News
Akeredolu Urges Nigerian Lawyers to Embrace Technology
Gov. Oluwarotimi Akeredolu of Ondo State yesterday advised lawyers in the country to take advantage of the current developments in technology to improve the legal profession.
Akeredolu gave the advice at the 2019 Annual Conference of the Nigerian Bar Association (NBA) Section on Legal Practice which took place at the International Event Centre in Akure.
The governor said the introduction of technology into legal practice would promote proficiency, save cost as well as improve practice and service delivery.
Akeredolu noted that the step would also give both the bench and the bar proficiency and better leverage.
He, however, argued that artificial intelligence could never totally replace practitioners but rather assist them.
The governor also described as archaic a situation where lawyers take boxes of books and files to court for reference instead of using a digital library.
“Technology will certainly assist with the things that are repetitive. We cannot run away from technology, it is good,” he said.
Earlier, Tanko Muhammed, the Acting Chief Justice of Nigeria (CJN), had urged legal practitioners to be fair to clients and ensure professionalism.
Represented by Justice Olukayode Ariwoola, the CJN enjoined lawyers to add value to the profession by critical examination and analysis of services rendered to their clients for the betterment of the society.
According to him, the theme ‘Value Added to Legal Practice’ is encompassing and includes but not limited to probate practice, labour law as well as identifying the strength, weaknesses, opportunity and threat to valued added legal practice,
“It would further give opportunity to legal practitioners to analyse and improve the quality of their services and their revenue,” he said.
He stressed that adding value would ensure responsiveness, integrity, problem solving and efficiency mutually beneficial to members of the legal profession and their clients.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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