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NCC–CBN pact positions TIRMS as Nigeria’s frontline defence against SIM-enabled financial fraud

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Nigeria is tightening its grip on one of the most persistent vulnerabilities in its digital economy as the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) are advancing a joint identity risk infrastructure that could redefine how fraud is detected and prevented across the country’s telecoms and financial systems. At the centre of […]

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Cornerstone Insurance Strengthens Balance Sheet, Declares 28 Kobo Dividend

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BY NKECHI NAECHE-ESEZOBOR—Nigeria’s leading underwriter, Cornerstone Insurance Plc, has strengthened its financial position after posting solid growth across key performance indicators for the 2025 financial year.

‎Speaking today during the company’s 34th Annual General Meeting (AGM), held in Lagos, its Acting Chairman, Afolabi Balogun, said the company’s  profit after tax rose to N11.76 billion at the end of 31st December, 2025 when compared to N25.89 billion reported in 3025. D

‎According to him the Group recorded insurance revenue of N51.66 billion, representing 34% increase over the previous year of  2024, while earnings per share stood at 64 kobo per share.

‎Total assets rose to  N141.03 billion while shareholders’ fund rose to N72.86 billion from  N60.50 billion in the previous year of 2024. 

In recognition of these performance, the Board recommended a dividend of N0.28 per share.

‎These results he noted reflect the strength of its  franchise, the quality of its customer relationships, and the disciplined execution of our strategy. 

‎‎On future outlook he said “Cornerstone enters this new phase from a position ‎strength. We have a clear strategy, a strengthened Capital base, an experienced leadership team, and the support a committed majority shareholder. Most importantly, ‎have a trusted brand and a growing customer franchise that provides a strong platform for sustainable growth.

‎Managing Director, Stephen Alangbo, further  explained that the company’s profit before tax declined to ₦8.73 billion from ₦28.62 billion in 2024 due to the normalisation of earnings after the exceptional foreign exchange gains recorded in the previous year. 

‎‎He noted that the company had posted ₦30.83 billion in one-off foreign exchange gains in 2024 following the Naira devaluation.

‎“Adjusting for this one-off effect, our underlying performance demonstrates sustained growth in our core insurance operations,” Alangbo said.

‎The company’s report also showed that net profit for the year stood at ₦11.76 billion, down from ₦25.89 billion in 2024, further reflecting the normalisation of earnings after the exceptional gains recorded in the previous year.

The post Cornerstone Insurance Strengthens Balance Sheet, Declares 28 Kobo Dividend appeared first on Business Today NG.

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Anthropic’s landmark $1.5B copyright settlement is approved

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Anthropic can finally start cutting checks to a group of authors and book publishers that sued the AI lab over copyright infringement. A federal judge gave final approval Monday of Anthropic’s landmark $1.5 billion settlement of a class action copyright lawsuit, Reuters reported.

Judge William Alsup of the U.S. District Court for the Northern District of California issued a preliminary approval of the settlement last year, after ruling that Anthropic had illegally downloaded and stored millions of copyrighted books.

Alsup has since retired and Judge Araceli Martinez-Olguin signed off on the settlement on Monday.

The payout will deliver $3,000 per work across an estimated 500,000 works, shared among the authors and publishers who hold rights to them. While the settlement is believed to be the largest in the history of U.S. copyright law, many authors and creators still don’t view it as a win.

That’s because of how the legal question was resolved. Alsup sided with Anthropic on the core issue. He ruled that training an AI model on copyrighted text counts as fair use — a decision widely seen as a turning point for the AI industry. But the ruling didn’t excuse how Anthropic obtained the books in the first place. Anthropic had built its training library from two sources: books it purchased and scanned (fine), and books it downloaded from pirate sites like Library Genesis and Pirate Library Mirror. Alsup found the second method illegal on its own terms and said that piracy question could go to trial; Anthropic agreed to a settlement soon after to avoid a trial and whatever damages a jury might have awarded.

While the final approval closes out this case, it doesn’t settle the legal question industry-wide because Alsup’s ruling was a single district court decision, and Anthropic’s decision to settle means the case will never reach an appeals court to become binding precedent.

Other judges are still free to reach their own conclusions on their own facts, which is exactly what’s playing out elsewhere. There is still a string of copyright lawsuits against companies such as Google, Meta, Midjourney, and OpenAI over whether it’s legal to train AI models on copyrighted works. Just last week, a group of publishers and authors, including Hachette, Cengage, Elsevier, author Scott Turow, and S.C.R.I.B.E. filed a class action lawsuit against Google over accusations that the company used their copyrighted works to train its AI platform, Gemini.

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