General News
Useful Guide to Complete Vehicle Insurance
Car insurance is one crucial area under the compulsory insurance cover. It is therefore expedient that both car owners and road users get acquainted with some of the tips that can help in protecting themselves and getting best value for their money. Please note that your car insurance rates are based on a few factors you can’t readily change. These are your sex, age, marital status and where you live and your credit scores, what you drive, how well you drive and how much coverage you buy. Before going into the details, let us first review the basics. One vital area in discussing car insurance is liability insurance. It is a form of insurance that pays for injuries and property damage caused by a crash if an insurance adjuster determines you were at fault. It does not cover your injuries or those of other people on your policy, or damage to your vehicle. You are personally liable for claims that exceed your coverage, so buy even more if you can, and consider an umbrella policy.
The Uninsured or underinsured motorist protection, covers injuries to the occupants of your car and property damage, depending on the insurance cover of the other party. For instance, does the other driver has insurance? if yes, how much?. Collision insurance pays for damage to your vehicle in an accident. If your car is totaled, you’ll get what the insurer considers the pre-crash market value of your car. Comprehensive insurance covers theft of your vehicle and non-collision damage to your car, as well as animal collisions. You may be eligible for lower rates if your vehicle has anti-theft and tracking devices. Medical or personal-injury protection provides coverage for you and your passengers, regardless of who is at fault. You may not need this insurance if you have good health insurance. Consider gap insurance if you owe more on your car than it’s worth.
Reduce your rates. The companies you select and the coverage you buy can greatly reduce your rates. Shop around, call companies and consult an agent through the registered insurance companies under the banner of the Nigeria Insurers Association (NIA) or agents and brokers. Rates vary greatly depending on a company’s operating expenses, history of claims and formulas for setting premiums. Check a company’s financial status and consumer record. The last thing you need is to go cheap and then find it’s all but impossible to file a claim In such case increase your deductibles on comprehensive and collision coverage to an amount you can cover out of pocket. Consider dropping both if you own your vehicle outright and the combined annual cost for that coverage is more than 10% of what you would get if you car were affected.. Ask your insurer about all available special discounts. If you’re switching insurance companies, do it in writing. Your credit scores will suffer if you’re canceled for non payment. Control yourself Your behavior on and off the road has a bearing on your rates. Pay all bills on time. Your premiums are based in part on your credit scores or an insurance risk score based on your credit reports. Remember that no insurance is valid if premiums are not paid. The slogan of ‘No premium, No cover is very valid.’ Drive defensively, and avoid distractions such as text messaging or talking on a cell phone. One speeding ticket may not raise your rates, but an accident you caused probably would — generally by 40% of the company’s base .Don’t drink and drive .Don’t lend out your car. If your friend wrecks it, your rates will go up. If your uninsured friend wrecks your car, you’ll be liable for claims exceeding your policy. One other thing is that the type of vehicle you drive affects your rates. For instance, if you must drive a sports car, check the cost of insuring that car before you buy it. You’ll pay higher premiums for a vehicle with higher collision-damage costs or that’s attractive to thieves .High-tech items are more expensive to replace after a crash. The deal on discounts factors such as age, how much you drive, where you live and, sometimes, what you do for a living affect insurance premiums. You can take some steps to get a better rate. If you get married, you’ll get a discount and benefit from combining policies People 55 and older get a discount for taking a driving class and adding your newly licensed teenager to your policy will increase your premiums 50% to 200%. One way to reduce costs is to buy a beater and list your child as the driver. Teen drivers can get discounts for driver’s courses or good grades.
You may get a discount if your child attends school away from home.
If you’ve been in a collision, tell your insurance company for your own protection, even if injuries are not readily apparent. Informing the company doesn’t mean that one is filing a claim.
If you disagree with the value assigned to your vehicle, provide quotes from local dealers and proof that your vehicle was well-maintained. Still unsatisfied? Your options are mediation, arbitration and, finally, a lawsuit.
If the driver at fault in a crash is uninsured, consider "stacking" or collecting on all of your policies that have uninsured/underinsured motorist coverage to fully cover the damage, unless the law prohibits it.
Body shops may be tempted to cut corners to meet insurance companies’ pricing requirements.
If you cause an accident, does your policy require you to pay the difference between generic and original-equipment or manufacturer parts? If someone else caused the accident, request original-equipment parts for your repairs.
These are some of the useful guides to car insurance which prospective customers should note,
Nigeria Hydrological Service Agency (NIHSA) has warned of possible floods in parts of Adamawa, Bauchi, Edo, Imo, Enugu, Akwa Ibom, Cross River, Kaduna, Plateau, Niger, Benue, and Borno states within the next seven days.
According to information posted on NIHSA X handle, the Agency announced medium flood advisory in force for the next 7 days across Adamawa, Bauchi, and 11 other States.
“Localised inundation is forecast along the main channel; named communities below sit on the projected footprint. Stations: Saminara on the Karam river, Waya Dam Site on the Waya river, Amber on the Amber river.
“Adamawa; Lemsa, Lamurde, Numan Exposure: 147 comm. 49 schis 40 hith 6 mkts17 relig. Bauchi-Bauchi, Ningi, Shira. Exposure: 4 comm. Kaduna; Chikun, Giwa, Igabi, Jaba, Jema’a, Kachia, Kaura, Kauru, +6 more. Exposure: 1 comm.
“Borno-Gubio, Mobbar. Exposure: 680 comm. 8 schls 6 hith 5 mkts 21 relig. Edo-Akoko-Ed, EtsakoEa, EtsakoWe, Ikpoba-Okha, Orhionmw, OviaNort, OviaSo.. Exposure: 3 comm.
“Imo-Aboh-Mba, Oguta, Ohaji/Eg, Okigwe, Owerri North, Owerri West. Exposure: 3 comm. 7 more states affected and severity LGAs”.
NIHSA advised people in the affected areas to “do NOT cross flooded roads, bridges, or fast-moving water on foot or by vehicle.
“Clear drainage channels and river-mouth blockages; avoid building or living in the floodplain and move people, livestock and valuables from the floodplain to pre-identified higher ground,” NIHSA stated.
General News
First Trustees Advocates Estate Planning as an Essential Tool in Every Wealth Creation Strategy
First Trustees Limited, a subsidiary of FirstHoldCo Plc., and a leading provider of fiduciary and trusteeship services in Nigeria, is encouraging individuals, professionals, entrepreneurs, and investors to view Estate Planning not as an end-of-life exercise, but as a strategic investment tool for protecting, preserving, and transferring wealth across generations.
As more Nigerians focus on wealth creation through businesses, real estate investments, and other income-generating assets, experts are emphasizing that building wealth is only one part of the equation.
Equally important is creating structures that ensure those assets remain protected, properly managed, and seamlessly transferred to succeeding generations in accordance with the asset owner’s wishes. Importantly, Estate Planning is not solely for the wealthy, it is a prudent step for anyone with assets, dependants, or a business to protect, regardless of age, profession, or net worth.
Speaking on the importance of Estate Planning, Ereifemi Akeredolu, Managing Director/CEO, First Trustees Limited, noted that Estate Planning should be considered a core pillar of every long-term financial strategy.
“Many people focus on creating wealth but give litle thought to preserving it. Estate Planning is a wealth protection strategy that helps individuals safeguard their assets, secure their family’s future, and ensure that the value they build today continues to benefit future generations.”
Using tools such as Trusts, Wills, and advanced succession plans, individuals can build structures that support wealth preservation, business continuity, asset protection, and intergenerational wealth transfer.
For entrepreneurs and business owners, Estate Planning serves as a powerful tool for ensuring business sustainability, helping organizations remain stable and operational regardless of unforeseen circumstances.
First Trustees continues to emphasize and educate on the importance of Estate Planning as a comprehensive strategy for proactive planning. It remains one of the most important financial decisions an individual can make: it provides clarity, minimizes uncertainty, and protects assets from unnecessary erosion and disputes. It also creates financial security for loved ones, supports business succession and continuity, and facilitates long-term investment and legacy planning.
General News
Nearpays, Nigerian Fintech Becomes First African Startup to Win UN’s AI for Good Innovation Factory
Nearpays, Nigerian fintech, has won the AI for Good Innovation Factory grand finale — the first African startup ever to take the global title in the competition, which runs as part of the United Nations’ AI for Good Global Summit.
The competition drew more than 500 startups worldwide, each pitching AI solutions aimed at social and economic challenges.
The summit itself is organised by the UN through the International Telecommunication Union (ITU) in partnership with several UN agencies, convening governments, researchers, startups, and technology companies around AI’s role in development.
Nearpays’ route to the title ran through Johannesburg, where it won the African regional competition, before advancing to the global finals in Geneva.
There, the company progressed through the semi-finals and claimed the grand finale — a first for the continent.
The company describes the win as bigger than a corporate milestone, calling it a victory for African innovation and proof that technology built to solve local problems can compete, and win, on the world stage.
Nearpays was founded to close a stubborn gap in African payments: small and medium-sized businesses that can’t afford or access traditional point-of-sale terminals.
Cost, availability, and deployment hurdles have kept many merchants — particularly in rural and underserved communities — locked out of digital payments.
Its answer is SoftPOS: an AI-powered platform that turns compatible Android smartphones into payment acceptance devices, letting merchants take contactless card payments with nothing more than their phones. AI is embedded across the platform, supporting payment processing, compliance, fraud detection, and business operations.
Crucially, the platform was built for African infrastructure realities — it works both online and offline, so merchants can keep accepting payments even without internet connectivity.
The company credited its team’s years of product development and customer engagement for the result, and thanked the UN, the ITU, and the AI for Good initiative for building a platform where innovators can apply AI to real-world problems.
It also said it hopes the win encourages more African founders to build technology that answers local needs while competing internationally.
For Nearpays, the title closes one chapter and opens another, as the company pushes on with expanding digital financial infrastructure across Afric
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