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STI Trains personnel for Quality Service Delivery

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Sovereign Trust Insurance Plc has once again reiterated its uncompromising stance on continuous manpower development as the basis for sustainable operational efficiency and business profitability. The management has identified this as the key critical factor for providing enhanced and seamless insurance service delivery to all policyholders under the stable of the organization.
According to the Head of Training and Human Capital Development, Dr. Jason Enwefah, “the company is not resting on its oars in ensuring that every employee in the system is adequately trained and developed to cope with the dynamics of the modern trends that are likely to emerge in this decade in the insurance and financial services in Nigeria”.
He made this assertion at one of the training sessions organized for members of staff in the western area of the company’s operational base. Marketers and underwriters from the area, which comprises Ogun, Ondo, Oyo, Ado-Ekiti, Akure and Edo States, were brought together for three days under intense classroom sessions to update their knowledge about the business and the likely trends that might ensue as the decade progresses. Earlier in the year, members of staff in the Head office and other area offices in Lagos were engaged in similar exercise.
The Head of training and human capital development of the company explained that the training had become very imperative going by the recent market development and restructuring initiative (MDRI), instituted at the instance of the National Insurance Commission ( NAICOM). “We have identified the enormous opportunities embedded in the market development initiative and that of the compulsory insurances and the most logical thing to do at this point is to take advantage of the opportunities created by the regulatory Authourity”
 He added that in exploring the opportunities, they do not want to also lose sight of the professional implications and risk management issues involved which is why “we have taken time out to educate and upgrade the knowledge base of our personnel who are critical to the operations of our business” he  said.
Enwefah explained that Observers would have noticed in theirs recently published claims compensation profile for the company in 2009 that the figures paid on claims in the last operational year, was much lower than that paid in 2008. The total figure paid on claims in 2009 was Five hundred and ninety-two million, one hundred and twenty five thousand, nine hundred and twenty-five naira, thirty-six kobo, while seven hundred and seventy-one million, nine hundred and thirty-eight thousand, six hundred and fifty-four naira, thirty-six kobo was paid on claims in 2008.
Using the baseline of claims paid in 2008, he stressed that it was evidently clear that the company to a great extent managed her underwriting risks very well. This might not be unconnected with the improved risks management strategy that has been put in place. A juxtaposition of the 2008 and 2009 figures shows a 23% claims reduction rate for the company. These analysts have said portend great opportunities for the company if the trend can be sustained or better improved upon in the years ahead.
According to STI head of claims, Mr. Emmanuel Anikibe, “we have been able to reduce our claims profile significantly well in 2009 due to the efforts of the management in ensuring that personnel in the claims department are adequately equipped and well-informed with the modern trends of risk management through constant manpower development program that the company has instituted.”
Attesting to this, the Divisional head, marketing and relationship management, Mrs. Ugochi Odemelam stated that, there has been a better understanding between marketers and underwriters within the organization regarding the kind of businesses to be booked after all necessary evaluations have been made.
Last year, the company enrolled four members of the senior management staff at the Lagos Business School for the senior management program (SMP) and the advanced management program (AMP) respectively. In the same vein, some members of staff were sent abroad on different courses relating to their areas of operations in the organization. Beneficiaries were drawn from the risk management department, corporate services, finance and investment, technical and marketing and relationship management.

 


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Kaspersky Reveals How Digitalisation is Influencing Family Life

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Kaspersky’s latest global research shows that mostly all people currently interact with their family members digitally: 86% of all participants communicate with family via messaging apps, 58% have regular video calls, and 44% have even established joint streaming service accounts.

While digitalisation offers unprecedented convenience and flexibility in family communication, Kaspersky experts warn that this increased online connectivity demands a heightened awareness of digital safety practices and the protection of devices.

Communication in the digital sphere has become an integral part of everyday life. Thanks to video calls and instant messaging, we can maintain connections with our loved ones, no matter where we are.

Digitalisation has reshaped not only how we communicate, but also how we spend our free time together. Kaspersky has conducted a survey* to reveal the common patterns of modern family life in the digital age and discover the cybersecurity challenges that lurk beneath our screen interactions.

Cyber safety during family communication

According to the survey, regular messaging via WhatsApp, Telegram, Signal, Viber and other messenger apps were top of users’ choices when communicating with their families.

People in the 35-54 age group were the most likely to engage this way, with 89% of respondents choosing this option. Video calls were a much less popular option among respondents as a way of keeping in touch with relatives, with only 58% choosing this digital solution.

Another popular way of staying connected online for many families is exchanging posts and memes on social media and messengers (53%). The 18-34 age group leads this trend with a 58% participation rate, showcasing how humor and shared cultural references are becoming essential family bonding mechanisms.

The older generation (above 55 years old) is in general less digitally engaged than other ages, though the share of those who chat with their families in messengers is on par with the average (85%). 42% of this age group even exchange memes and posts via social media.

Despite the fact that older people are more active in the digital sphere, they may still not be ready to face cyber threats and scams. Users should therefore educate their older relatives on how to stay safe online and use gadgets securely.

Even for advanced users, communication online carries potential cyber security risks. From phishing attempts disguised as legitimate messages to sophisticated social engineering attacks, the digital battlefield operates within our most personal communication channels.

To ensure the complex protection for your messengers it’s highly recommended to enable two-factor authentication where possible, use unique, complex passwords for each account, remain skeptical of unexpected links or attachments, use a reliable security solution with anti-phishing protection for messengers and follow security tips from Kaspersky experts.

Family accounts – convenience or risk?

The survey shows that in their free time 70% of families choose to watch movies together, with 44% having family streaming accounts. Online games do not have such popularity as a family pastime, with only 35% of general respondents opting for them.

While sharing streaming subscriptions and gaming accounts may seem like a cost-effective solution, it opens the door to a host of digital vulnerabilities that can compromise your family’s security and privacy, especially when an account is used by different family members under the same login and password. Such accounts create a perfect storm for security breaches.

If one family member’s device is compromised, hackers gain access to the entire account. Additionally, password reuse across multiple platforms means that a single breach could expose your financial information, email accounts, and other sensitive data. To manage all passwords securely, it’s highly recommended to use a password manager for all family members.

“As our family life moves more and more online, it opens up amazing ways to stay close and create memories – but it also brings new risks, like scams and hacking. Kids and older relatives can be especially at risk, so looking out for each other online is really important.

“Protecting your digital privacy and using cybersecurity measures is an important way to care for your loved ones and keep your family safe”, comments Marina Titova, Vice President for Consumer Business at Kaspersky.


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NCC Slaps ₦250,000 Fee on Trial Licences to Spur Telecom Innovation

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Nigerian Communications Commission (NCC) has rolled out a new ₦250,000 application fee for companies seeking temporary approval to test innovative telecom services, aiming to fast-track sector modernisation while safeguarding consumers.

NCC Slaps ₦250,000 Fee on Trial Licences to Spur Telecom Innovation

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The fee targets the newly launched Interim Service Authorisation (ISA), a short-term licence enabling telecom operators, startups, and tech firms to trial novel offerings in live markets before full commercial rollout. Contained in NCC’s freshly published General Authorisation Framework, the charge covers administrative processing, with successful applicants potentially facing extra costs for spectrum or numbering resources.

Under the rules, firms pay the ₦250,000 upfront upon application. Trials run for an initial three months, renewable once up to six months total, capped at 10,000 users and restricted geographically. Operators must prove their service is genuinely new, detail regulatory hurdles, outline consumer safeguards, and submit monthly reports, all while upholding data protection, security, and rights obligations.

NCC Executive Vice-Chairman Aminu Maida, who previewed the draft in July, said exploding tech advances had outstripped old licensing models, necessitating reform to foster innovation without skimping on public safeguards. The ISA lets providers gauge technical viability, market appetite, and risks, while regulators scrutinise quality and impact pre-scale-up.

“This framework strikes a balance—unleashing experimentation in spectrum sharing, Open RAN, and alternative connectivity, minus the pitfalls of unchecked rollouts,” an NCC statement noted. Participation offers no automatic path to full licences; commercial bids hinge on fresh evaluations and category fits.

Industry players hailed the move as a risk-reducer for unproven ideas, potentially slashing flop costs in Nigeria’s cut-throat telecom arena. With participation limited and monitoring rigorous, the NCC bets on controlled pilots to propel breakthroughs, cementing Africa’s giant as a digital vanguard.

As operators eye 5G-plus frontiers, the ISA arrives amid investor clamour for agile rules, positioning Nigeria to harvest homegrown tech leaps without consumer blowback.


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Naira Smashes Through ₦1,400 Barrier in Official FX Rally

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Nigerian naira strengthened to a record high of about ₦1,400 to the US dollar at the official market during midweek trading, continuing an appreciation trend seen since the start of the week.

Naira Smashes Through ₦1,400 Barrier in Official FX Rally

FX

Data released by the Central Bank of Nigeria (CBN) showed that the currency appreciated by 1.26 per cent on Tuesday, January 27, at the Nigerian Foreign Exchange Market (NFEM), with the dollar quoted at ₦1,401.22. This represented a gain of ₦17.73 compared with the ₦1,418.95 recorded on Monday, January 26.

The naira had already posted significant gains in the previous session, closing at around ₦1,401.20 per dollar, its strongest level since the introduction of the Electronic Foreign Exchange Matching System (EFEMS).

The currency has recorded incremental daily gains in recent sessions, rising between 0.1 per cent and 0.36 per cent on some trading days. In the parallel market, bureau de change operators in Lagos quoted the dollar between ₦1,475 and ₦1,490 on January 27, with average buying and selling rates of ₦1,480 and ₦1,490 respectively.

Market analysts attribute the improved performance at the parallel market to enhanced foreign exchange liquidity and further regulatory reforms implemented by the CBN.

The naira has sustained its upward momentum into early 2026, building on the gains recorded in 2025, when it posted its strongest performance in over a decade, appreciating between 7 and 9 per cent against the US dollar.

Analysts generally expect the currency to remain within a relatively stable range in the medium term, with several projections indicating it will trade between ₦1,400 and ₦1,500 to the dollar this year, supported by improved liquidity and ongoing macroeconomic reforms.

The Nigerian Economic Summit Group has projected that the naira will trade at around ₦1,480 to the dollar in 2026. The group also expects Nigeria’s external reserves to rise steadily to about $52 billion, driven by the consolidation of recent reforms and sustained stabilisation efforts.


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