General News
Nigeria can Easily Transit to eTransactions – Chuma Ezirim
Chuma Ezirim is head, eBusiness group in First Bank Plc that is in charge of developing and managing eChannels and Card business in the bank. He holds a B.Sc in Industrial Chemistry, University of Nigeria, Nsukka and M.Sc. (in the same field), University of Ibadan. He also has a MBA from Nsukka. He is also alumnus of the prestigious Lagos Business School. Ezirim, pioneered the introduction and use of the Smartcard Payment System in Afribank Nigeria Plc as a young banking officer and served in the steering and marketing committees of the Nigeria Smartcard Scheme, where the broad product strategies for the scheme were set. He also has broad experiences from Prudent Bank, where within two years, he took the bank from 27th to the number one position in the Valucard Scheme. Ezirim, was also an assistant general manager at Skye Bank, from where he joined First Bank in November, 2010. He works directly with the group managing director of First Bank to reposition eBusiness as an important source of earnings diversification for the bank. He spoke with miebi senge, excepts:
Overview of Cashless Lagos
I am sure that we all know the objectives behind the cashless policy. We think that the policy is coming at the right time considering all that is happening in the country and I am happy that all the stakeholders have embraced that policy and then of course they are also committed to its success. Last year the Central Bank of Nigeria (CBN) recognized the need to bring all stakeholders in the payment industry together to look at ways of reducing the amount of cash in the country and that concern was based on the risks of carrying cash and of course the cost involved in managing cash. There is also the convenience associated with using electronic payment channels to make payments.
The pilot started in Lagos on January 1 and we have had some hiccups, which are being addressed by the relevant stakeholders. CBN has also recognized the challenges in terms of rolling out the scheme; that is why they have moved implementation of the service fees to April 1, 2012 in Lagos. Between now and the end of March, all stakeholders would have had the opportunity of addressing some of these challenges.
In terms of awareness, the CBN and other stakeholders also are doing very good job in sensitizing the public. There have been several town hall meetings with key stakeholders like traders, artisans, religious groups, etc, where the policy was extensively discussed and demonstrations of the alternative channels like POS terminal were made. The sessions have been largely successful.
We think that it is still too early to start assessing performance of the policy but the good thing we have noticed is that there is a whole lot of awareness. We are getting calls from our corporate and retail customers asking us to come and talk to them about the policy, including organizing awareness sessions with their key distributors and suppliers.
Breaking Tradition of Moving Cash Around
The truth is that we cannot eliminate cash. Even in advanced markets, we still find that cash transactions account for more than 50 per cent of transactions in those markets so we cannot totally eliminate cash. The challenge we have in Nigeria is that we have a situation where we have more than 90 per cent of our transactions done with cash. For us, that is a challenge, with huge implications on key performance indices in our economy. I will like to look at it from the point of view of all key stakeholders – the economy, business, banking industry and then of course, the customers. Three things the policy aims at addressing; one is safety, convenience and cost.
For the economy, for instance the CBN spends so much printing cash. Even the cost of managing the distribution or the circulation is also a major cost.
Studies have shown that if you are able to improve on the efficiency of your payment system, it could lead to savings, which could be as much as one per cent of the GDP of a country. For me that is an achievable goal. This industry spent over 90billion in 2009 managing cash. If we can even reduce that amount by half there would be a saving that translates into investments in infrastructure to improve the quality of services we render to customers. It would also lead to reduction in the cost of funds.
For the business we know that today security is a major concern in this country. Why would a business accept cash in the office or shop, with all the attendant risks. The bad thing about cash is that once it is lost, it is lost. For me, safety is also a major issue for businesses. For those that are into retail businesses like supermarkets, it is a major issue.
For the customers, you are looking at the convenience of carrying and transacting with cash. Why would I want to carry a Ghana must go bag when access to that sum of cash is in my wallet? We know that people attack homes because of cash that is kept at home.
Are we going to make progress with this policy? The answer is yes. This country has also proved with mobile phones that though we might not be numerate but we’re not illiterates. We have over 90 million active mobile phone subscribers now in Nigeria. The truth is that if you are able to use a mobile phone, you should be able to use cards to settle for your transactions at the POS terminal or withdraw money from the ATM. It is easier to use cards than mobile phones.
I think that this country has all it takes to move from paper based transactions to e-based transactions.
Meeting Point Between Banks and Mobile Money Operators
Mobile money is one of the schemes that would support the cashless policy. There are several players in the industry and what the CBN has done is to licence some operators to operate mobile payment schemes. I know that their operations also affect this policy in the sense that instead of just depending on PoS terminals, ATMs, etc for transactions, you use your mobile phone. I think that the scheme would complement what we are doing at least in addressing some of the cash challenges we have and reaching the under-banked and unbanked.
FirstBank and the Cashless Policy
I am sure you are aware that we are the clear leader in the Nigerian payment industry. FirstBank processes about 31 per cent of transactions on the InterSwitch network. One out of every three Verve cards in the market today is a FirstBank First card. We have the highest number of active ATMs in the market. We have the highest number of active PoS terminals in the market. We have the highest number of mobile banking subscribers in the market.
I can go on and on. The truth is that we are well prepared from the acceptance point of view; we have more devices out there than any other player in this market.
In terms of cards, we have issued more cards than any other player in this market. So when we are talking of cashless policy, FirstBank has a major role to play.
The other way to look at it in terms of level of preparedness is that today we are the only bank in Nigeria where you could walk in as a customer and a card would be issued to you and activated within 15 minutes. A customer can walk into a First Bank branch, open an account and be issued a card within 15 minutes, which is also activated on the spot. We have completely eliminated the use of PIN mailers in card issuance. We also have very robust mobile and online banking platforms.
Investment in Cashless Policy
Our investment in e-channels has been on for several years and is still on-going. What we are trying to do now is to look at our processes and increase our presence in some locations by deploying more ATMs, more PoS terminals and enhancing our mobile internet banking platforms. These are basically what we are doing now. I might not be able to tell you how much we have spent in specific terms because these are investments we have made over time.
Job Loss with cashless Policy?
There would not be loss of jobs with the cashless policy. Efficiency enhances productivity. There would be cost savings and more money for people to invest in other productive sectors.
Assurance to customers
All the stakeholders with the support of the CBN have invested a lot in terms of resources and efforts in ensuring that this policy works. Most of the challenges that we have in the industry are being addressed. We are very optimistic and committed to achieving the objectives of the cashless policy.
Nigeria as hub of Cashless in Sub-Sahara Africa
Yes, Nigeria can be a financial service hub in Africa. It is a matter of planning and allocation of the right resources. The CBN is very committed to this, and working closely with banks to ensure that we deploy very efficient and secure electronic payment systems in the country. My Group Managing Director is personally driving all our alternative payment service delivery initiatives in the bank.
Young girls aspiring to delve into ICT careers have been advised to take advantage of the current versatility in the industry to create a niche for themselves. This was the view of participants at the just-concluded International Girls in ICT Day celebration organised by eBusinessLife Communication Limited, in Lagos.
The event, an initiative of the International Telecommunications Union (ITU), seeks to encourage young girls to take up tech careers that will see them balance the gender disparity in the industry.
In a panel session moderated by Tech Life Media CEO and organiser of Women Entrepreneurs & Executives in Technology Summit (WEETS), Ugochi Emmanuel, top female tech executives narrated their foray into technology careers and advised the young girls on requirements and need to start early in the quest to make global impact in ICT.
Narrating her experience into a tech career, Chief Administrative Officer, Digital Realty, Nigeria, Dr. Nkechi Newton Denila noted that the difficulties of the past have been lightened up and more women have opportunities to excel in the field.
“Today, the landscape is vastly different. Governments, international organizations and private institutions across the globe are intentionally creating opportunities for girls in Science, Technology, Engineering and Mathematics (STEM). The reason we are gathered here is part of that global commitment to ensuring that more women participate in ICT and related fields.
This presents a unique advantage for young girls. Many organizations now deliberately promote gender inclusion and equal opportunities in technology. Therefore, if you discover an area within ICT that excites you, pursue it wholeheartedly. This window of opportunity may not remain open forever. Do not wait for others to decide your future for you. Identify your passion, chart your course, and remain committed to achieving your goals.”
Associate Consultant and Information Security Analyst, Digital Encode, Itunuola Aderemi, advised the young girls to begin researching various technology disciplines, including Cybersecurity, Data Analytics and Data Science for areas that align fully with their interests and strengths. And to explore and discover any field that perfectly matched my aspirations.
While admitting the existence of such challenges as persistent stereotype against the female gender, Team Lead, Retails, New Horizons Nigeria, Glory Omole, noted that fortunately, organisations such as New Horizons are actively working to change that narrative. “Our leadership recognizes the urgent need to increase female participation in ICT. Considering that women still constitute a relatively small percentage of the global technology workforce, there is a deliberate effort to encourage more girls and women to enter the field.”
She however cautioned the young girls not to see this campaign as a competition between men and women, rather, it should be seen as a partnership where everyone is given equal opportunities to contribute and excel. “We want to see more women leading innovations, conducting research, developing applications and creating solutions that address societal challenges,” she enthused.
Speaking on the need for mentorship, Asst. Manager, Product & Services, Zoracom, Mistura Salaudeen, noted that stereotypes and confidence-related challenges still exist, but one effective way to overcome them is by drawing inspiration from women who have succeeded. She observed that across government, technology, finance, healthcare and other sectors, women are increasingly occupying leadership positions, serving as Chief Technology Officers, board members and executives.
“While challenges persist, I believe our focus should shift towards opportunities rather than obstacles. Artificial Intelligence, for example, has significantly lowered barriers to entry. AI enables individuals to develop business proposals, prepare presentations and execute ideas much faster than before. Therefore, instead of being discouraged by challenges, girls should leverage available technologies and communities to accelerate their growth and maximize emerging opportunities,” she advised.
Glory Omole also noted that technology is broad and offers diverse opportunities.
“There are numerous digital skills available today, but the choice of skill should depend largely on individual interests and career aspirations.
Fields such as Data Analytics, Data Science, Cybersecurity, Web Development and User Interface/User Experience (UI/UX) Design are among the high-demand skills available today. Each serves a distinct purpose.”
Corroborating this claim, Dr. Newton-Denila said: “It is important to understand that ICT now permeates virtually every profession. Whether in medicine, law, engineering, agriculture or business, technology has become an indispensable component of professional practice.
In medicine, for example, Artificial Intelligence is increasingly being used in diagnostics, telemedicine and robotic surgery. Similarly, in law, digital applications now support legal research, documentation and case management.”
The event has its theme as “AI for Development: Girls Shaping the Digital Future”.
General News
Franklyn Ginger-Eke CEO The Rainbow Strategy Honoured with PR Power List 2026 Rising Voices Award
Dr Franklyn Ginger-Eke, Founder and Chief Strategist of The Rainbow Strategy, has been honoured with the PR Power List 2026 Award in recognition of his contributions to strategic communications and public relations in Nigeria.
Franklyn Ginger-Eke, CEO The Rainbow Strategy
Ginger-Eke received the award in the Rising Voices category during the fifth edition of the PR Power List organised by GLG Communications as part of activities marking the 2026 World Public Relations Day.
The award ceremony, held at the Mike Adenuga Centre in Ikoyi, Lagos, attracted leading professionals and stakeholders in Nigeria’s public relations industry.
Among those in attendance were the President and Chairman of Council of the Nigerian Institute of Public Relations (NIPR), Dr Ike Neliaku; the Chief Executive Officer of the Public Relations Consultants Association of Nigeria (PRCAN), Dr Nkechi Ali-Balogun; former President of the African Public Relations Association (APRA) and Chief Executive Officer of CMC Connect LLP, Chief Yomi Badejo-Okusanya; and Executive Director of THOP and Adviser, Edelman Africa, Mr Kwame Senou.
According to the organisers, the PR Power List recognises public relations and communications professionals whose work has made significant contributions to organisations, influenced public discourse and advanced the communications profession over the past year.
Reacting to the recognition, Ginger-Eke described the award as both humbling and motivating.
“I am deeply honoured to receive this recognition for the modest contribution we are making in shaping the public relations and communications ecosystem.
“I see it as a testament to the dedication, creativity and excellence of our team at The Rainbow Strategy.
“This is a call to do more in delivering strategic communication solutions that create impact, build trust and contribute to the continued growth of the public relations profession in Nigeria,” he said.
He dedicated the award to young and aspiring communication professionals, encouraging them to embrace innovation, professionalism and ethical practice in their careers.
Ginger-Eke also reaffirmed The Rainbow Strategy’s commitment to promoting excellence in strategic communications, reputation management, stakeholder engagement, data protection compliance and value-driven public relations campaigns across the public and private sectors.
A Fellow of the Nigerian Institute of Public Relations (NIPR), Ginger-Eke is recognised for his work in public affairs, strategic communication and data protection compliance through his Abuja-based consultancy, The Rainbow Strategy.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
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