Telecom
Nova Merchant Bank’s Funke Okoya Appointed Chairperson, Women’s Empowerment Commission of Women in Finance Nigeria
Mrs Funke Okoya, an Executive Director, NOVA Merchant Bank has been appointed Chairperson, Women’s Empowerment Commission of the Women in Finance Nigeria.
Okoya’s appointment was announced along with four other new executives at a recent signing of the International Partnership/Affiliation with the Women Working for Change.
The Women Working for Change is an organ of the African CEO Forum, the largest international forum of the African private sector.
The newly appointed Exco Members were selected from committed Senior Executive members of the organisation and have been charged with the specific duty of chairing the Association’s five new Commission.
Mrs Okoya’s appointment as Chairperson is a major push for the capacity development of women in Nigeria and it is expected to drive initiatives that advance women’s cause, pursuit of financial literacy and inclusion for women while promoting gender parity.
Speaking at the event, the Chairperson, Women in Finance Nigeria, Mrs Toyin Sanni, said, “We are very excited about the launch of these important commissions under the leadership of these dynamic senior executives as well as the election of our new national secretary all of whom served creditably, over time at WIFNG.”
Funke Okoya who expressed excitement at the appointment said, “This appointment is designed to speak to the yearnings of women in Nigeria and further enrich the conversation around capacity building, provide access to finance, broaden value realization, add relevance, recognition and network for women.”
She added that the expanded executive committee demonstrates the association’s commitment to supporting women across the country by providing leadership and sustainable professional development for women, through creative coalition and partnerships with international women organizations like Women Working for Change.
Funke is an Executive Director, Investment Banking and Subsidiaries at NOVA Merchant Bank, and has been driving key initiatives that are transforming the Bank into leadership position.
While congratulating Mrs Okoya on her appointment, the Chairman of NOVA Merchant Bank, Mr Phillips Oduoza, said Funke has been at the forefront of gender diversity, sustainability and female inclusion adding, “As a board, we are glad for the recognition which will elevate the commission to the next level under her chairmanship.”
NOVA Merchant Bank is a leading merchant bank in Nigeria that offers an integrated suite of financial solutions covering Financial Intermediation, Wholesale and Investment Banking, Asset and Wealth Management, Trade Services, Transaction Banking, Cash Management and Digital Banking.
Women in Finance Nigeria (WIFNG) is a non-profit organization registered in 2016 to provide policy advocacy for greater representation of women in the financial sector and in financial roles in Public and Private Sector Organizations. WIFNG advocates for positive economic policies and is a platform for women in financial roles to collectively tackle workplace and societal challenges affecting women. WIFNG also provides Capacity Building, Networking and Economic Empowerment opportunities. In 2019, it established and registered its UK Chapter, WIFNG UK, a vibrant body for African women working in the United Kingdom Financial Services Sector.
Telecom
Group Advocates for Digital Rights at 2024 Internet Governance Forum
Paradigm Initiative (PIN), a leading pan-African organisation dedicated to advancing digital rights and inclusion in the Global South, has made significant contributions to the just-concluded 2024 Internet Governance Forum (IGF) in Riyadh, Saudi Arabia.
PIN’s participation in the prestigious global event underscores the organisation’s commitment to fostering inclusive digital policies and ensuring that Africa’s voices are central in global discussions about the future of the internet.
During the week-long forum, PIN team members played key roles in numerous sessions, emphasising the importance of a digital rights perspective in the development of emerging technologies, advocating for a more inclusive digital future, and addressing the specific challenges the African continent faces in terms of digital access and inclusion.
PIN Executive Director, ‘Gbenga Sesan, spoke at high-profile sessions, including the Leadership Panel on ‘The Internet We Want’, which outlined the vision for a global internet that is accessible, secure, and inclusive.
At the Africa Youth IGF Parley, ‘Gbenga provided a platform for young Africans to address pressing issues such as internet restrictions, the digital divide, and digital rights violations.
Adeboye Adegoke, Senior Manager for Grants and Programmes Strategy at Paradigm Initiative, contributed to Open Forum #12, advocating for policies that ensure a rights-respecting and inclusive digital future. His discussions highlighted the importance of policies that place human rights at the core of technological advancements.
Ihueze Nwobilor, Senior Programmes Officer, spoke at the session, ‘A Rights-Respecting Approach to Emerging Tech Development,’ where he called for the prioritisation of human rights in the development and deployment of emerging technologies across Africa and beyond.
The organisation’s Senior Manager for Partnerships and Engagements, Thobekile Matimbe, shared valuable insights during the ‘Better Products and Policies Through Stakeholder Engagement’ session.
She emphasized the role of the private sector in engaging with local communities to ensure that digital products and policies are inclusive and meet the needs of vulnerable groups across Africa.
Bridgette Ndlovu, PIN Partnerships and Engagements Officer, moderated a session on ‘Implementation of the USF in 26 African Countries,’ where she and other speakers, including ‘Gbenga Sesan, discussed the crucial role of Universal Service Funds (USF) in advancing digital inclusion, particularly in underserved and rural areas.
PIN’s participation at IGF 2024 has been an important moment for advocating digital rights in Africa. “Paradigm Initiative’s participation was a powerful reminder that Africa’s digital future must be shaped by inclusive, rights-respecting policies.
“Our participation at the IGF is a continuous demonstration of the need for all stakeholders to collaborate in building a more inclusive and accessible internet for everyone, especially those in under-served communities,” PIN Executive Director, ‘Gbenga Sesan stated.
Telecom
Patricia Technologies Begins Repayments to Customers Affected by 2022 Security Breach
Lagos-based financial technology firm Patricia Technologies has commenced repayments to customers impacted by a 2022 security breach. This follows a two-year period where the company focused on recovering funds and rebuilding trust.
In 2022, Patricia experienced a significant cyberattack, resulting in the loss of over 600 million Naira from customer accounts. Following the breach, the company temporarily restricted withdrawals and collaborated with law enforcement, leading to the arrest of several suspects, including a prominent politician.
Patricia had previously requested a two-to-five-year repayment window, a plan that has now begun to be implemented. The company has started disbursing funds to affected customers in phases, with the first batch of payments initiated on December 10, 2024.
CEO Hanu Fejiro emphasized the company’s commitment to its customers, stating, “This repayment process represents a milestone in fulfilling our promise to make things right.”
He encouraged customers to update their information on the Patricia platform and monitor official channels for further updates on their individual repayment timelines.
Subscribers who are getting paid in this phase have since been officially notified by email. One of the subscribers, with initials BP (for purposes of confidentiality), expressed appreciation and satisfaction with being paid by Patricia via an email reaction: “I really appreciate your effort. Though it took a long time, I’m satisfied with what I’ve received. Thank you for keeping to your words.”
Telecom
From Niche App to Global Giant: TikTok’s Controversial Journey
TikTok’s rise from a niche video-sharing app to a global social media giant has sparked controversies worldwide, with concerns over its links to China and its influence on users and politics.
In Albania, Prime Minister Edi Rama announced Saturday that TikTok would be banned for at least a year starting in 2025.
The decision follows a tragic incident in Tirana where a 14-year-old was killed and another injured in a fight stemming from an online confrontation. Rama described TikTok as the “thug of the neighborhood.”
In Romania, the European Union is investigating whether TikTok played a role in far-right candidate Calin Georgescu’s unexpected first-round presidential election victory.
The probe focuses on alleged Russian interference and claims of “preferential treatment” by TikTok. This marks the platform’s third EU investigation, potentially risking fines of up to six percent of its global revenue.
TikTok stated it has implemented “robust actions” to combat election misinformation, while Russia denies meddling.
In the United States, TikTok faces mounting pressure after the government passed a law in April requiring ByteDance, its Chinese parent company, to divest from the platform by January 2025.
The U.S. claims TikTok allows China access to American user data, a claim TikTok denies. ByteDance admitted its employees had accessed U.S. user data but insisted it does not share information with Chinese authorities.
TikTok could face a nationwide ban if ByteDance fails to comply, threatening its 170 million U.S. users.
Australia recently enacted a landmark law banning under-16s from accessing social media, including TikTok, with hefty fines of up to AU$50 million for noncompliance.
TikTok expressed disappointment, warning the law could push young users to less regulated parts of the internet.
In Europe, TikTok was forced to remove an engagement feature in its TikTok Lite version after EU regulators raised concerns about its addictive nature.
The feature rewarded users aged 18 and older with points redeemable for goods based on time spent on the app.
TikTok also faces criticism for its role in spreading hazardous challenges, some of which have reportedly led to child deaths, such as the blackout challenge.
Disinformation remains a significant issue, with a study by NewsGuard revealing that one-fifth of videos on topical subjects like the Russia-Ukraine war contained misleading or false information.
Despite these controversies, TikTok remains a dominant force in social media, attracting creators and influencers worldwide.
Its powerful algorithm and innovative features have secured its place at the forefront of digital engagement.
However, the platform continues to grapple with mounting scrutiny over its practices and societal impact.
TikTok’s meteoric rise has reshaped the social media landscape, cementing its status as a global powerhouse with over 1.04 billion monthly active users worldwide as of 2024.
This milestone, achieved in less than a decade, underscores TikTok’s unparalleled growth trajectory compared to platforms like Facebook and Instagram, which took significantly longer to reach similar heights.
In the United States alone, 170 million people actively use the app, contributing to its $16 billion U.S. revenue in 2023.
Globally, TikTok engages over a quarter of social media users and nearly one-fifth of internet users monthly, with U.S. adults spending an average of nearly an hour daily on the platform.
Its popularity is further evidenced by 137 million downloads in the first quarter of 2024.
Since its 2018 launch, TikTok has grown from 55 million users to over a billion, fueled by its dynamic algorithm and appeal across diverse demographics.
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