AIICO Insurance Plc, Nigeria’s leading composite insurer, today hosted another successful edition of its Annuity Forum, a yearly engagement platform designed to strengthen ties with its annuity customers, listen to their feedback, and create opportunities for meaningful interaction.

This year marks a significant expansion of the Forum. For the first time since its inception, the event, traditionally held only in Lagos, is spreading its reach to other regions of the country. The Lagos edition sets the pace, with another scheduled to hold in Port Harcourt, Rivers State, targeting annuity customers in the South-South region.

The atmosphere at the Lagos event was lively and refreshing, with customers treated to a mix of business and leisure – including health checks, entertainment, quizzes, and refreshments, alongside constructive conversations on enhancing customer experience.

Speaking at the event, satisfied annuitants expressed their gratitude to AIICO for creating a platform that fosters connection and trust. His Royal Majesty Oba Ogungbayi Akanni Wasiu, the Onitetiku & Oluowode of Ota, Ogun State, and a retired officer from the Ministry of Education, is one of AIICO’s delighted annuity customers who attended the event. Sharing his experience, he said: “I retired 15 years ago and started my annuity immediately after retirement. I have no regrets because AIICO has paid me every month without fail. I strongly recommend AIICO to anyone preparing for retirement because the company has been very consistent.

Mrs. Judith Chibuogwu, who retired as a Director of Nursing from Lagos University Teaching Hospital, began her annuity with AIICO earlier this year in March. Sharing her experience, she said: “It’s been wonderful. I took the advice to take on annuity with AIICO, and it has been an amazing experience with the steady, constant payments. Today’s event has also been very enlightening, especially the conversations around retirement life, health, and wellbeing. In fact, I’ve already started talking to my former colleagues who are still in service about AIICO’s annuity.”

The MD/CEO of AIICO Insurance Plc, Mr. Babatunde Fajemirokun, while welcoming the annuitants stated “This annual gathering is not just a meeting – it is a celebration of your achievements, resilience and the trust you have placed in us as your partner on life’s journey. You are not just clients – you are family. This forum is an opportunity to strengthen our bond, share updates on our industry and re-affirm the promises we have made to you.”

He addressed head-on the negative claims circulating online about the alleged mismanagement of annuity funds, stating “AIICO Insurance ensures that your funds are kept with pension fund custodians – that means there’s no individual within the AIICO team that has access to your funds. This is the case with all insurance companies in the annuity business.  – the funds are professionally managed in line with strict regulatory guidelines that have been provided”.

Mr. Gbenga Ilori, Executive Director, Retail Business Division, echoed the sentiment:

“Our business exists because of our customers, and we believe it is important to create avenues for physical interaction and engagement. These forums give us the opportunity to listen, respond to their questions, and hear their ideas on how we can serve them better. They have entrusted their pensions to us, and we consider it a sacred duty to always stay connected to them.

More and more people are placing their trust in AIICO for their annuity needs — today, we serve over 25,000 annuitants across the country, and the number keeps growing. This is why we are taking the forum beyond Lagos, with the South-South region as our next stop in a few weeks.”

With a large and growing number of annuitants nationwide and monthly disbursements of over N1.7 billion, AIICO Insurance has built a reputation as a leading player in Nigeria’s annuity market. The company continues to back this leadership position with unmatched customer service, strong financial performance, and innovative engagement platforms like the Annuity Forum.

The journey continues in Port Harcourt, where AIICO will bring the Annuity Forum experience to annuitants in the South-South. This marks the beginning of a broader mission to take the Forum across Nigeria’s geopolitical zones over time, ensuring that retirees everywhere can share in the warmth, interaction, and assurance that define our commitment. For AIICO, every retiree deserves not just timely income, but also a community that celebrates and supports them throughout their retirement journey.

Hit FM, the leading radio station in Cross Rivers state, and organizers of Calabar Entertainment Conference (CEC) has announced First Bank of Nigeria Limited as official bank partners for the flagship youth engagement program in the Creative Sector.

CEC has held every year since 2017, and now in its 9th year, executive producer and CEO of Hit FM Patrick Ugbe says the creative sector “has not been in more urgent need of interventions that facilitate capacity building, funding, distribution, and thought leadership.”

This year’s event will hold on the 17th and 18th of October at Hogis Royale, in Calabar, Cross River State, bringing together young talents, industry leaders, investors, and policymakers to explore opportunities, tackle challenges, and chart pathways for sustainable growth within Nigeria’s dynamic creative economy.

FirstBank’s partnership underscores the bank’s long-standing commitment to supporting youth empowerment, innovation, and entrepreneurship across diverse sectors.

Ugbe adds: “by coming on board as the Official Bank, FirstBank further demonstrates its role as a catalyst for growth, providing financial inclusion and fostering creativity among young Nigerians. “

“We are thrilled to welcome FirstBank as the Official Bank of the Calabar Entertainment Conference. Their support not only validates the importance of the creative sector in driving national development but also provides a strong platform for youth to access resources, knowledge, and networks that will help transform their ideas into sustainable ventures”.

Also speaking on the partnership, Olayinka Ijabiyi, the Acting Group Head, Marketing and Corporate Communications, FirstBank, stated, “At Firstbank, we are passionate about supporting platforms that empower young people and nurture talent. Our partnership with the Calabar Entertainment Conference aligns with our drive to promote innovation, creativity, and entrepreneurship as key drivers of Nigeria’s future”.

“Through our First@Arts initiative, which is geared at consolidating support for the creative arts, we are leveraging platforms like the Calabar Entertainment Conference to enable our stakeholders to explore the wealth of opportunities that the creative industry has to offer.”

The two-day event will feature keynote addresses, masterclasses, panel discussions, and networking sessions designed to inspire and equip participants to maximize the opportunities in the creative industry.

The Lagos Business School (LBS) has emphasised the need for Nigeria to embark on a transformative digital journey that can redefine its economy and significantly improve the quality of life for its citizens. The School noted that the country’s e-commerce market is expected to exceed $16 billion by 2030, supported by pioneering platforms like Jumia and Konga.

The Dean, Lagos Business School, Professor Olayinka David-West stated this at the 35th annual conference of the Finance Correspondents Association of Nigeria (FICAN) held over the weekend in Lagos under the theme, “Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance”.

Industry stakeholders, including the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), and leading banks converged to share insights and shape Nigeria’s digital economy roadmap. Representing David-West, Prof. Akintola Owolabi, Department of Cost and Management Accounting at LBS, stated that “the conference theme, ‘Bracing for the Digital Economy in Nigeria: Taxation, Banking and Finance,’ is timely and vital for Nigeria’s sustainable development.” David-West affirmed that the strategic vision at LBS aligns closely with advancing digital transformation and promoting financial inclusion, aiming to develop the leaders needed to navigate and drive this emerging landscape.

Nigeria’s digital economy is undergoing remarkable growth, energised by a young and dynamic population alongside rapid digital adoption. According to the Nigerian Communications Commission’s 2024 report, internet penetration has reached 43.5 per cent, with over 163 million Nigerians online as of March 2024. The telecommunications sector contributes around 18 to 20 per cent to Nigeria’s GDP, highlighting the vital role of information and communication technology (ICT) as a driving force in the economy.

David-West pointed out that “this digital revolution transcends statistics; it reshapes commerce, services, and livelihoods. Our burgeoning e-commerce market, projected to exceed $16 billion by 2030, is fuelled by trailblazing platforms like Jumia and Konga. “Innovative logistics startups such as Kwik and GIGL illustrate how digital technologies spawn entirely new value chains, enhancing efficiencies and expanding economic opportunities. Such developments promise exponential employment gains, diversification away from oil dependence, and transformative service delivery across sectors.”

She explained that “the Nigerian financial sector is both a driver and beneficiary of the digital revolution. In 2024, Nigeria’s fintech ecosystem attracted over $2 billion in investments, sustaining its position as the continent’s financial technology powerhouse. This capital influx is propelling groundbreaking innovations that redefine financial transactions and inclusion.”

She also said, leading Nigerian banks, including Access Bank and GTBank, harness cutting-edge technologies like Artificial Intelligence (AI) and Machine Learning (ML) to enhance fraud detection, personalise services, optimise credit scoring, and deploy AI-enhanced customer support.

She noted that “in addressing taxation within the digital economy, there are both challenges and substantial opportunities for revenue generation. Since January 2022, Nigeria has implemented a six per cent Digital Services Tax (DST) on non-resident digital service providers, complementing existing VAT on foreign digital services and capitalising on the expanding digital marketplace.”

She cited an example of this initiative is the electronic money transfer levy, which imposes a N50 fee on recipients of bank transfers of N10,000 and above, serving as a valuable revenue stream in Nigeria’s evolving digital payments landscape. David-West highlighted how digital payments and mobile money services can serve as a foundation for formalising vast informal sectors, enhancing tax compliance, and integrating businesses into formal financial systems.

Looking ahead, she noted that “the interconnection of digital transformation across banking, finance, and taxation is a powerful catalyst for Nigeria’s economic growth. Seamless digital payment systems facilitate efficient tax collection, broaden financial inclusion, and provide critical data for evidence-based policy-making and enforcement.”

She, however, said, “several challenges remain that require immediate attention, including infrastructure deficits such as unreliable electricity and limited broadband access in rural areas, as well as a shortage of digital skills that restrict economic participation. It is essential for regulators to carefully navigate the balance between fostering innovation and ensuring consumer protection amid rapid technological advancements.”

According to her, encouragingly, the Central Bank of Nigeria’s sandbox framework, which is already operational, offers a controlled setting for innovation within fintech, allowing for regulatory experimentation that supports the growth of Nigeria’s digital financial landscape.

“Nigeria stands on the brink of a digital revolution that has the potential to redefine its economic landscape and significantly uplift the quality of life for its citizens.” Also, the chairman of the Finance Correspondents Association of Nigeria (FICAN), Mr Chima Titus, said, “This year, our conference theme is both timely and urgent, focusing on the digital economy, taxation, banking, and finance.”

He said that “globally, the digital economy has evolved from being merely a promising frontier to a critical backbone of modern growth. In Nigeria and across Africa, we find ourselves on the brink of a significant transformation driven by data, digital payments, artificial intelligence, and cross-border innovation.”

He noted that “Current statistics underscore our potential: the ICT sector contributed 18.3 per cent to Nigeria’s GDP in the second quarter of 2025, and digital payment transactions exceeded N600 trillion in the first half of the same year, showcasing a 22 per cent year-on-year growth. Mobile money usage has surpassed 73 million, successfully reaching rural communities that were previously excluded.

“To further solidify these advancements, the Central Bank of Nigeria has introduced the Payment System Vision 2020, a comprehensive blueprint for our digital future, incorporating AI, block chain settlements, and cross-border payments enabled by the African Continental Free Trade Area.”

Titus added that no robust digital economy can flourish without an equitable and effective tax Framework.”

Qatar’s prime minister excoriated Israeli Prime Minister Benjamin Netanyahu in an exclusive interview with CNN on Wednesday, calling Israel’s attempted assassination of Hamas leaders in Doha “barbaric.”

“We were thinking that we are dealing with civilized people,” Qatari Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani told CNN’s Becky Anderson. “That’s the way we are dealing with others. And the action that (Netanyahu) took – I cannot describe it, but it’s a barbaric action.”

Al-Thani added that he believes Israel’s strike on Doha on Tuesday “killed any hope” for the hostages remaining in Gaza.

“I was meeting one of the hostage’s families the morning of the attack,” Al-Thani said. “They are counting on this (ceasefire) mediation, they have no other hope for that.”

“I think that what Netanyahu has done yesterday, he just killed any hope for those hostages,” the prime minister said.

The attack in Doha was nothing less than “state terror,” Al-Thani told CNN. The prime minister had used the same term on Tuesday when he took the podium at a news conference and laid into Israel for its actions.

During that news conference, Al-Thani was visibly angry. He expressed the same outrage Wednesday, some thirty-six hours after the strike.

“I have no words to express how enraged we are from such an action. … This is state terror,” Al-Thani told CNN. “We are betrayed.”

Israel strikes Hamas leadership in Qatar in unprecedented attack. Here’s what to know
‘No official declaration’ on Hamas negotiator after strike
Al-Thani notably did not reveal the fate of Hamas’ chief negotiator Khalil Al-Hayya, following Israel’s attack targeting the group’s leadership in Doha on Tuesday.

When asked by CNN on the whereabouts of the chief negotiator, Al-Thani said that “until now … there is no official declaration.”

Hamas had initially said five of its members were killed in the strike, but it failed to assassinate the negotiating delegation.

“We are trying to identify if there is any other one missing. … There are Qataris who are in a very dangerous situation,” he added.

Al-Thani said he could not predict what Hamas’ response to the latest US principles for a ceasefire would have been had Israel not struck Doha, but said that he believed that Israel and Hamas “are going to run out of chances” to secure a ceasefire.

Qatar ‘reassessing’ mediation
Shortly after the strike, Al-Thani had told reporters that Qatar would not be deterred in its mediation efforts. However, the prime minister said Wednesday that Netanyahu has “undermined any chance of stability, any chance of peace” by targeting Hamas leadership in the Qatari capital.

“I’ve been rethinking, even about the entire process for the last few weeks, that Netanyahu was just wasting our time,” Al-Thani said.

“He wasn’t serious about anything,” he added, as he dismissed recent talks as “meaningless.”

Al-Thani added the Qataris are “reassessing everything” around their involvement in any future ceasefire talks, and added they are in a “very detailed conversation” with the United States government on how to proceed.

Qatar, which hosts the largest US military base in the Middle East, is a major American ally. US President Donald Trump was informed of the strike only shortly before it began — and not by Israel itself, but by Chairman of the Joint Staff General Dan Caine, according to a US official.

Trump immediately told White House special envoy Steve Witkoff to brief Qatar, according to another US official. Witkoff has a longstanding relationship with the Qataris.

While Trump stopped short of condemning the attack, on Tuesday his spokesperson said that the president was concerned. Al-Thani told CNN on Wednesday that the United States has expressed their support for Qatar “on many occasions.”

“I’m following up with all the US officials in order to see what kind of actions can be taken as we speak,” Al-Thani added.

This weekend, the US proposed a new ceasefire framework. Trump said Israel had agreed to its terms and that it was “time for Hamas to accept as well.”

Qatar’s prime minister pressed Hamas to “respond positively” to this proposal in a meeting in Doha, according to an official familiar with that discussion.

Hamas was then due to respond Tuesday evening to the proposal, a diplomat briefed on the talks told CNN, before Israel’s strike on Doha.

A regional response
Qatar hopes that there will be a “collective response” to Israel’s strike on Hamas officials in Doha, Al-Thani said.

“There is a response that will happen from the region. This response is currently under consultation and discussion with other partners in the region,” Al-Thani said.

Al-Thani stated that an Arab-Islamic summit will be held in Doha in the coming days, where the participants will decide on a course of action.

However, Al-Thani said that Qatar will not ask other regional partners to respond in a particular way.

“There is a collective response that should happen from the region,” Al-Thani said, “We are hoping for something meaningful that deters Israel from continuing this bullying.”

As with all modern industries, the oil and gas sector globally is under pressure to embrace the critical convergence of information technology (IT) and operational technology (OT) systems to maximise efficiencies and productivities. This shift is equally important in Nigeria, where the oil and gas industry plays a pivotal role in the national economy.

Oil production is a major source of income and a substantial contributor to the GDP of many African countries, and Nigeria remains consistently in the top spot as Africa’s largest producer of crude oil. In addition, it possesses significant quantities of natural gas reserves. The country’s oil and gas sector is critical to the economy, contributing over 85% of export earnings and approximately 30% of budget revenue, but it has been performing below its potential in recent years due to a number of challenges.

Against this background, the newly operational Dangote Refinery in the Lekki Free Zone outside Lagos, which began production in January 2024, is a positive symbol of the hoped-for revival of the oil and gas arena in Nigeria. This newest addition to Nigeria’s oil and gas industry is Africa’s biggest oil refinery and also the largest single-train facility in the world (meaning a facility where all the major processing units for the crude oil entering the refinery are contained within a single integrated complex).

However, despite the positive symbolism of this beacon within the Nigerian oil and gas realm, the sector is still navigating through the complex regulatory landscape and fiscal reforms introduced by the Petroleum Industry Act of 2021. The Act’s intention is to restructure fiscal terms, institutional frameworks and regulatory policies, and thus attract investment and boost efficiency.

Prior to the implementation of this Act, Nigeria’s oil and gas arena had seen years of under-investment in exploration and production which, together with persistent infrastructure issues and other challenges, had suppressed growth and innovation, as outlined by Nigerian credit rating agency Agusto & Co.

The implementation of effective technology infrastructure in the oil and gas field can help support strategic business and national objectives and assist in overcoming legacy infrastructure challenges.

Supporting key African markets in their digitalisation journeys

Over the past few years, Vertiv has participated in several focused events across Africa to showcase our products and solutions that are suitable for the broader industrial realm. The intention was to create greater awareness around the benefits that Vertiv can bring to these local sectors, following on from our proven success within the oil and gas field in other parts of the globe.

We look forward to similarly engaging with industry representatives within Nigeria also, being Africa’s largest oil producer, as well as possessing substantial natural gas reserves. Nigeria’s natural gas reserves are, in fact, estimated to be one of the largest in Africa, as outlined by global research company, Mordor Intelligence, in its report entitled ‘Oil and Gas Industry in Nigeria Market Size & Share Analysis – Growth Trends & Forecasts (2025 – 2030)’.

Natural gas is considered a cleaner and more environmentally friendly source of energy compared to other fossil fuels, and investments in natural gas infrastructure would allow Nigeria to diversify its energy mix and meet both domestic and international demand for cleaner energy sources.

According to the Mordor Intelligence report, it appears that, considering the issues holistically and despite certain challenges, there is much to anticipate for the growth of Nigeria’s oil and gas industry over the next few years. One important key is enabling the true convergence of IT and OT systems, to be able to ‘mine’ facts and data as well as oil and gas, and thereby drive informed planning and decision making.

The Importance of Integrating IT and OT Systems

In a challenging global economy, it is critical for oil and gas companies to digitalise their systems and processes, thereby allowing for the harnessing of data volumes from day-to-day operations. As outlined by global IT consulting company BirlaSoft, the IT-OT convergence within the oil and gas sector allows companies to harvest data within the OT layer and then ‘cross-contextualize it to build valuable insights and automated control and orchestration mechanisms’.

According to BirlaSoft: ‘IO/OT convergence in the oil and gas industry is a key step to harnessing the business benefits of big data. Operational technology generates a vast amount of data when IoT sensors are attached to various parts of critical machinery to record intended parameters. This data is usually in the form of time series. Analysing it with the right artificial intelligence (AI) and machine learning (ML) techniques can help organisations anticipate potential risks or if the operations as a whole are generating a strange footprint. In other words, IT-OT convergence is the bridge to seamless, proactive, and resilient oil and gas operations.’

By maximising a mix of more modern IT systems intertwined with legacy OT systems, and capturing important information, oil and gas companies can derive insight for enhancing operational efficiencies, increasing performance and improving decision-making.

To enable such strategic aims around the necessary digitalisation to link IT and OT systems, Vertiv’s digital infrastructure solutions are designed to assist with power supplies and distribution, as well as thermal management solutions, as follows:

Critical power products, such as efficient, reliable uninterruptible power supplies (UPS); scalable, flexible hybrid DC power products; power distribution systems; switchgear; and Vertiv’s battery energy storage system (BESS), which delivers scalable, high-capacity battery energy storage systems for data centres and critical infrastructure;
Thermal management solutions, including Vertiv air handling and chillers for climate control of large electronic systems located outside the data room; cooling solutions for data centres, IT rooms, laboratories, and other critical applications; as well as small thermal systems, incorporating room, and row/ rack cooling;
Vertiv Integrated Solutions, including prefabricated rack, row, aisle, and modular data centres, featuring built-in flexible designs based on proven configurations; and
Monitoring and management options, such as Vertiv Avocent DSView solution, a family of IT management devices and software that provides solutions in edge, enterprise and engineering lab environments.

There is a well-known saying which notes that ‘knowledge is power’, and in any industry, information is vital for understanding that sector’s own outlook through the harnessing of facts, statistics and trends. With the oil and gas industry in Nigeria poised for robust growth that will be driven by strategic investments and technological advancements, the importance of being able to access information digitally is critical.

The strategically-placed implementation of robust yet high-performance data centres will work to form the backbone for this critical data and support the necessary IT-OT convergence of individual oil and gas companies, while at the same time also supporting the overall aims of the Petroleum Industry Act of 2021 at a national level.

By Gary Chomse, regional director, Central-Southern Africa at Vertiv