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Politicians Steal $5oBn Yearly-OBJ

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Former President Olusegun Obasanjo

Former President Olusegun Obasanjo has revealed that political leaders and other key players in both public and private sectors in Africa launder the sum of $50 billion every year.

 

The former President spoke at the 1st Annual Nigeria Anti Fraud Conference organised in Abeokuta by the Association of Certified Fraud Examiners, ACFE, Lagos, Nigeria Chapter.

 

The ex-Presiddent said that the increasing smuggling of such funds meant for socio-economic growth and development of African continent is now giving African leaders, past and present, great concerns.

 

Obasanjo who called for joint effort to curb smuggling of funds to foreign lands.

 

Obasanjo who was named as Grand Patron of ACFE, Lagos Nigeria Chapter asked the financial professionals and all members of the Association to help fight fraud and corruption in Nigeria and Africa as a whole.

 

He said, “$50 billion annually, is illicitly taken away from Africa, this is a major concern for African leaders, past and present.

 

“We are now trying and putting up efforts to ensure that we prevent it.

 

“Organisation like you can also help us and Africa fight corruption and fraud in Nigeria and Africa as a whole.”

 

Godwin Oyedokun, president and CEO of ACFE speaking earlier, said, “It is really a delight to h Olusegun Obasanjo. Your acceptance of our invitation is an indication that you have the love of this nation at heart. Let me say that two things informed our decision to have you in our midst.

 

“First, ACFE, Lagos Nigeria Chapter recognises your role in sanitising the Nigeria system before, during and even after you have left government. Secondly, we want to honour you as our Grand Patron, the one we could always run to, for advice, guidance and mentorship.

 

“Thanks very much for honouring us with your presence – may God continue gracefully add to your age.”

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Lagos Hosts Fintech Week to Celebrate Fintech Achievements

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To celebrate Fintech achievements and opportunities with focus on funds and payments, capital markets, insurance innovations, block chain and cyber security, the world’s attention will be on the city of Lagos as it hosts the Lagos Fintech Week in October.

In a statement signed by the chairman of organizing committee, Dr. Yele Okeremi said “Each day we will focus on a different topic. We shall ensure that there is plenty of time for networking and meeting other innovators”.

He added that there will be ‘Investor Summit’ that aims to enhance access to “funding for startups and improve the quality and quantity of Fintech investment deals in Nigeria”.

Lagos Fintech Week is a series of conferences, exhibitions, workshops, hackathons, meetups and awards. It would attract Fintech start-ups, technology companies, investors, financial institutions, research institutes and innovation professionals to engage the ecosystem in a stimulating discussions, demos and insightful debates.

Since Lagos is now innovations hub where diverse financial technology solutions and opportunities are being created daily, he informed, it is imperative that the city host Lagos Fintech Week, which has as its theme, Fintech: Exploring the Huge Opportunities. The event would hold from October 2 to 5, 2018 at Oriental Hotel, Lagos.

Citing reason for the hosting of the event in Lagos, Okeremi said Lagos boast a huge network of customers with an abundance of local and international talents in finance and entrepreneurship.

“Lagos has the ideal ecosystem for Fintech enterprises to succeed. Lagos has seen a vast increase in number of incubator and accelerator programmes over the past 6 years. Lagos offers many advantages for Fintech business.

This regional financial hub features a dynamic business culture, a growing technological infrastructure, a huge network of customers, regulatory support and a world-class talent pool.

“Alongside this, an increasing number of Fintech events have turned the industry into a bustling community, opening the door to greater expertise and increased support for enterprises, and providing countless opportunities for innovators to showcase ideas, meet industry experts, and access training and funding opportunities.

Okeremi added that different impactful activities that will showcase diverse opportunities for all participants at different categories are lined up at the summit.

These are opportunities the startups community to participate in the Hackceleration, learn from industry leaders and experts at the conferences, submit implemented solutions for the Fintech awards and network with the Fintech ecosystem.

Other opportunities include a window for investors and financial institutions to source for deals at the Investor Summit, Demo & Deal Day, listen to pitches at the Hackceleration demo day, share knowledge with fellow industry leaders and experts in the conferences, and listen to financial regulators at the conferences.

According to Dr. Okeremi, “the Lagos Fintech Hackceleration seeks the most innovative start-ups that can address problem statements contribute by the local and global Fintech community and the financial services industry.

“We are inviting start-ups to apply to the programme and demonstrate how they can innovate to address these problem statements. There will be five teams and we will match them with industry champions to customize their market-ready solutions into contextualized prototypes ready for adoption”.

The Chairman also mentioned that there will be workshop that will be organized by partners to gain insights and learn from industry experts that will hold in various venues across the city.

“There will be Open Banking Master class that will enable third party developers to build applications and services around financial institutions, as well as endows customers with greater financial empowerment and transparency. Underpinning open banking is open standards and technology to achieve these outcomes,” he said.

Explaining what the participants would benefits at the Master Class for Open Banking at the Lagos Fintech Week, which is a collaboration between Fintech 1000+ and Open Technology Foundation, Adedeji Olowe said through the Master class, “participants will get an in-depth understanding on open banking system, architecture and design, as well as firsthand experience that demonstrates the collaboration between Fintech to deliver real world applications swiftly to delight customers”.

Salami Abolore, MD/CEO of Riby Finance, the company that is hosting the Hackceleration at the Lagos Fintech Week, said that high-impact innovations are always the result of “motivated, multidisciplinary teams”, which is why among all applicants “we will carefully choose at most 60 participants for the Hackceleration.

“We are expecting active, knowledgeable and forward-thinking individuals and teams who realize that the only constant in business life are changes and improvements.

All innovative individuals and teams from Nigeria can participate at the event, as physical persons. The application is open until all available places are filled”, he said.

Other side attractions at the summit are Nigerian Fintech Awards, Demo and Deal Day. Demo and Deal Day will showcase promising Fintech startups and innovative technologies to local and global investors, with a view towards facilitating Fintech investment deals.

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CeBIH to Promote Digital Solutions Targeted at BoP

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Stanley Jacob, new chairman of Committee of E-Business Industry Heads [CeBIH], has said that the association will promote digital solutions targeted at the bottom of the pyramid [BoP] in a bid to expedite access to financial services across the country.

Jacob who is also the head of Consumer Distribution at Ecobank Nigeria, said the new executive will pursue three broad agenda namely financial inclusion, digital security and strengthened collaboration amongst industry stakeholders.

CeBIH was setup in 2008 and comprises the upper echelon of electronic business and digital banking practitioners in all banks in Nigeria with its major and most important objective being the promotion of electronic banking services in line with “global best practices”, whilst driving its adoption through right policies, standards, technologies and public awareness programs in Nigeria.

According to Jacob, CeBIH will work with other stakeholders to reduce financial exclusion which currently is over 40 percent in Nigeria as well as bridge the wide digital divide in the country.

“As CeBIH we will actively collaborate with industry to provide the needed financial services at the right pricing to the bottom of the pyramid. We will also ensure adequate capacity building for all stakeholders to equip them in tackling the exclusion challenge.

“CeBlH will pull industry resources and work with the regulators to promote an industry approach for combating cyber-security and payment frauds. Financial literacy campaigns and robust customer education will also be a key tool to achieving this.

“This new executive council will strengthen collaboration by promoting the Shared Agency Network Facility (SANEF) with a view to ensuring that the expected benefits are delivered to consumers; partnerships with other financial institutions (OFIs) and FinTechs to deliver improved financial services; Research and case studies to drive emerging payments”, he said.

Past chairman of CeBIH, Dele Adeyinka implored the new executives to continue with the mission and vision of the group, which is using collaboration with drive financial inclusion and adoption of electronic payment, which are what CeBIH stands for today.

He noted that under his leadership, CeBIH collaborated with various industry stakeholders and this initiative yielded results which became evident through better engagement of CeBIH in issues pertaining to policy formulation in the industry.

Other elected officers are Kayode Olubiyi, Vice-Chairman; Yemi Atanda, Secretary-Industry Shared Services;  Bidemi Asunmo, Secretary – Other Financial Institutions (OFIs) & Fintech  Relations;  Mike Onwu, Secretary-Emerging Payments & Technologies; Celestina Appeal, Secretary- Product Pricing & Revenue Assurance; Mike Ogba, Secretary- Finance & Treasury; Gloria Eruemegbe, Secretary-Publicity & Advocacy; Nmutaka Chikwendu, Internal Auditor and Oluremi Tinuolu, Assistant Secretary – Finance & Treasury.

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Firm to Launch App-based Cab Service in Nigeria

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A new mobile driver-rider app, CarXie, is set for launch in the country.

Chinedu Amadi, Operations Director, CarXie, while unveiling the new product to the media in Lagos, said that security of both driver and commuter is the appeal of the app.

Amadi said the app, which was developed in Nigeria in collaboration with foreign partners would be launched at City Mall, Onikan, Lagos on July 27 and on that day, there would be a seminar on defensive driving, which is designed to enhance driving skills of CarXie drivers and of other drivers.

He said: “CarXie, is an innovative mobile app designed to satiate your intra/intercity trips at the shortest possible notice by providing cabs that guarantee your comfort and security.

It’s safe and affordable. CarXie was conceived to ensure that Nigeria is a major and active player in today’s technology-driven transportation systems that are strategic to a smooth running economy.”

He said CarXie mobile app has been tested and that it is available in Google Play store and Apples Store, stating that it answers a number of Nigerian questions i.e “What challenges do we face when planning our trips? Will the cab be functional and comfortable with a courteous driver? Can the Police or VIO stop and delay the cab (your trip) for ‘particulars’? Will the trip have an almost 0% possibility of an accident? What of the security of life and luggage? How do we ensure that no one exploits the commuter in terms of fare? What of the proclivity for aiding and abetting the hydra-headed kidnapping syndicate?”

He said the app was conceptualised with features that make car theft and kidnapping impossible, explaining that “a commuter is expected to issue his Bank Verification Number (BVN), as a means of identification and that each vehicle is automatically tracked and voice chats are possible during rides.

“The driver and vehicle verification exercises are so thorough that they yield only courteous and comfortable service. There are three tiers of supervision embedded in that CarXie offer to ensure quality and trust.”

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