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$150Bn Stolen Fund: Experts Urges e-Govt Adoption to End Trends

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Few days after President Muhammadu Buhari decried that an estimated $150 billion had been stolen in the Nigerian government and stashed abroad in the last 10 years, experts have called for a holistic adoption of e-government strategies at all levels of government to minimize the trends.

This, experts at a two-day E-Government Summit 2015 held in Abuja during the week, said, ‎will help in curbing cases of financial frauds in government circles.

The conference, which ended yesterday and brought together experts from different sectors of the economy cutting across financial services, Information and Communication Technology, agriculture, among others, was organised by the E-Payment Providers Association of Nigeria (E-PPAN), in collaboration with the Financial Services Strategy (FSS) 2020 and the Central Bank of Nigeria (CBN).

Dr. Willie Obiano, Anambra State Governor, while speaking at the special guest at the event, maintained that the adoption of e-government in Anambra, especially in the area of tax collection has raised the Internally-Generated Revenue (IGR) of the state from less than N1 billion to its current N1.1 billion monthly with the ultimate objective to increase the IGR target to N3 billion monthly.

“In Anambra, our aggressive pursuit of a vision and mission strategies through an efficient use of ICT has attracted an inflow of investment to the tune of N2.4 billion to Anambra State in the past one year.

“The whole idea is to use government machinery to channel private sector interest to the advantages of the citizens by making the environment conductive through efficient use of ICT to achieve this.”

Speaking at the forum, Deputy Governor, Operations at CBN, Alhaji Suleiman Barau, said the CBN’s introduction of electronic transaction policies was meant to ensure efficiency in financial transactions and curb financial corruption in the system.

He said while the federal government and its paratstatals have also embraced a number of ICT-related initiatives in recent past in their services, with resultant cost-saving and ability to plug the leakages in its financial dealings, “there is an urgent need to popularize wider and holistic embrace of e-government in its totality.”

He noted that with the passage of three major bills relating to electronic transactions in Nigeria by the sixth National Assembly, the road is now clear for e-payment landscape in the country to exhibit increased sanity.

Mr. Oluwatoyin Joko, head, Programme Office, FSS2020, explained that the collaboration with E-PPAN was considered critical as it allows FSS2020 Office to see how it can better re-organise the major markets of financial market, insurance, pension and mortgage and agriculture and the Small and Medium Enterprises (SMEs) using e-government as strategy.

“Beyond restructuring all these sectors, we also know that cases of financial corruptions, as we have been told to have witnessed in the last 10 years by Mr President where about $150 billion was said to have been stolen and taken outside the country, would be minimised,” he said.

Also, Mr. Macaulay Atase, E-PPAN president, said the forum was organised to facilitate dialogues that result in the evaluation of how infusion of ICT into service delivery by the government at all levels can result in increased transparency, efficiency and accountability, especially in the area of financial management.

Meanwhile, Dr. Tunji Olaopa, permanent secretary, Federal Ministry of Communication Technology, disclosed that the ministry has come up with a National E-Government Master Plan last year, which specify the strategies through which government at all levels can implement a uniform e-government strategy that guarantees improved efficiency, transparency, convenience and lower cost of accessing services.

He emphasised that e-government helps to strengthen public institutions, encourages delivery of civic responsibilities and accelerate the growth of the nation’s economy.

“Currently, we are awaiting the approval of the National Executive Committee (NEC), when constituted by the President for a full-blast implementation of the National E-Government Master Plan 2020.”

Also speaking, Mr. Frank Ugbodaga, group head, Customer Operations and Services at Galaxy Backbone, said that e-government relies on two basic principles of connectivity and government cloud which, he said, are driven by Galaxy Backbone.

Critical technical sessions were held during the two day conference with focus on designing and implementing e-payment platform for government revenue collection; entrenching e-government for vibrant mortgagee market for sustainable housing delivery on democratic dispensation and a session on consolidating the pension reform through innovation in technology.

Other areas explored during the second day of the conference, which ended yesterday, were e-government and financial inclusion; enhancing the capacity of SMEs for job creation through technology; managing the risk of e-commerce and e-governance foe the insurance sector and a session on the Nigerian agricultural payment initiative.


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E-Business

Confronting the Google Monolith: Survival Strategies for Online Businesses

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By Reuben Kalu.

In the vast expanse of the digital realm, Google looms large, an omnipresent force shaping the way we navigate, search, and conduct business online.

From its humble beginnings as a search engine to its current status as a multifaceted tech behemoth, Google has entrenched itself deeply into the fabric of the internet.

Its influence is undeniable, its reach unparalleled, and its ubiquity seemingly inescapable. But can you truly run an online business without Google?

The answer, in today’s digital landscape, is a resounding no. You have no choice.

Google’s dominance extends across multiple facets of the online world, making it virtually impossible for businesses to thrive without engaging with its ecosystem.

From search engine optimization (SEO) to online advertising, email services to analytics, Google’s suite of products and services permeates every aspect of the online business landscape.

Attempting to operate without Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

At the heart of Google’s influence lies its search engine, the gateway through which billions of internet users navigate the vast expanse of online content. .

Google’s search algorithms wield immense power, determining which websites rank prominently in search results and which languish in obscurity.

For businesses seeking to attract organic traffic and expand their online presence, optimizing for Google’s search algorithms is not merely advisable—it’s imperative.

But Google’s influence extends far beyond search. Consider Google Ads, the company’s advertising platform that enables businesses to reach targeted audiences through paid search, display, and video advertising.

With billions of searches conducted on Google each day, Google Ads provides unparalleled reach and visibility, allowing businesses to target potential customers with pinpoint accuracy.

Attempting to compete in the online advertising arena without leveraging Google Ads is akin to entering a battle unarmed—a futile endeavor destined for failure.

 

Moreover, Google’s suite of productivity tools, including Gmail, Google Drive, and Google Workspace, has become indispensable for businesses seeking to streamline their operations and enhance collaboration.

With seamless integration across devices and platforms, Google’s productivity tools offer unparalleled convenience and efficiency, empowering businesses to work smarter, not harder.

Attempting to eschew Google’s productivity suite in favor of alternative solutions is not only impractical but also unwise, depriving businesses of the tools they need to succeed in today’s fast-paced digital landscape.

Furthermore, Google Analytics stands as the gold standard for web analytics, providing businesses with invaluable insights into their online performance and audience behavior.

From tracking website traffic and user engagement to analyzing conversion metrics and customer demographics, Google Analytics offers a comprehensive toolkit for optimizing online marketing strategies and driving business growth.

Attempting to gauge online performance without leveraging Google Analytics is akin to flying blind, devoid of the critical data needed to make informed decisions and drive meaningful results.

But perhaps the most formidable aspect of Google’s influence lies in its role as a gatekeeper of information and access.

With billions of users relying on Google’s platforms and services each day, the company wields immense control over the flow of online traffic and the dissemination of information.

For businesses seeking to connect with customers and expand their reach, Google’s dominance presents both a tremendous opportunity and a formidable challenge.

Attempting to circumvent Google’s influence and establish an online presence independent of its ecosystem is a Herculean task, fraught with uncertainty and risk.

In essence, attempting to run an online business without engaging with Google is akin to swimming against a relentless tide, fighting an uphill battle fraught with obstacles and limitations.

While alternative platforms and solutions exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage. You have no choice.

In conclusion, Google’s pervasive influence permeates every aspect of the online business landscape, making it virtually impossible to escape its grasp.

From search engine optimization to online advertising, productivity tools to web analytics, Google’s ecosystem encompasses a vast array of products and services that have become indispensable for businesses seeking to succeed in the digital age.

While alternative solutions may exist, none possess the ubiquity, reach, and influence of Google’s ecosystem.

To thrive in today’s digital landscape, businesses must embrace Google’s dominance and leverage its suite of products and services to their advantage.

You have no choice.


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Hydrogen Hosts Catalyst Workshop, Highlights Resilient Business Models for Fintech Startups

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As part of its mission to empower African businesses with tools needed to thrive, garner admiration, and foster global acclaim, leading payment solution company, Hydrogen Payment Services Company Limited (Hydrogen), recently partnered with the Co Creation Hub (CcHub), to host the latest edition of the Catalyst workshop in Lagos.

The discourse addressed the potential risks and opportunities for startups and saw experts advise participants on the need to develop resilient business models that would scale across different economic climes.

Moderated by Miracle Ezechi, Digital Marketing Manager, Hydrogen, the panel session addressed dominant issues about the theme: ‘Adapting Fintech Business Models to Economic Climes: Flexibility, Agility and Customer-centricity’.

Mr. Emeka Awagu, Chief Technology Officer, Hydrogen, who spoke as a panellist, addressed the issue of customer-centricity, which according to him, is key to Fintech growth.

He advised startups to listen to customer demands and understand their needs in order to develop the right solutions that will lead to long term market viability.

“Innovation is key for startup growth. However, understanding customers’ needs and change in behaviour will help any startup to innovate better.

“Startups must be flexible and agile to develop solutions with high interoperability and processing speed, and they must be ready to learn from startups that have failed,” Awagu said.

With an estimated 61.07 percent of startups failing, the participants stressed the need for prudence.

“Statistically, a staggering number of startups fail, often due to financial mismanagement. Hence, founders must prioritise understanding and maintaining a healthy the Cost-to-Earnings ratio.

“It is not just a number, but a pivotal indicator of a company’s financial health as well as being a key attractiveness determinant for investors,” Awagu added.

On his part, Ina Alogwu, the Group Director, Digital Transformation, ARM HOLDCO, who also spoke as a panellist at the session, stressed the need for startups to develop sustainable products and solutions that will help them remain competitive in an environment that is faced with harsh economic realities.

“Many startup businesses fail within their first five years, however upcoming startups should not be discouraged, rather develop a culture that will encourage them to understand the reasons for failure and learn from mistakes.

“Startups should not be too rigid with their solutions and should be ready to accept changes that will drive innovation,” Alogwu stated.

Hydrogen will be deepening its economic impact series with a webinar planned for Thursday, April 25, even as businesses across Africa continue to face an array of challenges, ranging from inflation and currency fluctuations to rising operating costs.

Themed ‘Navigating Economic Challenges: Strategies for Sustainable Growth,’ the webinar will delve into key areas critical for businesses to not only survive but thrive in the face of economic adversity. Register using this link – https://bit.ly/Hydrogenwebinar.

Esteemed panellists for this event include Taofik Odukoya, CEO, Vanguard Pharmacy, and Okechukwu Odimgbe, Chief Financial Officer, Hydrogen. The session will be moderated by Nnenna Sam-Obioha, Ecosystem Orchestrator, Hydrogen.

 


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Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

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Dexude, a leading edtech platform with operations in Nigeria, has announced that it has been awarded the prestigious Business Finland TEMPO funding.

Dexude Secures Funding to Revolutionize Education in Nigeria, Beyond

Charles Emembolu, founder of Dexude,

This significant funding injection marks a pivotal moment in Dexude’s journey towards transforming education through its AI-powered, live-first, expert-led, and community-driven platform.

The Business Finland TEMPO funding is specifically designed to support startups and SMEs aiming for international growth by building their expertise and solutions into international success stories in innovative ways.

Dexude’s commitment to innovation, coupled with its vision to enable a billion learners worldwide, aligns perfectly with the objectives of the TEMPO funding.

Commenting on this milestone achievement, Charles Emembolu, founder of Dexude, remarked, “We are incredibly honored and excited to receive the Business Finland TEMPO funding. This funding is not only a validation of Dexude’s mission to reinvent education but also a testament to the hard work and dedication of our team. With this support, we are poised to accelerate our efforts in democratizing access to quality education and empowering learners across Nigeria and beyond.”

L-r; Kelvin Chikezie, co-founder of Dexude; Kashifu Inuwa Abdullahi, Director-General/CEO of the National Information Technology Development Agency (NITDA); and Charles Emembolu, founder of Dexude

Kelvin Chikezie, co-founder of Dexude, added, “Securing the Business Finland TEMPO funding is a significant milestone for Dexude. It underscores our commitment to leveraging technology and innovation to revolutionize the way people learn and grow. We are grateful to Business Finland for believing in our vision, and we are excited to embark on this next chapter of Dexude’s journey.”

Dexude is on a mission to redefine education by providing learners with access to influential experts and thought leaders, live interactions, and a vibrant community-driven learning experience.

Through its platform, Dexude aims to break down barriers to learning and empower individuals to pursue their passions and unlock their full potential.

 

 

 

 


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