By Modupe Gbadeyanka

To protect residents, infrastructure and the economy, the Lagos State government has adopted a parametric flood-risk insurance policy designed by a team of Insurance Development Forum (IDF) member insurance organisations like AXA Climate, AXA Mansard, Swiss Re, flood modeller JBA Risk Management, satellite company ICEYE and African Risk Capacity Ltd.

The new insurance product will cover up to 4 million vulnerable people and secure up to $7.5 million for flood response and recovery in the aquatic state.

The policy’s activation is a major milestone for the Tripartite Agreement Programme, a public-private partnership among IDF, the United Nations Development Programme (UNDP), and the German Federal Ministry for Economic Cooperation and Development (BMZ) through the InsuResilience Solutions Fund (ISF), to build developing countries’ resilience to climate risk.

The insurance product has received regulatory approval, with placement enabled through 90 per cent of premium finance from the ISF for the first year, while Lagos State may raise the premium finance allocation beyond 10 per cent in the second and third years of the policy to ensure the sustainability of the protection provided by the product.

“Climate inaction could cost Lagos State just under $40 billion by 2050, with severe consequences for our people, infrastructure and economy. Our wetlands and biodiversity are also under threat.

“These realities demand urgent action. This pioneering parametric flood insurance policy strengthens our ability to protect lives, livelihoods and public finances while embedding climate risk management into Lagos State’s long-term development planning,” the Governor of Lagos, Mr Babajide Sanwo-Olu, stated.

Also commenting, the Head of Public Sector for AXA Climate and IDF Lagos Project co-Lead, Karina Whalley, said, “This policy demonstrates the power of insurance to enable preparedness ahead of and faster recovery after disasters, as well as greater financial resilience for governments; in short, future-ready nations. The product design harnessed our industry members’ technical expertise in flood risk modelling and parametric insurance to develop a scalable solution tailored to the needs of climate-vulnerable communities in Lagos.”

The Director-General for Multilateral Development Policy, Transformation, Climate, German Federal Ministry for Economic Cooperation and Development (BMZ), Dr Katharina Stasch, said, “This product highlights the impact that effective collaboration between governments, insurance and development partners can deliver.

“As climate risks continue to rise, BMZ is proud to have supported the Tripartite Agreement Programme’s efforts to scale sovereign risk finance and to witness the new alliances and models for cooperation emerging through the programme.”

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has tasked manufacturers, importers and service providers to prioritise product safety, warning that substandard goods threaten consumer trust and weaken Nigeria’s market system.

The commission issued the warning on Wednesday in Abuja on the back of the 2026 World Consumer Rights Day celebration and the 9th National Consumers Contest Awards, where regulators, industry stakeholders and consumer advocates gathered to review the state of consumer protection in the country.

The chief executive of the FCCPC, Mr Tunji Bello, said this year’s theme, Safe Products, Confident Consumers, highlights the direct connection between product safety and economic stability, adding that, “Where safety is uncertain, confidence declines. And where confidence declines, markets become weaker, less efficient, and less trustworthy.”

He expressed concern over persistent violations across sectors, noting that many products still fail to meet basic safety and quality benchmarks.

According to him, infractions include mislabelled goods, products that do not comply with minimum safety standards and, in some cases, deliberate disregard for regulatory requirements.

Mr Bello warned that such practices expose consumers to avoidable risks while creating unfair competition for businesses that comply with established rules.

Linking consumer protection to the federal government’s ongoing economic reforms under President Bola Ahmed Tinubu, Bello said strengthening regulatory compliance is essential to building transparent, investment-friendly markets.

“Consumer protection is a key part of that effort. Safe, reliable, and transparent markets support sustainable growth,” he said.

He reiterated that the Federal Competition and Consumer Protection Act (2018) guarantees consumers the right to safe, durable and fit-for-purpose products, stressing that businesses must promptly address safety concerns through product recalls, withdrawals and proper consumer notification.

The FCCPC boss warned that failure to comply, he warned, attracts regulatory sanctions.

Mr Bello disclosed that the FCCPC has expanded market surveillance operations, enhanced product testing capacity and intensified enforcement actions in priority sectors. He added that the Commission is strengthening collaboration with regulatory partners, including the Standards Organisation of Nigeria (SON) and the National Agency for Food and Drug Administration and Control (NAFDAC), to close enforcement gaps that allow unsafe products into the market.

Beyond enforcement measures, the FCCPC boss underscored the importance of consumer education, highlighting the role of the National Young Consumers Contest in promoting awareness and responsible purchasing behaviour among young Nigerians.

“Consumer protection is not only about enforcement. It is also about education, awareness, critical thinking, and responsible engagement,” Mr Bello said.

While clarifying that the FCCPC does not fix prices, he noted that transparency, fairness and adherence to safety standards remain fundamental to efficient market operations. He urged consumers to remain vigilant by examining products carefully and reporting unsafe or substandard goods.

The event drew participation from regulatory agencies, trade associations and media organisations, reinforcing calls for coordinated action to strengthen accountability across Nigeria’s marketplace.

“Safe and reliable markets depend on responsible business conduct, effective regulation, and informed consumer participation. That standard must be upheld consistently,” Mr Bello said.

By Modupe Gbadeyanka

One Mr Osamudiamen Philip Ikilo has been handed a two-year imprisonment for a Bitcoin fraud to the tune of $19,400.

He was found guilty and convicted of the crime by Justice W.I. Aziegbemhin of the Edo State High Court sitting in Benin City, the state capital.

Delivering the judgment on Monday, March 23, 2026, the judge sentenced Mr Ikilo to two years’ imprisonment without an option of fine.

The convict got into trouble when he offered to assist his victim, Ms Cynthia Imade Alile, to convert her 0.52092582 Bitcoin worth $19,400, but failed to remit the money after the conversion.

Ms Alile petitioned the Economic and Financial Crimes Commission (EFCC), which looked into the matter and brought him before the court for prosecution on a one-count charge of stealing.

“That you Osamudiamen Philip Ikilo (m) sometime in March 2024 within the jurisdiction of this court did steal Bitcoin worth the sum of $19,400 belonging to one Cynthia Imade Alile by fraudulently converting the said sum to your use, and thereby committed an offence contrary to Section 287 of the  Criminal Law of Edo State Law 2022 and punishable under Section 294 of the same Law,” the charge read.

When the charge was read to him during arraignment by the EFCC, the defendant pleaded not guilty, setting the stage for trial.

In the course of the trial, prosecution counsel, A. S. Bala-Ribah, called two witnesses and also tendered documents which were admitted by the court. On his part, the defendant called two witnesses, including himself.