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NITRA: Okere Advocates for Improved FinTech Innovations

As “money is going digital” around the world, with central banks from England to China publicly floating the notion of issuing their own national digital currencies, it has become imperative for Nigeria and other developing economies to innovate on technology that will even cater for needs of rural dwellers.
Conceptually, the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up, practically, demonstrate the significant cost savings, a reduction of operational and fraud risks in the current payments systems, that blackchain, for instance, will bring in strengthening the ability to execute monetary policy.
“From a consumer’s perspective, the prospect of total digital money is still mind-boggling. It is more likely that societies would not go completely digital overnight. Instead, central banks could start issuing digital currency units alongside notes and coins as base money, and adjust the mix over time, according to uptake. Once critical usage levels are reached and network effects kick in, universal adoption could happen very quickly”, said Austin Okere, founder, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York.
He made the remarks while speaking on “The Fintech Challenge and the New Face of Banking”, as chairman at the 3rd Quarterly Forum organized by the Nigeria Information Technology Reporters Association (NITRA).
NITRA, is an umbrella body for journalists reporting information and communications technology in Nigeria organized its third edition of her quarterly forum tagged “Digital Payment: Prospects and Challenges of a Financially Inclusive Nigeria.” recently in Lagos.
Okere Continued: “For me the biggest thing that has happen in ICT development here in Nigeria properly in Africa is the advent of broadband and Smart phones,
“The combination of broadband and smart phones makes it possible that we can do business modules that has never existed before, such as what you are discussing today, “Digital Payments,”
“If not that we have broadband and smart phones it will be impossible for this business module to exist or to book flights and buy things online.”
He added that money is going digital around the world; central banks from England to China have publicly floated the notion of issuing their own national digital currencies.
They like the idea of harnessing the upside of the digital revolution; mobile payments in particular, while preserving the existing legal and regulatory set up.
The founder of Computer Warehouse Group noted that the changes coming financial sector will be as large as the original invention of the internet, and this may not be overstated.
Who would have imagined a decade ago that e-commerce, championed by Amazon and Alibaba will be displacing high street retailers, or that ride hailing will be dominated by UBER, a technology platform.
He stated that a report carried out in 2015 by Goldman Sachs estimated that $4.7tn of financial services revenue is at risk of displacement from Fintech groups.
The key to this revolution lies in Cryptocurrencies such as bitcoin.
But it is their underlying technology that is proving to be of practical benefit to organizations, the famous blockchain.
He added that Regulators are now helping Fintechs because they believe that Fintech firms are small enough for any problems to be manageable, and on the other hand, might produce useful innovation.
He said that the future of Fintech is bright.
“Accenture recently released a report which found that investment in Fintech around the world has increased dramatically from $930 million in 2008 to more than $12 billion by early 2015.
“The lucrative global transfers markets are major target by Fintechs.
“International money transfers, which have long been a thorny issue for entrepreneurs, are getting easier as well.
“For smaller transactions, services like PayPal automatically convert currencies, so it’s easy for a customer to purchase goods from anywhere in the world.
“Additionally, a service called TransferWise is streamlining international money transfers, disrupting that sector by offering a 90 percent discount on traditional bank transfer fees
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Senate Probes Federal Character Violations by NDIC, Others

The Senate on Tuesday deplored what it described as violations of the principles of federal character in the appointments, recruitments and promotions in some key federal institutions and agencies.
Specifically, the upper legislative chamber fingered the Nigerian National Petroleum Company Limited (NNPCL), Pension Commission (PENCOM), the Nigeria Deposit Insurance Corporation (NDIC) and several other Ministries, Departments and Agencies (MDAs) as culprits.
The matter was a subject of debate at plenary as Senator Osita Ngwu called the Senate’s attention to the alleged violations through a motion.
Ngwu’s motion, entitled “Urgent Need to Address Systemic Abuse and Ineffective Implementation of the Federal Character Principle in Nigeria’s Public Sector,” got the attention of the lawmakers.
Ngwu, who led the debate, cited Sections 14(3) and 14(4) of the 1999 Constitution, which explicitly prohibit the dominance of individuals from a few states or ethnic groups in federal institutions.
He observed that while recruitment opportunities are limited, promotions are often based solely on years of service rather than merit, leading to the continued marginalisation of certain regions.
According to him, the lack of accountability in enforcing federal character principles has compromised fairness in the public sector, with senior-level recruitments often influenced by cronyism instead of competence.
Ngwu further observed that while the federal capital principle aims to balance merit with equitable state representation, its poor implementation has negatively affected discipline, morale, and institutional efficiency.
According to him, “The federal character principle, entrenched in the 1999 Constitution of the Federal Republic of Nigeria, mandates fair representation in federal appointments to reflect the linguistic, ethnic, religious, and geographic diversity of the nation.”
He continued, “Section 14(3) and (4) of the Constitution unequivocally stipulate that ‘no predominance of persons from a few states or a few ethnic or sectional groups’ should exist within the federal government or its agencies.”
Ngwu listed the NNPCL and its subsidiaries, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the National Agency for Food and Drug Administration and Control (NAFDAC), the Nigerian Ports Authority (NPA), PENCOM, NDIC, the Federal University of Technology Akure (FUTA), the National Library of Nigeria (NLN), the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the Energy Commission of Nigeria (ECN), the Solid Minerals Development Fund (SMDF), and the Nigerian Nuclear Regulatory Authority (NNRA) as non comliant entities.
He accused them of consistently failing to adhere to federal character Mandates, and often bypassing regulations in their recruitment exercises.
Ngwu warned that unchecked violations of federal character laws would continue to erode the effectiveness of key legislative provisions.
He listed the affected legislative provions to include Section 14(d) & (e) of the Legislative Houses (Powers and Privileges) Act, 2017, Part I(1)-(2) of the Subsidiary Legislation 23 of 1997, and Section 11(2) of the Freedom of Information Act, 2011.
He also raised concerns about the lack of independence of the Federal Character Commission (FCC).
Ngwu observed that despite the Commission’s constitutional mandate, it remains weakened by underfunding, political interference, and a lack of enforcement power.
While approving the probe of the affected entities, the Senate directed its Committee on Federal Character and Inter-Governmental Affairs to conduct investigative hearings into their activities.
The committee is expected to submit its findings within four weeks.
News
Police Arrest 4 Bank Staff over Alleged ₦270m Fraud, Money Laundering

The Lagos State Police Command has arrested four bank employees over their alleged involvement in a sophisticated fraud and money laundering scheme that diverted over £138,924 (more than ₦270 million) from international airline accounts.
CSP Benjamin Hundeyin, command’s spokesperson, disclosed the arrests on Monday during a press briefing at the state police headquarters in Ikeja.
According to CSP Hundeyin, “The suspects conspired to siphon funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.
“The fraud was uncovered when the affected bank detected unauthorized transactions and alerted the police.”
Explaining further, the spokesperson said: “Subsequent investigations led to the arrest of the following suspects: Oluwatobiloba Olaleye, male, aged 27, was arrested on March 12, 2025, in Ogun State. A Toyota Camry 2012/2013, suspected to be a proceed of the crime, was recovered from him.
Oladunjoye Adegoke, male, aged 33, was arrested on March 13, 2025, in Victoria Island, Lagos. A Toyota Camry (Pencil Light), suspected to be another proceed of the stolen funds, was also recovered.
Further investigation led to the arrest of Austin Alfred, male, aged 38, the Supervisor of the Trade Services Department, and Jude Uzobuaku, male, aged 36, a processor in the same department. Both facilitated the illegal transfer of funds to foreign accounts.”
Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being transferred to multiple other accounts, making it harder to trace. Authorities are now working to track down additional accomplices and recover the remaining funds.
“The suspects are in custody and will face prosecution as the investigation continues,” CSP Hundeyin stated.
News
Tony Elumelu Foundation Grants $15m to 3,000 African Entrepreneurs

Tony Elumelu Foundation (TEF) has announced a $15 million grant to support 3,000 budding entrepreneurs from 52 African countries.
Tony Elumelu, founder, TEF, made this known on Sunday in Abuja during the unveiling of the 2025 cohort of the foundation’s Entrepreneurship Programme.
He stated that each beneficiary would receive a $5,000 seed grant to kick-start their businesses.
Elumelu, who is also chairman of Heirs Holdings, Transcorp, and United Bank for Africa (UBA), reaffirmed his commitment to empowering African entrepreneurs and transforming the continent’s economic landscape.
According to Elumelu, the foundation aims to democratise opportunity across the continent, fostering economic growth and providing young Africans with access to funding and mentorship.
“We had a vision that started in 2010; one that envisions a self-sustaining Africa, driven by the energy, vision, and resilience of young entrepreneurs.
“We understand the challenges they face in contributing to Africa’s economic transformation.
“If empowered and encouraged, these young Africans can drive meaningful change,” he said.
He noted that capital alone was not enough, highlighting the importance of business education, mentorship, and training in building successful entrepreneurs.
The entrepreneurship programme, which began in 2015, originally set out to economically empower 10,000 young Africans over 10 years, each receiving $5,000 in seed capital.
“This year marks the 15th anniversary of the foundation, and we have made a considerable impact across all 54 African countries.
“In the 21st century, Africa does not need aid; what it needs is investment in its youth,” Elumelu said.
Somachi Chris-Asoluka, chief executive officer (CEO), TEF, noted that since the programme’s launch in 2015, the foundation had.disbursed over $100 million to more than 21,000 young entrepreneurs across Africa.
According to Chris-Asoluka, these businesses have collectively created 1.5 million enterprises, and generated $4.5 billion in revenue.
“Our entrepreneurs have demonstrated that ideas are the lifeblood of the African continent.
“For the 2025 cohort, we received over 200,000 applications, and from this pool, 3,000 entrepreneurs from 52 African countries will receive $15 million in funding.
“Each entrepreneur will receive a $5,000 non-refundable seed grant; this is neither a loan nor equity,” she stated.
She further assured that the foundation had a monitoring and evaluation platform in place to track progress after disbursement, ensuring that beneficiaries adhered to their approved business plans.
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