General News
Expert Tasks Operators on Slow Pace of Insurance Growth
Notwithstanding the efforts of stakeholders aimed at rising the stakes of the insurance sector, expert opinion have indicated that the industry is not growing at a corresponding rate. According to a financial analyst, Mr. Anddy Okamoso, the Nigerian environment does not follow some of the economic principles that are known in the world. He stated that it was quite unfortunate that in Nigeria, banks have so much money in their kitty and yet they do not lend this money out to the relevant sectors of the economy that need this fund to develop their sectors. He stressed that if the situation persists, the economy not growing, he advised the government to come out with directives, so that banks can give out loans at a given rate. Okamoso who is also the managing director of ABC Consulting Group stated that insurance business is at its lowest ebb in Nigeria, adding that most Nigerians don’t know what is called insurance and due to the poor take in this area, the insurance industry is not growing the way it should.
He acknowledged the efforts of the Nigerian Insurers’ Association (NIA) whose wonderful leadership role has been of immense benefit to the operators. He called for a review of some of the current laws guiding the industry which accounts for the slow pace of development over the years. He particularly tasked the Loss adjusters to review some of their operations and the aged long public belief that they are ready tools in the hands of insurers especially in furthering their nefarious activities. For instance, he faulted the scale of adjuster’s fees which he said needed a review in line with growing industry demand. If improved upon, he added, the loss adjusters will be better encouraged and such morale booster would have a multiplier effect on the industry at large. As it is now, the scale of fees are not attractive to work with when compared with what operates in the international scene. For instance in Europe and elsewhere, loss adjusters apply hourly rates and therefore receive living income from professional services rendered. Unfortunately, here in Nigeria, the last scale of fees which loss adjusters are using was the one agreed upon with Nigeria Insurers Association in 1992. Unfortunately, the Institute of Loss Adjusters itself has come out to say that their efforts have been frustrated in the past by the Nigeria Insurers Association (NIA) Governing Council. The financial consultant called on the National Insurance Commission (NAICOM) to look into the issue. He stated that one of the contending factors is that there seems to be a gap between them and underwriters whom they have accused in time past for either delaying or even forgetting to pay loss adjusters fees. He stressed that in an ideal situation, the claimant’s cheque and the loss adjuster’s bill ought to be processed at the same time and promptly. While claiming not to hold fort for adjusters, Okamoso canvassed a role for them under the Employee Compensation Bill. For now, he said, adjusters are not involved in that business, stressing that insurance firms are offering the service on workman compensation, a situation he said was not necessary. It will be counter productive, except they want to repeal all the laws that are already in place. He warned that If the bill as allowed, to go through, the employees also should be allowed to have option, adding that the current fight by the insurers for a fair representation was a fight in the right direction.
He called on government to be actively involved in shaping the industry if there would be any sustainable results in on-going economic revival policies.
Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.
While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.
“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.
He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.
Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.
The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.
Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.
The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.
While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.
He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”
Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”
She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.
She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.
With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.
The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.
The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.
These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.
Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.
Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.
Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.
The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.
It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.
Economic and Financial Crimes Commission has declared one foreign national, Elie Bitar wanted for his alleged involvement in a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.
According to an official bulletin issued by the Commission, Bitar, 41, is wanted for a suspected fraudulent scheme carried out via CBEX, which has reportedly defrauded multiple unsuspecting investors across Nigeria.
“The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the EFCC stated.
The Commission disclosed that Bitar’s last known address is at Eng. George Enemoh Crescent, Lekki Phase 1, Lekki, Lagos State.
The EFCC has urged anyone with useful information regarding Bitar’s whereabouts to contact any of its zonal offices in Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja.
The public can also reach the commission via the phone number 08093322644 or email at info@efcc.gov.ng.
CBEX emerged in the wake of Nigeria’s growing appetite for cryptocurrency investments.
It promised users quick and high returns through crypto trading and investments but soon drew suspicion over its lack of regulatory compliance and transparency.
The EFCC’s investigation into CBEX has reportedly uncovered a trail of transactions linked to Bitar and individuals, some of whom have been arrested.
Head of Media and Publicity at the EFCC, Dele Oyewale, signed the wanted notice, reaffirming the agency’s commitment to tracking down individuals exploiting Nigerians through financial fraud schemes.
NITDA Inaugurates Start-up Consultative Forum
NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams
Firm Warns Against AI Password Generation @ World Password Day
FG Partners UK to Combat Cross-border Cyber-crime
CBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations
News3 days agoNBC Loses Appeal as Tribunal Upholds ₦190m Fine for Misleading Packaging
Telecom3 days agoMTN’s Talent Hunt Returns: A Stage for Nigeria’s Next Creative Stars
Telecom2 days agoEmerging Technologies, Cybersecurity, Others Form Key Focus of NCA 2003 Review
E-Business2 days agoCAC to Prosecute Business Owners Operating Without Registration
E-Financial3 days agoCBN Urges Banks to Source FX for PAPSS Settlement Through NFEM
News3 days agoUS Identifies Corruption as Key Barrier to Trade and Investment in Nigeria
E-Financial16 hours agoCBN Slams ₦250m Fine on Paystack Over Zap Wallet Operations
General News3 days agoWanted CBEX Promoter Surrenders to EFCC Amid $1 Billion Fraud Probe