The managing director and chief executive of 9 Payment Service Bank (9PSB), Branka Mracajac has applauded the impressive progress demonstrated by the female professionals and entrepreneurs in the fintech sector, and Small and Medium Scale Enterprise (SMEs).Dinosaurs Spine at Hang Dong, Ta Xua, Son La seen from above
Speaking at the 2024 Digital Pay Expo and Exhibition designed to mentor participating female undergraduates across institutions of higher learning in Lagos, Mracajac emphasised that women are making significant breakthroughs in the fintech sector and in Small and Medium Scale Enterprises in recent years compared to what was obtainable in the past.
Although, women are still contending with the male counterparts for positions, it is evident that many women are assuming key executive positions in the finance and fintech sector, as well as other areas of human endeavours as the fintech industry is striving to improve situations occasioned by gender disparity, inclusivity, and financial inclusion to ensure equal growth and opportunities.
To him, “Women are founding many business entities and SMEs, it is important to have the right mindset, work hard and put in more efforts to educate yourselves, acquire the right expertise and skills, network and find someone who will inspire you and the opportunities would present itself.
“We need more prominent professional women leaders in fintech to inspire young girls. We did not have this in my time, but the dynamics have changed. Women should stay focused, connected, and look for opportunities to kick-start their careers.’’
Other female chief executive officers in the fintech sector who also formed part of the session are; Ronke Kuye, (Shared Agent Network Expansion Facilities Limited, SANEF, Nigeria); Dr. Markie Idowu (Xpress Payment Solutions Limited); Kemi Okunsanya (Hydrogen, Nigeria), and Yemi Keri (Heckerbella Limited).
They also shared pieces of advice to the young undergraduates on the need to have mentors who have attained progressive stages of career growth; build good rapport; have improved social capital, utilise the social media as a means of communication; and communicate their capability, competencies, and experience.
In addition, they advised them to offer their best and be ready to add value to prospective organisations they will be employed in. Furthermore, the youngsters were also implored to build and keep relationships with colleagues and ensure they leave on a good note whenever they meet people, because the future is unpredictable.
Digital Pay Expo is a yearly event designed to bring together industry regulators, fintech top executives, and innovators in the fintech and payment solution space to collaborate and move the industry forward.
Nigeria and the European Union (EU) have mapped out strategies on how to harness the potential of science, technology and innovation through research and development for mutual growth and development.
This was the focus of a high-level meeting between Nigeria led by the Minister of Innovation Science and Technology Uche Nnaji and the EU delegation led by EU Ambassador to Nigeria and ECOWAS Samuela Isopi in Abuja on Thursday.
In his remarks, Nnaji said innovation and research are key to progress. He noted that the Ministry is committed to fostering joint research centres in areas like renewable energy and climate-smart agriculture.
He said “by leveraging the expertise and resources of our European partners, we aim to drive technological advancements and address shared regional challenges. Additionally, we are keen to collaborate on establishing innovation hubs to support startups and SMEs in fields like artificial intelligence.”
He said further that investment in scientific research and development is vital for economic growth, adding that Nigeria is committed to creating a conducive environment for such investments.
“Our ministry will focus on building capacity, enhancing research infrastructure, and fostering collaborations with European research institutions. By leveraging our strengths in renewable energy, biotechnology, and space research, we can drive significant advancements benefiting both Nigeria and the European Union.
“The Erasmus and Horizon programmes enhance educational and research exchanges between Nigeria and Europe. We are committed to increasing Nigerian participation in these programmes by streamlining the application process and providing dedicated support. This will enable more of our talents to access these valuable opportunities,” he said.
He pointed out that the upcoming EU Innovation Forum in Lagos between 8th and 9th of July is a significant milestone in the collaboration between Nigeria and EU, stressing that the forum will provide a platform for Nigerian and European innovators, entrepreneurs, and policymakers to exchange ideas and explore synergies.
Head of the EU delegation, Isopi in her remarks, noted that the bilateral agreement between EU and Nigeria in Science Technology and Innovation is a milestone. She added that the negotiation is crucial because science, technology and innovation are key to the development of key sectors such as energy, agriculture and food security.
She added that the EU is ready to support Nigeria to boost research and innovation, stressing that the EU- Nigeria innovation base that will take place in Lagos will offer opportunities for Nigerian research institutions to tap into the EU research system for mutual benefits.
Permanent secretary of the Ministry of Innovation Science and Technology, Esuabana Nko-Asanye in her remarks, appealed to the EU to provide training for Nigerian scientific and technological officers to improve their level of skill in Science, Technology and innovation which will position Nigeria in the STI landscape.
A non-profit organisation dedicated to transforming public service delivery in Africa, The Aig-Imoukhuede Foundation has announced a new collaboration initiative with the Oil Producers Trade Section (OPTS). OPTS is an industry group of the Lagos Chamber of Commerce and Industry (LCCI) representing about 30 member oil and gas companies that are registered in Nigeria and have an Oil Prospecting License or an Oil Mining License.
This collaborative effort, according to the foundation, will be implemented by the Aig-Imoukhuede Foundation in collaboration with the Office of the Head of the Civil Service of the Federation (OHCSF).
“We are delighted by the partnership and support from the OPTS on this critical initiative,” said Bukky Akinsemoyin, Director of Funding and Partnerships at the Aig-Imoukhuede Foundation. “Equipping directors in the Civil Service with the necessary skills will greatly enhance their ability to deliver essential services and drive national development.
This initiative exemplifies the positive impact that can be achieved when the public and private sectors come together.”
OPTS, recognising the importance of a well-equipped Civil Service, enthusiastically supports this training program. “We at OPTS are firm believers in supporting initiatives that strengthen the Nigerian public sector,” stated the executive director, OPTS, Gwueke Ajaifia.
He further emphasised that “by investing in the capacity of Directors, we are investing in the future of Nigeria. OPTS is proud to partner with the Aig-Imoukhuede Foundation on this impactful program.”
Visa’s tokens have generated more than $40 billion in incremental ecommerce revenue for businesses globally, saving $650 million in fraud, last year. This is even as the digital payment company has announced it has issued more than 10 billion tokens since the technology’s launch in 2014.
Over the last 10 years, Visa has further enhanced security across the payment ecosystem through tokenization – a technology that replaces sensitive personal data with a cryptographic key that conceals sensitive payment data. Tokenization can be embedded into any device, making digital payments more secure while being virtually useless to scammers.
Currently, 29 per cent of all transactions processed by Visa use tokens, reflecting their widespread adoption and the trust consumers place in this secure payment method. Tokenization technology has also caused a six-basis point increase in payment approval rates globally. Overall, tokenization can reduce the rate of fraud by up to 60 per cent, providing businesses with more successful transactions and offering much-needed peace of mind to consumers and merchants of all sizes.
In a press statement, released on Thursday, the chief product officer at Visa, Jack Forestell, said, “Today’s milestone represents the impact that tokenization has had on the entire payments ecosystem since we introduced the technology 10 years ago. Tokens have changed the game – securing online payments and paving the way for more innovations – from tapping to pay on a phone to enabling a future where we have more control over our data in the age of AI.”
Visa, which announced the milestone live onstage at Money20/20 in Amsterdam, issued its billionth token in 2020. Due in part to the shift to digital during the pandemic, the adoption of tokens accelerated significantly in the last four years. Today, over 8,000 issuers are enabled for tokenization, with over 200 markets empowered with the technology globally.
In the last 12 months, over 1.5 million eCommerce merchants transacted with Visa Tokens every day. A recent Visa survey revealed that less than one third of consumers globally feel in control of their data, and only slightly more than one third fully understand how their data is used. However, Tokenization can unlock a whole new era of personalization and security—one where consumers control their data and approve when and where it can be shared for a more personalised experience.
In the not-too-distant future, Visa data tokens could help merchants and commerce platforms use your data in a way that is both transparent and gives you control—meaning you decide who gets access to your data (and when they no longer do) as well as how your data will be used. Powered by AI, Visa data tokens let consumers view, consent to and revoke data sharing access, right from their banking app.
Senior vice president of product and solutions at Visa Europe, Mehret Habteab, averred, “Over the last 10 years, Visa has invested in scaling its token infrastructure to power safer and more convenient digital commerce for consumers and merchants here in Europe, and in nearly every market across the world. As AI begins to create more personalised experiences online, we’re using our token expertise to give people more control over their payments data.”
Guaranty Trust Holding Company (GTCO) Plc, said it has filed a preliminary ‘red herring’ prospectus with the Securities and Exchange Commission (SEC) to raise N500 billion.
The Company in a notice said the number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined.
The notice said “this is issued in reliance on Rule 283 of the Rules & Regulations of SEC, Nigeria. The notice read in part, this does not constitute an offer to sell or the solicitation of an offer to buy any securities.
“Any offer, solicitation or offer to buy, or any sale of securities will be made only by a prospectus duly registered by the Securities and Exchange Commission, Nigeria (SEC) in accordance with the provisions of the Investments and Securities Act, No. 29, 2007 (the Act) and the rules and regulations of the SEC made pursuant to the Act (the SEC Rules).”
Stating the purpose of the proposed offering, the notice further said that, “the net proceeds of the proposed offering will be used for the growth and expansion of the GTCO Group’s businesses. Such planned growth and expansion will be effected through investments in technology infrastructure to fortify existing operations, the establishment of new subsidiaries and selective acquisitions of non-banking businesses; and the recapitalisation of Guaranty Trust Bank Limited.”
It added that “the proposed offering is structured as an institutional offering targeted at eligible investors and a retail offering within Nigeria and a private placing to persons reasonably believed to be qualified institutional buyers outside Nigeria (the international tranche).”
It noted that the proposed offering is anticipated to open by July, 2024, adding that the filing of the red herring prospectus was undertaken with a concurrent filing of a preliminary universal shelf registration statement.
“The universal shelf registration will permit GTCO to establish a multi-currency securities issuance programme (the Programme) to issue various types of securities, or any combination of such securities, in one or more offerings, from time to time, to raise proceeds in an aggregate amount of up to $750 million or equivalent amount in Nigerian naira) in the Nigerian/international capital markets during the validity period of the Programme.
The Federal Ministry of Finance has affirmed its commitment to the training and development of staff in accordance with the Renewed Hope Agenda of the President Bola Tinubu-led administration
Permanent Secretary in the ministry Lydia Shehu Jafiya gave the assurance while declaring a capacity building training workshop open for the staff, according to spokesman of the finance ministry, Mohammed Manga. She emphasised the importance of capacity building in enhancing staff productivity and efficiency in the conduct of government businesses.
Represented by the ministry’s director of human resources, Mrs Olusola Dada, the Jafiya the ministry had earlier organised a training workshop for its directorate cadre officers (GL 15-17), aimed at equipping them with the skills and competencies
to implement policies and programmes effectively in line with the policy thrust of the present administration.
She applauded the minister of finance and coordinating minister of the economy, Wale Edun for his visionary leadership and commitment to staff development.
Jafiya informed further that “the Ministry remains dedicated to fostering a culture of excellence, innovation, and accountability in order to drive sustainable growth and development.”
The permanent secretary who acknowledged the hard work and dedication of staff assured of continuous support in order to ensure the realisation of the Ministry’s Mandate.
She expressed optimism that the training would facilitate robust discussions on policy implementation and advancing key initiatives for service delivery and economic growth in line with contemporary global realities.
The National Insurance Commission(NAICOM) and the Nigerian Police have partnered on enforcement of, especially, compulsory insurances in the country.
To this end, the commissioner for Insurance/CEO of NAICOM, Olusegun Ayo Omosehin, paid a courtesy visit to the Inspector General of Police(IGP), Kayode Adeolu Egbetokun in Abuja on Tuesday.
The purpose of the visit was to seek an audience with the IGP and the management of the Nigerian Police Force (NPF), who are critical stakeholders aligned with NAICOM’s vision, to achieve its mandate, particularly, in the area of compulsory insurance enforcement.
During the visit, the commissioner for Insurance requested collaboration to advance the Nigerian insurance sector roadmap, emphasising that, it is unlawful for individuals to drive on the road without valid motor insurance (3rd party). He noted that less than a quarter of the vehicles have valid motor insurance, stating that the visit aimed to seek NPF’s collaboration to ensure the enforcement of compulsory 3rd party motor insurance, as mandated by law.
The CFI also highlighted that in 2023, the ECOWAS Brown card has been captured in the upgraded premium for 3rd party motor insurance cover by NAICOM, allowing insured vehicles to travel across the West African sub-region. Additionally, he noted that the benefits attached to the 3rd party insurance had been increased to N3 million.
To further this initiative, the CFI underscored the need for digitisation platforms to authenticate the validity of vehicle insurance, urging that this system is already being implemented by the Lagos State government.
The CFI requested the establishment of a team to collaborate the commission in conducting enforcement actions, asserting that the success of this initiative would be a significant achievement for Nigeria.
…Capacity reduced by 40% as running cost rises from N30m to N140m
Indigenous trawler owners have abandoned Nigeria water for neighbouring countries such as Gabon, Republic of Benin, Cameroon among others over rise in cost of operation occasioned by high energy cost and naira devaluation.
High cost of purchasing Automotive Gas Oil (AGO) also known as diesel by the trawler owners has led to high operating cost as the cost for running the vessel rises from N30 million to N140 million monthly.
LEADERSHIP reports that a fishing trawler is a commercial fishing vessel designed to operate fishing trawls. Trawls are fishing nets that are pulled along the bottom of the sea or in midwater at a specified depth to fetch fish.
However, LEADERSHIP gathered that most trawlers are currently rotting away as over 40 percent are currently grounded, thereby, reducing indigenous capacity in the sector.
Speaking to LEADERSHIP, the chief executive officer, N&N Marine Services Limited Company, Engr. Emma Nnyamah, confirmed that some trawler owners have started abandoning Nigeria for Benin Republic, Cameroon and Gabon due to high energy cost, cost of spare parts and naira devaluation.
According to him, trawlers remaining in Nigeria are currently docked at different terminals idling away due to high cost of operation.
He argued that aside from diesel cost, they should be given a waiver on importation of spare parts for their trawlers into the country.
“If we go to these countries, they have a Bureau for better business, in Nigeria we don’t have that and when they fish there they earn in CFA and when they come back here, the money has more value than the naira.
“So, majorly, because of the exchange rate, that’s why those people go to other countries. Not because they have a better quality shore, our prawns and shrimps are of better quality in Nigeria,”
“Currently, trawlers in the country are at dock, because of the high cost of diesel oil and Spare parts. Diesel in the sense that the price moved from N500 to N1,200 per litre, thereby, making it practically impossible for people to continue the business. For instance, you need at least 100,000litres to have a successful 45 day trip. And with that amount of diesel litres, a trawler owner needs N130 million on diesel alone.
“Spare parts, payment of the crew, feeding and lots more. Another instance is that the major maintenance to dry docking of vessels after 16 to 18 months has gone up from N4 million to between N10 million to N13 million.
“The type of increase in the industry is frightening and the cost of these vessels is now between $1.5 million to $2 million so if you do not plan well you will run at a super loss. So, the best thing for most operators is to plan for the next move and currently, some owners are beginning to go to Benin republic, Cameroon and Gabon. These are the three countries trawler owners are willing to go to.”
Engr. Nnyamah, however, called for a subsidy from the government on diesel in order to alleviate the high cost that has depleted the industry.
“If we are able to have some form of subsidy on diesel like we used to have during the administration of ex-president Olusegun Obasanjo, there would be relief. From export alone, we would make huge foreign exchange from our export. We would recover ,once we have diesel that would enable the number of fishing vessels we have today Nigeria to go to sea and fish properly,we would return back to the quantity of export Nigeria had and from there, we would generate enough foreign exchange.
Also speaking, the president Nigerian Trawler Owners Association (NITOA), Mrs Ben Okonkwo, said having subsidised AGO would save the sector from collapse.
Okonkwo, however, confirmed that the hike in the cost of diesel has increased the cost of voyage from N30 million to N140 million.
She lamented that trawler owners may be forced to downsize as 40 percent of fishing vessels are now down and no longer operating.
“Due to the high cost of AGO, over 40 percent of our vessels are down, and when we have vessels down, there is an extent we go in paying our staff, it would get to a stage that if they are not productive, we would have to disengage them.
“But, if we can get some logistics arrangements from NNPC and Dangote, it would go a long way,” she stated.
Okonkwo also sought for her members, duty waivers on importation of fishing vessels and fishing gears which according to her, are not being manufactured up to standard in Nigeria.
The operators also demanded for tax waivers, which according to her was in existence before in the form of export expansion grants, but stopped in 2017.
“These grants were designed by the government to cushion the effect of some of the challenges we are having now. If it can come back more regular and transparent, it would go a long way.
“We need dedicated port facilities, especially for new investors. We cannot continue to have our facilities in a place where you are not sure of tomorrow. Presently, we are not having long leases, we have short ones, what that means is that they can ask us to leave at any time. With the level of investment on the ground, it would be difficult to move us just like that. They should consider the companies and the space they occupy and go across for new investment.
“On Cabotage, what we do, we are not supposed to be captured in the Cabotage Act, but currently we are there. Years ago, we got an administrative waiver, and we went to the House of Representatives to defend why we should not be in the Cabotage but till today we have not heard anything. Fishing trawlers should be expunged from the Cabotage regime because we don’t have any contracts. We do fishing, which is agriculture, putting us in Cabotage will do more harm than good.
“If we get support, we can go back to the status quo of 250 boats and 200,000 employment like we had in the past.
The foreign majority shareholder in Guinness Nigeria Plc, Diageo, has agreed to sell its controlling equity stake of 58.02 per cent to Tolaram, a Singaporean multinational.
The transaction is expected to close in fiscal 2025 pending regulatory approvals, according to an announcement made by Guinness via a press release on the official NGX website on Tuesday.
Diageo’s exit adds to the list of multinational corporations departing the country due to challenging economic conditions.
Under the terms of an agreement signed on Tuesday, Tolaram will acquire Diageo’s 58.02 per cent shareholding in Guinness Nigeria and enter into long-term license and royalty agreements for the continued production of the Guinness brand and its locally manufactured Diageo ready-to-drink and mainstream spirits brands.
Tolaram will also undertake a mandatory tender offer to seek to acquire shares held by minority shareholders, in a transaction that could increase the new core investor’s controlling stake.
“Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long-term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram,” Guinness Nigeria stated.
Nigerian Exchange (NGX) Limited has urged investors to leverage on its new USSD platform for enhanced capital market access.
NGX stated this at its Investor Education Series, partnered with Meristem with the theme, ‘Unlocking Potential: Leveraging USSD For Enhanced Capital Market Access’.
Speaking at the event, head, Trading & Products of NGX, Abimbola Babalola stated that, the NGX USSD (Unstructured Supplementary Service Data) platform is a new and innovative way for investors to access real-time stock market information and connect with a stockbroker.
According to him, the product is designed to boost financial inclusion and market participation in Nigeria by providing investors easy access to price information of listed companies and connecting them with Trading Licence Holders.
He further said, “what we are doing at the exchange is to put investors at the driver’s seat of their investment.
Gone are those days when you buy securities and you go to sleep, or you have to start reading the newspaper or wait for news to know what is happening to the stocks. So, this time around, you have a device that you can use to monitor your stock at any time.” Babalola added that investors’ education is key, and this is what the products will address.
The head, Investment Advisory at Meristem Stockbrokers Limited, Temitope Oludimu said, Meristem Securities has been in the industry for over two decades, growing her clients’ wealth and enhancing their financial wellbeing.
She noted that the Stockbroking subsidiary of the Group provides easy access to online brokerage accounts allowing clients to monitor trades in real-time via MeriTrade and the first online stock trading platform in Nigeria commenced in 2014.
The panel session speaking on the theme for the event emphasised the importance of investors’ education in the capital market.
Head, Data and Digital Innovation, NGX, Afeez Ramoni stated that the public can now conveniently receive market information and commence account opening processes through their mobile phones. This marks a significant stride in NGX’s commitment to democratise access to investment opportunities and promote retail investors participation through digital channels for accessing the capital market.
He anticipated that the USSD will enhance market accessibility and contribute significantly to the broader financial inclusion landscape in Nigeria.
Also, Martha Ibrahim of NGX Group said that financial inclusion is really about inclusivity and creating access to financial services to investors. She stated that this is really important for a vibrant capital market and also the country’s economic development in general.
According to her, “with the coming up of this initiative, integrating USSD with NGX, we also understand the importance of technology as a key financial enabler for financial inclusion. We are simplifying access to the stock markets and reducing barriers to entry. This would also promote a significant increase in the level of financial inclusion we have currently within the capital markets.
“By leveraging on this investor education and simplifying access to the markets, this validates that NGX is on the right step towards driving financial inclusion within the Nigerian capital markets.”
