News
September 22 Date for This Month’s CFA’s Startups Hangout

The next edition of CFA’s Startups Hangout is set to be held on Friday, September 22, 2017 by 5:00pm.
The CFA’s Startups Hangout, is as a free event where Startups gather on Monthly basis to meet and learn from invited successful Entrepreneurs who put them through the path of succeeding in business as well as pitfalls to avoid in the course of carrying on their businesses.
This edition of the hangout will have in attendance, two interesting and successful Entrepreneurs, set to impart knowledge and experience to the Startups. They are Austin Okere, Founder, CWG and Banke Alawaye, Country Manager, Praekelt.
Austin Okere is the founder & executive vice chairman, CWG Plc and Entrepreneur in Residence, Columbia Business School, New York. He is a member of the World Economic Forum Business Council on Innovation and Intrapreneurship. He serves on the Board of the National Competiveness Council of Nigeria and Initiative for Global Development, a Washington based nonprofit organization that drives poverty reduction by catalyzing business growth and investment in the developing world.
Austin Okere is a Fellow of the Institute of Directors of Nigeria, as well as a Fellow of the Nigerian Computer Society (NCS), and serves as a member of the Advisory Council of the Association of Telecommunication Companies of Nigeria (ATCON).
Banke holds a B.Sc in Computer Science and a Masters in Business Administration from Edinburgh Business School. Her experience spans Investment Banking, Software development, Management Consulting and general management. She is a digital strategist and business consultant. She helps small business owners create systems that make their businesses easier to run so that they can be more productive and make higher incomes.
Past editions of the hangout had featured prominent successful Nigerian Entrepreneurs, such as Chinenye Mba-Uzoukwu, CEO, InfoGraphics, Afolabi Abiodun, CEO, SB Telecoms and Devices Bolaji Finnih, CEO, TechPreneur Africa and Ommo Clark, CEO, iBez Solutions. Nadu Denloye, PhD, Co-Founder of Telnet and Director,CDNet, Deepankar Rustagi, the Co-founder, VConnect, Adeoye Abodunrin, ED,Xpos Technologies, Simeon Ononobi, Co-Founder, MyAdsGlobal, Helen Anatogu, CEOand Founder, iDea Nigeria, and Yele Okeremi Founder of Precise Financial Systems and others.
The September 2017 edition of CFA’s Startups Hangout will be powered by TAMS and Remita.
We count on the active support of more brands for the future Monthly Editions of this selfless mission to help many Nigerian Startups to learn, grow and sustain their businesses for the development of the Nigerian Entrepreneurial ecosystem in particular and the Nigerian economy in general.
We also appreciate our media partners, Nigerian CommunicationsWeek, Connectnigeria, ITPulse, cfatech.ng and Guardian Tech, for their unflinching support in sharing this rare opportunity to learn from successful Entrepreneurs to our numerous Startups.
Limited seats are available, hence, you need to register early, to book for a seat at the event.
You can register for the September 2017 edition of CFA’s Startups Hangout @ http://startups.cfatech.ng
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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