E-Financial
Glo, NURTW Insurance Parley on Insurance Scheme
Globacom has received applause from Chief Emeka Wogu, minister of Labour and Productivity, as it launched an insurance scheme that will provide insurance cover for members of the National Union of Road Transport Workers (NURTW) against death and disability.
Wogu who was at the launch recently in Abuja lauded the company for its uncommon and unprecedented products and services.
The insurance scheme is called Security Verified Identity Card (SVID), which will provide comfort to families and relations of any NURTW member who dies or suffers permanent disability due to road accidents.
According to Mr. Steve Stretch, head, Glo Gateway, who delivered Globacom’s address at the launch, the immediate family of any NURTW member who dies in an accident will be paid the sum of N1million to cushion the effect of the death of their breadwinner, while a sum of N850, 000 will accrue to the family of any member who suffers permanent disability occasioned by road accident in the discharge of his daily activities.
“In as much as no one prays for accidents, we know that such can happen unannounced. When people die untimely in accidents or become incapacitated through accidents, their families suffer untold hardship, especially where such victims are the breadwinners. This is what Globacom wants to forestall with this scheme”, he said.
Mr. Stretch added that the peculiar nature of the daily activities of NURTW members who are permanently on the road, transiting from one part of the country to another, calls for a good life insurance package that will give hope to their families, should any unforeseen event happen.
“We also believe that family members of the NURTW, like any other families in other industries, should enjoy the basic things of life such as education of the children, feeding, clothing, etc., if the bread winner is incapacitated, or is no more available”, he said.
In addition to this, the SVID card will serve as identity cards and Automated Teller Machine (ATM) code cards for NURTW members.
To access these benefits, Mr. Stretch disclosed that members of the union will be expected to subscribe to the Globacom network and recharge with a minimum of N1,000 airtime every month, using their bank accounts on which the SVIDs have been programmed.
He said the telecoms company decided to institute the insurance scheme in order to make members of the union discharge their responsibilities of ensuring a seamless transportation network round the country confidently with the assurance that their families will be well catered for in the event of any occupational hazard.
Stretch recognised the important roles other partners will play in the initiative and thank them for joining Globacom to improve the lives of members of the NURTW.
SVID is a product launched in a partnership arrangement between Globacom, Capital 3 Limited, NURTW, Skye Bank Plc and Royal Exchange Assurance among other Insurance Underwriters.
In his remarks, Alhaji Najeem Usman Yasin, national president of NURTW said the welfare of his constituency propelled him and members of the union’s executive council to decide to partner with Globacom on the project.
He said the SVID will also help the union to have a comprehensive database of all members of the union pan Nigeria.
He thanked Glo for this support to power the insurance scheme and promised that all the members will key into it for their welfare.
Mr. Timothy Oguntayo, group managing director of Skye Bank, who was represented by Mr Tope Adewuyi, regional director for North Operations, disclosed that the bank believes that organizational objectives could be attained through the provision of quality, timely and efficient service.
“In this pursuit, it continues to conquer new frontiers in its operating environment and raising the bar of competition.”
Mr. Richard Borokinni, managing director, Royal exchange Assurance, affirmed that claims arising from the scheme will be paid promptly once accidents involving NURTW members are properly documented and referred to the insurance company.
The World Bank has predicted that Nigeria may likely see a rise in the levels of poverty over the next two years despite a moderate economic growth forecast.
The multilateral lender noted that while non-resource-rich countries are expected to continue reducing poverty and grow faster, resource-rich countries like Nigeria may drag due to declining oil prices.
”Resource-rich countries are expected to see less progress in terms of poverty reduction,” the World Bank said in its Africa Pulse report titled ‘Improving Governance and Delivering for People in Africa’.
“Importantly, poverty in resource-rich, fragile countries (which include large countries like the Democratic Republic of Congo and Nigeria) is expected to increase by 3.6 percentage points over 2022–27,” it added.
The Nigerian government has in the past two years provided various safety nets to ease the burden of the citizens, but these, on their own, may not be enough to lift millions off the poverty line.
The reforms which were implemented some 20 months ago, though came with a plethora of gains such as allowing the economy to be market-driven rather than artificial pegging, it’s nonetheless exacerbated poverty with the numbers rising from 104 million to 129 million people in a year.
According to the World Bank, Nigeria accounts for 19 percent of the share of poverty in Sub-Saharan Africa, followed by Congo, Ethiopia and Sudan with 14 percent, 9 percent and 6 percent respectively.
But despite the growing poverty, the Washington-based lender expects Africa’s most populous nation annual GDP to increase 3.6 percent in 2025 and 3.8 percent in two years. “Economic growth is expected to remain moderate in Nigeria,” the World Bank said.
“It is expected to increase from 3.4 percent in 2024 to 3.6 percent in 2025, and slightly increase to 3.8 percent in 2026–2027.”
According to the World Bank, the gradual recovery of the Nigerian economy along the forecast horizon is driven primarily by the service sector—specifically, finance, information and communications technology services, and transportation—and, to a lesser extent, a rebound in oil production that converges to its OPEC+ quota.
The World Bank’s projection is relatively higher than the International Monetary Fund (IMF) revised forecast for the nation.
IMF cuts Nigeria’s 2025 economic growth forecast downward to 3.0 percent from the earlier projection of 3.4 percent in 2024, citing weakening oil supply and escalating global trade tensions.
The two projections are however largely lower than Nigeria’s ambitious projected annual GDP growth of 4.6 percent outlined in the 2025 budget.
According to Adetilewa Adebajo, investment banker and economist Nigeria must intensify efforts towards economic diversification, infrastructure development, and asset optimisation to stimulate economic growth and attract global investments
“Sale of oil and gas JV assets to optimise equity within the FGN capital structure and balance sheet are crucial for Nigeria’s path towards sustainable development.
“Deliberate Investment projects such as the Agro Airport development and Olokola deep sea port, in Ogun State, major infrastructure projects led by companies like Arise and Dangote, need to be replicated nationwide,” Adebajo said.
Securities and Exchange Commission (SEC) has urged Nigerians to report any suspected illegal investment schemes to the commission for proper investigation and necessary action.
This is in the light of the recent collapse of Crypto Bridge Exchange (CBEX).
The Commission issued a notice on Thursday to the investing public, warning that Ponzi investment schemes pose a significant danger to the growth of the capital market.
In its latest advisory, the Commission highlighted the growing threats and risks posed by Ponzi schemes, illegal investment operations, and unregistered digital asset platforms.
It explained that fraudulent entities and individuals continue to exploit unsuspecting investors with deceptive promises of high returns, often leveraging the allure of digital assets to create a false sense of legitimacy.
“The public is strongly advised to be wary of investment opportunities that promise guaranteed or unusually high returns with little or no risk.
“These include unregistered platforms offering cryptocurrency investments, forex trading, or blockchain-based schemes, without undergoing the prescribed processes to obtain prior approval from the SEC.
“The SEC reiterates in this regard that, ‘If it sounds too good to be true, it likely is.’”
The Commission urged potential investors to conduct thorough due diligence before investing and to verify the registration status of the company or individual offering the investment through the SEC’s website.
The Commission explained that Section 196(3) of the Investments and Securities Act, 2025, criminalizes the promotion and operation of prohibited or unregistered schemes.
“This violation is punishable, upon conviction, by a fine of not less than ₦20 million or a prison term of 10 years, or both,” the Commission warned.
The SEC stated that it is fully committed to identifying and prosecuting offenders to the full extent of the law.
“We encourage the public to partner with the SEC to safeguard the integrity of the investment environment in Nigeria by promptly reporting suspected illegal investment schemes to the SEC,” the notice concluded.
The Nigerian federal government announced that the Electronic Money Transfer Levy (EMTL) generated $49.5 million in revenue, with fintech companies contributing $18 million.
This fund, as reported by the Federation Account Allocation Committee, is a considerable 56.80 percent increase over the $31.6 million earned during the same period in 2024.
Previously, the charge mainly affected established banking institutions. However, fintech firms have been included because they have contributed a phenomenal 2,507.94 percent growth in transaction values since 2020.
The EMTL is part of the government’s attempt to regulate the booming fintech sector, which completed transactions worth $29 billion in 2023 and $49.3 billion in 2024.
The EMTL was created by the Finance Act 2020 as an amendment to the Stamp Duty Act. It charges $0.03 (N50) for electronic transactions of $6.19 (N10,000) or more made through banks and financial institutions.
This tax seeks to capitalise on the increasing expansion of electronic payments, which will exceed $619.70 billion in total transactions by 2024.
In response to the burgeoning fintech sector, the government has increased its tax base, with annual EMTL collections expected to increase by 31.35 percent.
According to the Medium Term Fiscal Framework for 2025-2027, the federal government expects EMTL revenue to reach $142 million in 2025, up from $108 million in 2024.
However, industry experts have expressed concern about the potential impact of additional taxes on users.
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