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Embrace Corporate Governance to Avoid Wastages – Emmanuel

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Tony O. Elumelu, chairman of Heirs Holdings and vice chairman of NCCN
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Amos Emmanuel is the managing director/CEO of Programos Software Limited, a software development company. He is a recipient of industry awards locally and internationally. He spoke to funmi ilesanmi.

Patronage
Patronage is actually something that is related to service satisfaction because the patronizing society expects to see a product they should fall for. Such a product would be something they want to go for anytime so if a product meets their standards, they will always go for it.  Indigenous software practitioners have to be able to look at the quality of products they are developing, as well as the quality of the manner in which they are being delivered to customers. We started by first looking at the official requirements and the guidelines for the investment sector that is, the capital market segment of the economy and we went after the operational guidelines. We took up the smooth system design towards that guideline, that is ensuring that operators who are to operate within the regulatory framework have to see how they can operate within the regulatory requirements so that they can justify that very efficiently. We went after that design and we came up with a product that is suitable and that has been existing for over a decade now; this is about the 13th, 14th  year of active service delivery in that sector. If a product actually satisfies one customer, you will realize that it sells itself in that the customer who used your service and is very comfortable with it will sell it to other people rather than opt for another product.
Unique Products         
The very flagship product Programos software sold was the Integral 2000 Plus Software which was a dream product meant for the millennium in the early 90s. Prior to the Y2K issues, we were able to stay through all of that. Why we said 2000 was that it was a millennium vision and after the millennium, we are still moving on and technology is still advancing. It is an almost endless technological ambition and research that we are doing and we have been able to take care of the capital market and so have it properly designed and configured in a manner that a foreign influx may not find its feet easier because of the impact of indigenous ones particularly that of Programos Software. It is very easy because you want to protect indigenous products, the products need to identify standards that the foreign ones will have problems to compete with. Programos Software is having the bullish hold on ICT in the capital market because of the quality service we have to offer in the sector.
Role of Nitda, Ispon and Itan in Software Testing Laboratory
Every agency has done the best it could. Nitda has been there facing IT policy issues, general IT developmental issues across the country and looking at what the federal government is doing. They have also been doing this in collaboration with other IT bodies like Ispon, NCS, Itan and the like but the Nigerian system has been such that the impact of all these bodies may not have been felt more in the centre and this is not unconnected with the fact that we have had terrible political structures that would really make these things go down well in our system. This in itself has had issues and is affecting the way Nigeria is accepting ICT penetration which is still on a very low scale. It affects even the way the federal government is taking things. By and large, I think the private sector still has more work to do and that is why I can give it to some of these IT bodies that they have had to change the way they have to lobby and work more with the public sector functionaries so that we can be able to get better results at the end of the day. We can have more IT PPP arrangement for us to close the gap between the private sector and the public sector and make the people in government become more competitive in that they should be able to utilize the funds they get on competitive IT projects, not just wasting funds. I think IT bodies who have come up with public partnership initiatives in the system make life a lot easier for players both in the private and public sector in realizing that these local capacities can immediately be harnessed for the future of the country.
Automation of the Nigerian Stock Exchange
If the Nigerian Stock Exchange (NSE) did not take automation seriously maybe by today we would not have had a capital market that we can compare. When NSE started with automation, it was like something to give us an assurance that there is hope which it really did but it is unfortunate that we experienced a recession. The recession is still with us, it is still with so many other economies and the rate at which these economies have changed or have improved may not be the same but if there was nothing like that, it would have been a calamity. Recession is a global economic action because in a way it has helped some people to realize that corporate governance was not in place in a lot of places. People are now taking corporate governance more seriously. So many regulatory authorities we have now realized were not doing anything. Contributing to the recession has been poor regulation, sharp practices and the christened corruption in the society that has made information that is supposed to be available to people unavailable for them and if it was to be made available in a modified manner or adulterated manner that would not help the investor. This is not the kind of information society we require for the capital market but at a time things were improved and we begin to see, just like having to see what the Central Bank of Nigeria (CBN) is doing now in the banking reform. Not just that the banking reform is going on because of Lamido Sanusi for instance, it is that every other segment, every other part of the economy has to borrow a leaf from what the banking sector is doing right now, otherwise we get back to status quo. Not just when the banking sector is being refined and every other sector is still waiting, at the end of the day, they will end up corrupting the system the banking sector is reforming. If every part of the economy is undergoing a true and fair reform, it is probably going to help this economy a lot more. I think the recession has taught quite a lot of people some lessons, is it in terms of investment losses or how most of us have lost so much by that experience? We hope going forward, they would have learnt so many lessons that they won’t be able to honour the kind of practices that are probably going to harm the economy any further and that is why it is important that we all imbibe corporate governance and confirm that going forward the organization will be able to employ mechanism that will help the administration of their organizations to be compared with their peers in some other advanced nations where things work.
Essence of ISO Certification
We are still undergoing certification. We are an ISO registered company, the main reason Programos has to undergo the ISO certification process is that we are trying to see ourselves not just as an indigenous company. Programos is currently an international standard institution in that we have to subject all our processes to the kind of standards that our fellow entrepreneurs are exhibiting in some well formed economies. ISO being an international standardization organization helps businesses in refining their business processes, making the business more profitable by delivering quality service to customers which is just the end point of what every organization wishes to have and is a lot easier and smarter working with such procedural sequence in every activity of every platform of business. As a software company, we recommend this to every other IT firm in Nigeria because it goes a long way to improve the service quality of indigenous companies as well as improve the service benefits to their customers in the long run. It is a voluntary decision, it is not compulsory that you must go do ISO but it is better for organizations to identify with standards. The Standard Organization of Nigeria (SON) has been involved with processes and regularly improving on such helps organizations. Technological institutions are also protected from the problem of poor legal frameworks that never make ICT providers earn their values; because we are never protected, not even the law, nobody cares. It is okay that the customer is right, we strive to offer the best of services to make the customer right but when we are abused as providers, nobody protects us. It is always better when you imbibe standards or procedures that make both parties understand so you come to terms with the exchange of service and appropriate values that are supposed to go with it. These are some of the things that I have seen in the balancing of the international standards of the ISO.
Programos Software 
Programos is a core software development company. We are also into ICT training, we offer ICT training to diverse categories of professionals. We have a major training programme currently going on for graduates where we hope to turn out about a million software developers come year 2013. All these put together, manpower development in the country has benefited quite immensely from our past training programmes because we offer ICT education to CEOs of organizations particularly capital market firms. We had to take them through ICT related security and control set of education so that by the time they get back to their organization, they would be able to know, lead and manage their organizations properly. We also run programmes for different cadres of regulatory organizations like the Nigerian Stock Exchange, the Security and Exchange Commission (SEC) and the likes. We also offer stock exchange consultancy services to exchanges outside Nigeria. By so doing, we hope to create a larger academy of entrepreneurs in this country who will offer the kind of services that we have ventured into over the years so that there can be continuity. We will have a larger base of entrepreneurs springing up in a public private partnership program where we get state governments to take over this programme and offer it as a political programme to their citizens for us to teach them how to come up with software development as a business. It is an entrepreneurship programme for their indigenes.
Extending Operations
Programos Software is a global company, global in the sense that we might be indigenous but we are 100 percent global in thinking. Already, one of the reasons we might not say we are folding up in Nigeria is because we have considered things that can sustain us in Nigeria. That is one of the reasons our door is still opened here. If I need to consider power for instance, I probably will not survive but as we speak, quite a whole number of things are working for me right now, tapping into the energy of some countries outside Nigeria. Is it the Internet? There are quite a number of things I planned to do in the country but I can’t just venture into them because it is not possible initiating them. We have to take most of these things and operate from the UK, the US and Ghana just 40 minutes away from here just because my country does not have power. For the time being, we have been able to manage some of these business environment crisis with external economic facilities, maybe that is why we are still in business here, otherwise I sincerely do not see why any business can open its door in this country.  

 


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Court Remands Hacker for Allegedly Stealing N3.09Bn from FCMB

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Justice Mojisola Dada of the Lagos State Special Offences Court in Ikeja has remanded, Andrew Odekina, an alleged hacker, who is part of a fraud syndicate that stole N3.09 billion from First City Monument Bank (FCMB).

Court Remands Hacker for Allegedly Stealing N3.09Bn from FCMB

Justice Dada ordered that Odekina be kept behind bars after he was arraigned before her by the Economic and Financial Crimes Commission (EFCC).

The EFCC informed the judge that the defendant was among the suspects who allegedly carried out a major cyber-enabled fraud that resulted in over N3 billion being siphoned from the bank’s customer accounts.

The anti-graft agency also accused the defendant of retaining proceeds linked to the large-scale hacking operation that targeted some FCMB customers.

The Commission stated that its investigation found cybercriminals had unlawfully accessed the bank’s applications, allowing them to transfer N3.09 billion from various accounts.

Odekina was specifically charged with receiving and retaining N9.87 million, believed to be part of the stolen N3.09 billion, in his FCMB account in 2025.

The offence, according to the EFCC, contravenes the provisions of the EFCC (Establishment) Act, 2004.

The charge states that the defendant, alongside accomplices still at large, knowingly retained control of funds traced to fraudulent digital transactions carried out on the bank’s platform.

The defendant, however, pleaded not guilty to the charge.

Based on his plea, Babatunde Sonoiki,  prosecutor, urged the court to fix a trial date and remand the defendant in the custody of the Nigerian Correctional Service pending the conclusion of the trial.

The defendant appeared in court without legal representation.

After listening to the lawyer, Justice Dada adjourned the case to May 11 for trial and ordered that Odekina be remanded to the Kirikiri Correctional Facility.


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SEDC Launches SEVCP to Expand Access to Capital for Startups

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South East Development Commission (SEDC) has launched the South East Venture Capital Programme (SEVCP), to expand access to capital for startups and strengthen Nigeria’s investment landscape.

SEDC Launches SEVCP to Expand Access to Capital for Startups

The Commission said the programme represents a direct institutional response to the federal government’s commitment to expand access to local funding and attract sustained investment into high- growth sectors across South East Nigeria.

It also said that it is part of the developmental initiative by the SEDC as contained in the road map for the region that was presented to the House of Representatives Committee on South East Development.

A statement issued by the commission says the SEVCP is a funded, coordinated, and time- bound intervention designed to catalyse the region’s digital, innovation, and technology ecosystem.

“As part of its initial rollout, the first phase of the program, the South East Pitch Competition, is now officially open for applications. At the core of the program is the South East Venture Capital Fund, a blended finance vehicle designed to mobilise up to $50 million in public, institutional, development finance, diaspora, and private capital into the region.

“SEDC anchors the Fund through the South East Investment Company, its wholly owned investment vehicle, which participates as a Limited Partner. This structure ensures professional fund management, institutional accountability, and alignment with global investment standards,” the statement said.

The commission also said that SEVCP is built as an integrated platform comprising five interlinked workstreams: fund operationalisation, a flagship Pitch Competition, a structured incubation and acceleration programme, a financing partnerships strategy to complete the fund raise, and a network of implementing partners across the region.

“Each component is designed to reinforce the others and ensure continuity from deal sourcing to investment and growth.The South East Pitch Competition serves as the primary entry point into the Fund’s investment pipeline. Thirty startups will be selected across the five states, with twenty placed in the Accelerator Track and ten in the Incubation Track.

“These startups will receive SAFE investments totalling 450,000 dollars in the first cohort. Accelerator participants will receive 20,000 dollars each, while incubation participants will receive 5,000 dollars each. Investments will be milestone-based and structured to balance founder flexibility with investor protection.

“The Pitch Competition Finals is scheduled to take place on 13 May 2026, followed by an Investment Ceremony on 14 May 2026. Selected startups will participate in a structured hybrid incubation and acceleration programme delivered across key locations in the region.

“The South East has long demonstrated strong entrepreneurial capacity, commercial depth, and human capital, the statement indicated. It noted that what has been missing is a coordinated system to channel capital into that capacity at scale, with the structure and governance required by serious investors. The SEVCP provides that system, and the Pitch Competition establishes the first layer of access,” it said.

According the tstatement, applications opened on 13 March 2026 and were originally scheduled to close on 27 March 2026.

“It indicated that the deadline has now been extended to 3 April 2026 to enable broader participation across the region, adding that this will be the final extension.

“The Accelerator Track is open to startups with demonstrable product market fit, active users, and revenue traction. The Incubation Track is open to founders with validated ideas and a minimum viable product. Eligible startups must be based in, operating in, or delivering clear impact within the South East, or be founded by individuals of South East origin with a defined regional focus. All applications must demonstrate a meaningful technology component,” it said.

The commission said that SEVCP represents a long-term commitment to building a structured and investable startup ecosystem in the South East.

“The inaugural cohort will form the foundation of a pipeline that the Commission intends to scale over successive cycles. Founders building within the region, and those looking to build within it, are encouraged to apply before the deadline,” the statement added.

 


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PIAFo Drives Urgent Call for National Dig-Once Policy to Boost Nigeria’s 125,000km Fibre Network

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Key players across Nigeria’s digital economy, telecommunications, and infrastructure ecosystem are set for the National Dig-Once Policy Forum to champion a new course towards increasing Nigeria’s digital backbone network to 125,000km of fibre-optic infrastructure.

PIAFo Drives Urgent Call for National Dig-Once Policy to Boost Nigeria's 125,000km Fibre Network

PIAFo

The event, which marks the 8th edition of Policy Implementation Assisted Forum (PIAFo), is a high-level industry dialogue aimed at accelerating the formulation and adoption of a National Dig-Once Policy as a critical enabler of safe, coordinated and cost-effective fibre infrastructure deployment in the country.

The forum, themed “Accelerating Nigeria’s Digital Backbone: Dig Once Policy, Project BRIDGE and Strategies for Effective Fibre Deployment,” is slated for Thursday April 16, 2026 at Radisson Blu Hotel, Ikeja GRA, Lagos.

According to the organisers, Business Metrics Limited (BML), the introduction of $2 billion Project BRIDGE initiative by the Federal Government to expand fibre infrastructure by additional 90,000km from 35,000km to 125,000km by 2030 requires some new measures to ensure successful implementation of the ambitious target and avoid mistakes of the past.

Industry stakeholders have identified that the success of a national connectivity backbone rollout depends largely on institutionalising a Dig Once Policy framework, which encourages the installation of fibre ducts and conduits whenever roads, railways, and other major public infrastructure are being constructed or rehabilitated.

According to industry data shared by the Nigerian Communications Commission, lack of such a framework is taking a toll on the telecoms sector and broadband drive as operators recorded over 50,000 fibre cut incidents across the country in 2024, with more than 60 per cent occurring during road construction and rehabilitation activities. These disruptions have resulted in billions of naira in repair costs, network outages, and service degradation.

Telecom operators in Lagos State alone said they spent over N5 billion in 2024 to repair and replace damaged fibre infrastructure in the state, while lamenting that the development continues to slow down network upgrade and expansion drive.

Beyond infrastructure damage, telecom operators also face challenges such as high Right of Way (RoW) charges, uncoordinated civil works, and repeated excavation of roads for fibre deployment.

PIAFo 8.0 aims to address these challenges by fostering collaboration among stakeholders responsible for planning, financing, constructing, and maintaining Nigeria’s digital infrastructure.

Specifically, the forum seeks to align federal, state, and local infrastructure planning around a unified Dig-Once framework; strengthen collaboration between telecom operators, infrastructure companies, and public works authorities; translate policy intentions into actionable guidelines and implementation timelines; and build stakeholder support for Project BRIDGE and complementary national fibre initiatives.

Speaking about the event, Team Lead at Business Metrics Limited, Omobayo Azeez, said Nigeria is being denied access to robust connectivity it should derive from up to eight high-capacity undersea cable networks landed on its shores because of difficulties around terrestrial fibre infrastructure expansion.

“The Project BRIDGE initiative should excite everyone because of ambitious targets. But for those who understand the operating terrain, and why it took the industry over 20 years to achieve around 35,000km of fibre network that the country currently operates for broadband connectivity, the project calls for a major shift in execution approach with the adoption of a National Dig-Once Policy as the starting point.

“PIAFo, now in its 8th edition, is again serving as the viable platform for representatives from government ministries and agencies, senior telecom executives, infrastructure companies, data centre operators, equipment manufacturers, state governments, and industry associations to chart the way forward.”

The forum will feature keynote addresses, expert panel discussions, and strategic networking sessions designed to drive pragmatic outcomes that will accelerate Nigeria’s journey toward a resilient and inclusive digital economy.


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