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BCI Urges FG to Declare State of Emergency on Unemployment

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Mr Emeka Wogu,Minister of Labour and Productivity,
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Business Club Ikeja (BCI) has called on the federal government to declare state of emergency on job creation for the teeming unemployed youths in the country for the nation’s human capital development index to drive the economy.

Unemployment in Nigeria is one of the most critical problems the country is facing as unemployment Rate in Nigeria increased to 23.90 percent in 2011 from 21.10 percent in 2010, according to the National Bureau of Statistics (NBS)

Suleiman Tella, BCI’s president also deplored the current power supply in the country, insisted that the development has severe impact on the manufacturing sector and Nigerians.

He said “in order to nip the practice in the bud, the Federal government should consider declaring state of emergency in the job sector”.

“One of the ways to deal with this menace is to declare state of emergency in the job creation. Without job for the angry youths, the police can do little in its fight against crime.

“The time is ripe for the Federal government to reconsider creation of state police. State police is needed now more than ever as it will help to stem the tide of insecurity. Government should come up with more stringent penalties to punish individuals who engage in kidnapping, armed robbery, unprovoked murder and assassination as well as other heinous crimes against humanity so as to deter people from engaging in them”, he further  said

The industrialist expressed disgust over the spate of insecurity in the country and disclosed that the development is caused by large scale youth unemployment in the land.

While calling on power sector  investors’ to meet the necessary supply target that would boost the potentials of manufacturers in 2014, he also expressed dissatisfaction with the dwindling power generation capacity and said it far below the target set by the Federal government.

Lamenting further, he said “It is disheartening that despite the huge sum of money been sunk into the revamping of the ailing power sector ,no significant improvement has been felt by Nigerians”.

“We pray that the power sector now  in private hands will live up to expectation as power represents a major challenge to the real sector and informal sector of the economy.”

Tella, who expressed these during an interactive session with newsmen organised by the association’s in Lagos.

The industrialist lamented that the power situation has not improved in Nigeria, despite the huge resources successive governments invested in the sector, challenging the Federal government to ensure that its gas master plan see the light of the day. The master plan is aimed at boosting electricity to the manufacturing sector and the people.

According to him, the Federal government must be up and doing to resolve all labour issues that may hamper complete privatization of the sector.

Tella, however expressed the need for all the grey areas in the petroleum industry bill currently before the National Assembly to be resolved and pass into law in order to spur the growth of the nation’s oil and gas sector.


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Cybervergent Expands to Three New Markets

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Cybervergent has launched version 3.0 of its artificial intelligence (AI)-native posture management platform and expanded operations into Kenya, Ghana, and SA.

The move, according to the company, introduces automated risk verification for enterprises and aims to position Africa as a force in digital governance technology.

It goes on to say the latest platform upgrade introduces continuous posture management, replacing traditional point-in-time governance, risk, and compliance reporting with real-time verification systems.

An AI engine independently verifies 99.9% of audit and monitoring findings before they appear on enterprise dashboards, according to Cybervergent.

It says risk management, compliance, audit, and data security operations are integrated into a unified system built for cloud and on-premise environments.

According to  Cybervergent, the platform maps more than 4 500 controls across frameworks, including the Nigeria Data Protection Act (NDPA), International Organisation for Standardisation (ISO) 27001, and System and Organisation Controls (SOC) 2.

Cybervergent says the rollout of its first South African customer validates the platform’s readiness for highly regulated enterprise markets and strengthens its expansion strategy across Africa’s leading technology and financial hubs.

The company is also adopting a channel-first deployment model, working with local partners and system integrators in Lagos, Accra and Johannesburg to scale verified security infrastructure for enterprises navigating increasingly complex regulatory demands.

“We built verification into the architecture,” said Ayomide Daniels, co-founder and chief scientist at Cybervergent. “If a finding is not traceable back to source documentation, it does not reach the dashboard.”

Cybervergent rebranded from Infoprivacy in late 2023 to reflect its shift towards AI-automated cybersecurity.

The start-up previously focused on data privacy compliance in the West African market before pivoting to its current integrated posture management model.


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FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

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Federal Government has directed recipients of honorary doctorate degrees to stop using the title “Dr.” before their names, as part of efforts to protect the integrity of academic qualifications and curb the misuse of honorary awards.

FG Bans Honorary Degree Holders from Using ‘Dr’ Title, Warns of Academic Fraud

Minister of Education, Tunji Alausa

Minister of Education, Tunji Alausa, announced the directive after the approval of the new policy by the Federal Executive Council (FEC).

Alausa said the measure was necessary to address the growing abuse, commercialisation and politicisation of honorary degrees in some tertiary institutions across the country.

He explained that honorary doctorates are symbolic recognitions of outstanding contributions to society and do not equate to earned academic qualifications obtained through rigorous study, research and examination.

“Recipients of honorary doctorate degrees are not entitled to use the title ‘Dr.’ as a prefix to their names in official, professional or academic engagements,” he said.

According to the minister, awardees may instead indicate the honorary distinction after their names using formats such as D.Litt (Honoris Causa), LL.D (Honoris Causa) or other approved honorary designations.

Under the revised policy, only universities with active doctoral programmes will be permitted to confer honorary doctorate awards.

The government also restricted recognised honorary awards to four categories: Doctor of Laws (LL.D), Doctor of Letters (D.Litt), Doctor of Science (D.Sc), and Doctor of Humanities (D.Arts).

In addition, all honorary degree certificates must clearly carry inscriptions such as “Honorary” or “Honoris Causa” to distinguish them from earned academic degrees.

The minister warned universities against indiscriminate conferment of honorary degrees, noting that institutions found violating the directive would face sanctions from the National Universities Commission and the Federal Ministry of Education.

He said the policy was part of broader reforms aimed at restoring credibility to Nigeria’s higher education system and ensuring academic titles are not misrepresented for personal, political or financial gains.

Observers say the development could reshape the long-standing culture where public office holders, business executives and celebrities often adopt the “Dr.” title after receiving honorary awards.


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Africa Fintech Revenues to Hit $65 billion by 2030 – Report

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African fintech revenues are projected to expand 13-fold to approximately $65 billion by 2030, marking the continent as the world’s fastest-growing digital finance market.

The “Beyond Payments: Unlocking Africa’s Second FinTech Wave ” report, released by Boston Consulting Group at the Inclusive FinTech Forum in Kigali, indicates the sector is shifting from transactional inclusion to scalable, infrastructure-driven systems.

While Sub-Saharan Africa accounts for 74% of global mobile money volume, more than 50% of lending still occurs through informal channels, representing a massive gap for B2B payments and data-driven underwriting.

The opportunity now is to convert scale into sustained, institutional-grade growth, says the report. Markets offering regulatory clarity and interoperable infrastructure are becoming increasingly attractive to long-term capital.

Rwanda is highlighted as an example of deliberate institutional coordination that lowers the cost to scale for financial institutions.

Forward-looking regulation and the License Passporting Memorandum of Understanding between Rwanda and Kenya are cited as practical steps toward easing regional expansion.

Financial centres like the Kigali International Financial Centre play a critical role in this next phase by reducing uncertainty for banks and investors.

By combining regulatory clarity and Pan-African integration, they reduce uncertainty for banks, fintechs, and investors, and help position markets as credible, long-term investment destinations.

Africa’s next fintech phase will be led by financial institutions, the report notes. It goes on to say banks and regulated entities are becoming the primary customers of digital financial infrastructure, demanding platforms that align with their risk frameworks.

The report identifies five institutional priorities to sustain momentum: interoperable infrastructure, data-driven credit, regulatory coherence, trust, and resilience.

Building seamless wallet-to-bank integration will enable more efficient value movement, while transforming transaction data into AI-enabled underwriting models will help bridge the gap in SME lending.

Proportional licensing frameworks and predictable supervisory practices will lower the cost to scale for innovators. Furthermore, expanding cybersecurity capabilities will ensure the ecosystem remains reliable as digital usage grows.

Africa has demonstrated that fintech scale is achievable, and the next decade will be shaped by those markets that strengthen their institutional foundations, the report concludes.

 


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