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Adeseyoju, DataPro boss Urges Banks to Embrace Anti-money Laundering Measures

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Mr. Abimbola Adeseyoju, managing director of DataPro Limited, has urged banks to see anti-money laundering (AML/CFT) compliance as an obligation because of the need to insulate banks and other financial institutions against activities of criminals.

Adeseyoju, said this at the January meeting of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCoBIN) sponsored by his company as part of activities to mark 20 years of its existence, added with AML/CFT compliance the economy will be protected from avoidable crises.

Adeseyoju wondered aloud, “What happens if we build around our banks and institutions around the ‘bad’ guys? The customers we don’t know! Their businesses we cannot dimension! Their loyalty we cannot ascertain!

“When the storm comes, we cannot properly profile out customers. Their loans are not serviced. And they (customers) do not care and simply walk away. That is why we need to do all the Know Your Customer (KYC), Customer Due Diligence (CDD) Enhanced Due Diligence (EDD) Record Keeping, Mandatory and Suspicious Reporting and put in place Processes, Procedures, Policies and Programs,” the DataPro boss said.

He maintained that the above measures is a duty forced on us (banks) as a necessary tool for the survival of the banking business, so it is therefore expected that compliance practitioners should obey the law and comply with regulations.

Adeseyoju warned banks that a reputational risk is something that cannot be quantified in Naira and Kobo, adding that compliance is the only provision for reputational risk.

Taking the banks and their compliance officers down memory lane, he said, “Our brand is only as strong as our reputation. The events of August 2009 are still fresh. Compliance or the public perception of some operators moved them notches up to the top of the ladder. Those of us in compliance should therefore see ourselves as the custodians of our institutions.”

DataPro is regarded today as the leading and most experienced AML/CFT compliance training and consulting firm in Nigeria that offers AML/CFT compliance training services to more than 70% of the banks and other non-bank financial institutions in Nigeria. The firm is a development partner of the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN).

As the first indigenous AML/CFT compliance solution provider it has partnered with all the relevant agencies in spreading the gospel of compliance in Nigeria and other West African countries.

In 2006, it partnered with the Association of Certified Anti-Money Laundering Specialists (ACAMS) in organizing the now annual Certificate Program on AML/CFT Compliance in Dubai, UAE for all Chief Compliance Officers, Intelligence and Security Agents in Nigeria.

Since 2007, it has jointly organized the Annual AML/CFT Compliance Stakeholders Summit with the Nigerian Financial Intelligence Unit/Economic & Financial Crimes Commission (NFIU/EFCC).


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CWG Board of Directors Approves 400% Increase in Dividend Payout

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CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.

This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.

Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”

This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.

As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.


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Prof. Aliyu, AI Practitioner to Keynote ABoICT 2024

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CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.

 

Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.

This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.

The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.

According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.

He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.

“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.

A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.

He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.

Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.

He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.

Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.

Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.

Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.


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Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

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Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.

Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria

Participants at the event

Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,

This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.

While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.

Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.

It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.

Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.

Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.

 

 

 

 

 

 

 

 

 


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