General News
Survey shows Nigerians prefer Endowerment over Term Insurance
Over time, policyholders across the nation have chosen to turn their backs on term insurance plans, preferring instead, the endowment policies. This is quite understood as Nigerians prefer to embrace policies that have savings attached to them. This is despite the fact that term insurance also offers crucial component of financial planning in all developed economies.
Term insurance is the most basic life insurance policy where the only benefit is compensation to the nominee if the insured person dies. According to a random survey carried out by this writer, in Nigeria, the thought of not getting the money ‘invested’ back on maturity has been pushing buyers towards money back schemes and in the past few years, linked up insurance plans with a seemingly irresistible combination of investment, insurance and tax saving. Insurance agents and brokers too have actively been pushing along these link lines and these have been quite helpful in pushing up premium volumes. However, while the level of premium has gone up, the purchase of protection has not been commensurate with the growth in incomes.
A cross section of persons spoken to claimed that all this is set to change with insurers effecting cuts in premium rates on term insurance, particularly for high-value policies running into millions of naira. Term insurance rates face the likelihood of coming down primarily because of two reasons; competition and increased life expectancy. Insurance policies too, have become so complex that it is near impossible to compare products of two companies.
The only product that can really be compared is the term insurance policy. Decrease in mortality rates, have played its part. The survey found out that most individuals buy term insurance to cover any loss of revenue for their families if they die during their earning years. With the mortality rates for those below 60 years coming down, insurance companies have been able to sharply reduce term insurance premium.
There are other factors for rate reduction as well. These include deepening insurance penetration and the reduction in solvency margins prescribed as well as availability of better mortality data, which helps companies ascertain the risks better. Insurers have been able to reduce cost of high-value policies further because well-heeled urban Nigerians are seeing marked improvement in mortality rates. Consequently, insurance companies do not view offering them inexpensive term cover as a risky proposition. This, coupled with the increasing demand from this segment, has swollen the volumes, which in turn, have contributed to shrinking rates. Sustaining the premiums at these levels doesn’t seem likely to hit a roadblock in the future and in fact, there are signs that the market could see low-cost insurance scaling new highs in the coming days.
If indeed most people are living well beyond their earning years, does a term life insurance pass the utility test from the policy holders’ perspective? While every individual needs to carry out his/her own cost-benefit analysis before zeroing in on a suitable policy, overall, these protection covers are worth buying. Also, given the high level of indebtedness of today’s working class, either in the form of housing loans or vehicle loans, there is a risk that the family is left with a liability rather than an inheritance if the breadwinner dies. For such individuals, variants of term insurance cover, mortgage protection plans and credit shield would ensure that life insurance takes care of their outstanding loans.
General News
Union Bank’s alpher Initiative Empowers SMEs, Strengthens Nigerian Economy

Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
General News
Wema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime

The trial of three employees of Wema Bank Plc and four others accused of orchestrating N8.9 billion cyber heist has been stalled due to the Eid-el-Kabir public holiday.
Economic and Financial Crimes Commission (EFCC) had arraigned the bank staff—Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim—alongside four alleged accomplices: Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos on May 25, 2025.
The seven defendants face an eight-count charge bordering on conspiracy, cybercrime, and obtaining money under false pretences. They were accused of hacking into Wema Bank’s computer systems in January 2025 and unlawfully transferring N8,568,090,500 to various accounts.
According S.O. Larry Peters, counsel, EFCC, the defendants acted in concert with two other suspects—Nurudeen Ibrahim and Alhaji Sulaiman—who are currently at large. The syndicate allegedly manipulated the bank’s data using sophisticated digital tools to cause financial loss and confer illegal economic gains on themselves.
Peters further revealed that two of the defendants—Hannah Okunlola and Sunday Osademe—provided personal bank accounts for the illicit proceeds. Investigators traced N199 million to Okunlola’s UBA account registered under Search Light Media Concept, and N2.25 million to Osademe’s Union Bank account.
The offences, according to the charge sheet, violate Sections 6(2), 8, 14(1), 14(5), and 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as well as Sections 17(a)(b) of the EFCC Establishment Act, 2004.
All seven defendants pleaded not guilty. Following their plea, the court remanded five of the accused in the custody of the Nigerian Correctional Services, while Kingsley Kejim continued on existing bail terms.
The court granted a special request by defence counsel to remand Hannah Okunlola in EFCC custody due to medical concerns.
Justice Aneke had adjourned the matter to June 6, 2025, for commencement of trial. However, due to the nationwide Sallah holiday declared by the federal government, the proceedings could not go ahead as scheduled.
A charge reads: “That you, Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, and others now at large, in January 2025, conspired to alter Wema Bank data to cause the loss of N8.568 billion in order to benefit economically, thereby committing an offence under Section 27(1)(a) of the Cybercrimes Act, 2015.”
The case has drawn significant attention as one of the most audacious cybercrime cases involving bank insiders in Nigeria’s recent history.
General News
Music Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode

The 2025 Ojude Oba celebrations kicked off on Friday evening with “Evening with Glo,” a special event organized by Globacom and headlined by Juju music legend Evangelist Ebenezer Obey Fabiyi and Fuji maestro Wasiu Ayinde Marshall (KWAM 1)
This year marks a significant milestone: Globacom’s 20th anniversary as sponsors of the Ojude Oba festival, an event it has helped transform into a globally recognized cultural spectacle.
The “Evening with Glo” was a vibrant mix of live music, delicious food, and captivating comedy from Gbenga Adeyinka, Bash, and Kiekie. The Conference Hall venue was packed as guests enjoyed more than two hours of Ebenezer Obey Fabiyi’s timeless hits, with the audience singing along and dancing.
Globacom organized the event as a gesture of appreciation to the Ijebu community for their unwavering support over the past two decades of the Ojude Oba festival. “We decided to bring together great sons and daughters of Ijebuland to celebrate our shared heritage, and indulge in the melodious rhythms that resonate deeply throughout Yorubaland,” the company stated.
The company explained their choice of musical icons, noting that the “ageless icon and Juju music maestro, Chief Commander Ebenezer Obey, has contributed decades of good, sonorous and philosophical songs to our society. His songs are still as fresh and full of inspirational messages as they were yesterday.”
Regarding KWAM 1, the company highlighted that “For decades, King of Fuji, K1 De Ultimate, the Fuji master, has been a great part of the music firmament in Nigeria, with his unique brand of Fuji that has elicited huge interest.”
The event saw a strong turnout of prominent Ijebu figures, including the Olori of Oba Awujale, Chief Mrs. Olukemi Adetona; the Coordinator of Ojude Oba Festival Planning Committee, Professor Fassy Yusuff; and a committee member and Iyalode of Ijebuland, Chief Mrs. Bisi Osibogun.
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