E-Business
NIMC, PenCOM to Hasten Database Harmonisation, Integration for National Development
The National Pension Commission, has pledged to hasten the process of harmonising and integrating the PenCOM database with the National Identity database to ensure complete synergy with the National Identity Management Commission (NIMC).
Mrs. Chinelo Anohu-Amazu, director general, PENCOM, was speaking when Barrister Chris ‘E Onyemenam director general/CEO of the National Identity Management Commission (NIMC), paid her a courtesy visit at the PENCOM Headquarters, recently, to further review collaborations.
According to Mrs. Anohu-Amazu, “PENCOM is a sister organisation to NIMC, and where we are now is a clear indication that we are working towards the same goal and must work together, to ensure that our organisational roles and mandates are achieved seamlessly”.
She noted that PENCOM is poised to serve not only the pensioners of today, but the contributors to the various pension funds who are they pensioners of tomorrow.
“There has always been a great need for proper identification and verification in the pension industry to ensure little or no case of identity theft. It’s a good thing that NIMC and PENCOM are poised to make a positive impact and contribute to the country’s economy and development,” she said.
Mrs. Chinelo Anohu-Amazu further noted, “The NIMC Idea in PENCOM’s estimation is a fabulous idea. Long before the inception of the highly structured Pension industry that exist today, there has been a fundamental need for a foundation Identity Database which all the Agencies and private organisations can fall back on at any given time, and we are glad that NIMC has put such structure on ground.”
She explained that PENCOM is mandated by law to run its own Funtional database, but will also ensure that the PENCOM database remains in harmony and in sync with the foundation database of NIMC. “PENCOM has regularly engaged and will continue to engage NIMC to ensure that we are in complete synergy with NIMC.”
“While managing PENCOM’s functional database, we strive to continually take cues from NIMC’s expertise in identity management and we are indeed excited about the future as we continue to partner,” she said.
The Director General, NIMC, in his response, noted that NIMC’s core mandate is identity management.
“The major reasons for identity theft and fraud related activities in the country is the lack of record keeping. Over the decades, Nigeria didn’t have an identity database, which made identity theft and fraud very commonplace among Nigerians,” NIMC DG said.
He stated that a lot of people are known to have multiple identities that they use for varied reasons. “This is costing the Pension industry, the bank industry and the likes, hundreds of millions of naira annually, thus the need for a central database to check the number of times people change their names and identities.
The NIMC DG explained that with the National Identity Database now in place, every individual who enrolls into the database is allowed to lie to the system just once; because once the details are captured, it is stored against the individual’s biometrics and headshot so that in the next 20 years or more, the same details can be referred to with the help of the National Identification Number (NIN).
“Cases of ghost workers, falsification of age and names, fraud, identity theft, etc., are some of the problems faced in our industry that will be curtailed and eliminated with a centralized identity database, replete with biometric information,” he added.
Dr Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), has reaffirmed the bureau’s commitment to data protection in Nigeria.
He disclosed this in a statement at the weekend by Zira Nagga, head of Public Relations, BPP, following a courtesy visit by a delegation from the National Data Protection Commission (NDPC).
Adedokun stressed that data protection is vital to Nigeria’s economy and development, particularly in areas such as demography, health, education, and other key sectors.
He emphasised that no country should leave its data unprotected, as it plays a crucial role in future planning and national development.
“Data governs the world. It is essential to technological progress and must be protected for a country or business to be taken seriously,” he said.
Adedokun described the visit, aimed at fostering partnership on data policy implementation and protection, as timely and aligned with national goals.
He said the BPP would collaborate closely with the NDPC to boost data development, capacity building, and enhance the procurement system.
“The BPP will support compliance as part of the ‘Nigeria First’ Policy, although it is not a core procurement eligibility requirement,” he explained.
He suggested a hybrid training model to help build strong capacity in data protection, privacy awareness, and policy understanding.
According to him, a dynamic training approach will reduce logistics costs and improve public confidence in data safety and privacy.
Dr Vincent Olatunji, CEO, and national commissioner, NDPC, praised Adedokun and the BPP for supporting data protection initiatives.
He said the partnership supports President Bola Tinubu’s vision and will strengthen data privacy across Ministries, Departments, and Agencies (MDAs).
“The collaboration will create awareness and train BPP staff to ensure a firm grasp of data protection principles and policies,” he stated.
Olatunji said the NDPC would establish a working group to finalise a Memorandum of Understanding beneficial to both institutions.
He added that President Tinubu signed the NDPC into law on 12 June 2023 to uphold citizens’ rights and protect national and business data.
Olatunji also noted that strict legal measures were in place to enforce data protection and ensure full compliance nationwide.
Both agencies agreed to form a team to sign the MoU and focus on capacity building and data management in procurement and beyond.
President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
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