General News
Automation Key in Capital Market Resuscitation-Emmanuel
Amos Emmanuel, chief software architect/CEO, Programos Software Group, is first vice president, Information Technology (Industry) Association of Nigeria (ITAN) and member of other various industry Associations.
He also founder and president of Programos Foundation and national coordinator and designer of the SPACE4Nigeria – Strategic Planning, Acquisition and Control Education portal of the UN Infopoverty Initiative that now serve as the pivot for the Sustainable Development Goals (SDGs.
The polyglot programmer is the UN World Summit Award Eminent National Expert for Nigeria and has authored many software products including the most populous African capital market software called CloudIntegraeTrade and IntegraFixPro5.0 OMS (Order Management System) Software utilized by over 100 African stockbroking organizations mostly in Nigeria and Ghana. Emmanuel founded the eAfrica.
He spoke to peter ugwu on software and Nigeria’s IT sundry issues.
Initiatives to Resuscitate Software for the Stock Market
The Nigerian stock market has been one segment of the nation’s financial sector that we have offered services in the last 15 years.
In addition, we have, from inception, introduced indigenous software called INTEGRA2000+ now been changed to a new product that is 100% cloud-based called CLOUDINTEGRA eTRADE.
It is an investment and e-Trade software that will enable stock market operators in Nigeria and indeed Africa to offer daily online services in a very transparent manner to local and foreign investors.
These were actually the things that eluded the Nigerian investment community before now. Besides, the Nigerian Stock Exchange (NSE) has been developing a trading platform which calls for supporting software vendors to design fresh systems that can integrate the market with investors and dealers through a direct market access to the Nigerian Stock Market X-GEN FIXTrading Platform on daily basis and make investors trade directly, even from the comfort of their homes.
Programos Software Group has now being certified of the new IntegraFixPro5.0 OMS solution. This solution is the Orders Management System which empowers any stock market operator like the Dealer and customers to trade online over the new trading infrastructure.
Some of the benefits are that stock market brokers are able to offer transparent services.
Before now, investor do not know what transpires between their investment records, the stockbrokers, the Nigerian Stock Exchange (NSE), the Bankers, the Registrars and the Central Securities Clearing System (CSCS), as well as the Securities and Exchange Commission (SEC).
These are the major organs in the market. However, with information technology (IT), we have been able to provide more transparency in the processes that at no point can any of the players engage in anti-best practice without being noticed.
We all know that before now an investor gives a mandate before a broker can carry out a deal; if that rule was kept we would not have had cases in the news of a broker selling shares without the knowledge of the owner.
Some of the anti-best practices happened in the past because the regulatory rested on human beings and not necessarily on automatable standards which we now offer.
So, we have been able to use technology to mitigate risks in the market with the launch of CloudIntegra eTrade software.
CloudIntegraeTrade Software and IntegraFixPro5.0 will be on exhibition at the Nigerian Pavilion of the World Congresson Information Technology, WCIT 2014 in Guadalajara, Jalisco, Mexico, September 2014.
Automation of the Stock Market and Investors’ Confidence
Automation is going to mitigate the risks and make the investment climate safer. Sincerely, it is the best time for you to penetrate the market, because you might be hearing that the market is coming up. The operating rules have changed and are still changing.
At the Americas Fix Trading Conference this year in New York, we were made to understand that the FIX (Financial Information eXchange) is designed to satisfy the investor.
Going by the investors’ appetite for optimal returns, mandates have become more challenging for the human mind as of the stockbroker to cope with on the new trading platform. So it is now more technology processes than more people-oriented processes.
According to Mr. David Jiboye, the IntegraFixPro5.0 OMS director at Programos Software Group, “Given the machine-to-machine architecture, risks have become better controlled”. With our CloudIntegra eTrade Solution, you can now manage your investment account as a self-service, because the automation empowers you.
From your CloudIntegra eTrade Account portal, as an investor, you are not only able to post buy and sell mandates of equities and bonds; you are offered online investment advisory services especially on your portfolio.
By this, the software knows what your average cost of investment has been and can actually give you basic trigger pricing information from time to time, to know when to salvage a loss or get out of an investment when it is nose-diving too badly, and consolidate into cash position to either withdraw or pick more valuable investment options.
So, investors are now able to watch their growth on investments, optimize their gains, take profits at target return shitting points like 15%, 20% etc.
Entrepreneurship Initiatives to Aid Youth and School Leavers
Programos Software Group funds its Programos Foundation for a variety of initiatives in this area. We mentioned the graduate capacity building where we train for free and supply to the labour market freely.
Programos Foundation in conjunction with Seone Foundation Inc, Houston have met with the Vice Chancellor and management of Bells University for the establishment of a Campus-to-Corporate Initiative for its undergraduates.
This will span more universities. In Programos, we have records of students who have done their SIWES through us become best students upon graduation.
Local Software Developers and International Certifications
The story of certification shows that Nigerians are top there! It is not about certification. You can get all the certifications in the world without achieving anything. Even in IT, Nigerians are top in any professional certification.
You can get all that abroad, on getting back to the country you get frustrated.
Sincerely, you need an environment where you offer a service and the market measures you based on your competence.
In my segment of the economy, I have made sure that no foreign software plays any role there.
Let the public make their research if there were foreign software running in the Nigerian stock market in the last 15 years.
And I also operate outside Nigeria, but who recognizes that? Who is even encouraging one? No body! Instead, people, especially government officials will be eavesdropping, searching one ways to frustrate you.
You have institutional degeneracy all over the place. As an entrepreneur, I run on generator at an average of almost 15 hours daily; nobody cares what your pains are.
It is unfortunate to see government functionaries embezzle tax payer’s money yearly without anybody doing something substantive.
We are not begging for funds, but space to operate, and the right conscience to know that they owe us the demand for our services and products.
In every aspect of IT innovation, Nigerians are innovative. Now, we have come to realize that we are worth more than what we are getting.
I feel, one day, we will get a government that will take advantage of what Nigeria has as human resources. We may not appreciate it today, but very soon, we cannot shy away from the fact Nigeria has very solid resources.
It is unfortunate we have generations in Nigeria that one produces only for the other to consume and not replicate or re-produce. That is why someone can steal my intellectual property without recourse.
In the media and entertainment industry in particular, it is a nagging issue. Our entertainment industry is facing a situation of almost extinction. Is that industry not the one we believed so much in? They create values and never reap from it. Who cares for their protection and continuous promotion?
Tomorrow we make noise of about million or billion dollar intervention fund that are never seen to address the challenges of the industry.
There is quite a lot the IT industry can do for this country. In the World Summit Award, my concerns are about the Governments themselves; offering e-services to its people and being accountable to the services.
IT will take care of tourism problems of this country. When we talk about IT inclusion, we have a larger population of this country in places that are not yet developed. We talk about internet penetration, there are still areas people do not understand the meaning of the word Internet.
There are some places that as you travel and cross a particular boundary all your signals are lost. We have a major challenge; we need innovations that will address the societal issues.
We need to bring those who are out of the system to understand there are areas or things they need to embrace. Outside that, we need to protect the Nollywood; we should not play with that industry. You talk about the Nigerian capital market today, it is and is going to be the wonderful work of technology that will revive the market that has defied many regulatory interventions; it takes technology to restore investors’ confidence, make the players to do the right for the public to see the transparency and decide to get back or not. Is it in health, aviation, education, you name it, innovation spans across several aspects of life.
Nigerians innovators crave to become actors of the socio-economic development of their societies.
The Nigeria Civil Aviation Authority has ordered all international airlines flying into Nigeria to enforce the $10,000 currency declaration rule.
The authority said the rule is required for passengers to declare cash or negotiable instruments above the limit, as part of efforts to strengthen anti-money laundering compliance.
According to the NCAA, the directive, referenced as NCAA/CPD/ABV/298, dated 24 April 2025 seeks to address gaps in the enforcement of existing currency declaration obligations for inbound passengers.
This was announced in a statement issued by the Director of Public Affairs and Consumer Protection, Michael Achimugu, via his official X account on Tuesday.
“International carriers must take two key actions, which include “Make inflight or pre-landing announcements informing passengers of their legal obligation to declare any currency or Bearer Negotiable Instruments exceeding $10,000 USD or its equivalent upon arrival in Nigeria.
“Distribute currency declaration forms onboard for passengers to complete before landing. The NCAA has received reports indicating that some airlines are yet to comply with this directive”, the statement read.
The NCAA said these requirements are consistent with international best practices and are vital to preventing the illegal movement of large sums of money across borders.
The Authority warned that full cooperation from international airlines is essential, saying, “Please note that the cooperation of all international airlines operating in Nigeria is critical to supporting the country’s efforts to align with global financial standards.”
Accordingly, the authority emphasised that full implementation of this directive, particularly as it concerns inbound passenger declarations, is of utmost importance.
“Compliance will be closely monitored, and non-compliant airlines will face appropriate sanctions,” it added.
The court of appeal in Lagos has asked the Corporate Affairs Commission (CAC) to revoke the certificate of registration of “KPMG Professional Services”.
In a unanimous decision delivered on Thursday, the appellant court granted the reliefs sought by KPMG Nigeria against CAC and KPMG Professional Services.
The judgment was read by Abdullahi Mahmud Bayero, the judge.
The two other judges are Abimbola Obaseki-Adejumo and A.M. Talba.
In 2002, KPMG Professional Services was registered as a company with CAC despite the existence of KPMG Nigeria, comprising its audit, tax, and consulting arms.
The KPMG Nigeria has long been registered in Nigeria before 2002.
KPMG Audit was registered in 1969, KPMG Tax Consultants in 1990, and KPMG Consulting in 1969.
Displeased with the registration of KPMG Professional Services, KPMG Nigeria approached the federal high court.
The consulting firm had argued that the name “KPMG Professional Services” was deceptively similar to its long-established identity.
In 2005, the lower court dismissed KPMG Nigeria’s case, citing an alleged merger between KPMG Nigeria and Akintola Williams Deloitte as reason the company could no longer assert rights to the name.
The lower upheld the second respondent’s (KPMG Professional Services) counterclaim and ordered that KPMG Nigeria’s name be struck off the CAC register.
The lower court had premised its decision on newspaper articles stating that KPMG Nigeria reportedly merged with Akintola Williams Deloitte.
Delivering the judgment, Bayero ruled that the lower court erred by relying on newspaper articles to ascertain that KPMG Nigeria allegedly merged with another company.
The judge said the documents showing the alleged merger were not presented before the lower court, and the form of the alleged merger could not have been known.
“In any event, the only branch of KPMG, if any, that entered into a merger with Akintola Williams as stated in the newspaper articles 18, is KPMG Audit,” the judge ruled.
“The other spheres were totally unaffected. It would therefore be wrong to state that the merger (which has not been shown to this Court) of KPMG Audit with Akintola Williams means all the other areas of business, including KPMG Consulting and KPMG Tax Consultants, also ceased to exist.
“Even if the Appellants (KPMG Nigeria) had ceased to do business as the Court seemed to have held, the 2nd Respondents (KPMG Professional Services) should not have been carrying on business until the Appellant’s certificate of registration is withdrawn or set aside.
“They cannot use the name until the Appellant’s certification of registration is withdrawn or set aside. They cannot use the name until the name is removed from the 1st Respondent’s (CAC) Register of Names.
“The 1st Respondents can only assign the name to the 2nd Respondents after first taking it away from the Appellants.”
The court ruled that CAC erred by registering KPMG Professional Services despite the existence of a business name, which is already registered.
The judge reversed the earlier ruling of the lower court and reaffirmed the primacy of statutory protection for existing business names under Nigerian corporate law.
Air Peace has announced the launch of direct flights from Abuja to London Heathrow and Gatwick airports, with operations scheduled to begin on October 26, 2025.
The airline said in a statement on Sunday that round-trip fares for the Abuja–London service will start from N1m, making it the first Nigerian carrier to offer direct connections from the capital to both of London’s major international airports. This was contained in a press release issued on Sunday by the airline’s spokesperson, Efe Osifo-Whiskey.
“Direct international flight services from Abuja to both London Heathrow and London Gatwick Airports, effective October 26, 2025.
“Air Peace becomes the first Nigerian carrier to offer direct services from Abuja to both of London’s major international airports, further solidifying its role as a leader in regional and intercontinental aviation.
“Travellers originating from any of Air Peace’s domestic destinations across Nigeria can now book through fares via Abuja to either Heathrow or Gatwick using a single ticket, eliminating the need for multiple bookings or baggage re-checks,” the statement read.
Similarly, the new route opens convenient access for inbound passengers from the UK to cities across Nigeria.
“Travellers from London can access multiple destinations across Nigeria using a single Air Peace ticket through Abuja every morning. These destinations are Lagos, Port Harcourt, Enugu, Benin, Warri, Owerri, Kano, Yola, Gombe and Asaba, for now. Other destinations will be added later,” Osifo-Whiskey stated.
Air Peace is also offering what it describes as unprecedented value in pricing and service.
Osifo-Whiskey said, “It provides a distinct competitive advantage, enabling passengers to travel between Nigeria and the United Kingdom with greater ease, efficiency, and value, due to the possibility of choosing multiple cities entry and exit points.
“Has the cheapest fares ever, starting from only 1 Million Naira round trip. Huge baggage allowance.”
The Abuja–London launch comes months after the airline began Lagos–London Heathrow flights, which started earlier in 2024.
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