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NITDA, NAICOM COLLABORATE TO INSTITUTIONALISE CYBER INSURANCE

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NITDA, NAICOM COLLABORATE TO INSTITUTIONALISE CYBER INSURANCE
AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The National Information Technology Development Agency (NITDA) is exploring partnership and collaboration with the National Insurance Commission (NAICOM) on how to institutionalise Cyber Security Insurance in the country.


The Director-General of NITDA, Kashifu Inuwa Abdullahi, CCIE who led the Agency’s management team to the Commission on a courtesy visit reiterated the fact that the insurance cover is long overdue, especially as it is virtually impossible for any business to operate without connecting to the internet.


According to Inuwa, almost every adult in Nigeria move around with “a super computer in his/her hand or pockets”, which invariably exposes one to cybercrimes and criminals.


While quoting some reports that the global cyber crime as of 2021 was almost $6TR and projected to grow by 15% year-on-year, the DG said that as of today the figures have increased to about $8TR and will reach $10.5 TR by 2025.
“Cyber crime, if you can quantify it as a nation, will be the third largest economy, and it is bigger than all crimes combined together, in terms of cost”.


“In view of this, we need to institutionalise Cyber Insurance because Nigeria loses about N200B to cyber crime anually, imagine that just 0.0% of the Nation’s Gross Domestic Product (GDP) is worth more than N200B”, Inuwa noted.


Inuwa said “looking at this and the rate services are being digitised, coupled with the push for government digital services as well as COVID-19, the pace we are digitising has been accelerated; the future is therefore arriving faster than expected”.


The DG who emphasised the importance of securing the Insurance, averred that whereas, the commission has the primary mandate of insurance, the Agency also has certain mandates relating to cyber insurance, including development of Information Technology in Nigeria which Cyber Security is an integral part.


The NITDA Boss expressed the hope that once the insurance is gotten, the country will be well positioned to mitigate the recurring losses and the ecosystem as well as the quality of systems in Nigeria will be strengthened and upgraded respectively.


“Achieving this feat will also translate to strengthening developers of systems to up their game, by taking it through series of tests before taking their products to the market”.


“Many countries have institutionalised cyber insurance, Africa inclusive; South Africa, Kenya and Egypt have done so. Looking at our status in Africa as the largest economy and having the most vibrant digital ecosystem as well as the fastest growing digital economy, I think it is the right time for us also to institutionalise Cyber Insurance in Nigeria”, the DG maintained.


The Commissioner for Insurance/Chief Executive Officer of the National Insurance Commission (NAICOM), Olorundare Sunday Thomas who gave a nod to the proposal brought forward by the NITDA DG, noted that he has always been talking to relevant stakeholders to look at the positive side of risks associated with technology.


“Looking at the volume of data that are driven daily, cost associated with data, magnitude and impact of the economy of nations, if there should be any economy that should be more concerned about cybercrime, it should be Nigeria”.


“The more we look forward to using technology to resolve many problems, we must also seize the opportunity to increase our workforce”, Thomas added.


The CFI assured the NITDA team of the Commission’s readiness to partner with the Agency towards institutionalising cyber insurance.


Both teams were unanimous in hitting the ground running as they agreed to create a committee of six members, three from each organisation to ascertain the modus operandi and fashion out the terms of reference.

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TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies

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TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos State Internal Revenue Service (LIRS) has reiterated that the provision of FREE West African Examinations Council, WAEC registration for SS3 students in state-funded secondary schools is a vital policy of the Lagos State Government and that free education policy from kindergarten to SS3 is still in operation.

This initiative, part of the THEMES PLUS agenda, is included in the government’s broader efforts to provide essential services such as affordable housing, efficient transportation, free healthcare, youth and small business empowerment programs, enhanced security, and better road infrastructure, among others.

Mr. Ayo Subair, Executive Chairman of LIRS, stated, “It is standard procedure to require a Tax Clearance Certificate (TCC) to access government services. To obtain a TCC, individuals must file their annual tax returns for the applicable assessment year and ensure their tax payments are currently based on their declared income.”

He highlighted that this requirement has been in practice for a long time and aligns with Section 85 of the Personal Income Tax Act (PITA) 2004 (as amended).

It is important to emphasize that every resident of the state, whether in formal employment or not, is required by law to file annual tax returns, declaring their income and paying any taxes due.

This requirement is backed by the Nigerian Constitution, it is also the law, as stipulated in the PITA and part of the social contract between the government and residents.

The Lagos State Government is dedicated to offering quality and efficient services to its residents. As part of this mission, it mandates that all taxable individuals register with the tax authority, submit their returns, and pay applicable taxes to maintain an updated Tax Clearance Certificate (TCC).

Mr. Subair explained that tax compliance is essential for the sustainability of public programs and services.

He noted that requiring a TCC for access to free services is not a new policy but a longstanding practice intended to foster fairness and transparency in using public resources. Tax revenues help fund various public programs that benefit millions of Lagos residents. For informal sector taxpayers, who might not have detailed financial records, the government has introduced a presumptive tax of ₦10,100 (comprising ₦10,000 in annual tax and a ₦100 development levy) to facilitate their inclusion in the tax net.

To enhance convenience and streamline the process, LIRS has deployed staff and agents to markets and schools, establishing one-stop centers where individuals can obtain their TCC without needing to visit tax offices. Flexible payment options, including installment plans, are also available, though full payment must be completed before the TCC is issued.

He also added that the TCC of guardians will be accepted from students who do not reside with their biological parents.

“The aim is fairness, accountability, and sustainability,” emphasized Mr. Subair. “This policy is not about inflicting hardship, but rather ensuring that everyone, including those in the formal sector, contributes their fair share to sustain the provision of essential services.”

By meeting their civic responsibilities, residents play a role in the growth and development of Lagos State, reinforcing the government’s commitment to enhancing the quality of life for its citizens.

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LAWMA Intensifies Enforcement, Waste Clean-up Across Lagos

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… Agency Urges Residents to Stop Patronising Cart Pushers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos Waste Management Authority (LAWMA) has intensified its enforcement and clean-up operations across the state to curb indiscriminate waste disposal and maintain environmental sustainability.

The agency’s Managing Director and Chief Executive Officer, Dr. Muyiwa Gbadegesin, emphasised LAWMA’s unwavering commitment to keeping Lagos clean, noting that the monitoring and enforcement team had been mobilised to ensure compliance with waste management laws of the state.

He said, “LAWMA remains resolute in stamping out illegal waste disposal and environmental violations. Our Environmental Monitoring and Enforcement Anti-Cart Pushers Squad has been actively dislodging illegal waste operators who contribute to the degradation of our environment. We urge residents to desist from patronising them and instead work with registered PSP operators for proper waste disposal.”

Gbadegesin said the enforcement team recently carried out major operations in areas like Ifako-Ijaiye, Dopemu, Agege, Ojodu Berger, and other parts of Lagos, apprehending cart pushers known for collecting waste and dumping it at unauthorised locations, stressing that such activities violated environmental laws and undermined the state government’s efforts at maintaining a clean and livable city.

He warned that ignorance of the law is not an excuse and anyone caught engaging in cart pushing would be made to face the full wrath of the law.

The LAWMA boss further noted that the Authority had also commenced the evacuation of waste from illegal dumpsites along the Lekki-Epe Expressway, particularly behind Circle Mall, adding that the operation, simultaneously taking place at Mile 2 Badagry expressway, would continue in the coming weeks, in line with the agency’s ongoing efforts to clear accumulated waste, remove silt along the median and verges and prevent indiscriminate disposal along highways.

In a separate exercise, LAWMA has intensified efforts to clean up Lagos waterways, ensuring that rivers and water bodies remain free of waste and blockages. The initiative is aimed at reducing environmental pollution and promoting cleaner water channels across the state.

Gbadegesin urged Lagosians to support LAWMA’s initiatives in 2025, by properly disposing of their waste, reporting service gaps, and calling the agency’s helplines for backup waste collection services.

“A cleaner Lagos is achievable when everyone plays their part. We urge residents to work with assigned PSP operators, report waste-related infractions, and adopt responsible waste disposal habits. Together, we can create a cleaner and healthier city for all,” he added.

For waste management related issues and complaints, please call LAWMA toll-free numbers: 080000LAWMA (08000052962), 07080601020 and 617, or visit www.lawma.gov.ng.

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).

This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.

Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.

He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.

Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.

He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.

Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:

“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.

We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.

His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.

On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”

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