Nigeria's pension sector has reached a significant milestone, with total assets under management now surpassing N27 trillion. This substantial figure reflects the growing formalization of retirement savings in Africa's largest economy. The National Pension Commission (PenCom), under the leadership of its Director-General Omolola Oloworaran, oversees this expanding financial landscape, which is increasingly leveraging technology to bring more Nigerians, including those in the informal sector, into the pension net.
This financial growth occurs against a backdrop of severe global digital threats. Projections indicate that the total cost of cybercrime worldwide will reach a staggering $10.5 trillion this year. This immense figure underscores the scale of the challenge facing governments and businesses as economic activities become more digitized, highlighting a critical need for robust cybersecurity frameworks.
The threat is not abstract for African businesses. In South Africa, more than 70% of small and medium-sized enterprises report experiencing at least one attempted cyberattack. This high prevalence shows that digital vulnerabilities are a continent-wide concern, affecting economic stability and the operational security of key drivers of job creation and growth.
Nigeria itself is a prime target, with its businesses facing an average of 3,759 cyberattacks per week. This relentless digital assault poses a direct risk to the nation's economic infrastructure, including its burgeoning financial technology and pension sectors. The frequency of these attacks necessitates continuous investment in cybersecurity to protect critical assets and citizen data.
In a separate development, international geopolitical tensions have escalated following an offer from North Korean leader Kim Jong Un to the Islamic Republic of Iran. Kim Jong Un has formally offered to supply Iran with advanced ballistic missiles intended for use against Israel. This move could significantly alter the military balance in the Middle East and has drawn intense global scrutiny.
The North Korean leader reportedly stated that 'one missile is enough to erase Israel' from the map. This inflammatory rhetoric, coupled with the offer of advanced weaponry, raises grave concerns about regional stability and the potential for a broader conflict. The international community is closely monitoring this development, which adds a new dimension to existing tensions.
On a celebratory note in the Nigerian business community, Mitchell Elegbe, the founder of the pioneering fintech company Interswitch, has been honored. Elegbe, who founded Interswitch in 2002, was conferred the 2025 Silverbird Special Achievement Award. This recognition highlights his enduring impact on Nigeria's digital payment landscape over more than two decades.
The award was presented at the Silverbird Man of the Year Awards ceremony, held on Sunday, March 1, 2026, at the Eko Hotel and Suites in Lagos. This event celebrates outstanding Nigerian achievers and underscores the vital role of technology innovators in driving the nation's economic transformation, even as sectors like pensions digitize and the digital realm faces increasing threats.
