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SEC Decries Indiscriminate Issuance of Debt Instruments by Subnationals

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The Securities and Exchange Commission (SEC) has urged Capital Market Operators (CMOs) in Nigeria to review the proclivity of issuance of debt instruments by both state and local government agencies.

Mr. Bola Ajomale, Executive Commissioner, Operations, SEC, stated this at the 2024 International Credit Rating Webinar organised by DataPro Limited.

A statement by Mr. Kehinde Rasheed, the Business Development Manager of DataPro, quoted Ajomale, who represented the Director-general of the commission Dr. Emomotimi Agama as saying,  “Irrevocable Standing Payment Orders (ISPOs) from the state government cannot be the only measure of assurance and risk mitigation, CRAs must alter their measurement metrics to accommodate rising risk levels and increasing requirements for sustainability for any instrument raised by a State or quasi-government body.”

Ajomale, who identified the tendency for some state governments to issue private bonds guaranteed by the state government, pointed out that the processes do not have any proof of secondary market value and that they need to be assessed for the delivery of the stated project objectives.

The fourth in the series, the webinar was attended by over 500 participants drawn from Nigeria, USA, Canada, South Africa, Ghana, Gambia, Namibia, Kenya, and Rwanda.

In his welcome address, DataPro’s Founder, Mr. Abimbola Adeseyoju described the Webinar as a veritable vehicle to propagate the value propositions of the credit rating institution in Nigeria and the rest of Africa.

According to him, apart from the established role of providing an opinion on the quality of Assets and Capital, Credit Rating Agencies also serve as a complement to risk management procedures, adding that CRAs should serve the common goal of catalysing the economy, promoting the real sector and creating wealth for a sustainable society.”

In his speech, the Keynote Speaker at the event, Christian Ruehmer, an accomplished international banking entrepreneur urged banks to support businesses in the real economy. Ruehmer believes rating agencies and banks share a common goal in ensuring that businesses succeed.

 


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9mobile Addresses Recent Service Outages, Apologizes for Inconvenience

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9mobile has apologized for the recent service outages experienced by its valued customers which has affected their ability to provide voice, data, internet services. “We understand the frustration these disruptions have caused and deeply regret the inconvenience.

“Our technical team has identified the root causes of the outages including a fire incident at our Main Data Centre in Lagos last night which severely impacted services especially in the Lagos and South-West.  We are grateful for the swift intervention of the Lagos State Fire Service, which helped prevent further damage.

“Prior to the fire incident, our network experienced major fibre interruptions leading to varying degrees of outages. We had a fibre cut on the backbone links in Lagos which led to a total data outage across the country.

“This was followed closely by two vandalism incidents in Lagos and Abuja, leading to total service outage in South-West and data service outage in the North.  Services have now been fully restored in the North & South-South States while restorations work is ongoing in others. We expect to fully restore services as soon as possible”

At 9mobile, customer satisfaction is remains top priority. “We value the trust you place in us and appreciate your patience and understanding during this challenging time. Customers who continue to experience issues can reach out to our customer service team via our social media touchpoints or our experience centres”.

Once again, we sincerely apologize for the disruption and thank you for your continued support.


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NAF Delegation Visits Zinox Technologies, Discuss Partnership

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A high-level delegation from the Nigerian Air Force (NAF) recently visited Zinox Technologies, Africa’s foremost integrated ICT solutions company, exploring avenues for a strategic partnership to strengthen the Air Force’s operational and technological infrastructure.

The delegation, led by AVM SK Usman, Chief of Communications Information Systems (CCIS), included notable figures such as Dr. Asogbon, Strategic Consultant on Communication, Air Commodore Isah, Commander of the 041 CIS Dep, Air Commodore AI Hanidu, Director of Information Technology, Air Commodore HC Usman, Director of Electronic Warfare, Squadron Leader Bilawu, and Group Captain Oloretore, Commander of the 641 CIS Group.

During the visit, NAF representatives commended Zinox Technologies for its significant contributions to technological development across Nigeria and Africa. They emphasized the importance of collaboration in addressing critical needs, including the localization and implementation of robust data storage solutions at NAF headquarters and nationwide offices to ensure data security and accessibility, as well as deploying intelligent and advanced video surveillance systems to enhance security and operational efficiency.

Additionally, the discussions highlighted providing reliable and efficient alternative power solutions to support critical operations and establishing and equipping annex facilities to meet the NAF’s growing data storage and processing requirements. Both parties also proposed solutions to support the development of various data centres for the Air Force. These discussions underscored Zinox’s capability to meet NAF’s complex requirements, leveraging its experience and innovative technology offerings to enhance national security operations.

Zinox Technologies, known for its pioneering role in the African tech industry, has a proven track record and a rich history of impactful projects across Nigeria and the continent. The company has been instrumental in driving digital transformation initiatives, providing cutting-edge IT solutions, and supporting numerous sectors with innovative tech products.

The foremost tech company has executed several transformative initiatives, including Africa’s largest ICT voter registration rollout and impactful e-education and e-health projects in Nigeria. Zinox holds prestigious certifications such as the Microsoft Windows Hardware Quality Lab Certification and ISO 9001:2000.

Zinox’s commitment to technological advancement has earned them a reputation as a leader in the African tech ecosystem, making them a trusted partner for the NAF’s ambitious projects.

By partnering with Zinox, the NAF aims to leverage indigenous cutting-edge technology to enhance its operational capabilities and contribute to the overall development of the Nigerian Air Force. This collaboration highlights Zinox’s unwavering commitment to leveraging technology to support Nigeria’s growth and development.

 


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Nasarawa Technology Village Attracts 12Bn Investments

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Modern Shelter Systems and Services Limited, one of Nigeria’s leading real estate firms has announced that the Nasarawa Technology Village has attracted investments of N12 billion since the project commenced.

Nasarawa Technology Village Attracts 12Bn Investments

The real estate firm added that it has officially commenced feasibility studies for the Aso-Pada Toll Road, which will catalyse the development of the tech-driven innovation hub, creating value for investors and transforming lives along the Keffi-Nyanya-Abuja corridor.

With the signing of the Aso-Pada Toll Road project, Modern Shelter said it is one step closer to realising the vision of Nasarawa Technology Village, which is powered by innovation as the project will connect communities, attract investments, and unlock socio-economic opportunities while providing sustainable, affordable housing for the future.

Commenting on the development, Abdulmalik Mahdi, chief executive officer, said that “The Aso-Pada Toll Road will serve as the backbone of Modern Shelter’s Nasarawa Technology Village, bringing 1,962 homes, a tech incubation centre and more to life.

“The Aso-Pada Toll Road will not only enhance connectivity but also drive the success of our Nasarawa Technology Village project, powered by NGN12.5 billion in investments. Together, we’re creating a hub for innovation, sustainability, and opportunity,” he explained.

 

 

 


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