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Banks Should not Manage Risks Alone – Agu

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Mr. George Agu is chief executive officer of ActivEdge Technologies Limited, a Pan African Information Technology Company, focused in development, Integration and Support of a wide range of Strategic and Transformational IT solution for the public and private sector. Prior to founding ActivEdge Technologies in Nigeria, George was the managing director of Neptune Software in the West African where he achieved remarkable success in over 2 years. He spoke to chike onwuegbuchi on the drive for the company and other issues.

IT Capacity
Nigeria is our country and we all share a responsibility of giving it the best possible. It is not a dumping ground and we must all wake up from our slumber to attend to issues bothering on value realization and optimization from every investment and spending particularly IT investments. Government is investing in IT, the private sector is investing in IT, each of these parties are investing with a mindset that certain set of values and objectives will be achieved.  Our portion in the entire equation is to ensure that values are realized and optimized out of every cent spent by the stakeholders on projects. We must move from an environment where everyone can play to an environment where only well qualified and vetted experts can play which is why we would rather start by representing industry leaders and ultimately learning from it to built world class products.
If you look at the list of our partners which include ContinutySA, Avalon Biometrics, Experian, Mincom, Shaya Infosec, you would have formed a certain picture of reputation and quality in your mind, picture of achievements and authorities in various areas. The various partner companies are authorities in their own fields and there is only one reason for that:  Projects are meant to succeed and they are not meant to be used as a learning ground.
These partners have made tremendous success in their various fields of specialization. ContinuitySA with over 21 years of leadership in BCM is the largest and foremost Business Continuity Management Company in Africa and to date, the only African based company who Exco sits on the board of BCI in the UK; Experian Decision Analytics with over 30 years of operations has over 20 credit bureaux globally, over 2000 customers, assist over 2 billion credit decisions yearly. Similarly, Avalon Biometrics are behind many voter registration projects, a simple example will include their projects in Philippines, Bangladesh and several others handled for the UNDP, the EU, and so on. We have chosen to operate this way because if it works out well in Nigeria, we are an immediate beneficiary in every way.
We want to leverage on the pedigree, the proven skill set, the capabilities, and the track record of those who have tried it and succeeded many times in delivering certain IT projects. We do not want to experiment with projects because projects are not toys, it must succeed. The purpose of projects, particularly government or private projects is economic development. In other words, success must rob off on the investment made and touch the lives of people for whom these investments have been made.
The success of projects must be felt by the stakeholders above and beyond reports and sign offs by the vendors and stakeholders; it must be felt. If the results are not felt, then you cannot really say that there is project success’.
Use of Biometrics 
Biometrics has a wide range of uses and applications from homes, medicals, schools, telecoms, elections to anything because you cannot beat what it brings if well applied. Biometrics also comes in different forms, be it fingerprints, finger vein, palm vein, iris, thumbprints, retina scan, DNA, typing patterns, hand geometry, among others. Many countries have for example attained credible elections in recent times, thanks to Biometrics technology. According to Bruce Schneider, ‘Biometrics is seductive. Your voiceprint unlocks the door of your house. Your iris scan lets you into the corporate offices. You are your own key. Unfortunately, the reality isn’t that simple. Biometrics is hard to forge: it’s hard to put a false fingerprint on your finger, or make your iris look like someone else’s. Some people can mimic others’ voices, and
Hollywood can make people’s faces look like someone else, but these are specialized or expensive skills. When you see someone sign his name, you generally know it is he and not someone else’.
Focus of the Company
Active Edge Technologies is a is a multi faceted, multi expert IT company that is specialized in a wide range of solutions including Business Continuity Management, Risk Assessment and Analytics, Managed Security Services and Patch Management, Business Process Management and Biometrics.
Our role in this economy can be considered transformational. In business continuity management for instance, we have developed a short term, medium term and long term strategic plan aligned with goals for addressing BCM requirements of medium to large sized organizations. Failure to implement BCM by organizations can amount to reputation loss, increased operational costs and values; these are the issues that we intend to address. We are currently engaging organizations to provide information on the benefit of this exercise. I need to clarify that BCM and Basel2 share some common characteristics both in gain and deployment models. I say this because in most cases organizations embark on the two exercises due to regulation. In the same way, implementing BCM with a mindset of leveraging its benefits gives you a different result from implementing it because the regulatory authority has issued an order that compels organizations to do so.
So, we are engaging several organizations, banks, insurance companies, etc and providing them with as much information as we possibly can. We also use the same opportunity to know their various stages of implementation of BCM and where we can be of help. This will be followed by a training program which will be driven mainly by ContinuitySA. They will also be providing advisory, consulting and training services to individual organization based on request.
Our long term plan which we share with ContinuitySA is to build a world class business continuity management facility in Nigeria capable of hosting as many as 15 to 20 banks together should a disaster incidence occur. In the event of such an incident, we should be able to take host of these clients to the tune of 3,000 staff in a place. This facility once built should be able to have conference centres, contact centres, IT recovery centres, work areas recovery centres and so on. When you bring banks together and make them share a common business continuity management facility, what you have done is to save them from individually investing in houses, generators and people. This simply reduces their overall operational cost. This plan is a replica of a similar facility built by ContinuitySA in South Africa and a few other countries. They have operated it for several years now and they have the requisite skills to replicate the same facility here. We are very confident to work with ContinuitySA because they are the largest in that space in Africa today and they well understand some sensitive issues integrity and confidentiality of customer information mean.
Risk Analytic and Assessment System
Experian is the leading global information services company, providing data and analytical tools to clients in more than 65 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft. With over 30 years, Experian has developed its best practice analytical, consulting and product capabilities to support organizations to manage and optimize risk; prevent, detect and reduce fraud; reduce debt; meet regulatory obligations; and gain operational efficiencies throughout the customer relationship. We are working with Experian purely on account of our evaluation and assessment of the value that they can bring to the financial institutions in particular at this crucial time.
The work performed by most Risk Managers entails managing existing Risks. In that situation, less effort is invested in predictive Risk Assessment and Analytics, which ensures that new risks are detected and prevented from onset. A unique offering from Experian us is to give banks and other organization that grant any form of credit: Telcos, Insurance, etc a solution that ensures that they are able to detect and prevent risks even before it becomes part of the organizations and if they must allow it, they will have controls in place to be able to manage and control it. This is simply the strength of Experian’s Decision Analytics.
Vision for ActiveEdge Technologies
We want to be a recognized IT leader in Africa and beyond, an industry leader that delivers quality services and result to its customers. We want to be a choice organization for both customers and employees. A company that advances the capabilities, skills and employability of its staff, a company that benefits the social society, which is a dream that we have and where we are headed. We want to start from the point of representing industry leaders to innovating our own solutions and services. A few years from now, we are looking at having some unique products that will be patented on the African continent and globally. We want to look back and see real automation done in Nigerian, not just computerization. We would like to see more automation in the payment space, in the invoicing space, in the biometrics and identification space, in the banking space, in the finance and insurance space and the infrastructure space. These are our aspirations.

 


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IMF Warns Nigeria of Risks in $5Bn Swap Deal with ‌First Abu Dhabi Bank

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The IMF on Tuesday warned of risks surrounding Nigeria’s plan to borrow up to $5 billion through a derivatives agreement with ‌First Abu Dhabi Bank, saying such transactions are often opaque and complex.

IMF Warns Nigeria of Risks in $5Bn Swap Deal with ‌First Abu Dhabi Bank

Recall that the Senate in April gave its approval to the agreement, joining other Africa borrowers like Senegal and Angola who have tapped similar arrangements over the past year.

“Our view is that the transaction in these types of structures carry risks. Usually they are opaque so the terms are not always very transparent when we reviewed these instruments ​across countries,” Christian Ebeke, IMF resident representative in Nigeria, told reporters.

Ebeke said Nigeria could instead issue eurobonds to finance its deficits or other means to raise funding, including on concessional terms.

Nigeria intends to use proceeds from the total return swap, or TRS, to refinance expensive debt and pay for infrastructure.

In its latest Article IV review, the Fund praised Nigeria’s sweeping reforms, saying they had strengthened economic stability and investor confidence, but warned that the benefits had ‌yet to reach millions of citizens and could be undermined by global shocks, including the Middle East conflict.

The reforms since 2023 under President Bola Tinubu – including fuel subsidy removal, tighter monetary policy and exchange rate liberalisation – had rebuilt buffers and improved macroeconomic management, the IMF said.

However, it cautioned that the reforms were also contributing to social strain, with poverty levels at 63% and millions facing food insecurity, underscoring a widening gap between macro gains and household realities.

The IMF said improved policy credibility and forex reforms had helped Nigeria regain access to international capital markets and attract portfolio inflows, while reducing risk premiums. The central bank says gross reserves are at $50 billion, the highest in 17 years.

But reliance on volatile foreign portfolio investment poses rollover risks, the IMF said, urging a shift towards more stable, long-term capital such as foreign direct investment.


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SSDC Warns Businesses against Cyber, Election-Related Risks

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Security Skills Development Company (SSDC) has released its 2026 Security Outlook, highlighting four major security challenges expected to shape Nigeria’s business and operating environment as the country moves closer to the 2027 general election.

SSDC Warns Businesses against Cyber, Election-Related Risks

The report, developed from a nationwide survey and expert contributions at the recently concluded Security Thought Leadership Roundtable, identifies internal security threats, protection of national assets, cyber risks and election-related instability as the most significant concerns facing organisations and institutions in the coming year.

According to SSDC, findings from the survey and stakeholder discussions reveal growing concern over the increasing complexity of security challenges and their potential impact on business continuity, economic stability and public confidence.

A substantial number of respondents identified internal threats within organisations as an emerging risk, pointing to the need for stronger corporate governance, workforce integrity measures and structured risk management systems.

Security experts at the roundtable noted that weaknesses in critical public infrastructure and national assets could have far-reaching consequences for the economy and national development if not adequately addressed.

The report also highlights cybercrime as a persistent and evolving threat to both public and private sector institutions.

Participants stressed the importance of strengthening cyber resilience through proactive monitoring, investment in technology-driven safeguards and improved security awareness.

Another key concern raised in the outlook is what SSDC described as the “2027 Election Shadow.” Many respondents expressed concerns about the possibility of heightened political tension as the election season approaches, warning that uncertainty and security disruptions could affect business operations, investment decisions and overall economic confidence.

Speaking on the report’s findings, Mike Igbodipe, managing director, SSDC, called for a more strategic approach to security management across both public and private sectors.

He said organisations must move beyond reactive security measures and integrate security considerations into their broader strategic planning and decision-making processes. He also advocated the development of a gold-standard, locally certified training programme for security professionals tailored to Nigeria’s unique security environment.

SSDC, a security training and consulting firm focused on advancing professional standards in Nigeria’s security sector and strengthening industrial resilience through capacity building and strategic expertise, said the Security Outlook forms part of its ongoing thought leadership initiative aimed at promoting informed dialogue on national security, institutional resilience and risk management.

The company reaffirmed its commitment to supporting stakeholders through research, training and strategic advisory services designed to improve preparedness and response to emerging security challenges.

 

 

 


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Moniepoint DreamDevs Bootcamp Graduates Second Cohort to Strengthen Homegrown Talent Pipeline

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L-r: Co-Founder/Chief Operating Officer, Semicolon, Ashley Immanuel; Employer Brand Manager, Moniepoint, Celestina Dike; Head of Engineering, Moniepoint, John Ojetunde and Head, Talent Acquisition, Moniepoint, Perpetual Ibe at the Moniepoint DreamDevs Demo Day presentation which held in Lagos.
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Moniepoint Inc., Africa’s leading digital financial services provider, has officially graduated the second cohort of its flagship DreamDevs Bootcamp, marking a significant milestone in the company’s ongoing effort to build world-class engineering talent from the ground up.

The graduation was celebrated at a Demo Day event held in Lagos, themed “Training Done! Demo Up!”, where participants presented capstone projects built to real-world engineering standards.

The graduation comes at a crucial time for Africa’s tech ecosystem. Although Nigeria’s tech talent is growing, it isn’t sufficient, especially at the mid-to-senior engineering level, where demand far exceeds supply. By 2030, the global shortage of software developers could reach 85 million, leading to economic losses of $5.5 trillion. For a continent developing its digital infrastructure, this is critical. Moniepoint’s DreamDevs Bootcamp is a strategic response to these challenges.

The nine-week curriculum, created by Moniepoint’s Engineering Unit in partnership with Semicolon, covered Java Object-Oriented Programming, Data Structures and Algorithms, Software Testing, MySQL, Spring Boot APIs, System Design, Docker, Messaging Queues, Frontend UI, and Cloud Infrastructure. Participants received programme stipends and mentorship from experienced Moniepoint software engineers, gaining valuable exposure to the production environment of one of Africa’s fastest-growing fintech firms.

During the Demo Day presentation, the participants paired into 9 teams were excited to showcase how they have deployed knowledge and skills gained during the course of the bootcamp  into real and useful  solutions in real estate, hospital management, event management, food and agriculture.

Commenting, Felix Ike, Co-Founder and Chief Technology Officer of Moniepoint, said, “DreamDevs is a structural investment in Nigeria’s digital economy, not a recruitment exercise, not a pipeline built solely to serve Moniepoint’s hiring needs. That said, we are proud that some graduates from our first cohort are already active members of our engineering team, proof that when young African engineers are given the right training and the right environment, they can compete at the highest level”.

Felix added that “Engineering excellence is not a naturally occurring phenomenon. It is a curated and intentionally built process that requires the right systems, the right resources, and sufficient time to take hold. Building that process and making it accessible to the brightest young engineers on this continent is a responsibility we have chosen to own.

Africa’s digital economy is attracting significant global capital, yet the talent infrastructure required to sustain that growth remains underdeveloped. The DreamDevs Bootcamp and our other capacity-building initiatives across some of Nigeria’s public universities demonstrate Moniepoint’s commitment to this responsibility.

The initiative also aligns with Nigeria’s broader national agenda on technology skills development. Moniepoint serves as a key sponsor of the Federal Government’s 3 Million Technical Talent (3MTT) programme, which focuses on mass technical skills training across the country. While 3MTT addresses the scale challenge, DreamDevs provides depth, offering a specialised, end-to-end pathway from foundational training through to employment within Moniepoint’s complete development ecosystem.

As Nigerian fintechs deepen their infrastructure ambitions, the ability to grow engineering capacity that feeds these aspirations requires an urgent industry intervention, as Moniepoint is demonstrating to address Africa’s engineering talent challenge.


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