E-Business
Insurance Operators Adopt Technology for Seamless Operations, Access to Customers
Insurance sector operators said they have invested heavily in acquiring technology that will make their operations seamless and accessible to customers through the introduction of dedicated platforms.
They have also announced a USSD code*555*11# that enables motorists check and verify authenticity of their motor insurance certificates. The insurers have also launched a website where all operators and agents are expected to upload the details of their motor insurance policy issued for record keeping and authentication.
Consequently, they said any motor insurance policy that could not be verified on the NIID portal is not authentic – even if it was bought from an insurance company.
Mrs. Yetunde Ilori, the Director General, Nigeria Insurers Association (NIA), stated this while addressing the media on the need for insurance buyers to ascertain the authentication or not of insurance certificate they hold.
She said policyholders must ensure the authenticity of their policies so that when claims occur, they could be compensated adequately.
She insisting that compensation could not be paid to those with fake motor insurance certificates whose status could not be ascertained on the NIID platform.
She said with the recent upward review of the premium rates for motor insurance by the National Insurance Commission (NAICOM), which took effect January 1, 2023, vehicle owners were entitled to enhanced compensations.
She gave instances of the various premium and claims attached on vehicle insurance adding that third party insurance premium rate for private motors is now N15,000 while the claims limit is N3 million; “Own goods third party premium N20,000 with N5 million compensation; Staff bus N20,000 premium with N3 million compensation; Commercial (trucks, general cartage) N100,000 premium with N5 million compensation; Special types N20,000 premium with N3 million compensation; Tricycle N5,000 with N2 million compensation; while Motorcycle has N3,000 premium with N1m compensation.”
The NIA DG said, “the policyholders whose vehicle insurance details had been uploaded on the NIID can check their motor insurance policy status by our website or by sending Short Messaging Service (SMS) to the USSD code *565*11# on any mobile phone with with or without internet access. You could enter your Vehicle Number or Insurance Policy number to confirm its authenticity. Once your particulars are entered, the result will appear right in front of you.”
E-Business
Microsoft to Boost AI Growth with $80Bn Investment
Microsoft has announced plans to invest $80 billion in the 2025 fiscal year to expand its data centre infrastructure.
The investment will focus on supporting the training of artificial intelligence (AI) models and the deployment of AI and cloud-based applications.
The company disclosed this initiative in a blog post on Friday, emphasising its commitment to advancing AI and cloud technology.
Since OpenAI launched ChatGPT in 2022, investment in AI has surged as businesses across sectors strive to integrate artificial intelligence into their products and services.
AI requires enormous computing power, pushing demand for specialised data centres that enable tech companies to link thousands of chips together in clusters.
Before now, Microsoft has invested billions of dollars to enhance its AI infrastructure, broadening its data centre network.
Analysts project Microsoft’s fiscal 2025 capital expenditure, including capital leases, to reach $84.24 billion, according to Visible Alpha.
The company’s capital expenditure in the first quarter of the fiscal year rose by 5.3% to $20 billion.
As the primary backer of OpenAI, the tech giant is considered a leading player among Big Tech companies in the AI race, owing to its exclusive partnership with the AI chatbot developer.
More than half of Microsoft’s $80 billion investment will be allocated to the United States, Brad Smith, vice chair and president noted in the blog post.
“Today, the United States leads the global AI race due to the investment of private capital and innovations by American companies of all sizes, from dynamic start-ups to well-established enterprises,” Smith remarked.
E-Business
NDPC to Impose Heavy Fines on Defaulting Data Processors, Controllers this Year
Nigeria Data Protection Commission (NDPC) has announced plans to significantly ramp up enforcement and impose substantial fines on data controllers and processors that violate the Nigeria Data Protection Act (NDPA) of 2023.
This was disclosed by Dr Vincent Olatunji, national commissioner/CEO of the Commission, in a video message outlining the Commission’s 2025 agenda, shared on the agency’s social media platforms.
A statement issued by the Communications Division of the Commission on Friday quoted Dr Olatunji as saying that, “For data controllers and processors, there is going to be massive enforcement. We have never really issued any fine, but going forward, you’ll hear us giving heavy penalties.”
He assured Nigerians that their data rights, as guaranteed by the NDPA, will be fully protected, and defaulting data controllers and processors will face strict consequences.
The Commissioner highlighted the NDPC’s extensive engagements with stakeholders across public and private sectors to promote awareness and compliance with the Commission’s mandate.
The efforts, he said, have resulted in the signing of Memorandums of Understanding (MOUs) with key organisations, including the National Insurance Commission (NAICOM), National Lottery Regulatory Commission (NLRC), the Data Privacy Office of Canada, and the Dubai International Financial Centre Authority (DIFC), among others.
Dr Olatunji also shared that the NDPC will advance to the second phase of its Strategic Roadmap and Action Plan (NDP-SRAP 2023-2027) in 2025.
This phase is expected to create job opportunities within Nigeria’s data protection and privacy ecosystem, particularly for young people.
The Commission has been actively training Nigerians in data protection and privacy, creating a pool of globally competitive experts within the data protection sector in 2025.
“There are a lot of data controllers and processors that are looking for people to work with them. Now those that we have trained in 2024, those we have certified, we are going to do more this year to actually launch them to the job market where they can really work with data controllers and processors,” he said.
Additionally, the NDPC will continue nationwide efforts to promote data protection awareness.
The Commission aims to educate citizens about their rights and the importance of data privacy while reminding data controllers and processors of their obligations under the NDP Act.
Dr Olatunji emphasised that these initiatives are part of the broader goal to embed a culture of data protection and privacy in Nigeria.
As part of its international engagement efforts, Nigeria will host the “Network of African Data Protection Authorities Conference” in May 2025, with over 40 nations with existing data protection laws expected to attend.
According to Dr Olatunji, this global event will position Nigeria as a leader in the data protection ecosystem, and bring significant economic benefits to the country.
The NDPC reiterated its commitment to ensuring data protection and privacy become integral to Nigeria’s digital landscape, building trust and fostering economic growth, the statement added.
E-Business
NIPOST Reports 275 Percent Revenue Growth in 2024
Nigeria Postal Service (NIPOST), achieved a 275 percent increase in revenue for the year 2024, according to Tola Odeyemi, postmaster general.
At the beginning of the year, NIPOST set an ambitious target of generating N10 billion in revenue.
Although specific figures for the end of the year were not disclosed, the reported increase suggests a significant recovery for the postal service, which had previously faced consistent decline.
Odeyemi, who made the disclosure while listing NIPOST’s achievements for the year recently, attributed the growth to a series of reforms aimed at enhancing service quality and eliminating revenue leakages
The NIPOST boss detailed the steps taken to boost revenue, noting the implementation of Point of Sale (PoS) terminals in high-transaction areas, which has streamlined payment processes and improved customer experience.
She said, “One of the major achievements for us in 2024 has been a 275% increase in revenue from 2023. We achieved this by plugging a lot of the revenue leakages that we have by deploying PoS terminals for payment in our high transaction areas, as well as ensuring that our quality of service goes up.”
Looking ahead, Odeyemi outlined NIPOST’s plans to sustain this growth trajectory.
She said the organisation has embarked on renovations and upgrades of key locations in Abuja, Lagos, and Kaduna, alongside enhancements to the Postal Institute, which is central to the agency’s change management initiatives.
Furthermore, she stated that NIPOST is gearing up for several major developments in 2025, including the rollout of a national addressing system and digital postcode services, specialised logistics for agriculture and healthcare, and a relaunch of its financial services.
“There will be infrastructure upgrades, which will take place across the Federation and there will be an increase in access to government services through your local NIPOST location,” she said.
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