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Stakeholders Commend Ndukwe’s Appointment as MTN Nigeria Chairman

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Stakeholders in the telecom industry have been unanimous in applauding the emergence of seasoned telecommunications technocrat Engr. Ernest Ndukwe has the Chairman of the Board of Directors of MTN Nigeria.

Prominent among the group is the New Dimension Shareholders Association, a prominent group of Capital Market Investors and Shareholders in notable companies quoted on the floor of the Nigerian Stock Exchange.

In a public statement signed by its President, Patrick Ajudua, the New Dimension Shareholders Association stated, “the appointment is a welcome development because he is tested and well experienced in the industry.”

The Association expressed optimism that the new MTN Board headed by Dr. Ernest Ndukwe will ensure transparency, compliance with corporate governance, and value addition to the shareholders.” In a similar vein, the President Proactive Shareholders Association, Taiwo Oderinde, urged the new board to shun any corporate governance lapses capable of dragging the image of the firm through the mud.

He noted, “The new Chairman, Dr. Ndukwe, is a man with a wealth of experience and connections in the telecommunications sector. As a one-time head of NCC, I believe with the support of other members of the board, he will bring this to bear in his new responsibility. I congratulate him and he should not let the shareholders and other stakeholders down.”

Dr. Ndukwe, a former Executive Vice Chairman (EVC) of Nigerian Communications Commission (NCC), is fondly called Mr. Telecoms for his vast experience and rich contributions to the growth of telecommunications industry over the years.

A highly respected telecommunications professional, Dr Ndukwe’s career has gone full circle, starting from the private sector as the Managing Director of a notable telecommunications company, he moved into government service at the helm of the industry regulatory agency as EVC of NCC and back to the private sector and now Chairman of Nigeria’s largest operating company MTN.

Cerebral and a hands on manager, Ndukwe was an adjunct faculty at the Pan Atlantic University/Lagos Business School and also a Director of the School’s Infrastructure Center. His passion for human capacity development in the industry led to the birth of the Digital Bridge Institute, an international centre for telecommunications and information technology studies, during his tour of duty as EVC of NCC.

Indeed, Dr Ndukwe would always state that the greatest legacy of his tenure in government is the liberalization of access to telecoms in Nigeria and making the benefits and impact of ICT available to the masses especially the poor and the most traditionally disenfranchised groups.

A recipient of the national honour of the Officer of the Order of the Federal Republic, OFR, Ndukwe is a past Chairman of Administrative Council of African Telecommunications Union, ATU, and a past Chairman of the West African Telecommunications Regulators Assembly, WATRA, which he helped pioneer.

He was also a Vice Chairman of Telecom Development Advisory Group (TDAG) of the ITU representing Nigeria. In April 2014 he was decorated with an ITU Gold Medal Award “in recognition of his important contribution to global Information and communication technologies and to the work of ITU”.

Ndukwe has represented Nigeria at various international events and is a regular resource person at international conferences including International Telecommunications Union, ITU.  On special invitation he has served as adviser to a few countries in Africa on Telecom Policy and regulation.

For two consecutive years (2008 – 2009) he was adjudged the African Regulatory Personality of the Year. The Nigerian Communications Commission under him was severally voted the best regulatory agency in Africa.

A fellow of Nigerian Society of Engineers, FNSE, Nigerian Institute of Management, FNIM and Nigerian Academy of Engineering, FAEng, he holds honorary Doctorate degrees from five leading Universities in Nigeria and was also honoured for Outstanding Contributions In Public Office by the Commonwealth Business Council and the London based IC Publication amongst other esteemed laurels.

Ndukwe’s elevation as Chairman of the Board of MTN, to many, is the elixir needed for the continued transformation of MTN as the leading telecoms company in Nigeria. In his new position, Ndukwe is expected to deploy his rich and vast knowledge of telecommunications engineering and evident expertise in management for the continued growth and development of MTN Nigeria in particular and the ICT industry in general.


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Detained Binance executive drags EFCC, NSA to court

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Binance executive Tigran Gambaryan has has dragged the National Security Adviser Nuhu Ribadu and the Economic Financial Crimes Commission (EFCC), to court alleging violations of his fundamental rights.

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In a filing dated March 18 and presented by his lawyer Olujoke Aliyu from Aluko and Oyebode Law Firm, Gambaryan sought redress before Justice Inyang Ekwo, requesting five reliefs. Similarly, Nadeem Anjarwalla, Binance’s Africa regional manager who escaped custody on March 22, initiated a separate suit before Justice Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the Office of NSA (ONSA) and EFCC as 1st and 2nd respondents.

Gambaryan, a US citizen overseeing financial crime compliance at the crypto exchange platform, alleged that his detention and the confiscation of his international travel passport violated Section 35 (1) and (4) of the 1999 Constitution, constituting a breach of his fundamental right to personal liberty. He further requested the court to order his immediate release and the return of his passport. Additionally, he sought an injunction preventing further detention related to any Binance investigations and demanded a public apology from the respondents, along with costs incurred.

Gambaryan stated that he visited Nigeria on February 26 alongside Nadeem Anjarwalla, representing Binance, in response to invitations from ONSA and EFCC. Despite attending the meeting as requested, both were detained afterward without formal charges.

During the court proceedings, T.J. Krukrubo, SAN, representing Anjarwalla and Gambaryan, informed the court of the respondents’ absence despite being served. Krukrubo also mentioned their notice of withdrawal of legal representation for Anjarwalla, filed on March 26.

Justice Ekwo noted the withdrawal of legal representation and adjourned the matter to April 8 to allow the applicants to seek new representation and give the respondents an opportunity to appear.

In Gambaryan’s case, Krukrubo stated that although the processes were served on ONSA and EFCC, they still had time to respond. He requested an adjournment, indicating that the respondents’ deadline to file their applications would expire the following week.

Consequently, Justice Ekwo scheduled the next hearing for April 8 to continue proceedings.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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