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E-Business

NAICOM Blames Inappropriate Technology for Growing Offshore Reinsurance

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Mr. Sunday Thomas, the Commissioner for Insurance, has attributed lack of appropriate technology for indigenous insurance firms losing of underwriting businesses in oil, gas and aviation sectors.

Thomas, therefore advised insurance underwriting firms operating in Nigeria, to invest significantly in technology to propel their operations in the industry.

Thomas, who spoke at a recent insurance conference in Lagos, said the industry must as a matter of priority invest significantly in technology so as to make meaningful impact in the industry.

The NAICOM boss, lamented the declining participation of local insurance firms in big ticket businesses due to lack of appropriate technology, adding that, “the market must emulate technology to move forward.”

Apparently worried by this development, he said, “insurance companies are losing underwriting businesses in oil, gas and aviation sectors.”

“The industry must invest handsomely in technology which is one of our key drivers for developing the market.

“Institutions should be prepared to digitalise their processes, procedures and systems in order to make their operation seamless and real time,” he added.

The NAICOM boss stated that the Commission was investing heavily in automating its processes and expects nothing less from insurance institutions.

“As business owners and as businesses spring up, we must ensure that we put the right processes in place in trying to manage our assets and ensure that we have more strategic thinking,” he added.

Thomas, noted that more businesses were being reinsured abroad, thereby further eroding the capacity of the local market.

“More businesses especially in the aviation sector and oil and gas are now being reinsured abroad.

“Of more concern is the declining participation of life companies in the annuity business which is the emerging business for our industry.

“These are the areas where the industry can impose itself on the economy through the control of funds for national development; unfortunately, we are missing it,” he said.

The Commissioner further advised members of the insuring public not to discard insurance as part of measures to cut cost in the face of the harsh economic situation.

He said: “It is good to reduce cost but in terms of insurance, people should ensure that all assets are adequately insured.

“It is good to have a good risk management framework as well as be able to manage our insurances and assets.

“Many are left with the option of cutting cost, however, not all cost cutting will measure success and some might even end up hurting our businesses.”

Thomas, however, said the insurance industry has proven its relevance in the affairs of the economy.

“Risk is part of our business endeavors and the best thing is to evaluate and see what part of the risk you can transfer,” he said.


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E-Business

FG Launches Online Visa Approval Centre

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Dr. Olubunmi Tunji-Ojo, minister of Interior, has announced the launch of an Online Visa Approval Center to eliminate bureaucratic bottlenecks and reduce corruption in the visa application process.

FG Launches Online Visa Approval Centre

Commissioned by the President in December, the new system ensures that applicants no longer need to visit a visa office, know anyone in the system, or lobby for approvals.

At a stakeholders’ sensitisation workshop on the implementation of the Nigeria Visa Policy (NVP) 2025, yesterday in Abuja, Dr. Tunji-Ojo said the visa is considered a very important document by the government because it is an instrument of migration management and an instrument of economic development.

The minister explained that Nigeria has to strike a delicate balance between national security and, of course, the ease of migration.

“And we think that it’s something that we can do and something we will do.

“We don’t have a physical Visa Approval Center. If you apply for a Nigerian visa anywhere in the world, you do so online. We process it here in Nigeria, and if approved, you receive your e-visa in your email,” he explained.

To enhance efficiency, the government has set a 48-hour deadline for processing e-visas.

“It is unprofessional and unacceptable for the Nigeria Immigration Service not to approve or provide feedback within 48 hours,” the minister stated.

“It breaks my heart that people need to lobby to even get visas to Nigeria. It shouldn’t be so. It shouldn’t be.

“For anybody that is qualified, for anybody that wants to do legitimate activities in Nigeria, such people should be able to come to Nigeria easily. And this is why we are opening our space. Mr. President is interested in foreign direct investments.”

Further, he said Nigeria is interested in partnering with the rest of the world to develop its economy but, “We can’t do that when we allow bottlenecks to hold us down. So these reforms, basically, are aimed at opening our space, enhancing national security, and we hope that the primary responsibilities of the visa scheme will be achieved.”

Kemi Nandap, controller general, Nigeria Immigration Service (NIS), said the NIS would fully digitize its e-visa platform and reduce visa classifications from 79 to 44 to enhance accessibility, transparency, and efficiency in the new visa policy.

She said, “At the core of this policy is the new e-visa platform—a fully digitized, centralized system that revolutionizes how foreign nationals interact with our country’s entry procedures. As part of this transformation, the Nigerian Visa Policy 2024 underwent a comprehensive review, resulting in a significant reduction in visa classifications from 79 to 44.

“These categories have been logically grouped to simplify procedures, reduce complexities, and greatly improve the user experience. Importantly, we have maintained the original purpose and intent of each visa class throughout this reform.”

 


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NITDA Partners JICA to Launch Nigeria-Japan Startup Hub

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Mr. Takao Shimokawa, director general, Economic Development Department at the Japan International Cooperation Agency (JICA) has visited the National Information Technology Development Agency (NITDA) to discuss the forthcoming launch of the Nigeria-Japan Startup Hub Project.

NITDA Partners JICA to Launch Nigeria-Japan Startup Hub

Mr. Dejo Olawunmi, director of IT Infrastructure Solutions at NITDA and Mr. Takao Shimokawa, director general, Economic Development Department at the Japan International Cooperation Agency (JICA)

This is in a strategic move to strengthen Nigeria’s startup ecosystem.

During his visit, Mr. Shimokawa was received by Mr. Dejo Olawunmi, director of IT Infrastructure Solutions at NITDA.

Their discussions focused on advancing technological innovation, fostering entrepreneurship, and enhancing venture capital development to support early-stage startups in Nigeria.

The Nigeria-Japan Startup Hub Project is designed to provide Nigerian startups with access to Japanese expertise, mentorship, and investment opportunities.

The initiative aims to create a collaborative environment where local entrepreneurs can scale their businesses by leveraging Japan’s advanced technology and business models.

By bridging Nigerian startups with Japanese investors and industry leaders, the project seeks to drive sustainable growth and innovation in Nigeria’s tech industry.

This partnership underscores the increasing economic and technological cooperation between the two nations, positioning Nigeria as a key player in the global startup landscape.

With the hub set to launch soon, stakeholders anticipate that it will provide critical resources for startups, enabling them to compete in the global market and contribute to Nigeria’s digital economy.

 


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Firm Discovers Sophisticated Chrome Zero-day Exploit Used in Active Attacks

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Kaspersky has identified and helped patch a sophisticated zero-day vulnerability in Google Chrome (CVE-2025-2783) that allowed attackers to bypass the browser’s sandbox protection system.

The exploit, discovered by Kaspersky’s Global Research and Analysis Team (GReAT), required no user interaction beyond clicking a malicious link and demonstrated exceptional technical complexity. Kaspersky researchers have been acknowledged by Google for discovering and reporting this vulnerability.

In mid-March 2025, Kaspersky detected a wave of infections triggered when users clicked personalised phishing links delivered via email. After clicking, no additional action was needed to compromise their systems.

Once Kaspersky’s analysis confirmed that the exploit leveraged a previously unknown vulnerability in the latest version of Google Chrome, Kaspersky swiftly alerted Google’s security team. A security patch for the vulnerability was released on March 25, 2025.

Kaspersky researchers dubbed the campaign “Operation ForumTroll”, as attackers sent personalised phishing emails inviting recipients to the “Primakov Readings” forum. These lures targeted media outlets, educational institutions, and government organisations in Russia.

The malicious links were extremely short-lived to evade detection, and in most cases ultimately redirected to the legitimate website for “Primakov Readings” once the exploit was taken down.

The zero-day vulnerability in Chrome was only part of a chain that included at least two exploits: a still-unobtained remote code execution (RCE) exploit that apparently launched the attack, while the sandbox escape discovered by Kaspersky constituted the second stage. Analysis of the malware’s functionality suggests the operation was designed primarily for espionage. All evidence points to an Advanced Persistent Threat (APT) group.

“This vulnerability stands out among the dozens of zero-days we’ve discovered over the years,” said Boris Larin, principal security researcher at Kaspersky GReAT. “The exploit bypassed Chrome’s sandbox protection without performing any obviously malicious operations – it’s as if the security boundary simply didn’t exist.

The technical sophistication displayed here indicates development by highly skilled actors with substantial resources. We strongly advise all users to update their Google Chrome and any Chromium-based browser to the latest version to protect against this vulnerability.”

Google has credited Kaspersky for uncovering and reporting the issue, reflecting the company’s ongoing commitment to collaboration with the global cybersecurity community and ensuring user safety.

Kaspersky continues to investigate Operation ForumTroll. Further details, including a technical analysis of the exploits and malicious payload, will be released in a forthcoming report once Google Chrome user security is assured.

Meanwhile, all Kaspersky products detect and protect against this exploit chain and associated malware, ensuring users are shielded from the threat.

This discovery follows Kaspersky GReAT’s previous identification of another Chrome zero-day (CVE-2024-4947), which was exploited last year by the Lazarus APT group in a cryptocurrency theft campaign.

In that case, Kaspersky researchers found a type confusion bug in Google’s V8 JavaScript engine that enabled attackers to bypass security features through a fake cryptogame website.

 


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