National News
FSD Africa, NAICOM Partner on BimaLab
FSD Africa, NAICOM Partner on BimaLab
By: Michael Mike
Financial Sector Deepening (FSD) Africa and Nigeria’s National Insurance Commission (NAICOM) have partnered to launch BimaLab, an accelerator programme designed to boost the development and adoption of digital solutions for the insurance sector.
BimaLab Nigeria aims to address gaps in the insurance market by educating, nurturing and promoting innovators and Insurtech start-ups. The programme will borrow from Kenya’s BimaLab I, BimaLab II and global best practices with a focus on local experience to provide Nigeria with the most competitive and attractive start-up accelerator programme.
Ten companies will be selected to participate in the ten-week programme that will provide them with the expertise, resources, and support to develop and scale market-ready solutions that bring social and/or commercial value to Nigeria’s insurance sector.
Across the continent, little knowledge of the insurance industry coupled with low income has affected the rate of insurance penetration in the mass market. Yet, a recent report by Deloitte indicates that affordable insurance products play a crucial role in mitigating the effects of negative financial shocks and in doing so reducing financial vulnerability.
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To widen insurance coverage, FSD Africa has recently rolled out a similar accelerator programme in Ghana (InnoLab). The solutions being supported through the accelerator programmes will be expected to also speak to the needs of populations beyond their borders of origination.
Among the success stories from previous BimaLab Accelerator programmes include Bismart, a Kenyan insurance agency that has partnered with Britam to launch a short-term school fees insurance cover called Elimu Smart. The cover protects school-going children from dropping out of school in the event their parent or guardian becomes critically ill or dies, safeguarding the future of the children even in cases of incidents.
Commenting on the launch of the BimaLab Accelerator Programme, Kelvin Massingham, Director – Risk and Resilience, FSD Africa said: “We believe that this programme will enhance the development of a vibrant ecosystem of start-ups; through collaboration with corporate partners, investors and research institutions to accelerate and scale innovation in the insurance industry in Nigeria. We have successfully implemented the programme in Kenya, and are commencing the same in Ghana.”
On his part, Commissioner For Insurance/CEO National Insurance Commission (NAICOM), Mr. Thomas Olorundare Sunday, said: “As a key driver of change in the financial sector, innovation has led to immeasurable efficiency and gains. Even though these changes can sometimes be accompanied by uncertainty and hesitation, there is evidence of great success. I have no doubt that with such collaborations, Nigeria is set to be a successful case study on insurance innovation across the continent.”
UK’s Deputy High Commissioner in Lagos, Ben Llewellyn-Jones, in his comment, said: “As a result of COVID-19’s negative impact and the resulting need for improved resilience against economic shocks, innovative insurance becomes increasingly important in addressing emerging vulnerabilities among businesses and households. The UK government has long been enthusiastic about leveraging technology and innovation as major vehicles for making impact and supporting the Nigerian government so the partnership between UK Aid funded FSD Africa and the National Insurance Commission (NAICOM) is crucial in fostering the development of an Insurtech ecosystem that focuses on growth, inclusion, and strategic alliances.”
Meanwhile applications for BimaLab Nigeria are now open on https://bimalab-nigeria.azurewebsites.net/. The deadline for submission is 23 February 2022
FSD Africa, NAICOM Partner on BimaLab
FG Declares Public Holiday on June 12 to Mark Democracy Day
By: Michael Mike
The Federal Government has declared Thursday, 12th June, 2025 as Public Holiday to commemorate this year’s democracy day celebration.
The Minister of Interior, Hon. Olubunmi Tunji-Ojo, who made the declaration on behalf of the Federal Government in a statement signed by the Permanent Secretary, Ministry of Interior, Dr. Magdalene Ajani, congratulated Nigerians on this occasion of 26 years of an uninterrupted civil rule.
He said: “June 12 represents our historic journey to building a nation where truth and justice reign and peace is sustained and our future assured.
“The last 26 years tells the story of our resilience, strength and courage and a hope Renewed than ever.”
The Minister while noting that Democracy is sustained with open doors for further improvement, reiterated the commitment of the Renewed Hope government of President Bola Ahmed Tinubu (GCFR) to the universal value of democracy that is based on freely-expressed will of the people in determining Nigeria’s political, economic, social and cultural systems.
FG Declares Public Holiday on June 12 to Mark Democracy Day
Chieftaincy dispute causes chaos in Muye village in Niger
By: Zagazola Makama
A renewed chieftaincy tussle in Muye village, Lapai Local Government Area of Niger State, has sparked violent confrontations between rival supporters, prompting swift intervention by security operatives.
Zagazola Makama gathered that the crisis began around 6:20 p.m. on Thursday when the deposed village head, Alhaji Mohammed Abdulkadir Maigari II, forcefully returned to Muye and broke into the palace.
The incident provoked tension among residents, especially after supporters of the current Dakachi confronted the deposed monarch. The situation was immediately brought under control by a team of security personnel from Lapai.
However, Zagazola learnt that the situation escalated on Friday morning when supporters of both camps clashed again, leading to a free-for-all fight that disrupted public peace in the community.
Security sources were swiftly deployed to Muye to restore normalcy.
“The combined security teams have brought the situation under control. Monitoring and surveillance operations are ongoing to prevent further breakdown of law and order,” the source said.
No casualties or arrests have been officially confirmed as of the time of filing this report.
Chieftaincy dispute causes chaos in Muye village in Niger
Eid-el-Kabir: IPCR Calls on Nigerians to Peace, Harmony
By: Michael Mike
Institute for Peace and Conflict Resolution (IPCR) has called on Nigerians to promote peace and harmony in their communities, recognizing that peace is essential to national development and progress.
The advice was given by the Director General of the Institute for Peace and Conflict Resolution (IPCR), Dr. Joseph Ochogwu, in his message on Eid-el-Kabir.
The Institute, while extending warm greetings to Nigerians, wished them a joyous and peaceful celebration, marked by love, compassion, and unity.
The Institute while noting that Sallah is a significant occasion in the Islamic calendar, symbolizing the values of sacrifice, gratitude, and community, emphasized that the spirit of Sallah should guide Nigerians in their interactions with one another, fostering a culture of peace, tolerance, and understanding.
The IPCR urged Nigerians to promote peace and harmony in their communities, recognizing that peace is essential to national development and progress, while
encouraging individuals to embrace the values of Sallah, including forgiveness, empathy, and kindness, in their daily lives.
According to IPCR, peace is critical to promoting national stability and cohesion.
The Institute also urged Nigerians to use this period of Sallah celebration to address conflicts and promote dialogue, which could help to build trust and understanding among Nigerians and also contribute to a more peaceful society.
It recognized that the country’s many ethnic and religious groups can work together to build a more harmonious society, celebrating their differences and promoting a culture of tolerance.
End
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