General News
CBO Prioritises SMEs Funding For Nigeria’s IT Growth- Nwawudu
Bex Nwawudu, managing partner and co-founder, CBO investment management, has nearly two decades of experience in private equity, investment banking, proprietary trading, and principal investing with a focus on mezzanine products.
Nwawudu possesses over fifteen years experience in Investment Banking and Trading working for ING Barings, and BGC as a senior principal. As debt and mezzanine finance specialist, he previously headed the Fixed Income Division at First City Monument Bank where he oversaw the development of the FGN Bond trading business, and raised over $500 million of debt and equity for Nigerian Companies.
Nwawudu holds an MA in Economics from St John’s College, Cambridge University, and an MBA from London Business School.
He spoke to peter ugwu on the need to funds to support SMEs growth in the sector.
CBO’s Concerns about Investments in the Nigerian IT SMEs Level
Information communications technology sector is one of the drives of any economy. The technology is one of the most important things you can participate in.
Everything we use around us involves technology. Technology has changed the landscape of so many things in the economy.
That is why we deemed it as an area for the development of Nigeria and where we should invest.
It is an area we are highly confident and truly believe that Nigerians can have real impact; we have a sort of mindset that enable us think differently, be creative, but sometimes have not been under-utilized or misapplied.
However, technology is an avenue for those creative thinkers to apply their thoughts and do so in a productive manner.
Assisting the Unstructured SMEs
The Small and Medium Enterprises (SMEs) provide the uplift for a greater impact on the economy. For instance, WasApp that was bought for $19 billion, but it had about 35 employees, are we to regard that as an SME? To us, there are some that will never be structured, while others gain structure.
Meanwhile, if we take the Nigerian commercial banks as another example, some are structured more than others. And those that are structure that will do well, grow, employ and provide impact for growth.
Such are entrepreneurs we are looking for; they will stand, but currently requiring avenues to get structured, partnership and growth.
CBO’s Investment Models to Avoid Mismanagement of Funds by SMEs
Investment models depend more on your opportunities. In some cases, we like to control the funds. There are cases we might want to occupy a position in the corporate governance such as being in the Board, be the financial director or any other strategic role in the organization.
The essence is to help them decide on best ways to manage the funds. We spend a lot of times developing opportunities, traveling globally to find partners or opportunities for these companies in other emerging markets and the developed markets.
So, they join the platform they are exposed to trends in US, Europe, Middle East, Asia and the rest of Africa.
Assessment of Government’s Policies on Funds for SMEs
We regard the Federal Ministry of Communication Technology initiative to an office on the local content development as instructive and a new dawn.
It means we are focusing on local content in the sector. We have seen the success of local content development in the oil & gas sector. It is great to see in the ICT that government has started thinking along that path. It may take some time, but we will get to the destination where the sector will make more impact on the economy. In terms of funding, government has set up a number of funds.
Nevertheless, every government has its priorities. For instance, agriculture has over N100billion intervention fund, CBN mapped out N300 billion intervention fund for the aviation sector, the entertainment (Nollywood) industry also received some interventions, likewise the energy sector.
SURE-P is doing some interventions in several sectors; the call today is that, maybe, the government should add ICT to that list and set aside a fund to be managed by professional fund managers or create multiple sub-funds that will be managed by sub-managers to create competition and growth in that sector.
So, government can set aside N50 billion fund which could be broken down into smaller bits. Thus, each fund manager will raise its fund and manages it; investing it in the sector to develop people.
Investing on ICT Education Space
Education is the key to whatever we are doing. The investments on start-ups, SMEs or interventions should not neglect the importance of the education sector to galvanizing the process.
I have visited few universities in Nigeria, meeting students, deans and other key administrators.
Our universities are generating young people who are excited about life, energetic and intelligent, but they need direction and opportunities so they can understand how their ‘energy’ should be spent during adult life.
You need to work in a firm to understand what work is; you can code or develop software, but if you do not know that somebody can pay you on that ‘little’ code that does a magic, how will you know that you should be working on that code. That is what we are crying to do.
We also want to see that the Office for National Content Development (ONC) brings the Nigerian education-universities, polytechnics and colleges, to now become accredited members, pass through internship that the private sector can give to the candidates. It is important to tie everything together.
CBO’s Assessment of Software Development Community in Nigeria
We are very excited by the commitment, enthusiasms and high-spirited interests shown by these developers. The young coders are building brilliant stuffs. It is a reflection of happening in the Silicon Valley except they do not have the money.
That is what we are driving at. We have seen young graduates who need to pursue their ideas; they need access to the market, mentoring, and those that will show them how it should be done.
Personally, I see it as a commitment that CBO is making; we are not here just to make money. In as much as we want to make profits and make returns to our investors, same time, we want to make major impacts domestically. By creating jobs you are giving peace opportunity to reign.
We cannot have idle Nigerians, watching at others developing their countries. It is high time we created a balance, fair and developed society, intellectually and otherwise.
Other CBO’s Targets in the Market
At the moment, we are assisting in the establishment of infrastructure. We want to support that market. Should investors register, what do they get?
How do we train the students? It means the education establishments have to register before the students can get international grants to get exposed to certain modern trends. Actually, the opportunities are endless, because IT permeates every sector.
What sector does not use technology? In the health, agriculture, manufacturing, aviation, etc., technology does it all. Talking about education, In Brazil today, the internet is used to teach thousands of students.
How about roads and infrastructure? Maybe we still construct roads for the sake of have accessible roads, but modern roads are pathways to several aspects of economic development.
For instance, new roads go with fiber cable dots. Thus, we need to develop our understanding of construction in that way to maximize the roads.
How Young Graduates Can Raise Capitals for Business Development
First of all, the young Nigerian graduates should see themselves bankrolled without applicable ideas. When you are a young person, you need guidance.
Those who have gotten the experiences should be your first chase. Actually, it is a challenge to the society. As time goes on, there should be funds for that class of citizens.
Example, in the UK, there is a Petty Trust. It is a trust you can raise $20,000 to set-up a business. But the key thing for us is, such young person, first goes into the market place, finds a kind of work or labour that enables them to learn.
The truth is that many entrepreneurs first work under successful entrepreneurs to get the out-side school skills. I envisage a time when most of the people working with us would come up with great individual ideas and can raise funds through us to kick-off a business. The whole concept is that the young shall grow.
Plans for Companies in R&D
Research and development (R&D) is very important in Nigeria. It hangs on intellectual property. I know the Office for National Content Development (ONC) is looking at developing a register of national IT property.
For instance, if you look at Facebook, it does not own buildings, it thrives on intellectual property and network. It is protected because of that.
Most of the links between IT companies are patents; they are not even physical. Nigerian banks cannot lend to you on that.
They do not know how to interpret the patent. So, they will be an evolution in the market where we will understand the patents and companies will know where they belong.
The lawyers will have to stand in the law court to protect people. Then, the companies will have room for growth: gain capital in a typical ways through equity and strengthen the case base of the companies.
It will come and this is the first step to it: you need an industry that understands it characteristics.
Federal High Court in Abuja has adjourned the Federal Government’s alleged tax evasion case against Binance Holdings Ltd. cryptocurrency exchange, until September 24, 2026, to allow both parties more time to pursue an out-of-court settlement.
Justice Emeka Nwite fixed the new date on Thursday after Moses Ideho, counsel to the Federal Government, informed the court that discussions aimed at resolving the dispute amicably were still ongoing.
Ideho, a deputy director of Legal and Prosecution at the Nigeria Revenue Service (formerly the Federal Inland Revenue Service), told the court that the matter, which had been scheduled for a report on settlement or continuation of trial, could not proceed.
According to him, one reason for the delay was the reported elevation of Justice Nwite to the Court of Appeal, while the second was the continued reconciliation efforts between the parties.
“The parties are still exploring settlement in the charge that led to this case,” Ideho told the court.
Sunday Agaji, counsel to Binance, did not oppose the application for adjournment, following which Justice Nwite postponed proceedings until September 24 for either a report on the settlement discussions or continuation of trial.
The case was previously adjourned on May 12 after both the Federal Government and Binance informed the court that negotiations were underway to settle the matter outside the courtroom.
Binance had first indicated its willingness to pursue an amicable resolution on March 24.
The cryptocurrency company was re-arraigned on July 12, 2024, on a four-count charge bordering on alleged tax evasion.
Ayodele Omotilewa, Nigerian representative, pleaded not guilty on behalf of the company.
The re-arraignment followed the removal of Binance executive Tigran Gambaryan and his colleague, Nadeem Anjarwalla, from the charge after the Federal Government amended the case to make Binance Holdings Ltd the sole defendant.
Justice Nwite had, on June 14, 2024, discharged and struck out the names of Gambaryan and Anjarwalla after the prosecution filed the amended charge.
Binance is also facing a separate criminal prosecution by the Economic and Financial Crimes Commission (EFCC), which accuses the company of laundering about $35.4m.
In addition, the Nigeria Revenue Service is pursuing a separate civil suit against Binance before another judge of the Federal High Court, seeking approximately $79.5bn in alleged economic losses linked to the company’s operations in Nigeria.
Oodua Youth Coalition (OYC), a Yoruba socio-cultural group, has issued a notice to stage peaceful picketing at MTN Nigeria offices nationwide.
This action stems from the company’s alleged failure to publicly condemn recent xenophobic attacks against Nigerians in South Africa.
This is coming despite statement by Karl Toriola, chief executive officer, MTN Nigeria, who recently said that MTN may have originated from South Africa, he explained, but MTN Nigeria is a Nigerian publicly quoted company, managed by Nigerians and with a Nigerian board.
However, in a statement jointly signed Olatunji Adejuwon and Olaoye Abolaji,vice president and national secretary respectively of OYC, described MTN Nigeria’s silence as unacceptable, given the company’s South African roots and the patronage it enjoys from Nigerians
The coalition said it would proceed with a peaceful protest if the telecommunications company continued to ignore its demands, stressing that the action was intended to draw attention to the need for corporate responsibility and moral leadership in condemning xenophobic attacks against fellow Africans.
“Consequently, the Oodua Youth Coalition hereby gives notice that we shall, without hesitation, commence a peaceful picketing of MTN Nigeria’s offices if the company continues to ignore our legitimate demands.
“Our action is intended to draw attention to the need for corporate responsibility and moral leadership in condemning acts of xenophobia against fellow Africans,” the statement said.
The group renewed its call on MTN Nigeria to immediately convene a press conference, with representatives of the coalition in attendance, to unequivocally condemn the xenophobic attacks and reaffirm its commitment to the safety, dignity and unity of all Africans.
It maintained that the proposed protest would be peaceful, orderly and in accordance with the laws of the Federal Republic of Nigeria.
According to the coalition, relevant security agencies have been notified of the planned action, while appropriate communications have also been sent to the South African diplomatic mission in Nigeria.
“We once again call on MTN Nigeria to immediately convene a press conference, with representatives of the Oodua Youth Coalition in attendance, to unequivocally condemn the xenophobic attacks and reaffirm its commitment to the safety, dignity and unity of all Africans.
“We emphasise that our proposed action shall remain peaceful, orderly and in accordance with the laws of the Federal Republic of Nigeria. Relevant security agencies have been duly notified, and appropriate communications have also been sent to the South African diplomatic mission in Nigeria.”
Reaffirming its commitment to defending the rights and dignity of Nigerians, the coalition vowed not to relent until its concerns received the desired attention.
“The Oodua Youth Coalition remains committed to defending the dignity of Nigerians and promoting African solidarity. We will not relent until our concerns receive the attention they deserve,” the statement added.
Responding to the controversy, Toriola further condemned all forms of xenophobia and violence against Africans living in South Africa, insisting that MTN Nigeria is a Nigerian company with substantial local ownership.
“We unequivocally condemn any form of xenophobia, violence or attacks against any community in the world. We’re a Nigerian company, through and through. We’re listed on the stock exchange with over 201,000 retail investors, and 11 million people hold shares through their pension funds in MTN Nigeria.
“We provide the digital backbone of the economy, and we have a completely Nigerian entity.
“Yes, MTN was founded in South Africa, and the parent company that is the majority shareholder is South African. But let’s also look at it objectively. The shareholding of MTN Holding South Africa is only 50 per cent African.
“The remaining 50 per cent is from across the world — 27 per cent from the United States, with the rest from the United Kingdom, Europe, the Middle East and the Asia-Pacific region,” Toriola said.
By Bidemi Oke
Every civilisation has been built on one invisible infrastructure. The Romans built roads. The Industrial Revolution built electricity. The Internet built information. The next economy may be built on something far less tangible.
Trust
That sounds counterintuitive because we have spent centuries believing that money is the foundation of every economy. It isn’t. Money has never been the foundation; it has simply been the mechanism through which trust is exchanged. Every major financial innovation, from coins and paper notes to credit cards, online banking and blockchain, has been humanity’s attempt to solve the same problem: “how do we help strangers trust one another without ever meeting?”
Seen through that lens, today’s financial revolution looks very different.
Most discussions about digital finance revolve around whether cash will disappear. We debate mobile wallets, central bank digital currencies, cryptocurrency, real-time payments and digital banking. Yet these conversations often mistake the visible change for the actual transformation.
The real shift is not that money is becoming digital. The real shift is that trust is becoming programmable. That single idea explains why the financial landscape is changing faster than many people realize.
For decades, finance has depended on institutions to create confidence. Banks verified identities, governments authenticated currencies, contracts relied on lawyers, payment networks validated transactions and every exchange involved an intermediary whose primary role was to reassure two parties that the system could be trusted.
Technology is quietly rewriting that arrangement
Today, identities can be verified digitally. Transactions can be authenticated within seconds, smart contracts can execute agreements automatically once predefined conditions are met, and artificial intelligence can detect suspicious activity before humans notice it. Increasingly, confidence is being built into the infrastructure itself rather than added afterwards.
This is why I believe we need a new way to think about the evolution of finance, not as a journey from cash to digital payments, but as “three generations of financial trust”.
The first generation was Physical Trust. Trust was tied to tangible assets like gold, paper currency, handwritten signatures and face-to-face interactions. Confidence came from what people could physically see and hold.
The second generation was Institutional Trust. As economies expanded, institutions became the guarantors of financial confidence. Banks, regulators, payment networks and financial intermediaries enabled transactions at a scale impossible through personal relationships alone. Trust shifted from physical objects to established organisations.
We are now entering the third generation: Programmable Trust.
Here, trust is embedded directly into technology. Verification happens automatically. Payments settle in real time, financial services become integrated into everyday experiences instead of existing as separate destinations. Increasingly, people interact with trusted systems rather than trusted institutions alone. That distinction is more profound than it first appears.
Many organisations still measure digital transformation by counting how many services have moved online, but digitising an existing process is not the same as redesigning how trust flows through an economy. Converting paperwork into an application does not automatically create a digital financial ecosystem.
This explains why some economies process millions of digital transactions every day yet continue to face friction, inefficiency and limited financial inclusion. The missing ingredient is rarely another payment platform. More often, it is interoperable infrastructure, trusted digital identity, consistent regulation and systems capable of working together seamlessly.
In other words, the future of finance will not be determined by who builds the fastest application. It will be determined by who builds the most trusted ecosystem.
This has significant implications for Africa. The continent has rightly earned global recognition for accelerating digital financial adoption. Yet the next opportunity extends beyond increasing transaction volumes. The greater challenge is designing financial infrastructure where payments, identity, data, compliance and commerce interact intelligently rather than operating in isolation.
That is where long-term competitive advantage will emerge. Perhaps the greatest irony of all is that the more advanced finance becomes, the less visible it will appear.
People rarely think about the internet protocols that power a video call or the cloud infrastructure supporting an online purchase. Likewise, future generations may hardly think about payment rails, settlement networks or blockchain architecture. Financial experiences will simply happen securely, instantly and almost invisibly.
History suggests that successful technologies eventually disappear from our attention not because they become less important, but because they become so reliable that we stop noticing them altogether.
So, are we entering a fully digital financial economy? Perhaps that is no longer the right question.
A more useful question is whether we are entering an economy where trust itself becomes digital infrastructure because if that is true, then the organisations shaping the future of finance are not merely moving money more efficiently.
They are redesigning how entire economies create confidence at scale and that may prove to be the most valuable innovation of all.
Bidemi Oke is the Chief Executive Officer of FlashChange, a fintech platform focused on secure digital asset exchange. He is an entrepreneur and vibrant leader, recognized for driving innovation and redefining access in the financial technology industry.
Court Adjourns Alleged Binance Tax Evasion Case over Settlement Talks
Fixed Wired Internet Market Lags as Mobile Gains Ground
Xenophobic Attacks: OYC Threatens to Picket MTN Nigeria Offices
New NIMC Act Strengthens Data Protection, Privacy – Director
BON Establishes Six Ad Hoc Committees to Modernize Broadcasting
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
Mobile Internet Gender Gap Widest in Africa – GSMA
Nigeria Launches FreeTV Nationwide
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
News2 days agoNRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
News2 days agoNSITF Partners South African Insurer on Digital Transformation
General News2 days agoKPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition
E-Financial2 days agoFCT-IRS Unveils New Digital Platform, Taxporta
E-Business2 days agoFG Suspends New Internet Regulations to Prevent Overlapping Rules
E-Business2 days agoNIN Enrollment Hits over 136m as New ID Law Takes Effect
E-Business2 days agoPlateau PCC Collects Nigerians’ Data without Privacy Policy – FIJ
General News2 days agoCourt Declares ARCON’s N60Bn Fine against Facebook Nigeria Illegal