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”.
Daphne Dafinone, an ally of Olayemi Cardoso, governor, Central Bank of Nigeria (CBN), is facing prosecution over an alleged N100 million fraud.
Daphne Dafinone,
Dafinone who is also a board member of the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), allegedly defrauded a developer of the said sum.
She was recently hired by Cardoso as a consultant at the CBN.
Justice Ibrahim Kala of the Federal High Court in Lagos has ordered Dafinone to appear before the court on May 5 to take her plea in the fraud case filed against her and her company by the Police.
The charges stem from a petition by Prince Lukman Adeleke, a property developer, who claimed that between April and December 2019, Dafinone and others conspired to defraud him of N100 million.
According to the petition, Adeleke’s company, Lukman Communications Limited, had been negotiating the purchase of a property at 93 Broad Street, Lagos Island, from Dafinone’s company, CEDDI Corporation Limited.
Despite receiving N100 million for the property, Daphne Dafinone allegedly sold it to Mrs. Ganiyat Ulom, another buyer.
When Adeleke discovered the sale, he instructed his lawyers to issue a memorandum of claim to CEDDI Corporation Limited and Mrs. Ulom. However, both parties allegedly ignored the notice, prompting Adeleke to file a lawsuit in the Lagos State High Court.
At a previous hearing, Dafinone’s former lawyer, Dapo Akinosun (SAN), informed the court that she was in London for medical treatment, assuring that she would return to Nigeria on January 28, 2025, and be available for arraignment.
However, at the resumed hearing, Fidel Albert appeared as her new defense counsel.
The prosecution, represented by Superintendent of Police (SP) Anthony Iyeye, requested the court to issue a bench warrant for Dafinone’s arrest due to her absence.
In response, Albert informed the court that he had filed an application challenging the competence of the charge and the court’s jurisdiction.
Justice Kala allowed arguments on the submissions but ruled that Dafinone must appear in court before any application could be entertained.
The judge dismissed the preliminary objection and adjourned the case to May 5, 2025, emphasizing that Dafinone must be present for her arraignment.
WillMoon Artificial Intelligence Company achieved a major milestone with the launch of its pioneering app suite, poised to revolutionise Nigeria’s economy. The launch, which took place recently marked a significant step forward for the company.
This strategic move underscores the company’s dedication to leveraging technological innovation to drive economic growth and development in Nigeria.
According to the CEO of WillMoon Artificial Intelligence Company, Mr. Kenny Imarah, the three apps launched – Estate Books, Urban Fleet, and WillMoon POS & Inventory Management System – are designed to revolutionise the real estate, transportation, and retail sectors.
Industry experts predict that these apps will increase efficiency, reduce costs, and improve customer satisfaction, ultimately driving economic growth and development.
“We are thrilled to launch these innovative apps, which are set to transform how Nigerians live, work, and do business. Our apps are designed to meet the specific needs of Nigerians, addressing pain points in the market and providing seamless, automated solutions,” Imarah said.
The launch of these apps is seen as a major boost to Nigeria’s economy, which has been facing significant challenges in recent years. With the country’s growing population and increasing demand for technological innovation, WillMoon Artificial Intelligence Company’s apps are poised to make a significant impact.
Estate Books, one of the launched apps, is a real estate relationship management app that streamlines property management, tenancy, and rental businesses. This app is expected to reduce the hassle and stress associated with finding and managing properties in Nigeria.
Urban Fleet, another app launched, is an automotive rental app that simplifies the car rental process. This app is designed to provide users with a seamless and efficient car rental experience, reducing the need for physical paperwork and long queues.
The highly anticipated Payments Forum Nigeria (PAFON) 2.0 is set to convene industry leaders, policymakers, fintech innovators, and key stakeholders to discuss the evolving landscape of digital payments, with a special focus on cybersecurity, trust, and regulatory compliance in the AI era.
PAFON 2.0, scheduled to take place on April 10, 2025 at the Function Room 1, Oriental Hotel, Lagos, builds on the success of its inaugural edition, solidifying its position as Nigeria’s premier platform for thought leadership in payments innovation.
This year’s theme, “Bridging the Customer Experience Gap for Financial Inclusion Using AI”, underscores the urgent need to safeguard digital transactions against emerging threats while ensuring seamless financial inclusion and innovation.
EBEHIJIE J. MOMOH, Chief Executive Officer, AfriGOPay Financial Services Limited, has been scheduled to present the keynote.
Other Speakers | participants are drawn the Central Bank of Nigeria (CBN); e-Banking Heads; Chief Compliance Officers of banks in Nigeria; Chief Internal Auditors of banks in Nigeria; Office of The National Security Adviser; Switching companies; the Economic and Financial Crimes Commission; Licensed Mobile Payment Operators; Electronic Payments Providers; Information Security Experts; Consumer Protection; Financial Policy and Regulation; Information Technology; Legal Services; Banking Supervision; Corporate Communication; Shared Services Office; Blockchain Security Experts, etc.
Key highlights of PAFON 2.0 include:
· Expert-led panel discussions on AI-driven fraud detection, secure authentication, and regulatory strategies for digital payments
· Fireside chats with top executives from the banking, fintech, and regulatory sectors
· Showcase of cutting-edge payment security solutions leveraging AI, blockchain, and biometrics
· Networking opportunities with industry pioneers shaping the future of Nigeria’s payment ecosystem
Speaking on the upcoming event, Mr. Chike Onwuegbuchi, co-convener of PAFON, stated:
“As Nigeria accelerates its transition to a digital economy, ensuring trust and security in payments has never been more critical. PAFON 2.0 will serve as a pivotal platform to address these challenges and unlock opportunities for a more resilient and inclusive financial system.”
PAFON 2.0 is open to payment service providers, fintech firms, banks, regulatory bodies, cybersecurity experts, and all stakeholders invested in the future of digital transactions in Nigeria.
For more information and participation details, visit or contact [Insert Contact Information].
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