The National Insurance Commission (NAICOM), and the United Nations Development Programme (UNDP) recently took their Insurance Literacy and Consumer Protection Campaign to Wuse Market, Abuja.

NAICOM said the campaign was targeted at educating traders and the general public on the importance of insurance.

The campaign, tagged “Insurance Literacy and Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” also aimed at enhancing financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion among Nigerians.

The UNDP representative, Mrs Bukola Ifemade welcomed participants to the event and expressed appreciation to all stakeholders.

Key points in their discussions include Fire and Special Perils Insurance as a way to compensate traders for losses or damages caused by fire, storms, floods, and impact by vehicles or animals.

They also educated participants on the relevance of Goods in Transit Insurance policy saying it provides immediate financial compensation for losses or damages during transportation.

Accident Insurance policy the campaigners said offers financial compensation for injuries or deaths resulting from accidents. Life Insurance was described as a vital tool for leaving inheritance for dependents in the event of untimely death.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, emphasised NAICOM’s core mandate to protect policyholders and regulate the insurance industry.

Other stakeholders, including the Nigerian Council of Registered Insurance Brokers (NCRIB) and the Nigerian Insurers Association (NIA) also provided guidance on purchasing genuine insurance policies and verifying their authenticity to the participants.

Nigerian customers of Moniepoint, a fintech bank, have expressed widespread frustration and discontent with the company’s operations, citing numerous difficulties and challenges, according to PM News.

These complaints are coming on the heels of a recent revelation by the Nigerian Police Force, which exposed a scam involving two Nigerians who stole over N400 million using Moniepoint profiles

One such customer, Suleiman Abubakar Audu, shared his ordeal with the medium, revealing that his account, containing N522,000, had been inexplicably closed for over ten weeks.

Audu noted that despite providing all necessary documentation and repeatedly reaching out to the bank, his account remains inaccessible.

He further lamented that the situation has left him under significant financial stress.

Audu said: “Moniepoint blocked my account for over 10 weeks. I have provided all the necessary information but till now they didn’t release my account.”

He claimed that the bank also failed to provide any meaningful update.

Audu further lamented, saying: “I messaged them via all the handle begging for their reply and they keep telling me issues have been prioritised. I call them via phone call almost each and every day. They are just promising that it will be resolved and update will be provided via mail and till now no any update in the mail. They are just playing me around and I don’t even know the dimension of the issue.”

However, Audu’s experience is not an isolated incident as further investigations by PM News uncovered multiple customers facing similar challenges with Moniepoint.

Busayo Busayo, another disgruntled customer, reported that N50,000 had been deducted from her account since October 2024, with no refund forthcoming.

“Moniepoint na ole (are thieves). Since Oct, my 50k still dey with no refunds. Every time I chat them, different story,” she exclaimed.

Kelvin Doris, a student, also shared her frustrating experience, stating that a refund from Moniepoint to his UBA account had been delayed, leaving him without funds for his school fees.

“I did a refund on Monday from my Moniepoint to UBA, but I have not seen the money,” Doris stated.

Adeboye, another customer, alleged that Moniepoint had allowed someone to use his phone number to open an account in his name, raising concerns about the bank’s security measures.

He said: “Someone is using my number and account for moniepoint, OTP was sent to me twice when I didn’t request for it. I just ignored because I know it’s a work of scammers. next I see is congratulations your password was reset, and I was told that the account has been upgraded to merchant level.”

Orimisan Olakolegan, a Facebook user, also shared his experience, stating that his money had been stuck in Moniepoint since February 4, 2025, without any resolution.

“My money have stuck in moniepoint and their client since 4th February 2025 without any review,” Orimisan alleged.

In light of these allegations, customers urged the Federal Government of Nigeria and the Central Bank of Nigeria to investigate Moniepoint’s operations and address the numerous challenges faced by its customers.

The affected individuals also called for prompt action to rectify the situation and prevent further hardship.

Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately, as part of efforts to strengthen corporate governance and enhance risk management in the banking sector.

Olayemi Cardoso, Governor, Central Bank of Nigeria

The directive was issued in a circular signed by Adetona Adedeji, acting director of Banking Supervision.

Insider loans are the credit facilities granted by the bank to its executives, directors, employees, major shareholders, or other related parties.

The apex bank also directed banks to recover outstanding debts by enforcing collateral recovery and seizing shareholdings of affected directors.

Furthermore, banks must regularise all insider-related facilities within 180 days, particularly those that exceed limits prescribed in Section 19 (5) of the Banking and Other Financial Institutions Act (BOFIA), 2020, and were previously approved without specific timelines.

The CBN stated: “Directors with non-performing insider-related facilities are required to step down immediately from the board, while the bank should commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors.”

It also stressed the importance of compliance with Section 19 of BOFIA 2020, which limits insider-related loans:

“Banks are required to regularise within 180 days, all insider-related facilities above the limits prescribed in Section 19 (5) of BOFIA, 2020.

“Individual director-related facilities must be brought within the 5 per cent paid-up capital limit, while the aggregate insider facilities for the bank must not exceed 10 per cent of its paid-up capital.”

The CBN emphasized that compliance with these directives is effective immediately to uphold regulatory standards and corporate governance best practices.