General News
ALTECH in Fight against Telecom Capital Flight
In the last ten years, telecommunications business in Nigeria has been branded the fastest growing business in Africa and the world, with an investment turnover of $18 billion (N2.8 trillion) from Foreign Direct Investment (FDI) however, investigations have shown that only about 20 per cent of such amount remained in Nigeria as the greater part of the money left the shores of Nigeria through capital flight.
The blamed, as it has always been, could be deduced from poor internal manufacturing base of the country and the non-patronage of locally manufactured products while local content development paradigm remains allusive.
Since Global System for Mobile communications (GSM) was introduced to Nigeria, one area that mostly hurts the industry and the country at large is the inability of the government to ensure all transactions related to printing of recharge card vouchers and other associated plastic cards are wholly localized.
Sola Bajomo, business development manager, ALTECH West Africa Limited, the largest recharged card manufacturing company in West Africa, while speaking to Nigeria CommunicationsWeek at the just concluded CardExpo 2012 said telecoms return on investments (RoI) would continue to depreciate if the situation lingers.
Vouchers are valuable in mobile phones and internet usage. For definition purpose, a voucher is a bond worth a certain monetary value and which may be spent only for specific reasons or on specific goods. Examples include (but are not limited to) housing, travel, and food vouchers.
The term voucher is also a synonym for receipt and is often used to refer to receipts used as evidence of, for example, the declaration that a service has been performed or that expenditure has been made.
In telecom business, voucher is a recharge number sold to a customer to recharge their SIM card with money and to extend the card’s availability period. Vouchers are typically sold at retail outlets, such as phone stores run by the mobile operator or by distributors, grocery stores, and gas stations.
They are the prevalent form of recharge for prepaid mobile phone. For instance, in countries such as Italy and Spain well over 90% of consumers use vouchers and the UK where over 60% buy vouchers at retail.
In other countries such as the United States, Ireland, and many Nordic countries, there is a growing trend of customers using Card Not Present recharge options such as online payments, or by using their mobile handsets to call the operator and recharge with a representative (CSR) or through their IVR (Interactive Voice Response) system. A growing number of prepaid mobile operators such as Meteor in Ireland and T-Mobile USAare offering the option to send an SMS (text to pay), or use handset applications such as WAP or BREW technology. in the northern times
For internet purposes, a voucher can also be used online in the form of an e-voucher. These types of vouchers can be entered when shopping online and the relevant vouchers value added to your order. It can take the form of any code.
Many companies have opted to use voucher codes for the last few years but with a massive incline in use towards the end of 2008/early 2009.
There are many internet websites devoted to promoting these deals and vouchers online, as well as Facebook groups offering items such as student discounts and 2-for-1 restaurant voucher deals.
Apparently, there are a small number of sites that use a disreputable method of click to reveal method for dropping cookies on the consumer’s computer, which has led to the introduction of guidelines for voucher use in Internet Marketing.
More so, most video game special editions come with a voucher for exclusive content in-game. For example, the Gran Turismo 5 Collector’s Edition comes with a voucher for 5 exclusive DLC “Chrome Line” cars for the full game.
Also, pre-ordering games at certain shops may get you vouchers to content only available if you pre-order at that store.
That is the more reason, Nigeria must ensure the gains accruable from this business can be harnessed to better the worth of the people, particularly the army of youths seeking employment. Even in tourism, vouchers are used as proof of a named customer’s right to take a service at a specific time and place. Service providers collect them to return to the tour operator or travel agent that has sent that customer, to prove they have given the service. So, the life of a voucher is as below:
Also, voucher serves as an accounting document representing an internal intent to make a payment to an external entity, such as a vendor or service provider.
A voucher is produced usually after receiving a vendor invoice, after the invoice is successfully matched to a purchase order.
It usually contains detailed information regarding the payee, the monetary amount of the payment, a description of the transaction, and more. In accounts payable systems, a process called a “payment run” is executed to generate payments corresponding to the unpaid vouchers. These payments can then be released or held at the discretion of an accounts payable supervisor or the company controller.
Any documentary evidence supporting account entries, establishing the arithmetic accuracy of the transaction, may also be referred to as a voucher—for example, a bill, invoice, receipt, salary and wages sheet, memorandum of association, counterfoil of paying-in slip, counterfoil of cheque book, trust deed, etc.
That’s why ALTECH West Africa limited with a 70 per cent market share in recharged cards in Nigeria deserves commendation for her effort in combating the flight as witnessed today.
The company’s 70 000 square feet manufacturing facility has an annual capacity of 1.2 billion paper products and has the capacity to print and deliver over 1 million plastic cards per month to private and corporate clients. The plastic card plant can manufacture and personalise various types of cards including smart cards with contact, contactless and magstripe and is certified by VISA, Interswitch and eTranzact.
The company also provides e-Security Solutions in affiliation with Symantec, Verisign and eiQSecureVue.
Interestingly, the paper printing facility is equipped with the latest technology and has an installed capacity of 100 million paper product per month. We have the capability to print high quality secure and non secure paper products. “Our paper production facility is segregated into secure and non secure section to provide our different clients with the highest level of security.
“At the secure paper section, we can produce and personalize any type of card products that the customer desires with the highest level of quality and security. We incorporate features that are difficult to replicate, simulate, transpose and alter.
“Some of the features of that we can incorporate into the cards include: Hot-stamped holographic foil, 2D holographic foil, Magnetic stripe and we have the capability to incorporate variable data across the entire card to include PIN data, card serial numbers and expiry date,” Bajomo said.
She expressed the company’s concern on the level of capital flight in the country, stressing that the situation, “weakens the Naira and depletes Nigeria’s foreign”.
She believes that the sector can become better managed when steady power supply and other basic infrastructure are guaranteed.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has reiterated its commitment towards building tangible economic bridges and strengthening diaspora-driven investment into Nigeria.
L-R: Group Managing Director/CEO, United Bank for Africa (UBA) Plc, Oliver Alawuba, Chairman/CEO, Nigerians in Diaspora Commission (NiDCOM, Hon. Abike Dabiri and Chief Executive Officer, UBA UK, Loknath Mishra, during a strategic engagement with the African diaspora at the UBA UK Office, London.
UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, stated this on Monday, while hosting key representatives from the Nigerians in Diaspora Commission (NiDCOM) led by its chairman/CEO, Hon. Abike Dabiri, at the bank’s UK office.
The strategic visit comes on the heels of UBA’s recently launched Diaspora Banking platform, which is designed to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.
The bank launched the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.
During the strategic meeting with the NIDCOM officials at the UBA UK office on Monday, Alawuba underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.
While emphasising UBA’s role as a trusted partner for Nigerians at home and abroad, he said, “With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country.”
Alawuba further encouraged the diaspora to leverage the opportunities within Africa’s economic landscape, stating: “You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home. Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space.”
He also took time to reiterate the Bank’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement.
The Chairman/CEO, NiDCOM, Hon. Abike Dabiri-Erewa, who commended UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform, praised the resilience and success of Nigerians abroad while calling for a stronger focus on constructive narratives.
She said, “Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you.”
While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.
The discussions further highlighted UBA’s unique position to facilitate cross-border payments, unlock high-yield investment opportunities, and connect diaspora enterprises to markets across the continent.
With a robust global footprint and an unrivalled African presence, UBA continues to serve as the critical link for those looking to engage with the continent’s growing economy.
United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.
Federal government said that it is adopting technology and innovation to speed up eradication of tuberculosis and other infectious diseases.
It also said $54 million had been approved for the procurement of drugs, especially for treatment of tuberculosis and HIV, to prevent stock-outs of life-saving medicines.
Speaking at the 2026 Pre-World Tuberculosis Day briefing in Abuja, organised by Stop TB Partnership Nigeria, Dr. Charles Nzelu, director, Public Health at the Federal Ministry of Health and Social Welfare, said the present government was making giant strides in addressing challenges in the health sector.
Nzelu said the ministry, under the leadership of Professor Muhammad Pate, had prioritised TB as a major pillar of the health agenda.
As part of the implementation of National Strategic Plan (2021-2026), Nzelu, said the ministry had adopted technology to help achieve the target of stopping tuberculosis from constituting a public health risk in the Nigeria.
He stated, “To bridge the gap, we are leading with innovation. Specifically, this year, the National Tuberculosis and Leprosy Control Programme (NTBLCP) is spearheading the national rollout of the Pluslife Mini Dock diagnostic platform.
“This near-point-of-care technology is a game-changer, allowing us to bring molecular-grade testing to the most remote communities, ensuring that no Nigerian is left behind due to geography.
“Nigeria is rolling out over a thousand of this diagnostic equipment. But technology is only as strong as the systems that support it.
“We are currently focused on strengthening our electronic reporting systems to ensure real-time data flow from the facility level to the national dashboard.”
Nzelu said transparency allowed the ministry to manage the supply chain effectively and prevent stock-outs of life-saving medicines.
In her remarks, Dr. Queen Ogbuji-Ladipo, board chair, Stop TB Partnership Nigeria, said the country had witnessed remarkable milestones in the fight against tuberculosis.
They included the mobilisation and engagement of high-level TB champions at the national, state, and local levels; strengthened collaboration with government and private-sector actors; increased advocacy for domestic financing; and expanded public awareness of TB prevention and care, Ogbuji-Ladipo said.
She, however, said there were challenges in funding to be addressed with the changing global health financing landscape and dwindling donor support.
According to her, “This reality makes domestic resource mobilization for TB more important than ever before. Sustainable financing from government budgets, private sector contributions, and innovative financing mechanisms will be critical to sustaining TB programs.”
In its presentation, Dr. Temitope Adetiba, TB Programme Lead – Institute of Human Virology (IHVN and Global Fund Project, said under the Global Fund Grant Cycle 7 for TB and HIV response, Nigeria had recorded over 300,000 TB case detection across the country.
In addition, IHVN said more than 3,000 drug-resistant TB cases were identified and linked to care, while over 2.3 million pregnant women were screened for TB and HIV across 2024 and 2025.
It also said Nigeria was increasingly taking TB and HIV services to the people within communities, households, and the private sector.
Dr. Mayowa Joel, executive secretary of Stop TB Partnership Nigeria, said the theme, “Yes We Can End TB”, was action oriented.
Joel said the theme challenged all stakeholders to move beyond discussions and commitments toward practical action.
He said, “This means ensuring that TB diagnostic services, treatment, and care reach everyone who needs them, especially through Primary Health Care, where most people first access health services.”
Dr. Mya Ngom, representative of Country Director of World Health Organisation (WHO), said Nigeria had made tremendous progress in responding to the epidemic.
According to Ngom, “In 2024, Nigeria reported 405,324 TB cases having increased from 106,533 cases in 2018, while 335,003 TB cases were reported in the three quarters of 2025.”
He said, “Expectantly, eighty percent (80 percent) of the estimated 510,000 incident TB cases will be detected and notified when the entire 2025 TB notification report is received. While this progress is encouraging, the fight against TB is far from over.
“The number of undetected TB cases averaging 175,000 cases constitutes a pool of reservoir that fuels on-going transmission of TB in the community as one undetected infectious TB case can infest between 12-15 persons per year.
“The emergence of Multi-Drug-Resistant TB (MDR-TB) and the high number of HIV further complicates the burden of TB in the country.”
Luno, an Africa-founded global exchange, has launched a structured Crypto Prediction Market, ushering in a new chapter for Nigeria’s cryptocurrency market.
This platform enables users to forecast short-term price fluctuations of key cryptocurrencies, such as Bitcoin , Ethereum , Solana, Dogecoin, Ripple, and earn USDC payments when when their predictions are accurate.
Powered by Limitless, the platform rewards right forecasts with USDC, a fully supported stablecoin.
This launch reflects shifting investment trends in Africa’s largest cryptocurrency market. Previously focused on long-term holding or spot trading, retail traders are now looking for tools that allow them to act on market information in a structured, short-term framework.
“We are seeing a clear shift in how Nigerians want to engage with crypto assets,” said Ayotunde Alabi, CEO of Luno Nigeria.
“Many already follow price movements closely and form strong market views; we want to lead with education as well as provide a safe and secure platform to help them apply that knowledge. This feature is designed to be a natural extension for those who enjoy forecasting.”
To mitigate risks, the platform integrates educational resources, dedicated prediction wallets, mandatory risk acknowledgements, and mechanisms preventing users from taking both sides of a market.
Unlike conventional derivatives or open-ended speculation, binary prediction markets are strictly outcome-based. Participants wager on whether an asset will close above or below a specific price target.
While this opens opportunities, it also carries high risk, as incorrect predictions result in total loss of the committed capital.
The launch could influence broader trends in African fintech. By introducing regulated, outcome-based products, exchanges can cater to a more informed investor base while promoting financial literacy.
For Nigeria, this could mark a turning point moving the market from passive participation to data-driven trading, providing a framework for responsible engagement in increasingly complex digital asset markets.
UBA, NiDCOM Deepen Collaboration to Unlock Diaspora Capital for Nigeria’s Growth
Vitel Wireless Lures Subscribers with “Data that Never Expires” Campaign
FG Deploys Technology, Approves $54m Drugs to Tackle Tuberculosis
BoI, MTN Foundation Launch N1Bn Fund for Women Entrepreneurs
Luno Launches First Crypto Prediction Market in Nigeria
Kaspersky Discovers New Phishing Campaign Exploiting Google Tasks Notifications to Steal Corporate Credentials
esentry 2025 Report Shows Healthcare, Financial Services and Telecoms as Staging Grounds for Increased Cyberattacks in Africa
AfDB, UNDP Launch $10Bn AI Initiative for Africa
Mutual Benefits Assurance Settles ₦5.9bn Claims in January 2026
MultiChoice Suspends Yearly DStv Price Hike as Canal+ Pushes Growth
Broadcasting3 days agoSpotify’s Loud & Clear Report Reveals Over ₦60Bn Revenue for Nigerian Artists in 2025
E-Financial3 days agoCBN Relaxes Dormant Account Rules with Removal of Affidavit Requirement
News3 days agoElumelu Tags Elon Musk, Disowns AI-Generated Scam Video
Telecom3 days agoPwC Warns Nigeria Telcos of AI Fraud Risks
E-Financial3 days agoCrypto Transactions Hit $96Bn in Nigeria -SEC
E-Financial21 hours agoKuda MFB Increases Kuda for Her Business Grants to ₦10 Million
E-Business3 days agoFG Determined to Protect Rights, Privacy Online- NITDA
E-Business3 days agoFirm Warns of Malware Aiming to Steal Data from Individuals, Organisations in Nigeria