Telecom
Flutterwave Taps Dipo Fatokun, former CBN Director as Board Chair
Flutterwave, a leading payments technology company, has appointed Dipo Fatokun as the new Chairman of Flutterwave Technologies Solutions Limited.
He brings a comprehensive regulatory understanding and supervisory experience to solidify Flutterwave’s dedication to upholding the highest regulatory, compliance, and governance standards.
Mr Fatokun’s over 30 years of experience covers multiple competencies in banking services, finance, strategy, advisory, leadership, and management in both the public and private sectors.
As a Director at CBN, oversaw key initiatives such as the Cashless Nigeria Initiative, the Bank Verification Number project, and the Treasury Single Account (TSA) for the Federal Government and automating the foreign currency payments for the Central Bank’s internal and external customers.
His expertise will enhance Flutterwave’s commitment to the ecosystem’s best practices as the company moves ahead on its next growth journey.
Also joining the board is Tosin Faniro-Dada, a distinguished ecosystem builder and investor empowering tech founders across Africa, as an Independent Non-Executive Director.
With more than 17 years of experience in finance, specializing in corporate banking and investment management, Tosin’s career started with auditing mutual and private equity funds at PwC in Boston.
Now a Partner at Breega, one of the fastest-growing early-stage VC funds in Europe and Africa, she supports founders in solving significant economic and social challenges.
Her wealth of knowledge, solid expertise, and passion for the ecosystem will contribute to Flutterwave’s unmatched role as an enabler for tech startups across Nigeria.
Welcoming the new board chair, and the non-executive director, Olugbenga “GB” Agboola, CEO and Founder of Flutterwave, said: “As a company, we’ve gone through different organizational changes in our growth journey, but one thing remains steadfast – our commitment to maintaining the highest regulatory and operational standards. I am particularly excited to welcome Dipo Fatokun and Tosin Faniro-Dada to Flutterwave. Their combined experience and expertise will be invaluable as we continue supporting the creation of a well-regulated ecosystem and conducive environment for tech companies to thrive.”
Mr Fatokun has been a member and chairman on more than 5 boards in the last decade. Presently, he chairs the Board Audit and Governance Committee of United Capital Plc. Additionally, he serves as the managing partner at Jasfolim Consulting, contributing to transforming Nigeria’s payment system via advisory services for public and private companies.
Commenting on the appointment, Dipo Fatokun stated: “I am pleased to be appointed as the new Chairman of Flutterwave Technologies Solutions Limited. The company plays a vital role in the fintech ecosystem across Africa. I’m looking forward to supporting the company’s goal of being a model fintech company that advances payment innovations while upholding the highest regulatory and compliance standards.”
Mr Fatokun has been a member and chairman on more than 5 boards in the last decade. Presently, he chairs the Board Audit and Governance Committee of United Capital Plc.
Additionally, he serves as the managing director at Jasfolim Consulting, contributing to transforming Nigeria’s payment system via advisory services for public and private companies.
“I am thrilled to join the team at Flutterwave Technologies Solution Ltd as a member of the Board of Directors,” says Tosin Faniro-Dada.
“The company’s commitment to innovation and its dedication to transforming the financial landscape aligns perfectly with my own passion for driving positive change in Africa. I look forward to contributing to the company’s strategic initiatives and playing a role in shaping its future success, she added.
This appointment closely follows Flutterwave’s recent compliance, regulatory, and risk-focused hires. In December 2023, the company announced many world-class executives, including Amanda Ortega, a former regulator with the State of Wyoming’s Division of Banking, as Head of Compliance, US.
Flutterwave will maximize Mr. Fatokun’s board leadership and wealth of experience, alongside the expertise of those recent hires, to reinforce its culture of transparency, integrity, and accountability
MTN Nigeria Communications PLC has announced that the Nigerian Communications Commission (NCC) has approved the renewal of the spectrum lease agreement between MTN Nigeria and Natcom Development and Investment Limited (NTEL).
Uto Ukpanah, Company Secretary in a statement released recently said that the agreement covers the lease of NTEL’s 5MHz frequency division duplex (FDD) in the 900MHz spectrum band and 10MHz FDD in the 1800MHz spectrum band, which spans 19 states.
The renewal is for another two-year period, effective 1 May 2025. Additionally, the NCC has approved a one-year lease expansion of the spectrums, covering the remaining 17 states and the Federal Capital Territory (FCT), effective 1 January 2025.
Commenting on the transactions, MTN Nigeria CEO Karl Toriola said, “We are pleased with the renewal of the spectrum lease agreement with NTEL, which now includes coverage for all states, including the FCT.
“The lease enables us to enhance our 3G and 4G user experience as we improve coverage and capacity by utilising the spectrums.
“This positions us to capitalise on the growing demand for data and improve the delivery of services to our customers.”
Nigeria’s technology company, Globacom, has extended warm felicitations to Nigerians on the occasion of the 2024 Christmas celebrations.
In a goodwill message released in Lagos, Globacom urged Nigerians to embrace the spirit of love and kindness during the festive season, especially in the face of prevailing economic challenges.
The company emphasized the importance of practicing the teachings of Jesus Christ, particularly the virtues of obedience to God and loving one’s neighbor as well.
“Christ taught many virtues including obedience to God and loving one’s neighbour as oneself”, the company said, adding, “Now is the apt time to practise these teachings by sharing with the needy”.
Globacom also encouraged Nigerians to extend the conviviality of Christmas beyond the festive season by fostering love, peace, and harmony, as demonstrated by God through the birth of Jesus Christ.
Assuring its customers of uninterrupted services throughout the Yuletide period and beyond, Globacom urged them to take advantage of its innovative products and services to stay connected and share the memories of the season with loved ones.
Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) have ordered Deposit Money Banks and Mobile Network Operators to settle the long-standing N250bn USSD debt dispute before January 2, 2025.
The CBN and NCC also directed banks to pay the pre-Application Programming Interfaces (API) debt before July 2, 2025.
They also ordered that post-API debts be settled before December 31, 2024.
The directive was issued in a joint cirular titled, “2nd Joint Circular of the Central Bank of Nigeria and the Nigerian Communications Commission on the Resolution of the USSD Debt Issue Between Deposit Money Banks and Mobile Network Operators.”
The circular dated December 20, 2024, was signed by Oladimeji Taiwo, acting director of the Payments System Management Department, CBN, and Chizua Whyte, head of Legal and Regulatory Services, NCC.
The regulators said, “In view of the foregoing, the CBN and the NCC hereby direct DMBs and MNOs as follows: 1. That 60 per cent of all pre-API invoices must be paid as full and final settlement.
“Payment plans (lump sum or installments) must be agreed upon between a concerned DMB and MNO by January 2, 2025. Installments must be based on equal monthly payments, with full payment due by July 2, 2025.
“DMBs must pay 85 per cent of all outstanding invoices issued after the implementation of APIs (i.e., February 2022) by December 31, 2024.
“Similarly, 85 per cent of future invoices must be liquidated within one month of service.”
According to the regulators, the transition to end-user billing will be activated only for DMBs and MNOs that comply with the payment conditions cobtained in the circular.
CBN and the NCC said they would provide further guidance on public enlightenment initiatives related to the transition.
The regulators also directed MNOs to implement the “10-seconds rule” for USSD invoicing.
This implies that any session lasting less than ten seconds will not be billable.
The regulators added, “Failure to comply with the terms outlined in this directive will attract necessary sanctions, ensuring that both DMBs and MNOs uphold their obligations.”
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