General News
Culture, Ignorance; Barrier to Raising Life Assurance
Life Assurance is one of the most crucial areas in the products-line of insurance. While it is as old as the general insurance business, industry watchers have watched with dismay, the slow pace of life insurance business in Nigeria. Indications are that it is lowly patronized because of certain inhibiting factors which are peculiar to Nigeria. They identified religion, culture, illiteracy, ignorance and tradition as some of the major barriers to the expected rate of life insurance growth. For instance culture, ignorance and tradition have made people to think that it is a taboo to plan ahead in case of death or permanent disability.
A lot of people do not even know the meaning of life insurance. The situation is made more complex against the perception that insurance companies do not pay claims. The question they often ask in ignorance is ‘if insurance companies are noted for non-payment of claims even to the living, what guarantee does the dead have that his dependants would be compensated fully in the advent of death of the insured. It is therefore important that we understand the meaning and different segments on which insurance revolves.
What is life assurance and what are the fundamental types that are popular in Nigeria.
First and foremost, the primary purpose of insurance is to insure against the loss of income which may arise in the event of death of the income earner. However the application of this policy has been modified in different locations, to suit their peculiar needs.
According to Monday Aleogo an insurance practitioner, “most empowerment assurance are programmed to save for the future needs of the policy holder but whatever the adaptations may be, there are three main types of life assurance which are popular in Nigeria. There are also some evolving ones in the products arsenal of the insurance the consolidation of the industry.
To fully understand life assurance, it is instructive to know that there are three main types. These are the Term Assurance, Whole Life Assurance and Endowerment Assurance.
Term Assurance
As the name implies, Term Assurance is an assurance entered into for a fixed period. During the period, the policy holder agrees to pay the sum assured in the event of the life assured dying within the stipulated period. Aleogo opined that there are some term assurances popular in some countries which are gradually creeping into Nigeria. For instance, there could be a term assurance for only 12 months or six, depending on the circumstances. He said “it is not unlikely for a creditor to obtain a short term policy on the life of his debtor until the debt has been fully liquidated.”
In Nigeria, the most important aspects of life assurance are the ones which are in place permanently throughout the duration of the contract as long as the periodical payments of premiums remain in place.
On the other hand, Whole Life Assurance means that the insurer undertakes to pay the sum assured in the event of death of the assured life. Whole assurance is undertaken by all life Insurance companies operating in Nigeria. It is particularly meant for the family man who wants to provide for his dependants in the case of death.
In servicing this type of insurance, premiums may be paid as agreed or it could be monthly, quarterly or annually.
This class has also received some amendments over the years.
Interestingly too, there are now policies which provide for cessation of premium payment at a given age.
In some cases, there could be an agreement that at the age of 60, premium payments would stop or specifically at the time after his retirement.
Endowerment assurance is an assurance that at a certain age or when the assured dies, the assured will pay the sum assured.
For instance, if a man, aged 30 years, takes out a 30years endowment for a sum assured of N5million, it means that he will be paid that actual sum of N5million at the age of 60years, if he survives it. However if he dies before that time, the assured sum will be paid to his dependants as specified in the contract.
There are variations under the term of years under the endowerment scheme. It could be for a 10 -year period, but whatever the period stated, the rate of premium payable is higher for shorter periods.
Over the years, the life insurance – conscious people have been noted to be more interested in endowerment than whole life policies. This is probably because, under the endowerment assurance, the assured life obtains the policy money until the time of maturity comes.
The endowerment assurance provides a kind of savings under a given purpose as well as providing compensation as the case may be, in the event of death.
The insurance practitioner said the dynamics of the society now beckon on Nigerian more than ever before to adopt any suitable life assurance especially as the society becomes more complex by virtue of technology which has made the whole world a global village’s.
General News
NIMC Sets 48-hour Deadline for Diaspora Partners to Activate New Licences

The National Identity Management Commission (NIMC) has given its Diaspora Front-End Partners (FEPs) 48 hours to obtain and activate their National Identification Number (NIN) enrolment licences on its newly upgraded diaspora enrolment platform.
The commission said the deadline followed the successful completion of a major upgrade aimed at improving the security, efficiency and reliability of NIN registration for Nigerians living abroad.
According to NIMC, the upgraded platform will offer a more seamless and robust service to diaspora applicants, ensuring faster processing and better data protection. To prepare for the transition, all FEPs have been onboarded onto the new system and taken through intensive training to equip them with the knowledge needed for effective management of the platform.
Once compliant partners activate their licences, Nigerians abroad will be able to access NIN enrolment services through them without disruption.
“The Commission apologises for any inconvenience the upgrade process might have caused and has set up a dedicated service team to resolve all issues related to diaspora enrolment,” NIMC said in a statement signed by Dr. Kayode Adegoke, its head of corporate communications.
Diaspora applicants experiencing difficulties have been advised to contact the commission for prompt assistance.
While the new system rolls out overseas, NIN enrolment continues across all centres in Nigeria, with applicants able to locate their nearest centres on the NIMC website. Nigerians at home or abroad can also modify their NIN data via the online self-service portal.
NIMC further encouraged NIN holders to download the NIMC NINAuth App on iOS or Google Play to instantly verify their NIN, control who can access their information, and enjoy secure authentication services.
General News
Why Youth Engagement is Nigeria’s Agricultural Imperative

By Diana Tenebe, Chief Operating Officer, Foodstuff Store
Nigeria stands at a critical juncture, faced with a demographic reality that is both its greatest asset and a significant challenge. With a population where almost 70% are under the age of 30, the nation’s future is undeniably in the hands of its youth.
Yet, the agricultural sector, the traditional backbone of the economy, is in a state of crisis, with an aging farming population and a notable disinterest from the younger generation. This disconnect poses a serious threat to our food security, economic stability, and long-term sustainable development. To navigate this, Nigeria must embark on a deliberate and multi-faceted mission to transform agriculture from a career of last resort into a dynamic, profitable, and respected profession for its youth.
The perception of farming as a life of drudgery, poverty, and limited opportunity is deeply ingrained in the minds of many young Nigerians. This is not without reason. The sector is often associated with backbreaking labor, outdated methods, and significant financial risk. The lack of access to land, credit, and modern technology creates a formidable barrier to entry, pushing aspiring young people towards often non-existent or poorly paid urban jobs. This exodus from rural areas exacerbates the issue, leaving an agricultural sector in need of fresh ideas and a renewed workforce.
To reverse this trend, we must begin by transforming the very image of agriculture. Education is the key. Integrating agriculture, food, and nutrition into the national curriculum from primary school upwards can fundamentally change how young people view the sector. By making it a compulsory subject in secondary schools, we can equip students with practical knowledge and foster an appreciation for the vast opportunities within the food system. School gardens and ‘Farm to School’ initiatives can provide hands-on experience, connecting young minds with the processes of food production and the rewards of a healthy community. By promoting farming as a business, not just a means of subsistence, we can highlight its potential for profitability and professionalism.
Crucially, young Nigerians need to see that success in agriculture is not just possible, but a reality. Showcasing successful young farmers and agripreneurs through media campaigns, documentaries, and digital platforms like Agribusiness TV can provide powerful role models. These stories of innovation, resilience, and financial success can inspire a new generation to reconsider their career paths. Peer-to-peer learning, where successful young farmers share their evidence-based success, is an effective way to demonstrate the viability of modern agricultural practices and encourage others to follow suit.
Beyond changing perceptions, we must address the tangible barriers to entry. Access to finance is paramount. Innovative funding models, including grants, subsidies, and venture capital funds specifically for young agricultural entrepreneurs, can ease the initial burden of starting an agribusiness. Policy reforms that simplify land acquisition and promote cooperative farming models are essential to ensure young people have access to the resources they need. Furthermore, providing training in technical, business, and financial literacy will empower them to develop robust business plans and attract investment.
Perhaps the most potent tool for attracting Nigeria’s tech-savvy youth is technology itself. Modern agriculture is a far cry from the old-school image of a farmer with a hoe. Digital technologies, from mobile apps that provide real-time market prices to blockchain for product traceability, can connect young farmers directly to markets and streamline their operations. The introduction of technologies like hydroponics, aquaponics, and automated farm machinery not only reduces drudgery but also offers attractive, quick-return opportunities. By promoting agri-tech startups and establishing ICT training centers for rural youth, we can position agriculture as a hub of innovation.
The government has a vital role to play in fostering an enabling environment. Initiatives like the National Young Farmers Scheme and partnerships such as the one between the Federal Government and Niger State to empower 100,000 youths are commendable steps. Continued public investment, alongside the involvement of youth in policy dialogue, will signal a genuine commitment to their future in the sector.
Engaging Nigeria’s youth in agriculture is not merely an option—it is a national imperative. By transforming perception, enhancing access to resources, and leveraging technology, we can unlock their immense potential, ensuring a sustainable and prosperous future for the entire nation. The time to act is now.
General News
Kuwait Busts Nigerian Cybercrime Ring Targeting Telecom Tower, Banks

Kuwait’s Criminal Security Sector has dismantled an international cybercrime ring composed of Nigerians responsible for coordinated attacks on telecommunications towers and banks, the Ministry of Interior announced on Sunday.
According to Arabic-language daily Al Qabas, the case was initiated after the Communication and Information Technology Regulatory Authority reported cyber intrusions targeting local telecom networks.
Specialised security teams quickly launched an investigation, discovering that the suspects used advanced electronic devices to breach networks and distribute mass phishing messages impersonating banks, aiming to steal account information and siphon funds.
Signal-tracking technology led investigators to a vehicle in the Salmiya area.
When authorities attempted to stop the vehicle, the driver tried to flee, colliding with several cars before being apprehended following a fierce struggle.
A search of the vehicle uncovered sophisticated electronic equipment and various technical tools.
Upon investigation, the suspect confessed to collaborating with an accomplice to hack telecom networks and send fraudulent messages posing as banks and telecommunications companies.
Police subsequently located and arrested the second suspect, and a search of their residence uncovered additional devices used to analyse the stolen data.
Both suspects, along with the seized equipment, have been handed over to the relevant authorities for prosecution.
The Ministry of Interior reaffirmed its commitment to protecting the nation’s cybersecurity and intensifying efforts to combat electronic fraud targeting both citizens and residents.
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