General News
Cost of Broadband to Crash in 2014-Aladekomo
Benjamin Ademola Aladekomo is immediate past president, Nigeria Computer Society (NCS); and group managing director, Chams Plc: a company he established immediately after his MBA program in 1985 with next to nothing, in terms of finance.
Chams pioneered and currently dominates Identification and payment technologies for governments, financial institutions and corporate Nigeria and owns famous Digital Mall: biggest ID/Payment Card personalization plant in the world. It produced the first successful one million national ID cards where foreign companies and multinationals have failed over decades.
His company also produced 70 million voters ID cards for INEC and created the largest database towards solving the country’s election Voter ID database.
Aladekomo, spoke to peter ugwu on national IT related programmes and sundry issues.
Driving Force behind Chams Plc
What has been driving us is our faith in God; believe in ourselves and our country. Our vision calls from that and our core value “Faith in God”.
Chams become a household name in computer hardware and maintenance services. The company went through the processes of networking, identification, systems repairs; and today it is highly regarded in identity management and payment systems.
We service practically all the sectors of the economy and we have a lot of companies passing through us.
Like we have always maintained, our envisioned future depends on being extremely influential and highly visible in global technology as our trusted cutting edge technology will enhance the quality of lives in a manner that glorifies God.
Cards and e-Payments Campaign
Long before CBN started, we have been campaigning for the use of PoS terminals and other electronic devices in transacting businesses.
Chams was the first company to deploy about 2, 000 PoS terminals as way back as 2002-3.
We were the first to have a large concentration of cards production; bring in kiosks into the market; and in several areas.
In terms of identity management, we are the leading indigenous company in Nigeria.
Even in e-Commerce, we have tried to stabilize our stand in that area.
Value card added platform was done by the Chams and deployed to the banks for use.
They are quite a lot we have done in popularizing e-commerce and e-payment in the country. The first call fund transfer company was formed and implemented by Chams. The first ATM in Nigeria was printed Chams.
Is Government doing enough in E-Payment?
I believe the government is doing its very best in formulating policies and implementing them, especially from the CBN’s perspective.
They have done a great job by coming up with policies that will reduce the volume of cash and improve on the way business is done in the country.
Although someone may ask, is that the best they can do; possibly not. We should not forget that they are leapfrogging; jumping several levels of technology, and is not easy to implement.
One thing about Nigerians is that we are a nation in a hurry. We want a policy introduced today to meet 100% request the same day.
For us in Chams Plc we do not expect a miracle to happen overnight. Nations are built to last for centuries, likewise companies.
Policies should be there to last for a while before they are changed. If you assess the cashless policy from that perspective it cannot cover the whole country from day one, not all devices will work form that date, not all the ATMs, cards, PoS will work at kick off period, but if you stay at it, keep a healthy perception, attitude towards the events they will determine how far you can reach. With the right attitude towards the scheme it is going to succeed.
Cashless Policy Succeeding
We have improved dramatically in the number of ATMs, Cards, PoS terminals and volume of transaction.
I can authoritatively tell you that before the cashless economy started we had about 20,000 PoS terminals.
Currently, we have more than 170,000. And that is the kind of percentage increase; if you look at the volume of transactions by e-channels, they have increased by 100%. Mobile banking has also received a boost; likewise the e-commerce is becoming a germane on its own.
Challenges with the Implementation
The basic challenge is communication-broadband access or universal access; yes, voice communication is stabilizing now, but data communication is not doing very well.
And that has affected the cashless programme in the sense that a lot of PoS machines are not working as expected.
In any case, we have witnessed tremendous changes in all the areas. Also, a lot of people are not using the channels like the PoS, what I said earlier about technologies coming to particular environment is that literacy, affordability and need should be considered.
If you take the issue of literacy and need, a fruit seller along the road may not see the need or benefit. So, cashless or no cashless at the level, the need is not there, the volume of trade is still is quite low. If we look at Cards users, banks customers across the country are about 45 million.
Minus that from 160 million, the rest are without cards. That is basically the issue and reason the PoS terminals will take some years to become permissive.
Literacy, I must highlight is in two levels. There is literacy in terms of communication to (educating or informing) the people, that they can adopt PoS even for a business that involves N20. But that means the operators have to reduce the charges.
Other hand, there is literacy that involves people going to school, studying and becoming educated. The processes will take time, but we shall get there as a nation.
And technology adoption also take a while, like the ATM, it took a while for people to buy into it. Now a lot of people are comfortable with it. But the number is still far-fetched as regards people with bank accounts.
As a Member of the National Broadband Committee
The Committee was inaugurated recently and the terms of references are to lead in the measure to deploy broadband to all the nooks and crannies of the country.
The Committee will first ensure we have backbones to facilitate the implementation; by getting Right of Way (RoW), the incentives from government to aid the operators, and reliefs, invite investors as well.
When those things are done combined with patronage and support to investors, the next step would be massive literacy campaign for the usage.
There will be road-shows to all the states in the country. There will be communication to corporate bodies, private sector, and anybody that needs to embrace the technology.
In saying this, I must commend the Mrs. Omobola Johnson, minister of Communication Technology for all the work that she is doing, especially in the area of broadband policy.
Estimating That Penetration Would Crash Prices
We have close to 10000 terabyte of bandwidth at the shores of Lagos, out of which 10% has been distributed.
There are lots being implemented now. With this committee coming up, the processes are going to be accelerated.
I see that towards the end of 2014, there would have been substantial broadband penetration into the rest of the country; where some State capitals would have major bandwidth delivered to them to the extent it will affect the price.
Meanwhile, I cannot bet that it will get to the rural dweller, who may not have the need for it. The most important thing is to spot out the need and affordability.
Because of the huge bandwidth coming I see prices crash in 2014 affecting the voice tariffs also. In 2014, we are going to witness enormous crash of those tariffs.
From 2015 we are going to be seeing a lot of hotspots that will even be free in certain areas. These are as result of the implementation of the national broadband plan.
I like sharing the progression: two-three years back when you go to some hotels, just a handful of then had access to data communications.
And how many offices had access to it? Now it is becoming more democratized. Also, in the past for you to have access you need a big modem to get connected, but now it is becoming more wide spread.
The broadband council is now focusing connecting all major cities in the country targeting 2015. The plan includes the 774 local governments’ headquarters.
Once you have gotten to that level, it implied that the 1000 terabytes would have been deployed. So, as supply outweighs the demand, the prices will crash.
Financing the Deployment
Mainly, 91% funding of the project will come from the private sector, while the government provides the rest.
And the government has started working by developing a National Integrated Projects Master plan. Making broadband available is one of the objects driving the plan.
Foreign Direct Investments (FDIs) or Locally Driven
Most FDIs have local counterparts and funding. Nobody brings 100% funds into a country. They may invest as high as 80%, but the local complement must be there. The local investors have the first right of refusal; they are the ones preparing the policies, know the pulses. For instance, the telecos in Nigeria have Nigerians as their chairmen, meaning they are investors in the business. So, they are going to benefit.
Criticism of FG’s Decision to Involve MasterCard in the National ID Scheme
I must say that Chams Plc is fully involved with the National ID project. We have a company called Chams Consortium Limited; one of the two potent parties in the project.
The Consortium is made up of three companies that came together to implement the scheme. However, Chams Plc is the technical operator within the consortium, providing 95% of the technologies used by the group for the project.
Our functions range from enrollment, cards personalization, payments and verification services.
These are called potent services. We have the back up where the data are kept.
In 21 States of Nigeria, Chams Plc will be doing enrollment. 50% of the Cards will be issues by Chams consortium.
The payment mechanism on the cards will also be operated by Chams Plc.
With regards to federal government’s partnership with the MasterCard, which several people have criticized, we do not believe such agreement would have been signed.
MasterCard signed an agreement with Chams, we took them to the federal government and government went and signed another agreement with them.
That is called tautology; it is uncalled for. We already have the concession agreement signed between us and the federal government and between us and MasterCard.
We do not know what the agreement between the federal government and MasterCard is all about.
We are going ahead to deploy as designed by us and accepted by the Government. Our design is what the government is implementing.
I have a feeling that the government because they have a problem with the first consortium they want to become potent processor themselves.
Government has no business in business. We should use PPP to fund national infrastructure restoration.
Look at the beautiful thing happening among the telcos; where is NITEL? Now the government wants to toe the line of NITEL.
They should leave the national ID to the private sector to implement, while playing supervisory role.
MTN Nigeria, in partnership with Pan-Atlantic University (PAU), marked a significant milestone in advancing Africa’s media landscape with the graduation of 20 Fellows from the MTN Media Innovation Programme (MIP) Cohort 4 held at the Lagos Business School.
MTN
The ceremony celebrated excellence, resilience and forward-thinking storytelling, while also announcing the programme’s expansion into a Pan-African edition beginning next year.
The six-month programme, known for its rigorous coursework, demanding schedule and strong emphasis on critical thinking, included an international study visit to South Africa that broadened participants’ understanding of media innovation across the continent.
The graduation event acknowledged the Fellows’ commitment to completing the intensive journey while strengthening their capacity to influence the future of African media.
Dr. Ikechukwu Obiaya, Dean of the School of Media and Communications, PAU, commended the Fellows for their persistence throughout the programme. “In some moments, it was pretty grueling for some of you, but you made it. You are here, and I congratulate you,” he said.
“He encouraged them to see the graduation as a new beginning, adding, “We have so much to do, and each one of us is best positioned now to make that transformation.”
Tobe Okigbo, Chief Corporate Services and Sustainability Officer, MTN Nigeria, congratulated the cohort on successfully completing the six-month programme and reaffirmed MTN’s long-term vision for the initiative.
He said, “Congratulations on completing this journey. You are joining a network of professionals who are committed to elevating the media landscape in Nigeria and beyond.
“The future of this programme depends on your impact. This cohort represents the outcome we envisioned when the journey began. Today, the programme is not only thriving but also expanding.”
He further announced that the Pan-African edition of the programme will be launched in 2026, providing media professionals across the continent with the same level of immersive training and unique exposure experienced by the Fellows.
A key highlight of the event was MTN Nigeria’s presentation of ₦2.5 million in cash prizes to Fellows whose projects demonstrated exceptional innovation, depth of research and alignment with the programme’s ethos of impactful storytelling. The awards were presented by Chineze Gbenga-Oluwatoye, General Manager, Corporate Affairs, MTN Nigeria, and Odunayo Sanya, Executive Director, MTN Foundation.
Vanessa Ukamaka Richard Bassey, Head of Programmes, Sparkling 92.3 FM, Calabar, emerged as the top winner, receiving ₦1 million for the MTN Foundation Chairman Award for Innovative Reportage and another ₦1 million for the MTN Chairman’s Prize for Innovation. Sharing her experience, she said, “It’s been a training ground. It has opened me up to new things and made me more confident. There’s something about knowledge and information and exposure to your mind and to your esteem. After today, I know there’s nothing to be afraid of.”
Abolaji Adebayo received ₦500,000 for the MIP Cohort 4 Best Report, recognised for its clarity, depth and relevance to national discourse.
Several Fellows shared how the programme has reshaped their careers. Adekeye Ayobami of Abamimigo FM described the programme as arriving at the perfect moment, aligning with his recent career elevation.
Ubani Amarachi of Channels TV highlighted the value of the South Africa trip, noting that it transformed her approach to telling African stories and reinforced her belief that graduation marks the beginning of greater responsibility and impact.
The graduation of the MIP Cohort 4 Fellows, coupled with the announcement of the Pan-African edition, reinforces MTN Nigeria’s long-standing commitment to strengthening the media ecosystem through education, exposure and innovation.
The partnership between MTN Nigeria and Pan-Atlantic University continues to serve as a catalyst for developing media professionals equipped to shape narratives, advance societal progress and drive meaningful change across Africa.
General News
FirstCap Acts as Joint Issuing House on Veritasi Homes & Properties Plc’s ₦30 Billion Bond Programme
FirstCap Limited, a premier investment banking business and a wholly owned subsidiary of FirstHoldCo Plc, acted as Joint Issuing House and Placing Agent on the Veritasi Homes & Properties Plc’s Series 1 Bond of ₦10 billion under its ₦30 billion Bond Programme duly registered with the Securities and Exchange Commission (SEC).
The Bond Programme is designed to support the development of Project Oyster Towers, located within Eko Atlantic City. Proceeds from the Series 1 Bond issuance are expected to be applied towards the construction of 30 luxury residential units, forming part of an 82-unit residential development comprising one-bedroom, two-bedroom, and three-bedroom apartments.
Veritasi Homes & Properties Plc is an indigenous real estate development company with operations across Lagos State and the Federal Capital Territory, Abuja, and a growing track record in the delivery of residential real estate projects in Nigeria.
Commenting on the transaction, Ukandu E. Ukandu, Managing Director/Chief Executive Officer of FirstCap Limited, stated:
“We are proud to partner with Veritasi Homes & Properties Plc on this important transaction. The establishment of the ₦30 billion Bond Programme reflects our commitment to mobilising capital for the real estate sector, which remains a key driver of Nigeria’s economic growth. Project Oyster Towers exemplifies the future of luxury and sustainable living in Nigeria, and this transaction reinforces FirstCap’s role as a trusted advisor in major corporate finance initiatives.”
FirstCap’s involvement in the Bond Programme further reinforces our dedication to supporting the growth of the Nigeria’s real estate sector. The successful execution of this transaction highlights the depth of expertise within our capital markets team and our role in supporting issuers in accessing long-term funding solutions aligned with their strategic objectives.
By continuing to connect capital providers with high-impact infrastructure projects such as Project Oyster Towers, we remain committed to driving economic development and delivering long-term value for all stakeholders, Ukandu added.
Kashifu Inuwa, the Director General of the National Information Technology Development Agency (NITDA), has called for a fundamental shift in Kano State’s economic strategy, urging stakeholders to embrace innovation, technology and collaboration as the drivers of growth in the 21st century.
Speaking at the Kano Startup Weekend, Inuwa acknowledge Kano’s long-standing reputation as the commercial nerve centre of Northern Nigeria and the wider Sahelian region, noting that its history of trade, enterprise and human capital provides a solid foundation for future growth.
He emphasised that while these strengths powered Kano’s success for centuries, the modern economy now offers even greater opportunities through innovation and technology.
He described innovation as the process of transforming ideas into impactful solutions through commercialization, stressing that when ideas are effectively deployed, they create value, solve societal challenges and generate sustainable economic growth. He noted that Kano’s large market, strategic location and vibrant entrepreneurial culture place it in a strong position to take advantage of innovation-driven opportunities.
According to him, “Innovation is the process of taking an idea from inception to impact. Invention on its own is a cost centre, but when you commercialise an idea, when you turn it into a product or service that solves a real problem and creates value, that is when you begin to drive economic growth and inclusion.”
He noted that the state hosts numerous degree-awarding institutions across federal, state and private ownership, providing a strong base for human capital development. However, he expressed concern that these institutions often operate in isolation from industry, with research outputs rarely translating into commercial or industrial applications.
He explained that innovation does not happen in silos and stressed the need for a strong, interconnected ecosystem that brings together academia, industry, startups, entrepreneurs and government.
According to him, universities should conduct research informed by industry needs, industries should leverage research to improve productivity and competitiveness, and startups should serve as the bridge that converts ideas into market-ready solutions.
He further encouraged entrepreneurs to leverage technology to build businesses that can grow beyond local markets, explaining that innovation-driven enterprises have the power to scale rapidly, create jobs and position Kano competitively at both national and global levels. According to him, digital platforms and emerging technologies now make it easier for startups to reach wider markets and develop solutions that were previously unimaginable.
“You can start your business here in Kano, but your thinking must be global from day one. Technology has removed barriers. With the right skills and platforms, a startup in Kano can build solutions that serve not just Nigeria, but the world,” he noted.
Highlighting NITDA’s ongoing interventions, the Director General outlined the Agency’s commitment to building national innovation capacity through targeted human capital development programmes. He cited the Digital Literacy for All (DL4ALL) initiative, which aims to equip Nigerians across all segments of society with essential digital skills, and the 3 Million Technical Talents (3MTT) programme, designed to produce a pipeline of globally competitive technical professionals in areas such as software development, data analysis and emerging technologies.
He said, “Through DL4ALL, we are ensuring that Nigerians at all levels have the basic digital skills needed to participate in the digital economy, while 3MTT is deliberately building a pipeline of globally competitive technical talents who can drive innovation, create jobs and attract investment.”
He explained that these programmes are key pillars of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises skills development, innovation, job creation and inclusive economic growth as pathways to national prosperity. According to him, empowering Nigerians with digital and technical skills is essential for building a resilient economy capable of competing in the global digital landscape.
“President Tinubu’s Renewed Hope Agenda is about investing in people, empowering them with relevant skills and creating opportunities for inclusive growth. At NITDA, we are using digital skills and innovation as tools to translate that vision into real economic impact for Nigerians,” he said.
Inuwa urged all stakeholders in Kano to work together to build a functional innovation ecosystem that can unlock the state’s vast potential. He expressed confidence that with the right mindset, strong collaboration and sustained investment in digital skills and innovation, Kano can reclaim its historic leadership role and emerge as a major innovation and entrepreneurship hub in Nigeria and beyond.
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