TechPression

Tag: Tinubu

  • President Tinubu backs Flutterwave’s NGX listing

    President Tinubu backs Flutterwave’s NGX listing

    President Bola Tinubu on Sunday supported Flutterwave, a leading African fintech company, on a quest to get listed on the Nigerian Exchange (NGX). 

    This development marks a crucial step for the company as it seeks to expand its presence in the Nigerian financial sector.

    Read also: NGX Group invests in Ethiopia’s new Securities Exchange, boosting Africa’s financial growth

    Meeting with President Tinubu

    During a meeting at the Presidential Villa in Abuja, Flutterwave’s CEO, Olugbenga Agboola, requested President Tinubu’s support for the company’s NGX listing. 

    Agboola highlighted Flutterwave’s role in simplifying payments for Nigerians using the naira and providing platforms for diaspora Nigerians to send money home. He emphasised that Flutterwave, valued at over $3 billion, employs over 1,000 Nigerians and is a prominent Nigerian export.

    President Tinubu assured that his administration will continue to support businesses in the fintech sector, stating, “Nigeria is genuinely open to business, and as President, I am determined to remove all obstacles to allow companies to thrive”.

    He commended Flutterwave’s contributions to the digital economy, particularly noting the role of young Nigerians in the company’s success.

    Read also: CBN targets foreign investments, restrict local transactions in new diaspora accounts

    Projected impact on the Nigerian economy

    The potential listing of Flutterwave on the NGX is expected to boost investor confidence in Nigeria’s tech ecosystem. 

    Minister of Finance Wale Edun noted that Flutterwave and similar companies have created jobs and helped diversify the economy by providing innovative digital platforms and payment services across Africa.

    Dr. Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), emphasised the need for Nigeria to strategically position its indigenous companies like Flutterwave in the global financial arena. 

    President Tinubu’s support underscores his administration’s commitment to fostering growth in the fintech sector, which is crucial for Nigeria’s economic development.

  • Tinubu meets Google CEO in France to launch AI partnership for Nigeria’s digital growth

    Tinubu meets Google CEO in France to launch AI partnership for Nigeria’s digital growth

    On Wednesday, President Bola Tinubu met with Sundar Pichai, CEO of Google, in Paris to announce a transformative partnership aimed at positioning Nigeria as a leader in artificial intelligence (AI) and digital innovation across Africa.

    President Tinubu announced the partnership via his X account, stressing that the collaboration will not only position Nigeria as Africa’s technological leader, but will also leveraging AI and cloud computing to boost the nation’s economy.

    Read also: Amid political pressures, OpenAI scrubs diversity commitment from web presence

    Advancing AI Innovation through strategic collaboration

    The partnership will focus on transforming Nigeria’s tech ecosystem by prioritising AI research, scalable cloud infrastructure, and workforce development.

    President Tinubu said, “This partnership will unlock new opportunities for Nigerians and place our country at the forefront of technological advancements.”

    The initiative will promote local innovation by supporting startups and researchers in creating AI-driven solutions tailored to Nigeria’s unique challenges.

    Awarri Technologies, a Nigerian AI company, was highlighted as an example of the country’s growing potential in this field.

    Google CEO Sundar Pichai emphasised the importance of the collaboration, stating, “We are committed to working with Nigeria to expand digital skills, drive innovation, and enable inclusive growth.”

    The partnership will include training programs to equip Nigerians with the skills needed for an increasingly AI-driven world.

    Read also: Google Whisk, an AI-powered image remixing, now available worldwide

    Government’s vision for digital growth

    The Nigerian government is aligning this partnership with its Renewed Hope Agenda, prioritising economic diversification through technology.

    The Federal Ministry of Communications, Innovation, and Digital Economy will lead the initiative, while the National Information Technology Development Agency (NITDA) will oversee its implementation.

    Inuwa Kashifu Abdullahi, director-general of NITDA, highlighted the importance of building data centres and integrating digital skills into education. He explained that these efforts would ensure Nigeria’s workforce is prepared to harness the opportunities created by this collaboration.

    Meanwhile, Bosun Tijani, Nigeria’s Minister of Communications and Digital Economy, emphasised the nation’s need to lead in AI development and regulation through a strategic approach.

    “In the near future, AI systems will converge, and Nigeria must position itself as a global powerhouse in both AI development and regulation,” he asserted.

  • Tinubu appoints Desmond Akawor as RMAFC federal commissioner

    Tinubu appoints Desmond Akawor as RMAFC federal commissioner

    The Federal Government has appointed Ambassador Desmond Akawor as Federal Commissioner of the Revenue Mobilization, Allocation, and Fiscal Commission (RMAFC)

     He has been given the green light by President Bola Tinubu.  

    This information on the official X (previously Twitter) handle of Fredrick Nwabufo, who serves as a Senior Special Assistant to the President on Public Engagement. This information is included in an official press statement that was published on Thursday by the spokesperson for the president, Ajuri Ngelale.  

    It is, therefore, up to the Nigerian Senate to decide whether or not to confirm Akawor’s appointment to the position of new RMAFC federal commissioner representing Rivers State. 

    According to the announcement, the appointment of Ambassador Akawor came after the unfortunate passing of the most recent RMAFC Federal Commissioner from Rivers State, the Honourable Asondu Wenah Temple, earlier this month.  

    Before being given this position, Akawor had previously held the positions of Ambassador of Nigeria to South Korea, Minister of State of the Federal Capital Territory (FCT), and Sole Administrator of the Greater Port Harcourt Development Authority. He had also been a public servant in Nigeria for a considerable amount of time.  

    Among his previous positions, he served as the Chief Executive Officer of the Niger Delta River Basin Development Authority and the Executive Director of the Nigerian Ports Authority (Engineering and Technical Services), respectively. 

    The statement went on to say that President Tinubu has charged the new Ambassador Akawor with making use of his breadth of expertise in the civil service to reform processes that will enable the most effective and productive utilisation of allocations to all three levels of government in Nigeria. This responsibility was given to Ambassador Akawor by President Tinubu. 

    Read also: Tinubu nominates Cardoso as new CBN Governor

    The appointment is subject to Senate confirmation 

    “President Bola Tinubu has approved the appointment of Ambassador Desmond Akawor to serve as a Federal Commissioner of the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC), pending the confirmation of the Nigerian Senate. 

    “The new RMAFC Federal Commissioner, who represents Rivers State, is being appointed following the tragic demise of the immediate past RMAFC Federal Commissioner from Rivers State, Hon. Asondu Wenah Temple earlier this month. 

    “Ambassador Akawor is a decorated public servant who has served the nation as Nigeria’s Ambassador to South Korea; Minister of State of the Federal Capital Territory (FCT); Sole Administrator of the Greater Port Harcourt Development Authority; CEO, Niger Delta River Basin Development Authority, and Executive Director, Nigerian Ports Authority (Engineering & Technical Services). 

    “The President tasks the new Federal Commissioner to deploy his robust experience across tiers of government toward the comprehensive reformation of processes that will ensure the most efficient and productive utilisation of allocations to all three tiers of government in Nigeria.” 

    Tinubu seeks Nigerian technologists for important positions

    About RMAFC

    The Federal Republic of Nigeria’s Revenue Mobilisation Allocation and Fiscal Commission keeps an eye on the money that comes in and goes out of the Federal Account. The Body also makes sure that the country’s formulas for allocating income are fair and consistent.

    At the moment, Mohammed Bello Shehu is the Chairman. He took over from Engr. Elias Mbam, who quit to run for office in the 2023 general election.

    It keeps an eye on how much money comes into and goes out of the Federation Account, looks over the Revenue Allocation Formula, gives advice to the Federal and State Governments on how to be more fiscally efficient and make more money, and decides how much politicians get paid.

  • Tinubu supports concrete road technology

    Tinubu supports concrete road technology

    The Federal Government of Nigeria has supported concrete road technology to revamp Nigeria’s infrastructure. According to statements made by David Umahi, Minister of Works of Nigeria, President Bola Tinubu is interested in and fully supports the utilization of concrete technology in the construction of roads in the country.

    During a meeting with contractors who handle projects in Nigeria’s North East Geopolitical Zone, the Minister shared this information with them.

    Contractors that refuse to employ concrete in road construction would be required to post a performance bond, which he mentioned when explaining the rationale behind his decision to use concrete technology.

    “We are introducing concrete road technology, and some of you are not happy about it. Some are saying it is too expensive, but we have to try the both and see which is better. In any case, any contractor with an ongoing project that is not willing to cooperate with us for a redesign with concrete road technology, which is fifty years period free of maintenance, we’ll demand for performance bond.” 

    “The situation and time when roads are built on asphalt and within two to three years the project is back to square one is gone. We don’t witness this kind of construction pattern in developed countries. You came from developed countries, so we are going to respect Engineering Best Practices in Nigeria. We will build a road that is going to last,” he said.

    Read also: Tinubu seeks Nigerian technologists for important positions

    The displeasure of the Ministry

    The Minister went on to express his disgust with road construction contractors that drag out projects for up to 20 years, adding that contractors should not be allowed to be on-site for longer than 4 years.

    Also, referring to his recent meeting with contractors working on dual highways, he mentioned that the contractors were instructed to finish at least one lane of the road.

    “I had recently met with contractors handling road dualization projects, and my position on the issue is to take one lane and complete it because of paucity of fund, but with the availability of money, they could start the second lane. We can manage with one lane instead of not having anything at all,” he said.

    Mr. Umahi further stated the reasons for the collapse of the road, which include, among other things, poor craftsmanship from the contractors, the introduction of contaminated bitumen into the country, and the paving of asphalt with a thickness that was less than what was considered correct.

    He placed a strong emphasis on the necessity of these issues being rectified in order to develop runways that are more durable across the country.

    Enugu state launches e-tickets for road transporters

    Termination of road projects

    The Nigerian government has stated that in order to fill the financial shortfall for inherited abandoned road projects with a total value of N6 trillion, it may be necessary to cancel the projects that have been ongoing for ten to twenty years.

    The majority of the initiatives, according to the government, do not have a clear financial source.

    Following his meeting with President Bola Tinubu at the Presidential Villa in Abuja, the Minister of Works, David Umahi, made these revelations while updating state house media on the situation. 

    In addition, the government stated that it would consult with members of the National Assembly in order to set priorities for road construction and put an end to the unhealthy appropriation of road infrastructure.

     In addition to this, Umahi disclosed that the Federal Ministry of Works, under the current administration, has inherited a total of 2,604 projects with a value of N14 trillion for 18,000 km.

    He went on to say that from the time he became Minister of Works till the present, a total of N4 trillion had been paid out, but an outstanding balance of N10 trillion remained.

  • Tinubu nominates Cardoso as new CBN Governor

    Tinubu nominates Cardoso as new CBN Governor

    Dr. Olayemi Michael Cardoso has been proposed for the position of Governor of the Central Bank of Nigeria (CBN) by President Bola Tinubu. This nomination was made by President Tinubu.

    A statement that was released by Ajuri Ngelale, who serves as the presidential spokesperson, made the nomination an official one.

    The announcement claims that President Tinubu has granted his consent for Dr. Cardoso to be appointed to the position of leading the Central Bank of Nigeria (CBN) for an initial tenure of five years. On the other hand, the Nigerian Senate has not yet decided whether or not to approve this appointment.

    Olayemi, Ph.D. Michael Cardoso, who hails from Lagos, is in line to succeed Folashodun Shonubi as Governor of the Central Bank of Nigeria (CBN), presuming that he is confirmed by the Senate. Cardoso’s appointment is contingent on this.

    A further explanation was provided in the presidential statement, which stated that in compliance with Section 8 (1) of the Central Bank of Nigeria Act, 2007, President Tinubu has proposed four deputy governors for the CBN. These nominations are also waiting for approval from the Senate.

    The choice made by President Tinubu to designate these critical positions is congruent with his Renewed Hope initiative. 

    He believes that the appointees will be key in the implementation of crucial reforms within the Central Bank of Nigeria and that they will play pivotal roles in this.

    This new development comes as a direct result of President Tinubu’s earlier decision to nominate Folashodun Shonubi to the position of acting governor of the Central Bank of Nigeria. A previous position held by Shonubi at the central bank was that of Deputy Governor in charge of the operations department. This appointment brings him to the position of Governor.

    The suspension of former Central Bank of Nigeria Governor Godwin Emefiele, which may be ascribed to continuing investigations into his office as well as planned reforms within the financial sector of the economy of the country, has led to these developments. Since his appointment by former President Goodluck Jonathan in 2014, Emefiele had been serving as Governor of the Central Bank of Nigeria (CBN).

     

    The new CBN deputy governors

    In addition, President Tinubu gave his approval to the nomination of four new Deputy Governors of the Central Bank of Nigeria (CBN), each of whom would serve for a term of five years in the initial instance, pending the confirmation of their appointment by the Senate.

    Mrs. Emem Nnana Usoro, Mr. Muhammad Sani Abdullahi Dattijo, Mr. Philip Ikeazor, and Dr. Bala M. Bello have all been appointed to positions as new Deputy Governors of the Central Bank of Nigeria.

    The President of Nigeria expects the new appointees to successfully implement critical reforms at the Central Bank of Nigeria. This will enhance the confidence of Nigerians and international partners in the restructuring of the Nigerian economy towards sustainable growth and prosperity for all. This agenda is in line with the President’s government’s Renewed Hope agenda.

    About CBN

    The CBN Act of 1958 established the Central Bank of Nigeria as Nigeria’s central bank and apex monetary authority. The CBN began operations on July 1, 1959, after it was given the right to do so by the CBN Act. 

    The Central Bank of Nigeria (CBN) serves as the current account administrator for deposit money banks. Additionally, it offers clearing house facilities, which are utilised in the processing and settlement of instruments provided by banking institutions. In a similar vein, it performs functions related to trade finance on behalf of the clients of banks. 

    The Central Bank maintains control over the commercial banks by adjusting the bank rate upwards or downwards depending on the circumstances.

    Through the effective, efficient, and transparent implementation of monetary and exchange rate policy and administration of the financial sector, the Central Bank of Nigeria aspires to be proactive in providing a stable framework for the economic development of Nigeria. This would be accomplished through the bank’s provision of a stable framework.

  • Tinubu seeks Nigerian technologists for important positions

    Tinubu seeks Nigerian technologists for important positions

    President Tinubu is considering IT ecosystem stakeholders for important seats in his government.

    President Tinubu is considering four IT ecosystem players for key roles. The Tinubu administration reportedly considered Bosun Tijani, Oswald Osaretin Guobadia, Olumide Soyombo, and Idris Alubankudi Saliu for ministerial positions. 

    Two presidential sources verified that these individuals had been considered for federal jobs. They’ve all been considered for ministerial positions, but I can’t guarantee it. An unidentified insider said they may receive new positions. 

    Read also: President Tinubu signs executive orders to boost Nigerian technology sector

    These four have led large-scale technological projects and garnered respect in the African tech industry. Nigerians who have long lobbied for industry-specific specialists in crucial jobs are hopeful that Tinubu’s selection will include technocrats. 

    Bosun Tijani 

    CcHub CEO and co-founder Bosun Tijani. He expanded CcHub to Nigeria, Kenya, and Namibia. CcHub, which started in Yaba, empowers young people with the skills, communities, and cash they need to establish effective companies. In 2016, Mark Zuckerberg visited CcHub. 

    Tijani has a Bsc. in Economics and a Diploma in Computer Science from the University of Jos, Nigeria. He earned a Warwick Business School MSc in Information Systems and Management. Tijani earned a PhD in Innovation and Economic Development from Leicester University in March. 

    At CcHub, Bosun Tijani advocates for social change. CcHub’s billion-naira growth fund will influence 95 early-stage enterprises, including those innovating Africa’s education and healthcare sectors. Tijani was one of New Africa Magazine’s 100 most important Africans in 2017. 

    Oswald Osaretin Guobadia

    Buhari’s Senior Special Adviser was Oswald Osaretin Guobadia. He designed and drafted the Nigeria Startup Act (NSA), one of the presidency’s biggest tech ecosystem achievements. He co-founded DBH, an African infrastructure and IT company that delivers advice and specialised solutions worldwide. 

    Guobadia earned a Bachelor of Science in Biology from Wesley College and a Master of Science in Telecommunications and Computer Science from PACE University, a private New York university. Guobadia was VP at Goldman Sachs for five years after graduating. Guobadia entered politics to make Nigerian business simpler. After leading UBA and Renaissance Capital, he became a policymaker and helped write the NSA, which aims to make Nigeria more business-friendly and attract foreign investment. Globally lauded, Nigeria’s 36 states are working to domesticate the startup act. Domesticating the act among states has been difficult. 

    Over a decade, Guobadia built banking infrastructure, trading floors, and tech solutions for government and corporate clients at DBH. This post exposed Guobadia to both public and private sectors, preparing him for national policy leadership.

    Olumide Soyombo

    Nigerian investor Olumide Soyombo. He invested in Paystack, a pan-African payments startup acquired by Stripe for $200 million. Beyond Paystack, Soyombo is one of Nigeria’s most prolific angel investors, shaping the country’s technological sector. Voltron Capital, an early-stage investment vehicle, has sponsored 48 startups since 2021. Project Manager. Soyombo has a BSc in systems engineering from Lagos University. Aston University, Birmingham, awarded him an MSc in Business and Information Technology in 2006. After graduating, Soyombo founded Bluechip Technologies, a data storage and business intelligence startup for Microsoft and Oracle, in Nigeria.

    Banks and organisations worldwide use BlueChip Technologies’ data solutions and enterprise-level IT consulting. Last year, the data storage leader in Africa extended to Europe to serve European organisations. 

    Idris Alubankudi Saliu

    Idris Alubankudi Saliu is a longtime Nigerian entrepreneur, investor, and IT champion. Former Interswitch Group CTO. Interswitch acquired Saliu. Interswitch bought Vanso, a software and telecoms company in Lagos, Capetown, and Wurzburg, Germany, for an undisclosed amount. Six-figure exit reports are unconfirmed.

    Saliu earned a BSc in Computer Science from Columbia University, New York. He co-founded Arca and UK-based Ceviant. Ceviant offers global treasury and commerce solutions. Including Dantata and Wakanow.

    Saliu has over two decades of experience in telecommunications, payments, and scalable digital infrastructure in the Nigerian IT industry. 

    Tinubu’s digital portfolios

    Tinubu pledged to increase internet penetration, overhaul blockchain policy, and create one million ICT jobs in two years during his presidential campaign. As shown by these stakeholders, achieving these goals involves appointing industry-specific experts. As said, they could be recommended for further government digital posts. 

    Technology improves productivity and can transform any ministry. Certain ministerial portfolios demand digital technocrats. These portfolios include communications and digital economy, research and technology, information and culture, finance, and trade and investments.  

    This article’s specialists fit the first two portfolios, which shape a nation’s digital future. However, Nigeria’s science and technology government promotes life and physical sciences. This may expand its ministerial pool.  

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    Skills required for the job

    Technology and digital economy ministries need leaders with experience managing huge technical initiatives and using blockchain, AI, and cybersecurity systems. Paula Ingabire, a pro-blockchain MIT graduate, is Rwanda’s minister of information and communications technology. Paula attends Rwanda Blockchain Community meetings monthly. 

    Nigeria, with a new CBN leadership and a pro-blockchain presidency, needs a well-informed expert at the head. An experienced executor who can guide the country’s growing relationship with modern technologies and foster growth and innovation will fill the shoes.

    Trade and finance ministries need leaders who can use technology to optimise trade and finance at all levels. Financial inclusion and digital entrepreneurship in Nigeria are primarily private sector-led and might benefit from government innovation. The AfCFTA and PAPSS expand Nigeria’s e-commerce possibilities. A private-sector business veteran with the “innovate and deploy fast” philosophy of technology businesses may be what the country needs. 

    One thing is certain: the eventual appointees will have to pull their weight around their offices and bring needed improvements to Nigerians—whether they are IT leaders or not.

  • Tinubu signs Data Protection Bill into law

    Tinubu signs Data Protection Bill into law

    President Bola Ahmed Tinubu has signed the Nigeria data protection bill into law. Vincent Olatunji, the national commissioner of the Nigeria Data Protection Bureau (NDPB), announced this recently. 

    The newly enacted legislation paves the way for the establishment of the Nigeria Data Protection Commission (NDPC), which will replace the NDPB. 

    The NDPC is entrusted with the responsibility of safeguarding citizens’ private information and ensuring its independence.

    Under this law, the NDPC will be led by a national commissioner who will regulate the processing of personal information.

    One significant provision of the legislation allows Nigerians to seek remedies for any data breaches they may experience.

    Furthermore, the law emphasizes that citizens’ personal data must be processed in a fair, lawful, and accountable manner.

    Read also: Data Protection Stakeholders to speak at ‘PrivCon Nigeria 2023’

    Bill forwarded by former President Buhari

    Former President Muhammadu Buhari had, in a letter, requested the national assembly to consider and pass the bill on April 4, citing section 58(2) of the constitution.

    “Pursuant to Section 58, subsection 2 of the 1999 Constitution as amended, I forward herewith the Nigerian Data Protection Bill for consideration and approval of by the Senate,’’ the letter read.

    The Nigeria data protection bill seeks to give Nigerians full legal backing in protecting their data and will replace the current Nigeria Data Protection Regulation (NDPR). President Muhammadu Buhari approved the establishment of the Nigeria Data Protection Bureau on the 4th of February 2022 to replace NDPR.

    Section 33 of the Bill establishes specific provisions for lawfully obtaining consent from children. Importantly, the Bill provides that the data controller must obtain the consent of a parent or other appropriate legal guardian of the child and apply appropriate mechanisms, including the presentation of government-approved identification documents, to verify age and consent.

    The Bill also requires the controllers and processors of major importance to appoint a data protection officer (DPO) with expert knowledge of data protection law and practices and the ability to execute tasks.

    Data Privacy and Protection receive more adoption in Africa

    How the data protection bill benefits Nigerians

    The data protection bill in Nigeria provides several benefits to Nigerians. One if such benefits is ‘Privacy Protection’.

    The legislation ensures that citizens’ private information is safeguarded and protected from unauthorized access, use, or disclosure. It establishes regulations and guidelines for the proper handling and processing of personal data, enhancing individuals’ privacy rights.

    The bill promotes data security by imposing obligations on organizations to implement appropriate security measures to protect personal information. This helps in reducing the risk of data breaches, identity theft, and fraudulent activities that can harm individuals.

    The law also allows Nigerians to seek redress in the event of a data breach or unauthorized use of their personal information. This empowers individuals to hold organizations accountable and seek compensation or remedies for any harm caused by mishandling their data.

    The legislation emphasizes the importance of obtaining individuals’ consent for the processing of their personal data. It grants Nigerians greater control over their information, enabling them to make informed decisions about how their data is collected, used, and shared by organizations.

    The law mandates that personal data should be processed in a fair, lawful, and accountable manner. This ensures that organizations handle data transparently, adhere to ethical standards, and are accountable for their data processing activities.

    The establishment of the Nigeria Data Protection Commission (NDPC) as an independent regulatory body strengthens the enforcement and oversight of data protection practices. The NDPC can investigate complaints, issue penalties for non-compliance, and provide guidance and education to organizations and individuals.

    The data protection bill generally establishes a framework that promotes responsible data handling practices and ensures that personal data is processed in a manner that respects individuals’ rights and interests.