Dr Segun Aina, founding President of the Africa Fintech Network (AFN), and Board Chairman, FintechNGR has urged financial technology service providers in the country to embrace and pay a lot of attention to good and well-established corporate governance practices as they expand to new markets beyond the country and continent.

Speaking to journalists on the sidelines of the 42nd Annual General Meeting of Odu’a Investment Company Limited held in Lagos recently, he said: “We have issues about lack of acceptable corporate governance in startup businesses who are largely small businesses without the desired structures when starting, but over time they will grow and require sound corporate governance practices to scale.

“This is why stakeholders in the industry including the organizations I belong to are now focusing and putting a lot of emphasis on corporate governance.

“The first set of Fintechs are now becoming big institutions. As they move into new markets the demand and need for acceptable, compliant and tested governance structures and practices becomes very imperative.

“That is desirable for the next stage of growth in the Fintech space, and with that in place, Nigeria Fintechs can operate without regulatory hiccups and compete anywhere in the world”.

Dr Aina who is the immediate past chairman of Odu’a Investment Co Ltd who together with other Board members and management rejuvenated the company of companies and set it on the path of sustainable growth and profitability urged regulators and the government to formulate policies that are friendly towards advancing innovation in the country.

“Innovation related to creating non-existing solutions, these are things that were not in existence before and there is no way the government or regulators would have regulated what does not exist. Therefore, when it comes to existence, they will have to come up with how to regulate those innovative outcomes in a way to ensure in most cases the public interest.

“This may create encumbrances for some startup founders and entrepreneurs who were not in breach of any rules on commencement but now have to follow new guidelines and policies put in place to regulate their activities and operations.

“What is important is that policies have to be business friendly and must recognize that there is a need to innovate and the process ought to carry along all the stakeholders.  Regulatory policies should not stifle innovation but be seen as supportive of and advancing creativity. The good news is that things are changing now for the better with the financial services regulators, especially in the fintech space, he added.

Dr Aina expressed his belief in bequeathing Nigerian youths with digital skills to solve unemployment and create many new businesses that provide solutions to societal challenges.

This is why he founded Opolo Global Innovation Ltd, an organization that has with the support of BoI established Innovation Hubs in ten University campuses in the six geopolitical zones of Nigeria as one of the platforms to emplace skilling, innovation and enterprise among students and researchers. Also during his tenure as Odua Investment Board Chairman, the company created the South-West Innovation and Technology Company Ltd (SWIT).

He said, “Today, the emphasis is on technology, as we have a large youth population in Nigeria, many of them with University degrees but without the needed skills to enter today’s workplace, hence most of the graduates in the past few years remain unemployed.

“So, we have to provide them with those skills, create the system that encourages them to become entrepreneurs and job creators, provide them with the seed capital, the funding needed to enable them to set up their own business so that a lot of them that are involved in other negative things will be able to focus on positive things that develop the society. Nigerian youths are very, very intelligent, they just need to be supported.

“It is against this backdrop that Odua Investment Co Ltd set up South West Innovation and Technology Co Ltd (SWIT), as a new subsidiary to be the driver of the changes that we want in the innovation and digital space, in solving problems, in doing new things and improving on the ways existing things are done.

“If things go the way it is envisioned, I’m sure in the next five years that company will have produced a lot of new enterprises who will be challenging global players, creating exciting solutions and products. That’s why we added the word innovation-doing new things that will solve the way we are going in our strategy”.

Mr. Khalil Suleiman Halilu, executive vice chairman/chief executive officer of the National Agency for Science and Engineering Infrastructure (NASENI), has unveiled a set of new NASENI products, developed in collaboration with technical partners, at a media briefing at the Agency’s headquarters in Abuja.

The products displayed by the EVC/CEO included NASENI 300 Watts LED Solar Street Lamp; NASENI Laptop, NASENI Lithium battery, NASENI solar irrigation pumps, and a NASENI Smartphone.

Since the media briefing, the Agency has received a lot of interest from interested dealers and the general public, on the availability of these products.

The Agency would like to inform the general public that all enquiries about bulk orders for the NASENI laptop, and the NASENI solar irrigation pump; and pre-orders for all the other products, should be emailed to: [email protected].

Since assuming office as EVC/CEO of NASENI, Halilu has stressed the agency’s commitment to collaborating with private sector partners to bring high-quality household and industrial products to the market, drawing on NASENI’s technical expertise, and unparalleled ability to assist private sector players to unlock new markets across the country and abroad.

According to Halilu, “Our new model at NASENI is to do everything to conserve resources, avoid duplication of effort, and shorten go-to-market time. What this means is that whenever we find serious partners who are already operating in our areas of interest, we will work with and support them to improve their products and take these products to the market.

“As a government agency, we are not out to compete with the private sector. Instead, we are here as partners and enablers, helping with everything from design, to testing, to helping scale up production capacity, and seeking out new markets.”

Over time, the NASENI vision is that its domestic product manufacturing initiatives will transition from “Semi-Knocked Down” (SKD) assembly, to “Completely Knocked Down” (CKD) assembly. In addition, there will be a concerted effort to increase the input of locally-sourced materials in all product components. NASENI will also work to ensure the full transfer of all required Intellectual Property (IP) and technology elements and licensing.

NASENI pledges to continue to keep the public updated on the progress of this transformational industrial journey, which is a direct manifestation of the agency’s 3 core operating principles of Collaboration, Creation and Commercialization.

“As the only purpose-built agency of the Federal Government of Nigeria with a technology transfer mandate, NASENI will always focus on progressively scaling-up local-content sourcing, and strengthening domestic technical and production capacity,” says Halilu.

Union Bank has attained certifications in MSECB management system in ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018.

MSECB is a leading international provider of audit and certification services for management systems based on a wide range of global standards.

A recent statement from the bank disclosed that it received the certifications following assessments of its management system covering information security, its service delivery, and business continuity standards under the combined Information Management Systems standards.

The information security management systems ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018 are internationally recognised standards that outline the requirements for establishing an effective information management system that guides against data breaches, IT system compromises, and disruptions to business processes.

Commenting on the bank’s recent attainment, Francis Mojoyinlola, Chief Information Security Officer at Union Bank, said, “The bank’s continued adherence to best international practices, as acknowledged by an independent third-party audit from a reputable international certification firm, reaffirms our capacity to erect, implement, and maintain best information and security management practices.

“We remain committed to offering our esteemed customers simpler, more innovative services rooted in the highest standards of information security and cutting-edge innovative banking service.”

The recent achievement by Union Bank follows the bank’s recertification of Payment Card Industry Data Security Standard version 3.2 and the International Organisation for Standardisation ISO/IEC 27001:2013 certification attained in 2018.

According to the lender, it further highlights its commitment to the strictest information management security standards while securing its pride of place as one of Nigeria’s most trusted financial institutions.