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Nigeria Eager to Embark on Smart City Project- Shittu

Although, there is never a time to be fully ready for a smart city project, however it remains critical process in the wheel of city urbanization and renewal, said Adebayo Shittu, Minister of Communications.
According to Shittu, Nigeria is ready and eager to embark on that process. He made the remark during a presentation on the Proposed “Smart Cities Nigeria Summit”, scheduled to hold 8th -9th of August, 2017 at the Transcorp Hilton Hotel, Abuja.
Having said that, Shittu reminded the Local Organising Committee that (LOC) that it is a common knowledge that more than fifty four percent of the world’s population live in urban cities.
He said that continued urbanization will add more people to the urban population and invariably more challenges on government to make our cities more efficient, safer and conducive for our citizens.
“Our world is becoming more globalised, interconnected and intelligent. The systems and technologies that underpin so much of how the world works are smarter. We live in a time of unprecedented advances in every sector of human endeavour. In the ICT industry of developed economies alone, we are seeing the coming of age of a whole new generation of intelligent systems and technologies: more powerful and accessible than ever before.
“Unfortunately, the same cannot be said of our country. We are wrestling with both an infrastructure gap, after years of underinvestment, and an innovation gap from poor innovation performance in the business sector over the years. Improving both is essential to improve our fundamental economic prospects. By linking infrastructure and innovation, we increase the potential to help close both our infrastructure gap and our innovation gap”.
On the Nigerian Smart City Initiative, the Minister said, is not a silver bullet or a magic wand from government designed to make all cities and government operation ‘smart’ with one shot. “Rather, it is a conscious effort by government, working with the private sector and all other stakeholders to forge a public private partnership to develop scalable, replicable, interoperable and measurable solutions that will make our cities and citizens smarter.
“It starts by doing simple things, the smart way. One step at a time. That is why we are willing to work and partner with everybody in the IT space towards this unique and sustainable project.
IT companies will have the chance to team up with cities and infrastructure companies to help advance smart city/smart infrastructure technologies and systems in Nigeria. It is an opportunity to demonstrate and scale up Nigeria IT innovations and to show how IT can be linked with physical infrastructure to deliver business and public benefits”.
He said that the two day multi-stakeholders international summit will, among others, take a critical look at the level of preparedness, unique challenges, and emerging solutions necessary for a sustainable smart city initiative for the country.
Additionally, the summit will offer huge business opportunities for providers of smart city technologies to exhibit and pitch their solutions and products to Federal, States and Local Governments top officials, and private real estate developers who are all expected to attend the summit.
“The ‘Smart Cities Summit Nigeria initiative is not intended to be a one-off summit. More elaborate technical stakeholders’ engagements will continue to take place with different sectors in the ICT ecosystem well after the summit. We will also continue to work with our partners to design and proffer practical steps and solutions that will assist the Federal Government in formulating a unified and robust National Policy that will have a corresponding implementable framework towards the Smart Cities Nigeria initiative.
“That is why we have taken care in constituting members of the Local Organizing Committee of the Smart Cities Summit Nigeria to reflect the different sectors of Smart Cities development whilst also leveraging on their areas of core competences.
“We know that going smart would not be easy. In fact, it is a huge challenge, given the lack of critical infrastructure in the country. Non-availability of constant power, for instance, is a major challenge for any smart city initiative for the country. Cheap, clean and dependable power supply is the bedrock of any smart city project. So also, is effective broadband penetration and affordable data service. The Nigerian ICT Road Map 2017-2020, the National Strategic Plan 2016-2024, the Broad Band Policy and the new Power Sector Reforms of this administration, are some of the ways Government intends to address these challenges.
“There is never a time to be fully ready for a smart city project. It is a process in the wheel of city urbanization and renewal. Nigeria is ready and eager to embark on that process. This does not mean building only new smart cities, it also means making our existing cities and villages more efficient and more effective, using the technology available at our disposal. Again, doing simple things the smart way, one step at a time!
“In order to encourage healthy competition among Cities and States, the Ministry, in collaboration with its Partners, will soon launch ‘The Smart City Challenge’. The idea is to encourage Local Governments, Cities, State Governments, and the built industry to take revolutionary steps to go to the level of digital technology. Details of the competition and the prize money will be worked out with our Partners and made available to the Press”, he said.
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NIA Questions Legality of Reps’ Financial Probe

The Nigerian Insurers Association has urged the House Committee on Capital Market and Institutions to respect the constitutional separation of powers as it carries out a probe on over 20 insurance firms.
In a statement on Tuesday night, the Director General/Chief Executive Officer of NIA, Mrs Bola Odukale, said the decision of NIA and the affected firms to approach the court was to seek clarity on the constitutional limits of the House Committee’s probe.
It would be recalled that the House of Representatives on Monday is investigating no fewer than 25 insurance companies operating in the country for various financial infractions spanning financial reporting, claims settlement, premium remittance, and issuance of policies.
The Chairman, House Sub-Committee on Capital Market and Institutions, Kwamoti Laori, during a meeting with the management of the insurance companies at the National Assembly Complex in Abuja, said the meeting was convened following the receipt of a petition on infractions by the insurance companies.
In the statement, Odukale said, “The Association wishes to state unequivocally that all actions taken by the NIA and the affected member companies in response to the Committee’s invitations and pronouncements were based entirely on legal advice by its Solicitors. It was on the firm instruction of legal counsel that recourse was made to the courts.
“The objective of approaching the Court is to seek judicial guidance on the legality, propriety, and constitutional limits of the Committee’s intervention in order to safeguard institutional integrity, uphold regulatory independence, and ensure that legislative oversight remains within the bounds of law.
“The Court action seeks to determine whether the current posture of the Committee reflects an exercise of legislative judgment, which, by constitutional design, is the exclusive province of statutory regulators, such as the National Insurance Commission, Securities and Exchange Commission, Nigerian Exchange, Financial Reporting Council, Nigeria Data Protection Commission, and the National Information Technology Development Agency.
“This raises serious questions about legislative overreach and an erosion of the doctrine of separation of powers, a cornerstone of Nigeria’s constitutional democracy.”
Odukale maintained that the NIA was committed to lawful and constructive engagement with all arms of government, provided that such engagement respects the autonomy of statutory regulators and the boundaries established by the Constitution.
“The NIA will continue to provide its full support to all member companies while upholding the principles of legal compliance and sector-wide integrity,” Odukale concluded.
17 of the companies that went to court were represented by their lawyer, Mr Abimbola Kayode, at the meeting with the committee.
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Horn of Africa Leaders Seek Enhanced Digital Integration for Increased Regional Growth

Finance ministers and development partners from the Horn of Africa have called for enhanced digital integration to boost trade, drive economic growth and promote regional stability during the 25th Ministerial Meeting of the Horn of Africa Initiative (HoAI).
Held in Nairobi, on July 14, the meeting was co-chaired by the African Development Bank’s Vice President for Regional Development, Integration and Business Delivery, Nnenna Nwabufo and Somalia’s Minister of Finance, Bihi Iman Egeh. Discussions underscored the critical role of digital integration in reducing trade barriers, boosting government service delivery and creating employment — particularly for the region’s youth.
“Digital technologies are shaping today’s economy and tomorrow’s industries. By embedding these technologies into our programs, we can not only improve inclusion but also leapfrog outdated development models,” said Nwabufo.
She called for digital integration a “central enabler” in each of the Horn of Africa Initiative’s pillars – trade, infrastructure, resilience, and human capital,
Learning through experience
Drawing from global and regional success stories, speakers highlighted the transformative potential of technology-led development. The ministers pointed to the Philippines as a strong example, where ICT has generated millions of jobs in business process outsourcing. Similarly, Kenya’s fintech innovation—especially the success of M-PESA—was cited as a model for scaling digital financial services across the region.
Participants urged governments to proactively foster digital ecosystems by capitalizing on the demographic dividend, identifying infrastructure upgrades, tighter regulatory reforms, and digital skills trainings as priorities to enable broader participation in the digital economy.
Minister Egeh reiterated the need for more coordinated regional efforts to create the enabling environment required for accelerated digital integration and expansion. He referenced the HoAI Digital Policy Matrix, adopted in 2023 which provides a blueprint on how to address key obstacles to achieving effective digital integration across the region.
Barack Makokha, Kenya’s Cabinet Secretary for National Treasury, underscored the importance of regionally-aligned public private partnerships and advocated for blended financing to reduce investment risk and expand digital access in underserved areas.
World Bank Vice President for Eastern and Southern Africa, Ndiame Diop, called for a comprehensive multi-pronged approach, combining cross-border coordination, large-scale financing, robust policy support, and digital infrastructure investments. He pointed out that such measures could transform digital integration into, “a powerful engine of economic transformation” for the Horn of Africa—ensuring no one is left behind in the digital era.
The meeting concluded with a shared recognition that sustained political will and the determination to implement a multifaceted approach are essential to unlocking the region’s economic potential and driving long-term growth.
The event also welcomed observers from the East African Community, Agence française de développement, and Shelter Afrique, reflecting strong regional and international backing for the HoAI in the development community.
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CSCS Inaugurates Custodian Portal to Enhance Digital Access, Operational Efficiency

Central Securities Clearing System Plc (CSCS), Nigeria’s capital market infrastructure provider, has launched its Custodian Portal, a user-centric digital solution designed to optimise custodian operations through intuitive, secure and efficient features.
Haruna Jalo-Waziri, Chief Executive Officer (CEO), CSCS, announced this in a statement on Monday.
The CSCS is a Public Limited Company with a diversified shareholder base, which serves as the Central Securities Depository for the Nigerian Capital Market.
It serves as the Central Depository for Equities, Commercial Papers, Corporate Bonds, Sub-National Bonds, certain Sovereign Bonds like the FGN Sukuk and the FGN Savings Bond, Equity-traded Funds, Real Estate Investment Trusts, Mutual funds and Commodities.
Jalo-Waziri said that the custodian portal offered a streamlined experience for market participants with powerful tools that facilitate comprehensive portfolio and trade management, document tracking, share transfer operations, client symbol search, and real-time access to vital data.
He explained that the portal, designed to operate through a flexible subscription-based model, empowered users to manage their records effortlessly and securely through convenient payment channels such as GTPay and Paystack.
According to him, “Digital transformation remains at the core of our strategy to enhance the efficiency, transparency and accessibility of Nigeria’s capital market services.
“The custodian portal is a significant leap in that direction, offering custodians a centralised platform to manage critical processes in real-time.
“We are excited about the value this innovation brings to our stakeholders, and we will continue to evolve the platform in line with users’ needs and industry trends.”
The CEO also explained that the portal was designed with user experience in mind with feature tools like portfolio viewing and downloads in PDF or Excel format.
He further said that it also featured tracking of stock movements across date ranges, inbox messaging and request tracking, as well as robust user management capabilities including role assignment and status tracking.
Similarly, the Divisional Head, Business Technology and Digital Innovation, CSCS Plc, Tobe Nnadozie, said that the portal aligned with CSCS’s drive to automate the market.
“In addition to the normal features, the platform is a part of an omnichannel platform for custodians, and includes API services.
“It also connects to the market-wide workflow, which CSCS has built to ensure secured communication and approvals across all major stakeholders in the market.
“The platform is well secured with best-of-breed cybersecurity solutions and our SOC,” he said.
The Custodian Portal reinforces CSCS’s commitment to leveraging technology to streamline back-office functions and support a more agile, data-driven capital market ecosystem.
All custodians in the Nigerian capital market have now been successfully on-boarded on the Custodian Portal, marking a significant milestone in CSCS’s ongoing drive to enhance collaboration, standardise operational processes, and promote digital adoption across the market.
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