News
Moniepoint Advocates for more Thriving Hubs Outside of Lagos, Abuja
As part of the Nigeria’s on-going efforts to give fillip to the economy and shore up its fiscal and monetary agenda even as the after-effect of global macro-economic realities continue to linger on, strident calls have been made for concerted efforts to be directed at creating more thriving technology hubs outside of Lagos and Abuja.
This is in recognition of the catalytic role as well as the potential of tech hubs in driving economic growth, promoting inclusive development, pushing the boundaries of innovation so as to address some of the country’s most pressing challenges and increasing demand for digital solutions that will make life better across different spheres of our national life.
In demonstration of its oft-stated commitment to powering the dreams of individuals and businesses, leading financial technology company, Moniepoint Inc, announced its support for the Enugu Tech Summit in its firm belief that empowering and investing in tech hubs outside of traditional centers is essential for creating a more inclusive technology landscape in Nigeria.
The Enugu Tech Summit, brought together industry leaders, entrepreneurs, innovators, and government stakeholders to discuss the latest trends, challenges, and opportunities in the technology sector. By sponsoring and actively participating in this event, Moniepoint aims to contribute to the development of the nation’s burgeoning tech sector which will give room for the creation of more startups that will positively impact the country’s economy.
Ifeanyi Duru, Vice President, Sales and Partnerships, Moniepoint Inc, “We are excited to support the Enugu Tech Summit as it is a firm explication of the passion which we have shown over time in fostering financial inclusion and our conviction that by diversifying the geographical footprint of technology hubs, Nigeria can fully harness the benefits that come with a well-oiled, balanced and evenly spread system. We are confident that events like this and the recently held Akwa Ibom Tech Week which we also supported will play a crucial role in shaping the future of technology in Nigeria.”
In his keynote address, Enugu State Governor, Peter Mbah promised that his administration would continue to train at least 40,000 youths across the state in relevant digital and entrepreneurial skills that would enable them to compete globally. Speaking to the theme of the summit, “Innovation Unleashed: Transforming Enugu’s Future”, Mbah said the strategic role of his government in enabling a better and viable future for the youths operating in the state was to provide an environment full of opportunities for them to thrive.
He stressed that measures were being put in place that would ignite the young people in the state to unleash their creative energies by embracing the emerging future of robotics, artificial intelligence, augmented reality, virtual reality, innovation through skills in information and technology.
“My objective here is to get you to begin to think digitally, to understand that the emerging future is the one that requires you to acquire a digital skill to thrive. The innovation landscape here is not barren at all. With your innovation here, you are able to create a greener pasture right here on our soil than any other place in the world. See this event as a serious business where you have come to acquire a skill; a skill of a lifetime. A skill that will enable you to conquer the world right here in Enugu State,” the governor said.
Convener and founder of TxE Africa, Williams Uchemba, expressed his gratitude to sponsors like Moniepoint while stating that this year’s event represented the huge potential and promise that Enugu holds for the youths in the fields of technology and entrepreneurship.
It will be noted that the emergence of tech innovation hubs in many countries around the world has contributed to the growth of their GDP as it is a veritable means of creating jobs, attracting investments, expansion of the economic base, and stimulating socio economic development.
This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.
Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.
A Strategic Partnership To Enhance Digital Payments
The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.
Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”
Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”
Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”
How to Join the Holiday Fun
Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!
Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.
Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.
To learn more about the campaign, stay tuned to the official X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.
Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.
This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.
The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.
According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.
The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.
Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.
The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.
According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.
Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.
“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.
“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.
“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”
Dangote Petroleum Refinery and Petrochemicals (DPRP) has dismissed claims that the Nigerian National Petroleum Company Limited (NNPCL) used a $1 billion loan secured through a crude forward sale agreement to support the refinery during a liquidity crisis.
In a statement on Wednesday, Anthony Chiejina, company’s chief branding and communications officer, said the NNPCL’s stance was a distortion of the facts.
“We would like to clarify that this is a misrepresentation of the situation as $1bn is just about 5% of the investment that went into building the Dangote Refinery,” Chiejina said.
Chiejina stated that the refinery’s decision to enter into a partnership with the NNPCL was based on the recognition of “their strategic position in the industry as the largest offtaker of Nigerian crude” and at the time, the sole supplier of petrol into Nigeria.
“We agreed on the sale of a 20% stake at a value of $2.76 billion. Of this, we agreed that they will only pay $1 billion while the balance will be recovered over a period of 5 years through deductions on crude oil that they supply to us and from dividends due to them,” Chiejina said.
“If we were struggling with liquidity challenges we wouldn’t have given them such generous payment terms. As at 2021 when the agreement was signed, the refinery was at the pre-commission stage.”
According to the statement, the agreement would have been cash-based rather than credit-driven if the refinery struggled with liquidity issues.
The refinery’s spokesman said the NNPCL was subsequently unable to supply the agreed 300,000 barrels a day of crude (bpd).
He stated that the shortfall was because the NNPPC “had committed a greater part of their crude cargoes to financiers with the expectation of higher production which they were unable to achieve”.
“We subsequently gave them a 12-month period for them to pay cash for the balance of their equity given their inability to supply the agreed crude oil volume,” he said.
“NNPCL failed to meet this deadline which expired on June 30th 2024. As a result, their equity share was revised down to 7.24%. These events have been widely reported by both parties,” he said.
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