Fidelity Bank Plc has emphasized its commitment to the development of Nigeria’s creative economy with the launch of the Creativerse.

Dr. Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank,

Located in a dedicated wing at the recently unveiled Fidelity SME Hub in Gbagada Phase 2, Lagos, the Creativerse boasts of fully equipped music recording, podcast, content production and photography studios as well as co-working spaces designed to foster innovation, collaboration and capacity development amongst operators in the Creative industry.

Dr. Nneka Onyeali-Ikpe, managing director/chief executive officer, Fidelity Bank, while speaking during a tour with a select group of dignitaries and creative entrepreneurs of the facility recently, said, “We thought it is very important to have touchpoints for people who don’t have the capacity to do what they dream about. That is what this hub is about.

“We believe that everybody has a God-given skill- all we want you to do is to develop it and we are here to support you. And once you have developed the skill into a bankable transaction, you can rest assured that Fidelity will be there to help you take it to the next level.

“This is an incubator, we expect you to incubate your skills. The people on the finance side will help you with your accounting and all of that. And then it becomes bankable and you will become the next Burna Boy, the next Davido, the next Wizkid, Tems or Flavour,” she said.

The Fidelity SME Hub is a comprehensive resource center offering training programs, capacity-building workshops, business mentorship, industry networking opportunities, and business advisory services to small business owners.

Explaining the vision of the Creativerse and what the bank wants to achieve with the facility, Onyeali-Ikpe said, “We want the next Dangote to come out of here, the next BUA, the next Nestoil.

“We want you to grow and the most we can do is to support you. And most of this is pro bono. We want a situation that you can come and you are not scared of anything. Fidelity will take care of it,” she added.

On his part Comrade Ayodele Olawande, minister of Youth Development, lauded the bank saying, “I want to see a bank that truly supports young people, and Fidelity Bank is doing just that. This initiative reflects a commitment to equipping Nigerian youth with the skills, resources, and opportunities needed to turn their business ambitions into profitable ventures”.

Similarly, Babajide Sanwo-Olu, Lagos State Governor, who was represented by Barr. ‘Bimbola Salu-Hundeyin, secretary to the State Government (SSG), lauded the initiative as a game-changer for Lagos’ entrepreneurial ecosystem, noting that “SMEs contribute about 84 per cent to Nigeria’s Gross Domestic Product (GDP), and in Lagos, our dynamic business environment thrives on initiatives like this.

“This hub is a world-class package that moves businesses from survival to sustainability and from growth to greatness,” he said.

The Creativerse currently hosts a range of masterclasses, trainings and networking events; and can be accessed at www.fidelitybank.ng/smehub.

National Insurance Commission (NAICOM) has urged local insurance companies to prioritise the development and rollout of cyber insurance products to address growing digital risks.

The call was made by Ebelechukwu Nwachukwu, head of NAICOM’s publicity sub-committee, during a recent NAICOM meeting held in Lagos.

She highlighted the urgency of the initiative, citing the global shift toward digitalisation and the increasing prevalence of cyber threats.

“In light of the ongoing digital transformation, NAICOM recognises the critical need for cyber insurance products. We urge operators to begin engagements to roll out these products promptly,” said Nwachukwu.

She also revealed that NAICOM is collaborating with the National Information Technology Development Agency and the Nigeria Data Protection Commission to drive the initiative forward.

Citing the need for insurers to comply with Nigeria’s Data Protection Regulations, she also encouraged insurance practitioners to undergo specialised training on data protection measures.

In addition to cyber insurance, NAICOM addressed other pressing issues within the industry, such as the need for insurers to settle resolved claims promptly, aiming to enhance policyholder confidence and reduce complaints.

NAICOM also called for industry-wide support for its innovation lab, which aims to drive technological advancements and improve service delivery within the sector.

A federal judge ruled on Tuesday that Meta Platforms must face a lawsuit alleging that the parent company of Facebook and Instagram prefers hiring foreign workers to pay them less than American workers.

U.S. Magistrate Judge Laurel Beeler in San Francisco stated that three U.S. citizens who accused Meta of refusing to hire them despite their qualifications may proceed with a proposed class action.

The plaintiffs—information technology worker Purushothaman Rajaram and software engineer Ekta Bhatia, both naturalised U.S. citizens, and data scientist Qun Wang—claimed they applied for several Meta jobs between 2020 and 2024 but were rejected due to Meta’s “systematic preference” for visa holders.

Meta, in a statement, called the allegations baseless and vowed to vigorously defend itself.

In seeking dismissal, the Menlo Park, California-based company argued there was no proof of discriminatory intent or that the plaintiffs would have been hired if they were not U.S. citizens.

However, Judge Beeler cited statistics showing that 15% of Meta’s U.S. workforce holds H-1B visas, compared to 0.5% of the overall workforce.

She also referenced Meta’s October 2021 agreement to pay up to $14.25 million, including a civil fine, to settle federal claims that it routinely refused to consider American workers for jobs reserved for temporary visa holders.

“These allegations support the plaintiffs’ overall complaint that they were not hired because Meta favours H-1B visa holders,” Beeler wrote.

The government had sued Meta in December 2020, seven weeks before President Donald Trump ended his first White House term.

Daniel Low, a lawyer for the plaintiffs, expressed hope that the lawsuit would address the favouritism towards visa workers prevalent in the tech industry, stating that fully addressing the issue would require additional enforcement or legislative reform.

Beeler had dismissed an earlier version of the lawsuit, which named only Rajaram as a plaintiff, in November 2022.

A divided federal appeals court revived the case last June, citing a Civil War-era law, Section 1981 of the Civil Rights Act of 1866, which bars discrimination in contracts based on “alienage” and protects U.S. citizens from bias.

Many conservative groups have used this law to challenge workplace diversity initiatives, which Trump also opposes.

The case is Rajaram et al. v. Meta Platforms Inc., U.S. District Court, Northern District of California, No. 22-02920.