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Leading Industry Thought Leaders Chart Growth Path For Insurance Industry At IMT 4.0

The Insurance Meets Tech (IMT) 4.0 Conference, one of West Africa’s largest insurance and technology convergence platforms, held on Thursday, September 18, 2025, in Lagos, themed “Innovating for the New Trybe” and highlighted the role of technology in transforming the Nigerian insurance sector.

Discussions at the conference also centred, among other things, on how to bridge traditional insurance structures with emerging, technology-driven solutions, emphasising digital adoption, innovation, and client-centred experiences.
Leading an Executive Dialogue to discuss the Nigeria Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, was the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, who was represented at the event by the Deputy Commissioner for Insurance (Finance & Administration), Mr Ekerete Ola Gam-Ikon.

Omosehin stated that the NIIRA 2025, signed into law in July 2025, will foster economic growth by transforming the sector through increased capital, stronger policyholder protection via a Policyholder Protection Fund, digitalisation, microinsurance promotion, and alignment with global best practices.

“The Act is a warm piece of legislation that provides the blueprint to reset the industry”, he said. “This Act bridges the gap between what family and friends traditionally provide and what insurance should guarantee. Nigerians can now be confident that when something goes wrong, insurance will deliver,” he explained.

Omosehin highlighted that NIIRA’s recapitalisation will increase insurers’ capacity to handle risks and retain local businesses, contributing to the nation’s vision of a one trillion dollar economy.

The Chairman, Nigerian Insurers Association (NIA), Mr. Kunle Ahmed, who is also the MD/CEO of AXA Mansard Insurance Plc, said, “NIIRA 2025 represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernising operations within the industry. It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic framework, in line with the President’s vision for achieving a $1 trillion economy by 2030.

“This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development.”
In her contribution to the discourse on NIIRA 2025, the President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said, “The insurance industry is set for unprecedented transformation following the signing of the Act.

“It introduced critical measures such as stringent capital requirements to ensure the financial soundness of operators, enforcement of compulsory insurance policies to enhance consumer protection, digitisation of the insurance market to improve access and efficiency, zero tolerance for delays in claims settlement, creation of dedicated policyholder protection funds, especially in cases of insolvency, and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.

The President of the Nigerian Council of Registered Insurance Brokers, Prince Babatunde Oguntade, who was represented at the conference by Mr. Peter Offiong, Assistant General Manager at Scib Nigeria & Co. Ltd, while stressing the need for immediate implementation of the Act, highlighted NIIRA’s provisions on compulsory insurance, emphasising that digital platforms and collaboration with state agencies will support enforcement.

He emphasised that brokers remain central to the ecosystem. “Brokers will evolve into digitally empowered advisers who offer customised, transparent services. The Act safeguards their relevance while ensuring consumer adoption of compulsory insurance,” he said.

Tunde Mimiko, Managing Director, SanlamAllianz Life Insurance, whose organisation was IMT 4.0’s Official Insurer, stressed the need for the industry to build systems that move beyond legacy bottlenecks, strengthen compliance, and foster greater trust with policyholders. He emphasised that such developments are crucial for safeguarding customers and positioning insurance as a key driver of financial security and sustainable growth in Nigeria.

The Managing Director, Cornerstone Insurance Plc, Stephen Alangbo, emphasised the company’s role as an Innovation Partner, focusing on digital transformation, customer-centric solutions, and the use of Insurtech to shape the future of inclusive coverage in Africa.

He highlighted Cornerstone’s commitment to leveraging technology and developing innovative products to meet dynamic market needs, as outlined in their strategy for leading the African insurance industry.

The event also featured global thought leadership and the conference’s Headline Speaker, Per Lagerström, a former McKinsey partner and the CEO of Yellowspot. He challenged Nigerian insurers to rethink their models, emphasising the human element in innovation. “Insurance is not built on products alone; it is built on behaviour. If we do not understand how people earn, live, and dream, we cannot design solutions they will embrace. Technology gives us the tools, but human insight gives us the answers.”
In his opening remarks, the convener of the IMT Conference and the Managing Director/CEO of Modion Communications, Mr. Odion Aleobua, called on insurance innovators to build distribution that meets people where they are: online, on mobile, at work, and in communities, while conforming to evolving lifestyles. He called on regulators to adopt regulations that protect consumers without stifling industry innovation.

He also noted that the high calibre of sponsors, participants, and partners, including the Commissioner for Insurance, regulators, and industry leaders, reflected a collective commitment to shaping a future of innovation and digital adoption within the Nigerian insurance industry.

Others who spoke at the conference included Mrs Abimbola Anakomaiya, President, Professional Insurance Ladies Association (PILA); Mr Bode Pedro, MD/CEO, Casava Inc; Mr. Olalekan Oyinlade, MD/CEO, emPLE General Insurance; Mr. Deji Macaulay, CEO and Co-founder, CubeCover; Mr. Nelson Ekerele, MD/CEO, Enterprise Life Assurance Limited; Ms Adetola Adegbayi, Founder, Mutual Specialists; Uche Ayodele, Founder and CEO, FastClaim Solutions Limited; Nkiruka Okere, General Manager of aYo, Nigeria; Ayo-Bankole Akintujoye, CEO of Caladium Consulting and Ugodre Obi-Chukwu, Founder and CEO of Nairamatrics among other who participated in the Redefined 2.0, the youth segment.

by Online Poster — September 20, 2025 in Industry

WHO Warns of Stalled Progress, Calls for Cheaper Solutions to Address NCDs, Mental Health

The World Health Organization (WHO) has released a new report titled “Saving lives, spending less”, revealing that an additional investment of just US$3 per person annually in tackling noncommunicable diseases (NCDs) could yield economic benefits of up to US$1 trillion by 2030.

Alongside the report, WHO shared new analysis of country-level progress in reducing NCD mortality between 2010 and 2019.

While 82% of countries achieved reductions during this period, the rate of progress has slowed significantly across most regions, with some countries even experiencing a resurgence in NCD-related deaths.

NCDs are responsible for the majority of global deaths, while more than one billion people live with mental health conditions.

Alarmingly, nearly 75% of deaths related to NCDs and mental health conditions occur in low- and middle-income countries, accounting for 32 million lives lost each year.

In just a few days—on 25 September 2025—Heads of State and Government will convene in New York for the Fourth United Nations General Assembly High-Level Meeting (HLM4) on prevention and control of NCDs and the promotion of mental health and well-being.

The meeting aims to adopt an ambitious Political Declaration to accelerate global action and investment in these critical health and development areas.

“Noncommunicable diseases and mental health conditions are silent killers, robbing us of lives and innovation,” said Dr Tedros Adhanom Ghebreyesus, WHO Director-General. “We have the tools to save lives and reduce suffering. Countries like Denmark, South Korea, and Moldova are leading the way, while others stalling. Investing in the fight against NCDs isn’t just smart economics—it’s an urgent necessity for thriving societies.”

NCDs include cardiovascular diseases (such as heart attacks and strokes), cancers, chronic respiratory diseases (such as chronic obstructive pulmonary disease and asthma), and diabetes, among others.

Mental health conditions, such as anxiety and depression, are also highly prevalent across all countries and communities, affecting people of all ages and income levels. Without urgent and sustained action to tackle these, millions more lives will be lost prematurely.

Low progress, lives at risk
While the majority of countries made progress in reducing the risk of dying prematurely from an NCD between 2010 and 2019, 60% experienced a slowdown in progress compared to the previous decade.

Denmark recorded the largest improvements for both sexes. Among countries in other regions, NCD mortality also declined for both sexes in China, Egypt, Nigeria, Russia, and Brazil.

The biggest gains were driven by declines in cardiovascular disease and certain cancers—such as stomach and colorectal cancers for both sexes, cervical and breast cancers for women, and lung and prostate cancers for men.

In contrast, pancreatic, liver cancers and neurological conditions contributed to rising mortality in many countries.

Solutions are affordable and cost effective
Solutions to tackle NCDs and promote mental health and well-being are both affordable and highly cost-effective. Yet, governments often face intense lobbying from powerful industries whose products contribute to disease. Tobacco, alcohol, and ultra-processed food companies frequently attempt to block, weaken, or delay life-saving policies—ranging from health taxes to marketing restrictions aimed at protecting children.

“It is unacceptable that commercial interests are profiting from increasing deaths and disease,” said Dr Etienne Krug, Director of WHO’s Department of Health Determinants, Promotion and Prevention. “Governments must put people before profits and ensure evidence-based policy is not derailed by corporate pressure.”

Scaling up implementation of WHO’s ‘Best Buys’, a set of high impact interventions including tobacco and alcohol taxation, protecting children from harmful marketing, managing hypertension, and scaling up cervical cancer screening would cost just an additional US$3 per person per year on average.

The return on investment is substantial: by 2030, full implementation could save 12 million lives, prevent 28 million heart attacks and strokes, add 150 million healthy life years, and generate over US$1 trillion in economic benefits.

Political will to change the future
The upcoming Fourth UN General Assembly High-Level Meeting (HLM4) on NCDs and mental health is the most significant political opportunity of the decade to drive transformative change. With a bold Political Declaration, Heads of State and Government can not only recommit to achieving the 2030 targets but also set the vision for the next decades —charting a new course that will save lives and improve well-being for future generations.

“We know what works. The time to act is now. Governments that act decisively will protect and save lives, cut costs, and unlock growth. Those that delay will pay in lost lives and weaker economies,” Dr Devora Kestel, Director of WHO’s Department for NCDs and Mental Health.

WHO is calling on leaders, partners, and communities to advocate for concrete actions, including:

funding and implementing WHO’s ‘Best Buys’, adapted to national needs;
taxing tobacco, alcohol and sugary drinks;
strengthening primary health care for prevention, early detection and treatment;
protecting children from harmful marketing;
expanding access to essential medicines and technologies;
securing financing through domestic budgets, health taxes and targeted aid;
setting bold targets and track progress with strong accountability;
stopping industry interference in health policy.
HLM4 offers a unique opportunity to adopt an ambitious, action-oriented and achievable Political Declaration on NCDs and mental health—grounded in evidence, anchored in human rights, and aimed at delivering impact through and beyond 2030.

by Online Poster — September 20, 2025 in Health

Qatari Prime Minister Says Netanyahu ‘killed any hope’ For Israeli Hostages

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.”

by Online Poster — September 20, 2025 in News

The Importance Of ‘Mining’ Facts And Data In Nigeria’s Oil And Gas Arena

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

by Online Poster — September 20, 2025 in News

FirstBank Partners UNGC To Drive Sustainable Finance And Unlock Capital For Development

By Winifred Bosa

FirstBank, the West Africa premier financial institution and financial inclusion services provider, has strengthened its partnership with the United Nations Global Compact (UNGC) to reaffirm its commitment to driving sustainable finance and unlocking capital for development.

This ongoing partnership was reinforced at the recently concluded Fourth International Conference on Financing for Development (FfD4) hosted by the United Nations Department of Economic and Social Affairs (UN DESA) in Seville, Spain.

The FfD4 Conference brought together global leaders, policymakers, and private sector experts to discuss innovative solutions to address the growing SDG financing gap and unlock capital for development in fragile and underserved regions.

FirstBank’s Chief Risk Officer, Patrick Akhidenor, represented the bank at the conference and highlighted two FirstBank flagship initiatives driving resilience finance in Nigeria: The Solar Equipment Financing initiative and the revamped FirstGem Fund.

The Solar Equipment Financing initiative offers tailored financing options for the purchase and installation of solar power systems, ensuring access to clean, reliable, and affordable energy solutions.

The FirstGem Fund, a women-focused proposition, provides single-digit interest loans to women entrepreneurs without collateral requirements, targeting funding gaps in critical sectors.

‘’We are committed to driving sustainable finance and unlocking capital for development,” said Patrick Akhidenor. “Our partnership with UNGC and participation in the FfD4 Conference demonstrate our dedication to innovative finance solutions that address the SDG financing gap.”

Sanda Ojambo, CEO of UNGC, emphasized the need for innovative, inclusive financial models for underserved regions. “The private sector must play a central role in shaping fit-for-purpose, scalable finance solutions,” she said. “De-risking tools and blended finance can help unlock capital and drive meaningful impact.

FirstBank’s partnership with Development Finance Institutions (DFIs) and its SMEConnect hub demonstrate its capacity to lead efforts in sustainable finance. The bank provides training, networking, and tailored financing to SMEs across various sectors, including education, healthcare, and retail

About FirstBank

First Bank of Nigeria Limited “FirstBank”, established in 1894, is the premier bank in West Africa, a leading financial inclusion services provider in Africa, and a digital banking giant.

FirstBank’s international footprints cut across three continents ─ Africa, Europe and Asia, with FirstBank UK Limited in London and Paris; FirstBank in The Democratic Republic of Congo, Ghana, The Gambia, Guinea and Sierra Leone; FBNBank in Senegal; and a FirstBank Representative Office in Beijing, China. All the subsidiary banks are fully registered by their respective Central Banks to provide full banking services.

Besides providing domestic banking services, the subsidiaries also engage in international cross-border transactions with FirstBank’s non-Nigerian subsidiaries, and the representative offices in Paris and China facilitate trade flows from Asia and Europe into Nigeria and other African countries.

For over 13 decades, FirstBank has built an outstanding reputation for solid relationships, good corporate governance, and a strong liquidity position, and has been at the forefront of promoting digital payment in the country with over 13 million cards issued to customers (the first bank to achieve such a milestone in Nigeria). FirstBank has continued to make significant investments in technology, innovation and transformation, and its cashless transaction drive has been steadily accentuated with virtually over 25 million active FirstBank customers signed up on digital channels including the USSD Quick Banking service through the nationally renowned *894# Banking code.

With over 43 million customer accounts (including digital wallets) spread across Nigeria, UK and sub-Saharan Africa, the Bank provides a comprehensive range of retail and wholesale financial services through more than 820 business offices and over 280,000 agent locations spread across 772 out of the 774 Local Government Areas in Nigeria.

In addition to banking solutions and services, FirstBank provides pension fund custody services in Nigeria through First Pension Custodian Nigeria Limited and nominee and associated services through First Nominees Nigeria Limited.

FirstBank’s commitment to Diversity is shown in its policies, partnerships and initiatives such as its employees’ ratio of female to male (about 41%:59%; and 37% women in management roles) as well as the FirstBank Women Network, an initiative that seeks to address the gender gap and increase the participation of women at all levels within the organisation. In addition, the Bank’s membership of the UN Women is an affirmation of a deliberate policy that is consistent with UN Women’s Women Empowerment’s Principles (WEPs) ─ Equal Opportunity, Inclusion, and Nondiscrimination.

For six consecutive years (2011 – 2016), FirstBank was named “Most Valuable Bank Brand in Nigeria” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row, 2011 – 2018, by the Asian Banker International Excellence in Retail Financial Services Awards.

Significantly, FirstBank’s Global Credit Rating was A+ with a positive outlook while ratings by Fitch and Standard & Poor’s were A (nga) and ngBBB+ respectively both with Stable outlooks as at September 2023. FirstBank maintained the same level of international credit ratings as the sovereign; a milestone that was achieved in 2022 for the first time since 2015.

In 2024, FirstBank received notable international awards and accolades. Some of these include Nigeria’s Best Bank for ESG 2024 and Nigeria’s Best Bank for Corporates 2024 both awarded by Euromoney Awards for Excellence; Best SME Bank in Africa and in Nigeria by The Asian Banker Global Awards; Best Private Bank in Nigeria and Best Private Bank for Sustainable Investing in Africa by Global Finance Awards; Best Corporate Bank in Nigeria 2024, Best CSR Bank in Nigeria 2024, Best Retail Bank in Nigeria 2024, Best SME Bank in Nigeria 2024 and Best Private Bank in Nigeria 2024 all awarded by the Global Banking and Finance Awards.

FirstBank has continued to gain wide acclaim on the global stage with several international awards and recognitions received so far in 2025 which includes Best SME Bank in Nigeria 2025 and Best SME Bank in Africa 2025 by The Asian Banker; Best Private Bank in Nigeria 2025 and Best Private Bank for Sustainable Investing in Africa 2025 by Global Finance Awards; SME Financier of the Year in Nigeria 2025 by The Digital Banker Global SME Banking Innovation Awards; Best Retail Bank in Nigeria 2025 and Best Bank for Empowering Women Entrepreneurs in Nigeria 2025 all by The Annual Global Economics Awards.

Our vision is “To be Africa’s Bank of first choice” and our mission is “To remain true to our name by providing the best financial services possible”. This commitment is anchored on our core values of EPIC – Entrepreneurship, Professionalism, Innovation and Customer-Centricity. Our strategic ambition is “To deliver accelerated growth in profitability through customer-led innovation and disciplined execution.”

by Online Poster — July 17, 2025 in News 0

Moniepoint Recognised By CNBC As One Of The World’s Top Fintech Companies

By Fidelia Okafor

Moniepoint Inc. (“Moniepoint” or the “Company”), one of Africa’s leading business payments and digital banking platforms, announces it has been named as one of the world’s top fintech companies by CNBC, reinforcing the Company’s pioneering role in widening access to financial services across the continent.

Moniepoint joins a selected group of leading fintech players recognised for their financial performance and success across 2023-2024. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.

Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions. The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.

The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.

Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.

In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.

Tosin Eniolorunda, Group CEO of Moniepoint Inc., said:

“It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide. Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”

CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.

by Online Poster — July 17, 2025 in News 0

MAN, RMRDC Seek Innovative Tech Solutions For Industrial Growth

By Fidelia Okafor

The Manufacturers Association of Nigeria (MAN) is collaborating with the Raw Material Research and Development Council (RMRDC) to accelerate manufacturing through Cutting-edge technology solutions for industrial growth at the forthcoming 2025 Nigeria Manufacturing and Equipment Expo (NME) and the Nigerian Raw Materials Expo (NIRAM).

The NME & NIRAM Expo which is scheduled to hold on August 5 to 7, at the Federal Palace Hotel, Balmoral Hall, Victoria Island, Lagos, is themed “Accelerating Sustainable Manufacturing through Cutting-edge Technology Solutions.”

President of MAN, Franchise Meshioye noted that the theme is expected to drive the attention of stakeholders to engage on innovative technology solutions that will improve the process of manufacturing and in turn improve quality of products manufactured locally in Nigeria.

“By embracing cutting-edge technologies, we are heading towards a drive for innovation, resilience, and long-term value for our stakeholders.’

Meshioye said the focus of the expo is to spark conversations around deployment of energy-efficiency in production facilities; implementation of smart factory technologies, including Internet of Things (IoT) and Artificial Intelligence (AI), to optimize resource use; waste reduction strategies through closed-loop systems and advanced recycling methods; and engender partnerships with green tech innovators to co-develop scalable, sustainable solutions.

“Of course, the peculiarity of this exhibition is equipment. Our goal is therefore to showcase locally fabricated machines and equipment. Let’s jointly see what is possible in Nigeria and then lean on the strength of collaborating with foreign counterparts to improve locally manufactured goods.”

The MAN boss remarked that as a nation, we have continued to evolve in the manufacturing process; a far departure from where we used to be. “Our evolution has come from continuous learning and patronage,” adding that “with the expo and the stakeholders, we want to engender conversations around Nigeria First in terms of showing dignitaries, delegates and participants locally made equipment, raw materials within their reach and innovative inventions that can transform our processes and then attract more patronage.

“To put it simply and succinctly, the entire value chain of the manufacturing sector will be present at this year’s edition of the expo and reflect the Nigeria First Policy of the Federal Government.”

“The NME & NIRAM Expo will serve as a solutions hub for exhibitors and conference delegates alike. The Expo seeks to provide one-stop shops for equipment manufacturers, raw materials producers, processors, local fabricators and other stakeholders in the manufacturing sector to showcase their new and emerging technologies, machinery, equipment, and innovations.

‘This event serves as a pivotal platform for embracing home-grown technology to scale-up locally manufactured goods, support sustainable development, and discourage over-dependence on foreign products. We must also remain committed to utilizing locally sourced raw materials and leveraging essential support services, such as locally sourced funding and logistics, to drive our manufacturing endeavors and propel us into the much awaited prosperous and sustainable future.

“Consistent with our tradition, the NME will hold concurrently with Nigerian Raw Materials (Expo) powered by the Raw Materials Research & Development Council (RMRDC) featuring manufacturing equipment, raw materials, panel sessions and latest research findings delivered by carefully selected experts.

“Another significant feature is the Women in Manufacturing session, affording accomplished women in the field the opportunity to share their experiences with aspiring female manufacturers who may be considering entry into the sector.

The MAN emphasized that the expo is not just another edition, but a strategic advantage in a competitive global market.

“As technology continues to evolve, the opportunity to drive meaningful changes in manufacturing grows stronger. The time to act is now—for our businesses, our communities, our continent and our planet.”

For the Direct General of the RMRDC, Martin Ike Muonso, who was represented by Dr Edith Obi, Overseeing Director, States Industrial Extension Services , the vision is to drive innovation in raw materials development and socialization to support business growth and contribute meaningful to economic prosperity.

This he said led to the 30% value-addition bill, which has gone through post-renewal, and is awaiting the present answer to this bill.

He said when the bill is passed into the law, no raw materials will be exported

out of the country without at least 30% value-addition being added to it.

He said the nation’s local raw material should be utilized here in this country without taking them raw out of Africa and Nigeria.

On the expo, he said it’s all about enhancing raw materials potentials that we have in abundance in the country.

“To promote this, we have gotten in touch with a lot of other stakeholders to ensure the success of this event.

We have gotten across to stakeholders like the Organized Private Sector in Nigeria, farmers group, the fabricators, as well as resource-based industries, since they are all involved in raw materials value chain.

We want them in a single umbrella.

“All of us are coming together to talk about how we can improve the quality of our raw materials.

“We want to be proud of our products and that is the essence of this expo. The fabricators are coming together, the users, the manufacturers, and the SMEs will be here.

“All of us will be here to enjoy and patronize our locally made products.”

by Online Poster — July 17, 2025 in News 0

MAN Mourns Former President Muhammadu Buhari, Calls it a Great Loss to the Nation

World leaders mourn former President Muhammadu Buhari | Premium Times Nigeria

By Fidelia Okafor

The Manufacturers Association of Nigeria (MAN) joins the nation in mourning the passing of former President Buhari GCFR.

Former President Muhammadu Buhari GCFR served the nation, first as a military leader, and more recently as a civilian President from 2015 to 2023, during which he implemented policies aimed at promoting economic growth, improving infrastructure, and enhancing Nigeria’s industrial development.

His tenure brought attention to the importance of manufacturing as a driver of economic development and job creation. Though the economy experienced difficulties during his tenure, President Buhari granted the Association audience to proffer solutions to mitigate the binding constraints that limited the performance of the manufacturing sector. He also provided solutions to some of the challenges confronting manufacturers.

According to Otunba Francis Meshioye OFR, President of the Association, “we extend our heartfelt condolences to his family, associates, and all Nigerians during this solemn time”.

As the nation reflects over the life and career of President Muhammadu Buhari, MAN calls upon all Nigerians to honour his memory. We should also reflect on his achievements and continue to work toward the advancements of manufacturing. Government should reflect over his policies and recommit to the creation of a conducive atmosphere for sustainable economic development and the upliftment of the overall wellbeing of the citizenry.

by Online Poster — July 16, 2025 in Industry 0

Universal Insurance PLC Posts N15.25bn Premium In 2024

Universal Insurance PLC, said it posted a Gross Written Premium (GWP) of N15.25 billion in the year ended December 31, 2024.

The Managing Director/CEO of the Company, Dr. Jeff Duru, disclosed this in Lagos while speaking at the 2024/2025 Annual General Meeting (AGM) of the Nigerian Association of Insurance and Pension Editors (NAIPE), which they sponsored.

He also disclosed that as at the first quarter of 2025, the Company achieved a GWP of N8.07 billion, above 100 per cent higher than the target for the quarter.

According to him, “Last year, we recorded N15.25 billion in Gross Written Premium (GWP) and profits after tax of N2.8 billion Our shareholders’ fund as at the first quarter is in the neighbourhood of N16.4 billion when compared to N13.25 billion reported in 2024.

“We are charged to serve the public better to make them have that experience. Our claim payment is top-notch. Our services are top-notch. We are fully computerised.

All our Personal Line products are digitised. You can go through our website, access our products, get your quotes and make payment seamlessly, and you can also initiate claim payment and we follow it up at the backend.

“Universal insurance has come to stay and to serve the industry, give them the peace of mind, give them an excellent customer experience. That is what we are doing.

“As at the first quarter, we have produced N8.07 billion in terms of GWP, and that was about 130% of our first quarter target. We are progressive, we are highly innovative, and bringing insurance to the doorstep of our customers, with seamless operations, accessibility and affordability. Our products are highly affordable. You can try us and you will get the best service with peace of mind.”

On products and initiatives, Dr Duru said, “Our initiatives and products include Shop insure cover. The shop insure cover was basically designed for shop owners and businessmen that operate businesses at a Small and Medium Enterprise (SME) level. It provides them with fire insurance cover, burglary, cover for personal injury and alternative accommodation during relocation.

“We have OkadaPass. This product was designed for companies, organisations that are into delivery, people that deliver products and services through bike. It’s an online or digital service provision for the delivery business. It covers the bike, the rider and the package, because the package can be of great value to the service providers and personal injury to the riders.

“Our initiatives also include our digital customer portal, mobile app through which our customers can access our products, get quotes, initiate renewals, and initiate claims.

“We have our digital chatbot or Artificial Intelligence (AI) driven chatbot and visual assistant. That is 24/7 services that will take the position of our service centers at any point in time. Our chatbot will deliver fantastic experience to the customers both chat and voice services.

“We have our digital pre and post loss survey, especially for motor vehicles. Now the manual intervention in surveying or inspecting vehicles is no longer there, once you want to insure your vehicle. Our survey team will deploy the digital portal for the AI driven portal to you through your phone, and you will use your phone to do the physical inspection of your vehicle. Even when there is a claim, it will still be deployed to use it to do your inspection, and the information will come to our database, and we can see everything. It cut down fraud, cut down manpower and reduce cost and give you that excellent touch with speed of service for our claim delivery, these are part of the advantages that come from that service.”

Universal insurance PLC is a non life insurance underwriter that has existed for over 60 years, reengineered, regenerated to serve customers better. The Company is fully recapitalised with asset base of over N20 billion.

by Online Poster — July 15, 2025 in Insurance and Pension 0

Why Airtel Spam Alert Service Is A Game Changer For Mobile Security

By embedding real-time spam alert at both the network and systems level, Airtel strengthens trust in telecom infrastructure, a foundational element for digital economies, ensuring cross-network security accountability, proving that telcos can and should take more responsibility for securing the digital environment, not just selling data plans.

Have you ever won a “N5 million giveaway” from a number you’ve never dialled? Or been warned that your BVN would be “blocked in 24 hours” unless you click a link? If you never fell for these, then congratulations, you’re a part of Nigeria’s club named, The National Association of Spam SMS Survivors.

That’s not a real club though, but seriously, in 2024 alone, fraud in Africa surged by 21%, with phishing and SMS scams responsible for nearly half (48%) of all incidents.

As revealed by the Nigeria Inter-Bank Settlement System (NIBSS), the country’s financial sector lost over N52.26 billion to fraud, a 350% increase, over five years. This tells us that mobile networks are no longer used as just channels of communication, they are becoming active fields for criminals.

This is why Airtel’s launch of a Spam Alert Service in March 2025 couldn’t have been better timed. It is a commendable effort that also signifies in mobile security across Africa. It is beyond merely reacting to fraud; it appears to be preventing it in real time.

The Scale of the Problem

Nigeria is ranked 7th globally for spam SMS. Research shows that 87% of mobile users in the country receive unsolicited messages, many of which are fraudulent. Airtel itself reported that its internal analysis showed that 60% of its customers were receiving spam monthly.

These are not just annoying messages, they open the gates to fraud, asking users to click dangerous links or share sensitive data.

And while East Africa leads the continent with a 27% fraud rejection rate, West and Central Africa still struggle at 22%. The threat has gone beyond a telecoms issue, we can see it’s now an economic and societal one.

Airtel’s Intelligent Countermeasure

Airtel Africa, with over 150 million subscribers and operations in 14 countries, has responded with a network-level AI-powered Spam Alert Service.

While some members of the public have raised concerns over likely privacy breaches, Airtel has confirmed that the Artificial Intelligence in the backend of the Spam Alert Service does not read user messages. Instead, it analyses over 250 parameters including the frequency of the sender, message volume, link patterns, and geographical spread.

At its core, the service simply identifies and flags suspicious SMS messages in real time, labelling them as “Suspected SPAM” and alerting the recipient immediately. It requires no app download, no user configuration, and is automatically activated for all Airtel users, smartphone or feature phone. It’s a simple, although not easy, solution to a thorny problem.

Using a proprietary dual-layer protection system, one at the network level and another at the IT systems level, Airtel AI Spam Alert Service is reported to process over 1.5 billion messages in under two milliseconds.

Real Time Results

Between it launch in Nigeria on March 13 and May 20, 2025, just two months, the Spam Alert Service flagged 9,667,008 suspicious messages, according to Airtel reporting. That number includes 528,080 sent by users on the Airtel network (on-net) and 9,138,928 sent by users from other networks (off-net).

This staggering number indicates both the scale of fraud attempts and the importance of cross-network security measures. The Airtel system doesn’t just defend its own users, it monitors the messages entering the network from outside, offering an additional layer of safety for subscribers.

According to Airtel Nigeria CEO, Dinesh Balsingh, this innovation reiterates the strength of the telco’s AI-driven infrastructure in tackling the threat of spam and scam messages. “We understand that trust is the cornerstone of digital communication,” he stated, adding that, “This is why the AI is constantly learning, so as to keep pace with the changes in methods employed by spammers.”

Why This is a Game Changer

Network-Level Protection: Unlike most solutions that depend on user-side apps, Airtel’s service operates within its core infrastructure; it is always on and scanning, making it harder for threats to go undetected.

No User Action Required: There are no installations, updates, or settings for users to worry about. Every Airtel user, regardless of their phone type, gets protected by default.

Real-Time Alerts: The AI flags spam SMS in milliseconds, giving users feedback on potentially harmful messages as the messages arrive.

Scalable and Inclusive: Whether you’re using a basic feature phone in rural Tanzania or a smartphone in Lagos, you get the same level of protection, and this makes the service replicable in all of Airtel’s markets across Africa.

National Support and Expansion

Dr. Bosun Tijani, minister for Communications, Innovation and Digital Economy, endorsed the solution, commending Airtel for aligning with national priorities. He stressed that the Airtel Spam Alert Service demonstrates how artificial intelligence can enhance online security and economic empowerment.

Similarly, Dr. Aminu Maida, EVC/CEO of the industry regulator, the Nigerian Communications Commission (NCC), noted the sector-wide value, pointing out that it boosts consumer trust and directly supports national telecom security goals.

Following its success in Nigeria, the service has now expanded to Tanzania and Kenya, with a rollout planned for all 14 countries where Airtel operates.

Feedback from early users has been overwhelmingly positive. Many have reported improved personal awareness to SMS messages.

According to Balsingh, the AI Spam Alert Service is not a one-off solution, it is embedded in Airtel’s focus on integrating intelligent systems across its offerings while improving user experience. With threats becoming more sophisticated, “so will our solutions,” he said.

The company’s Spam Alert Service is a necessary evolution in how we think about mobile security, proactive, intelligent, and inclusive. Mobile phones are lifelines to finance, communication, and commerce, and this service does more than pinpoint spam, it restores user confidence.

And across the current digital space, confidence is indeed everything.

Joan Aimuengheuwa

by Online Poster — July 15, 2025 in News 0