging Digital Frontiers: African Solutions for Universal Connectivity.”
Speaking during the meeting, Mr. Chukwuemeka Gerald Okafor, General Conference Chair, described the summit as a historic milestone for Nigeria’s digital transformation agenda.
“This is the first time Nigeria is hosting an IEEE CTU international summit of this magnitude. Over 200 global leaders—ministers, regulators, CEOs, and innovators—will converge in Abuja to address the challenge of connecting 2.9 billion unconnected people worldwide,” Okafor said.
He disclosed that high-profile speakers had confirmed participation, including government ministers, representatives of the World Bank and International Telecommunication Union (ITU), telecom executives, and researchers from across the EMEA region.
Also speaking, Prof. Osita, Deputy Vice Chancellor (Academics), who represented the Vice Chancellor of Baze University, expressed the institution’s readiness to host the summit.
“We are honoured that IEEE selected Baze University as the venue for this prestigious event. It aligns with our vision of becoming a hub for technology innovation and global academic collaboration,” Osita said.
The summit programme includes an opening ceremony with ministerial presence, eight technical tracks, panel discussions, paper presentations, workshops, and an exhibition area for technology companies and startups.
Social events such as a Welcome Cocktail on Nov. 26 and a Gala Dinner on Nov. 28 are also planned to foster networking and collaboration.
Ms. Nneoma Offodile, Chair of the Local Organising Committee, said the summit would leave a lasting legacy for Nigerian students, especially those at Baze University.
“There will be volunteer opportunities, discounted registration, and exposure to global experts. We want students to benefit directly from this gathering,” she said.
The meeting also addressed logistical arrangements including venue setup, technology infrastructure, catering, accommodation, and security for international delegates.
IEEE, founded in 1884, is the world’s largest technical professional organisation with over 423,000 members globally. Its CTU programme focuses on bridging the digital divide through research, innovation, and stakeholder engagement.
Engr. Abdulateef Aliyu, IEEE Region 8 Representative, said the summit affirms Nigeria’s capacity to host world-class events and positions the country as a strategic hub for technology discourse in Africa.
The organising committee called on Nigerian ICT professionals, telecom operators, corporate sponsors, researchers, and students to participate actively in the summit.
Prof. Ifeayinwa Achumba, IEEE Nigeria Section Chair, said the summit would showcase scalable African solutions to global connectivity challenges.
Follow-up meetings are scheduled to finalise technical details and coordinate logistics ahead of the November event.
News
65m Nigerians Pushed into Poverty as GDP Per Capita Falls 66% – Report

Over 65 million Nigerians were reportedly pushed into poverty in 2024 following a 66 per cent decline in the country’s gross domestic product (GDP) per capita, according to a new report by Quartus Economics.

The report, titled “Forty Years of Structural Adjustment: Is Africa’s Eagle Stuck or Soaring Back to Life?”, examined Nigeria’s economic trajectory since the introduction of the Structural Adjustment Programme (SAP) in 1986.
Quartus noted that while the reforms helped grow Nigeria’s GDP from $87.5 billion in 1990 to $252 billion in 2024, the country’s economic structure remained fragile, with the naira losing 99.7 per cent of its value over the same period.
The report stated that liberalisation, privatisation, and banking reforms initially boosted private investment and manufacturing, but policy reversals and weak implementation undermined progress.
“Policy inconsistencies and weak implementation led to a recurring cycle of mixed results and missed opportunities,” the report said. “The goal of inclusive, export-led growth has remained elusive.”
Between 2014 and 2023, Nigeria experienced its worst growth slowdown in a generation, driven by falling oil prices, population pressures, restrictive fiscal and monetary policies, and governance lapses. Inflation rose above 30 per cent, capital inflows declined, and economic stagnation persisted.
However, the report praised the 2023–2024 reforms, including the removal of petrol and foreign exchange subsidies, as decisive measures that began correcting structural distortions.
By late 2024, GDP growth rebounded to nearly 4 per cent, with renewed strength in the manufacturing and mining sectors. Foreign reserves rose to $42 billion by October 2025, and inflation began to ease slightly.
Despite these improvements, Quartus warned that per capita income remains far below pre-crisis levels and that Nigeria’s export base and governance systems still face deep inefficiencies.
“The recovery is real, but lasting transformation will depend on discipline, continuity, and collective commitment to reform,” the report concluded.
News
BlueNoroff Targets Eecutives on Windows and MacOS Using AI-driven Tools

At the Security Analyst Summit in Thailand, Kaspersky’s Global Research and Analysis Team (GReAT) unveiled the latest BlueNoroff APT activity through two highly targeted malicious campaigns ‘GhostCall’ and ‘GhostHire’. The ongoing operations have been targeting Web3 and cryptocurrency organisations across India, Turkiye, Australia and other countries in Europe and Asia since at least April 2025.

BlueNoroff, a subdivision of the notorious Lazarus group, continues to expand its signature ‘SnatchCrypto’ campaign, a financially motivated operation which targets crypto industries worldwide. The newly described GhostCall and GhostHire campaigns employ new infiltration techniques and customised malware to compromise blockchain developers and executives. These attacks affect macOS and Windows systems as primary targets and are managed through a unified command-and-control infrastructure.
The GhostCall campaign focuses on macOS devices, beginning with a highly sophisticated and personalised social engineering attack. The attackers reach out via Telegram, impersonating venture capitalists and in some cases using compromised accounts of real entrepreneurs and startup founders to promote investment or partnership opportunities. The victims are invited to fake investment meetings on phishing sites mimicking Zoom or Microsoft Teams during which they are prompted to “update” their client to fix an audio issue, this action downloads a malicious script and deploys a malware infection on the device.
“This campaign relied on deliberate and carefully planned deception. Attackers replayed videos of previous victims during staged meetings to make the interaction appear like a real call and manipulate new targets. The data collected in this process is then used not only against the initial victim but also exploited to enable subsequent and supply-chain attacks, leveraging established trust relationships to compromise a broader range of organisations and users,” comments Sojun Ryu, security researcher at Kaspersky GReAT.
Attackers deployed seven multi-stage execution chains, four which were previously unseen, to distribute a range of new customised payloads, including crypto stealers, browser credential stealers, secrets stealer, and Telegram credential stealers.
In the GhostHire campaign the APT targets blockchain developers by posing as recruiters. Victims are tricked into downloading and running a GitHub repository containing malware, presented as a skill assessment. GhostHire shares its infrastructure and tools with the GhostCall campaign, but instead of using video calls, it focuses on approaching hands-on developers and engineers through fake recruitment. After initial contact, victims are added to a Telegram bot that delivers either a ZIP file or a GitHub link, along with a short deadline to complete the task. Once executed, the malware installs itself on the victim’s machine, customised for the operating system.
The use of generative AI has enabled BlueNoroff to accelerate malware development and refine its attack techniques. The attackers introduced new programming languages and added additional features, complicating detection and analysis tasks. It further enables the actor to manage and expand its operations, increasing both the complexity and scale of attacks.
“Since its previous campaigns, the threat actor’s targeting strategy has evolved beyond simple cryptocurrency and browser credential theft. The use of generative AI has significantly accelerated this process, enabling easier malware development with reduced operational overhead.
“This AI-driven approach helps to fill the gaps in available information, enabling more focused targeting. By combining compromised data with AI’s analytical capabilities, the scope of these attacks has expanded. We hope our research will contribute to preventing further harm,” comments Omar Amin, senior security researcher at Kaspersky GReAT.
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