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NITDA Partners with NAICOM to Institutionalise Cyber Insurance

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National Information Technology Development Agency (NITDA) is exploring partnership and collaboration with the National Insurance Commission (NAICOM) on how to institutionalise Cyber Security Insurance in the country.
Kashifu Inuwa Abdullahi, director-general of NITDA who led the Agency’s management team to the Commission on a courtesy visit reiterated the fact that the insurance cover is long overdue, especially as it is virtually impossible for any business to operate without connecting to the internet.
According to Inuwa, almost every adult in Nigeria move around with “a super computer in his/her hand or pockets”, which invariably exposes one to cybercrimes and criminals.
While quoting some reports that the global cyber crime as of 2021 was almost $6TR and projected to grow by 15% year-on-year, the DG said that as of today the figures have increased to about $8TR and will reach $10.5 TR by 2025.
“Cyber crime, if you can quantify it as a nation, will be the third largest economy, and it is bigger than all crimes combined together, in terms of cost”.
“In view of this, we need to institutionalise Cyber Insurance because Nigeria loses about N200B to cyber crime anually, imagine that just 0.0% of the Nation’s Gross Domestic Product (GDP) is worth more than N200B”, Inuwa noted.
Inuwa said “looking at this and the rate services are being digitised, coupled with the push for government digital services as well as COVID-19, the pace we are digitising has been accelerated; the future is therefore arriving faster than expected”.
The DG who emphasised the importance of securing the Insurance, averred that whereas, the commission has the primary mandate of insurance, the Agency also has certain mandates relating to cyber insurance, including development of Information Technology in Nigeria which Cyber Security is an integral part.
The NITDA Boss expressed the hope that once the insurance is gotten, the country will be well positioned to mitigate the recurring losses and the ecosystem as well as the quality of systems in Nigeria will be strengthened and upgraded respectively.
“Achieving this feat will also translate to strengthening developers of systems to up their game, by taking it through series of tests before taking their products to the market”.
“Many countries have institutionalised cyber insurance, Africa inclusive; South Africa, Kenya and Egypt have done so. Looking at our status in Africa as the largest economy and having the most vibrant digital ecosystem as well as the fastest growing digital economy, I think it is the right time for us also to institutionalise Cyber Insurance in Nigeria”, the DG maintained.
The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM), Olorundare Sunday Thomas who gave a nod to the proposal brought forward by the NITDA DG, noted that he has always been talking to relevant stakeholders to look at the positive side of risks associated with technology.
“Looking at the volume of data that are driven daily, cost associated with data, magnitude and impact of the economy of nations, if there should be any economy that should be more concerned about cybercrime, it should be Nigeria”.
“The more we look forward to using technology to resolve many problems, we must also seize the opportunity to increase our workforce”, Thomas added.
The CFI assured the NITDA team of the Commission’s readiness to partner with the Agency towards institutionalising cyber insurance.
Both teams were unanimous in hitting the ground running as they agreed to create a committee of six members, three from each organisation to ascertain the modus operandi and fashion out the terms of reference.

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Keystone Bank Seeks to Join Suit in Tussle over 9Mobile Shares Ownership

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Keystone Bank has brought a motion seeking to be joined as a party to the suit over the ownership and control of Emerging Markets Telecommunication Service (EMTS), which is the holder and operator of 9Mobile Telecommunication licence.

Keystone Bank Seeks to Join Suit in Tussle over 9Mobile Shares Ownership

The messy turnaround came as a Federal High Court sitting in Abuja resumed hearing in the suit.

At the hearing, Keystone Bank, brought a motion seeking to be joined as a party to the suite, a proposed statement of defence and counter-claim which discloses triable issues and also demonstrates applicant’s interest in the subject of this suit.

The bank in its counter-claim is seeking among other reliefs that the resolution of the 5th defendant passed on December 7, 2023, increasing the share capital of the 6th defendant to counter-claim from N90, 000,000 to N2, 000,000,000 and reducing the 3rd defendant’s percentage stake/interest/shareholding in the 6th defendant to counter-claim to approximately 4.5 percent is null and void.

Abubakar Funtua, the plaintiff, had dragged General Theophilus Danjuma (retd) and his company LH Telecommunication Limited, as well as the other defendants to court over the ownership and control of EMTS trading under the name of 9Mobile.

The other Defendants are Seltrix Limited (sued as the 1st defendant), the Corporate Affairs Commission, CAC, Nigerian Communications Commission, NCC, Hayatu Hassan Hadeija, Teleology Nigerian Limited and one Mohammed Edewor, a Director in Teleology Nigeria Limited.

At the resumed hearing in the case, parties were confronted with a motion by Keystone Bank seeking to be joined as a party to the suit with a statement of defence, counter-claim and allegation of fraud against some parties in the suit No. /ABJ/CS/1971/2024.

The motion states among other things that: “The applicant, Keystone Bank, also intends to present a counter-claim and has prepared a proposed statement of defence and counter-claim which discloses triable and fecund issues and also demonstrates applicant’s interest in the subject of this suit.

“The case of the applicant, is that the resolution passed by the 3rd defendant on May 9, 2023, approving the change of control/ownership of the 5th defendant from the 3rd defendant to the 8th defendant, in violation of the facilities agreements (Deed of Share charge) between the applicant and 3rd defendant, and the orders of the court made on February 20, 2023, in suit No. FHC/L/CS/297/2023 is illegal, null and void.

“The case of the applicant, as set out in the proposed statement of defence and counter-claim, is that the resolution passed by the 3rd defendant on May 9, 2023, approving the change of control/ownership of the 5th defendant from the 3rd defendant to the 8th defendant, in violation of the facilities agreements (Deed of Share charge) between the applicant and 3rd defendant, and the orders of the court made on February 20, 2023, in suit No. FHC/L/CS/297/2023 is illegal, null and void.

“The applicant also asserts in the proposed statement of defence and counter-claim that the resolution of the 5th defendant passed on December 7, 2023, increasing the share capital of the 6th defendant to counterclaim from N90,000,000 to N2,000,000,000 and reducing the 3rd defendant’s percentage stake/interest/shareholding in the 6th defendant to counterclaim to approximately 4.5 perceent is null and void.

“The applicant intends to seek the following reliefs, endorsed on the proposed statement of defence and counter-claim, at the hearing of the case: “A declaration that the 1st defendant to counterclaim is not a shareholder, either directly or indirectly, of the 6th defendant to counterclaim.


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MTN Nigeria’s Go MAD Campaign Inspires Innovation and Resilience in Aba

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L-R: Joseph Ogbuka, Manager, Go-To-Market, MTN Nigeria; Micheal Chinedum Ogbonna, CEO, Mua Couture; Dr. Precious Uche, CEO, Tonatel Beauty & Spa and MacDaniels Enwemuche, Regional Manager, Sales & Trade Development, MTN Nigeria at the Go MAD regional activation at Sugarland, Luxury City Hotels, Aba on Sunday March 23, 2025.
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MTN Nigeria’s Go Make A Difference (Go MAD) campaign brought its message of innovation and empowerment to Aba, the renowned hub of enterprise, on Sunday, March 23, 2025.

L-R: Joseph Ogbuka, Manager, Go-To-Market, MTN Nigeria; Micheal Chinedum Ogbonna, CEO, Mua Couture; Dr. Precious Uche, CEO, Tonatel Beauty & Spa and MacDaniels Enwemuche, Regional Manager, Sales & Trade Development, MTN Nigeria at the Go MAD regional activation at Sugarland, Luxury City Hotels, Aba on Sunday March 23, 2025.

The event, held at Sugarland, Luxury City Hotel, celebrated local creativity and resilience while encouraging Nigerians to take bold steps toward transforming their communities.

Onyinye Ikenna-Emeka, Chief Marketing Officer of MTN Nigeria had earlier the inspiration behind the Go M.A.D initiative. “The Go M.A.D. campaign is rooted in the belief that MTN data gives you the power to take on the world, to achieve the extraordinary, and to make a meaningful difference, in your community, your family, and your workplace.”

The campaign has already made stops in cities like Abuja, Enugu, Calabar, Ibadan, and Benin, showcasing changemakers who embody the spirit of progress. In his opening remarks, MacDaniels Enwemuche, Regional Manager, Sales & Trade Development at MTN Nigeria, emphasised the importance of resilience during challenging times. He stated: “MTN is here to remind us that every great achievement starts small. We’re providing a platform for Nigerians to showcase their skills and products, not just locally but globally, removing limitations and amplifying their impact.”

Describing Aba as Nigeria’s “Silicon Valley”, Enwemuche explained the need to activate this campaign in Aba, due to the city’s industrious spirit and alignment with the Go MAD philosophy: “Aba is already making a difference. Every person — doctor, teacher, shoemaker — has a role to play in our ecosystem. Do it well.”

The event featured inspiring stories from local changemakers. Like chessmaster Tunde Onakoya, the campaign’s ambassador, these stories reflected how small steps can lead to global impact. Onakoya rose from humble beginnings to become a Guinness World Record holder for the longest chess marathon. His journey exemplifies the transformative power of determination and digital connectivity.

Local talents also took centre stage in a vibrant showcase. A body painter, tailor, and mechanical engineer demonstrated their crafts live, while fashion designer Prinna Nnanna unveiled an athleisure line sewn overnight and modelled on-site.

The Icons of Impact session highlighted changemakers using MTN data to drive social change. Dr. Precious Uche, CEO of Tonatel Beauty and Spa, shared her mission to redefine beauty standards:

“My business fights bleaching and promotes ‘black is beautiful.’ MTN data has helped me spread this message across Owerri and Aba.”

Fashion entrepreneur Michael Chinedu Ogbonna, CEO of Mua Couture, discussed how digital tools have expanded his reach: “The internet has made the world a global village. I now create clothes for clients in Malaysia, the US, and Canada — all thanks to data.”

Through storytelling, cultural showcases, and real-life examples, the Go MAD Aba activation reminded attendees that even small acts of courage can spark significant change. The campaign continues to celebrate resilience and innovation across Nigeria while empowering communities with digital tools.

With upcoming activations planned for cities like Jos, Lagos, and Kano, MTN remains committed to inspiring Nigerians to make a difference, one bold step at a time.


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Open Access Fabrics Set to Drive Connectivity to Achieve a Digital Economy

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Ayotunde Coker, chief executive officer of OpenAccess Data Centre has described Open Access fabric, the company’s Africa-led interconnection platform as key driver of a digital economy, offering a range of virtual connectivity services from Open Access Data Centres (OADC) facilities.

 

Empowered by West Indian Ocean Cable Company (WIOCC), extensive digital backbone, OAfabric offers enterprises and service providers access to diverse digital ecosystems, supporting user-to-service, user-to-user and site-to-site connectivity.

Coker stated this during a tour of Open Access Data Centre facility in Lagos by some journalists recently.

According to him, “designed as a future-ready foundation, OAfabric unites cloud and local connectivity with OADC’s market-leading colocation solutions, establishing an innovative, scalable African infrastructure platform that addresses both local and global digital transformation demands.

“OA fabric offers a reliable, adaptable interconnection platform to support Africa’s growing digital needs and hybrid infrastructures for local and global providers

“Enabling secure, direct cloud connections, OA fabric supports data sovereignty and fosters local provider growth, OA fabric provides IX peering, virtual interconnection, and tailored IP services for Africa’s digital landscape.

“It’s not about a particular service provider, it’s about everybody. Once you have a network and you are able to route traffic, even if you are not live yet, and you are hoping to come in the future, we are waiting for you to come on board. So, that platform converges everybody.

“With Open Access fabric, everyone is expected to interconnect. You are collaborating with the government. You are collaborating with the banks. We are collaborating with all these guys to interconnect everyone, Microsoft, Google, all the cloud companies connect into it, because we already have the connectivity business”.

He noted that, “Through OA fabric, all the other connectivity providers have access to any content on OA fabric, so SMB, SMEs, MSMEs, who probably doesn’t have a registered business, but on social media, selling clothes and things like that, can have cost effective access to resources on the internet.

Speaking on Metro fiber project which OADC is partnering with WBT, Coker explained that they have covered over 5 million homes in Lagos. “The job of the Internet Service Provider or MNO in the project is to maintain relationship with the residents of that area, make sure that the infrastructure is secured”.

 


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