General News
CWG Boss Commends Nigeria’s Business Competitiveness at CBS
Austin Okere, founder, CWG Plc and Entrepreneur in Residence at Columbia Business School, thumbed up Nigeria’s business competitiveness at the CBS annual Entrepreneurs in Residence Week in New York during the last week of October.
Addressing the group of graduate students in the Private Equity and Entrepreneurship in Africa Course with Professor Murray Low of the Eugene Lang Entrepreneurship Centre,
Okere highlighted Nigeria as one of the top three investor destinations in Africa.
Quoting figures from the United Nations Conference on Trade and Development (UNCTAD), he reiterated that of the $57b Foreign Direct Investment (FDI) that Africa attracted last year, Nigeria saw the lion share of about $5.6b, which is very significant given that only six other countries attracted investments above $3b.
This is coming on the heels of Nigeria moving up five places in the latest release of the World Bank Doing Business Report.
This is well above the average improvement of two positions by the MINT countries (comprising Mexico, Indonesia, Nigeria and Turkey).
More importantly, the “Starting a Business” and “Getting Credit” pillars saw the most significant changes, moving up nine and 73 places respectively, indicating better engagement with the Small and Medium Enterprises (SMEs) sector, which tends to be the engine of growth in most developing economies.
Advising the audience to explore other viable geographies, Okere reiterated his view expressed at the World Economic Forum Meeting of the Global Champions in Tianjin, China, that the new frontiers for business expansion following saturation in the developed markets were Africa and Latin America. He however cautioned against wholesale importation of western business model templates into these emerging markets given the different geographies, peoples and cultures.
He counselled local partnerships to explore the immense opportunities in a mutually beneficial manner.
In Okere’s view, significant milestones have been achieved in important areas such as pervasive broadband access, making it possible to pursue hitherto impossible business models in Cloud Computing and eCommerce.
He also enumerated the giant strides in Power Sector reforms, Agriculture and SME support and financial inclusion through the Central bank’s Cashless Initiative, leading to improved financial transparency; and the adoption of the IFRS Accounting standard leading to greater corporate governance standards.
According to Okere ‘the recent admission of the Nigerian Stock Exchange into the World Federation of Exchanges is testimony to the huge success of the Capital Market reforms, and serves as a positive barometer for investors’ appetite’.
Qualifying his optimism, Okere had this to say “being a member of the World Economic Forum’s Business Council and a board member of the National Competitiveness Council of Nigeria, it is not lost on me that there is still a lot to be done for Nigeria to achieve her full potential, as has been highlighted by the recent WEF Competiveness Index report. I however, believe that it is not far-fetched for Nigeria to aspire to become one of the 20 largest global economies by 2020 starting from a comfortable base of being the largest economy in Africa and the 26th largest global economy”.
To achieve this however, he advocates the acceleration of investments in critical infrastructure and also getting the Local Governments to step up in their responsibility towards the provision of Primary Health Care and Primary Education.
Columbia University’s Entrepreneur in Residence Program brings together selected individuals of exceptional talent and a history of accomplishment to assist tomorrow’s business leaders by providing valuable insights garnered from their extensive experience.
Commenting on Okere’s contribution, Mr. Cliff Schorer, Program Director, had this to say “Austin has provided the program with a broad foundation of knowledge, and he serves as a resource to those interested in developing enterprises in emerging markets. With the landscape of global business rapidly expanding, Austin’s availability to students, faculty and administrators has proven to be extraordinary, and his openness, presentation skills and willingness to assist others is a great asset to the program”.
Similarly Professor Murray Low, founder of the Columbia Entrepreneurship Program remarks as follows
“Our EIR program seeks to attract successful entrepreneurs with deep sector experience. With Austin, we get two for one; deep experience in information technology as well as emerging markets. His unique insights are hugely valued.”
An elated Okere, whose company has been used as case studies in both CBS and MIT responded by stating how touched he was by the kind words of the Program Directors.
He philosophically declares “I am happy that the work I do at CBS and the achievements of my company put Nigeria firmly on the map in the global academic community. I am pleased to be a worthy ambassador, making Africa proud”.
Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators.
The agency’s “Operation Artemis” has led to the arrest of 22 Nigerians, half of whom are “directly linked” to sextortion incidents in which victims died by suicide.
Sextortion scams often begin on social media, where perpetrators pose as attractive young women to lure victims—typically unsuspecting teenage boys—into sending nude photos or explicit videos.
Once the images are obtained, the scammers turn to blackmail, threatening to leak the content unless the victim pays up.
In some cases, the sextortion results in teenage victims taking their own lives over fear of the nudes leaking.
In Thursday’s announcement, the FBI noted it’s been “observing a significant increase over the last three years in financially motivated sextortion schemes targeting young males ages 14-17, resulting in more than 20 minor victims dying by suicide.”
The agency is also facing a 30% year-over-year increase in sextortion-related tips.
“According to the FBI’s Internet Crime Complaint Center or IC3, there were over 54,000 [extortion-related] victims in 2024, up from 34,000 in 2023,” it said.
“Over the last two years there have been nearly $65 million dollars in financial losses due to this crime.”
In response, the FBI says 55 agency field offices came together to identify “nearly 3,000 victims of financially motivated sextortion,” which led investigators to track down the culprits in Nigeria.
The US has since extradited at least three suspects from Nigeria.
“These subjects will now be held accountable in the American justice system, with more subjects still awaiting extraditions in Nigeria,” the FBI added.
FBNQuest Trustees Limited, a subsidiary of First HoldCo Plc, provider of trust solutions to individuals, corporate and government institutions, recently hosted its inaugural Estate Planning Summit in Port Harcourt.
The maiden event, themed: Wealth Preservation and Transfer without Hassle, was organised to strategically enlighten and empower the participants with the necessary knowledge required to seamlessly manage and successfully transfer their assets and legacies to their beneficiaries.
Speaking at the event, the Acting Managing Director, FBNQuest Trustees, Babajide Fetuga, stressed the critical importance of seeking professional guidance on estate planning, preservation and transfer of wealth to successive generations and other beneficiaries. He stated that a professionally drafted estate plan gives no room for any form of ambiguity; hence, it provides clear directives on what to do at any time.
‘’The potential consequences of not having an estate plan include perennial family disputes and protracted court cases, which may result in a huge financial burden and foster long-lasting resentments among loved ones if proactive steps are not undertaken to protect individuals, families and loved ones from avoidable stress.
‘’Understanding the values of wealth preservation is crucial. It is vital to recognize the importance of having a strategic estate planning blueprint, and we are determined to educate you with knowledge that not only informs but inspires you to take the necessary actions as you move forward,” he added.
FBNQuest Trustees is dedicated to promoting effective estate planning solutions. The company has a track record of successfully hosting estate planning summits in Abuja, Lagos, Minna and Ibadan and continues to emphasize the importance of thoughtful planning through initiatives like the Legacy Series Campaign and the Legacy Room podcast.
The summit featured industry experts who delivered valuable insights on the significance of wealth preservation and transfer, addressing the residents of Port Harcourt and its environs. The discussions focused on practical approaches and proactive measures attendees can adopt to manage their estates effectively and minimize potential future challenges.
Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are part of Meta’s broader commitment to fostering a platform where meaningful interactions thrive.
The initiative includes reducing the visibility of spammy content. Accounts that share duplicate posts, irrelevant captions, or excessive hashtags will lose reach and monetization eligibility. Spam networks that create multiple accounts to share identical content will also face decreased visibility.
Meta is increasing efforts to detect and remove fake accounts and pages involved in coordinated engagement or impersonation.
In 2024, the platform removed millions of such accounts. Features in Moderation Assist have been enhanced to auto-hide comments from suspected fake identities, and creators can now report impersonators directly in comments.
To further support original content, Meta continues to improve its Rights Manager tool, helping creators protect their work. Updated guidance aims to encourage creators to share authentic and engaging content to ensure their success on the platform.
Oluwasola Obagbemi, Head of Communications for Sub-Saharan Africa at Meta, emphasized the importance of creating an environment where creators who invest in meaningful content are recognized and rewarded.
Meta remains committed to fostering a positive and authentic environment for creators and users alike. Let me know if you’d like more adjustments!
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