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TETFund Plans 24 Skills Innovation Center Nationwide

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Tertiary Education Trust Fund (TETFund), on behalf of the Federal Government, has announced its intention to establish twenty-four skills and innovation centers across Nigeria.

TETFund Plans 24 Skills Innovation Center Nationwide

This initiative aims to help Nigerians reach their full potential and enhance productivity.

The collaboration between TETFund and Innov8 Hub highlights a dedication to providing learners and researchers from colleges of education, polytechnics, and universities with tangible skills and resources essential for conducting impactful research.

During a visit to the Innov8 Hub, located along UMAR Musa Yaradua Airport Road in Abuja, Prof Tahir Mamman, minister of Education, expressed his appreciation for TETfund and the Innov8 Hub, acknowledging their efforts in providing learners and researchers from colleges of education, polytechnics, and universities with a practical and impactful platform for undertaking research.

Mamman restated the government’s commitment to empowering Nigerian youths, including those from internally displaced persons (IDP) camps. The goal is to enable them to actively contribute to the country’s socio-economic development through skill acquisition and innovation.

Innov8 serves as a hub for innovation start-up incubation, technology transfer, knowledge and skill development, prototype creation, and fabrication.

TETFund is collaborating with Innov8 Hub to offer practical training and mentorship to Nigerian youths and academics. This partnership aims to produce graduates with employable skills and to boost research efforts.

 

 

 


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NAICOM Sacks African Alliance Insurance Board

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The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.

The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.

The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.

The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.

He noted that the interim management has up to one year to turn around the company.

He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.

”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.

“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

 


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EFCC Arrests 4 Suspected Bank Hackers in Abuja

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Economic and Financial Crimes Commission (EFCC) has arrested four suspected bank hackers in Abuja for alleged conspiracy, unauthorized access to banks’ computer systems and fraudulent withdrawal of depositors’ funds.

EFCC Arrests 4 Suspected Bank Hackers in Abuja

The suspects are Chima Anthony Nwigwe, suspected leader of the hacking syndicate alongside three others: Effiong Victor Emmanuel, Mohammed Bello Mahmud, the managing director, Downstone Ultimate Limited, and Daminan Ali.

Dele Oyewale, spokesperson, EFCC, said in a statement on Tuesday, that the suspects were arrested in a sting operation in Abuja following actionable intelligence about their suspected involvement in hacking, compromising databases of commercial banks, thereby causing fraudulent transfers and withdrawals through different digital platforms.

He also noted that the suspects would be charged to court upon conclusion of investigations.

 

 

 


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PalmPay Recognized for Driving Financial Inclusion @ BrandCom Awards

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PalmPay, Nigeria’s  fintech platform, was awarded the Most Outstanding Fintech Driving Financial Inclusion at the prestigious BrandCom Awards 2024, held on October 26th.

The award, presented by Brand Communicator, celebrates Palmpay’s remarkable contribution to expanding financial inclusion across Nigeria.

The recognition from Brand Communicator reflects PalmPay’s commitment to bridging financial gaps and expanding access to reliable financial services for millions of Nigerians.. Since its launch in 2019, PalmPay has prioritized empowering underserved communities with innovative tools that enable seamless transactions.

“At PalmPay, we believe financial inclusion is the foundation for economic empowerment, and we’re dedicated to ensuring that every Nigerian has access to secure, user-friendly, and reliable financial services,” said Hanson Femi, Head of Marketing and Communications at PalmPay.

“This award highlights the collective efforts of our team and partners who work tirelessly to make financial services more accessible to underserved communities across the country.”

PalmPay’s broad suite of digital offerings, includes instant transfers, bill payments, and its newly launched USSD feature, which is designed to make banking easily accessible to all.

Today, PalmPay’s app serves over 35 million users and connects 1.2 million businesses through its network of mobile money agents and merchants, cementing its role as a leader in the Nigerian fintech ecosystem.

With operations in Nigeria, Ghana, Tanzania, Kenya, and key international hubs like London, Hong Kong, Hangzhou, and Shenzhen, PalmPay is continually expanding its reach and impact.

 


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