General News
Allianz Risk Barometer Says Corruption, Burden on Nigerian Businesses

The Allianz Risk Barometer 2018 report has revealed that theft, fraud and corruption as the top risk in Nigeria with 38% of responses, up from #4 in 2017.
Market developments remains unchanged at #2 at 36% of responses and changes in legislation & regulation also remains unmoved at #3 with 33% of responses.
Fire, explosion and power blackouts (both #7 with 16% of responses) emerged as two new risks in the top 10.
Cyber incidents remains at #5 at 29%, political risks and violence is unmoved at #6 with 24%, macroeconomic developments is #4 at 31% of responses down from #1 in 2017, business interruption moves down slightly from #8 to #9 with 16% responses and new technologies maintains the 10th position at 11%. The report is published annually by Allianz Global Corporate & Specialty (AGCS), and is based on the insight of a record 1,911 risk experts from 80 countries.
Studies show that corruption is a significant obstacle to business in Nigeria. Companies are very likely to encounter bribery and other corrupt practices.
Corruption also features as a top 10 risk in West African countries, Togo and Ivory Coast, which participated in the survey for the first time.
To provide financial protection for managers against the consequences of actual or alleged “wrongful acts” when acting in the scope of their managerial duties, companies may consider taking up Director & Officers (D&O) insurance.
The D&O policy will pay for defense costs and financial losses. In addition, extensions to many D&O policies also cover costs for managers generated by administrative and criminal proceedings or in the course of investigations by regulators or criminal prosecutors.
The market and economic conditions are improving. “Recently, Nigeria resolved a six-quarter recession and an exchange rate crisis. A better business environment, as well as the recovery of oil prices should help accelerate growth in 2018 to over 2.5% from 0.8% in 2017. However, the inflation persistence to around 12.9% in 2018 may well trigger another depreciation pressure on the Naira,” said Stéphane Colliac, Senior Economist from AGCS sister company, Euler Hermes.
Businesses’ perception of the threat posed by political risks and violence remains relatively unchanged year-on-year. However, respondents are more worried about terrorism. Businesses do not have to be the direct victim to feel the effects. If an attack occurs nearby, the surrounding area may be closed, impacting operations. Globally, a general trend of increased political activism can be anticipated, causing further disruption.
Business interruption (BI) can have a tremendous effect on a company’s revenues. Yet its impact is one of the hardest risks to measure. “No business is too small to be impacted,” says AGCS Africa CEO Thusang Mahlangu, “A severe interruption can even have a terminal impact, particularly for smaller companies. But as many businesses transition from being rich in physical assets to deriving more value from intangibles and services, increasingly, BI is being triggered by non-traditional risk exposures which don’t cause physical damage but result in lost income – so-called nondamage business interruption (NDBI).”
Fire, explosion, which is a major source of BI, is a serious concern for Nigerian businesses, especially considering the many incidents that occurred in 2017. As one of the world’s largest oil and gas producers, the country is highly susceptible to accidental fires that may interrupt power supplies. It is a known fact that power blackouts are prominent in the region. In fact, in a recent outage across the country, the ministry of power blamed it on a fire at a gas pipeline system that interrupted gas supply and affected the national transmission grid. Local businesses should ensure they have a sufficient backup or risk management plan for the production halt.
Cyber incidents through events such as WannaCry and Petya ransomware attacks brought significant financial losses to a large number of businesses. Cyber threats also vary according to company size or industry. “Small companies are likely to be crippled if hit with a ransomware attack, while larger firms are targets of a greater range of threats, such as the DDoS attacks which can overwhelm systems,” says AGCS Cyber Insurance Expert Nobuhle Nkosi.
New technologies rank as the second top risk for the long-term future after cyber incidents globally, with which it is closely interlinked. Vulnerability of automated or even autonomous or self-learning machines to failure or malicious cyber acts, such as extortion or espionage, will increase in future and could have a significant impact if critical infrastructure, such as IT networks or power supply, are involved.
“Although there may be fewer smaller losses due to automation and monitoring minimizing the human error factor, this may be replaced by the potential for large-scale losses, once an incident happens,” explains Michael Bruch, Head of Emerging Trends, AGCS. “Businesses also have to prepare for new risks and liabilities as responsibilities shift from human to machine, and therefore to the manufacturer or software supplier. Assignment and coverage of liability will become much more challenging in future.”
General News
Reps Propose N3,500 Daily Wage for Unskilled Labour

House of Representatives is considering a bill seeking to promote sustainable rural development, reduce poverty, and enhance the livelihoods of Nigerians living in agrarian communities.

Titled “The National Integrated Rural Development Bill, 2025,” the proposed legislation aims to provide wage employment opportunities for unskilled labourers in rural areas, guaranteeing a daily wage of N3,500 for every employed adult household member.
Sponsored by Hon. Marcus Onobun, member representing Esan Central/Esan West/Igueben Federal Constituency of Edo State, the bill, which is awaiting its second reading on the floor of the Green Chamber, seeks to establish a legal and institutional framework to promote sustainable development across Nigeria’s rural regions.
The proposed law applies to all rural areas within Nigeria’s territorial boundaries as defined by relevant demographic and economic criteria.
Part III of the bill provides that every adult household in rural communities who volunteers for unskilled manual work through local development projects shall be guaranteed a minimum of 100 days of paid employment per fiscal year.
“The Agency shall ensure that every rural household, whose adult members volunteer to do unskilled manual work through local development projects, is guaranteed a minimum of 100 days of wage employment per fiscal year,” the bill states.
“Every employed adult household shall be entitled to a daily wage of N3,500 for each day of work.”
The legislation also proposes the creation of the National Integrated Rural Development Agency, which will oversee and coordinate the implementation of rural development programmes across the country. The Agency’s responsibilities will include monitoring and evaluating projects, promoting innovation and technology adoption, and facilitating collaboration among relevant ministries and stakeholders.
In a bid to ensure inclusivity, one-third of the employment opportunities under the proposed scheme will be reserved for women in rural communities.
The bill further outlines objectives such as reducing rural poverty, improving agricultural productivity, ensuring food security, and enhancing access to education, healthcare, and other essential social services.
The proposed law also recommends the establishment of a Governing Council for the Agency, with its Chairman to be appointed by the President on the recommendation of the Minister of Agriculture and Food Security.
Additionally, all revenues generated by the Agency will be exempted from income tax, while contributions to its fund will be tax-deductible.
Speaking on the significance of the bill, Hon. Onobun said it seeks to tackle one of Nigeria’s most persistent socio-economic challenges rural poverty.
“This bill aims to promote sustainable rural development across the nation by reducing poverty, improving infrastructure, and enhancing livelihoods through integrated and coordinated efforts,” he said.
Despite Nigeria’s vast natural and human resources, the country continues to struggle with widespread rural underdevelopment.
According to the National Bureau of Statistics (NBS) and the United Nations Development Programme (UNDP), about 63% of Nigerians roughly 133 million people were classified as multidimensionally poor as of 2024, with the highest rates recorded in the northern regions and conflict-prone parts of the Middle Belt.
General News
Ndukwe Kalu Foundation 2025 COSPRA Summit Focuses on Empowering Digital Citizens, Building a Safer Online Generation

The Ndukwe Kalu Foundation (NKF) has announced the much-anticipated 2025 edition of its flagship Child Online Safety Protection and Reporting of Abuse (COSPRA) Summit, themed “Empowering Digital Citizens: Building a Safer Online Generation.”

This groundbreaking summit, proudly sponsored by the Nigeria Internet Registration Association (NiRA), will unite Nigeria’s leading voices in technology, education, and child protection to address one of the most urgent challenges of our time — creating a safer digital space for children and young people.
With key implementing partners and co-sponsors: including the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), Internet Society (ISOC), National Agency for the Prohibition of Trafficking in Persons (NAPTIP), and the Lagos State Education Board, COSPRA 2025 is set to spark a national movement toward responsible digital citizenship.
According to Ms. Erica Okibe, Executive Secretary of the Ndukwe Kalu Foundation: “COSPRA isn’t just another summit — it’s a clarion call to action. We are uniting institutions, parents, and digital stakeholders to empower our young people to thrive safely and responsibly in the online world.”
Now in its flagship phase, COSPRA has become a rallying point for government agencies, educators, innovators, and advocates working to combat online abuse, misinformation, and child exploitation. The 2025 edition will feature interactive panels, policy dialogues, youth innovation showcases, and a national pledge for child online safety and is scheduled to hold on the 20th of November, at the Afe Babalola Hall at the University of Lagos.
As Nigeria’s digital space continues to expand, COSPRA stands as a bold reminder that protecting children online is not optional — it’s essential.
General News
No Federal Character Breach in 2025 NCC Promotions — NCSCN

National Civil Society Council of Nigeria (NCSCN) has cleared the Nigerian Communications Commission (NCC) of allegations of bias and victimization in its 2025 staff promotion exercise, describing the controversy as a product of misinformation and internal sabotage.

In a statement issued over the weekend, Blessing Akinlosotu, executive director of the Council, said findings from the Council’s independent inquiry revealed that the NCC’s promotional examination under the leadership of Dr. Aminu Maida, executive vice chairman, was conducted strictly in line with Public Service Rules and established institutional procedures.
Akinlosotu said the Council was compelled to intervene following multiple petitions and media reports alleging irregularities, marginalization, and breach of federal character in the promotion process.
According to him, the NCSCN launched an extensive fact-finding mission, held sessions with management, and engaged some of the aggrieved staff before arriving at its conclusion.
The NCSCN noted that while some staff passed the exams but were not promoted due to manpower limits, the Commission followed a clear and objective scoring framework.
Akinlosotu added that participants were provided with performance summaries and encouraged to seek clarification through proper internal channels.
He disclosed that the Council’s review team found no grievous breach of fairness, adding that no human endeavor can be absolutely perfect.
He further explained that the team observed minor administrative lapses which the NCC had since acknowledged and apologized for through its Human Capital Department.
On the performance of the NCC’s new leadership, the Council commended Maida for what it termed as a visionary and transparent approach to regulation, noting significant improvements in accountability and consumer protection since his assumption of office.
The NCSCN, however, cautioned staff members fueling discontent within the Commission, describing them as “internal saboteurs” bent on tarnishing the image of the organisation.
It warned that the Council would not hesitate to expose such individuals if they continued to spread falsehoods.
The Council also appealed to the media to avoid sensationalism in reporting sensitive institutional matters, urging journalists to uphold professionalism and factual reporting in the public interest.
“Our investigation found that the promotional examination was conducted transparently, with panels drawn from all six geopolitical zones and the Federal Character Commission providing oversight. We discovered no evidence of deliberate marginalization or victimization.
“The current leadership has demonstrated an impressive commitment to transparency, innovation, and service improvement in the telecommunications sector.
“We call on all aggrieved staff to explore internal mechanisms for redress instead of embarking on campaigns of calumny against a performing leadership,” the statement read in parts”, Akinlosotu stated.
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