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Dogara, Reps Speaker Canvasses for Federal Competition Commission

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Yakubu Dogara, speaker of the House of Representatives, has said that the establishment of the Federal Competition and Consumer Protection Commission, passed by the House will help pull Nigeria out of recession.

According to a statement signed by Turaki Hassan,  his special adviser on Media and Publicity, Dogara stated that the two economic bills, Public Procurement amendment bill and Competition bill passed by the House are designed deliberately to midwife Nigeria out of recession.

“Competition regulation impacts positively on production of goods and services, they, in themselves, engender competition in an economy. Where you have an economy where key players, all players are not competing but colluding, there is no way that economy can deliver innovation because whether you compete or not, you can still sell your products with some kind of good profit, so you are not bothered about what goes on there,” he said.

Dogara maintained that for any market to deliver innovation, it must be competitive.

“The essence of this regulation, therefore, is to make our markets competitive in the sense that if you look at our markets, be it the telecommunications or the pay TV market, etc, consumers are dealing with a monopoly price and the reason is that there is no regulation guiding competition in our markets,” he added.

The Speaker stated that when established the commission will kick-start true competition in the market that may lead to lowering of prices and it will also have the capacity to engender innovation and make our markets competitive.

He also allayed fears that the Bill as passed by the House seeks to punish monopolies or those with considerable market power.

“That is not the essence of the Bill. As a matter of fact, some businesses are better carried out by a monopoly, but what the Bill seeks to achieve is to punish those who have powers of monopoly, or who have considerable market power in any given market, where they abuse that power,” he added.

The Speaker stated further , “If you act in a way that distorts competition in the market, whether you are a monopoly or not, you will be punished and on Consumer Rights, it proposes that anyone who contravenes any consumer rights commits an offence and is liable upon conviction to imprisonment of a term not exceeding five years or the payment of a fine not exceeding ten million naira (N10m).”


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CSCS Sensitizes Financial Market Stakeholders on Cyber-Security

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Central Securities Clearing System (CSCS) Plc, Nigeria’s capital market infrastructure, sustains cyber-security advocacy as it sensitizes financial market participants on rising rate of cybercrime.

In a webinar organized by CSCS, financial market stakeholders, including bankers and capital market operators dialogued on innovative measures for preventing cybercrimes, dire need for increased campaign and exigency of collaborative investments to reign the rising rate of cybercrime.

The online event themed “Cyber Security and Information During the Pandemic” was lauded for its timeliness, as COVID-19 pandemic and attendant remote connections may have increased cyber-security risks in many organizations, particularly as the crime rate surges globally, with rising exposure of financial services institutions in Nigeria and the broader African continent.

The event which was widely attended with participants from the banking sector, capital market and public service, had Mr. Tobe Nnadozie (Divisional Head, Technology and Innovations, CSCS Plc), Mr. Bharat Soni (Chief Information Security Officer, GTBank Plc) and Mr. Ikechukwu Ugoji (Chief Information Security Officer, Interswitch Limited) as panelists.

Speaking on the event, Mr. Haruna Jalo-Waziri, the Chief Executive Officer, CSCS Plc, noted that “cybersecurity is a collective effort and everyone must play their role to preserve the integrity and sanctity of the financial market.

The pandemic and its attendant remote connections occasioned by business continuity and work-from-home protocols have increased exposures to cyber-security risks and some businesses may have suffered colossal losses due to cyberattacks since the pandemic.

More than ever, cyberattacks are like a double whammy at this challenging time when businesses are re-strategizing to adapt to the new normal and ensure sustainability.”

Mr. Femi Onifade, the Chief Strategy Officer, CSCS Plc reiterated the CEO’s perspective, noting that “a breach on any market participant’s network may inadvertently expose the entire system, thus reinforcing why we must collaborate to prevent any vulnerabilities in the financial system and why all participants and stakeholders must take active and effective measures in ensuring and sustaining cyber-resilience.”

While speaking at the event, Mr. Bharat Soni said, “new work culture has expanded remote activities and cloud capabilities to an unprecedented level, thereby making businesses more vulnerable to cyber-attacks such as online scams and phishing, disruptive malware, malicious domains amongst others.

Hence, the use of strong authentication for accessing networks would no longer be an option but a necessity.” He concluded that “Awareness of the new realities of safe cyber practices need to be communicated to employees, partners and customers so that they can remain aware of the evolving cyber threat and how to best protect themselves and their organizations”.

In the same vein, Mr. Ikechukwu Ugoji said, “over 90% of cyber breaches are facilitated by phishing email or social engineering attack and that every employee is a first-line of defence against incoming threats and employees must be made to understand their vital roles and responsibility in protecting the organization.”

On his part, Mr. Tobe Nnadozie, posited that “the pattern of spend on cybersecurity shows clearly that organizations are making relevant investments to protect their systems and broader market, albeit sadly, lack of vigilance is the leading cause of breaches”.


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Muoghalu, Kukah Headline ARCAN Lectures

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Association of Retired Career Ambassadors of Nigeria (ARCAN) has lined up a two-week long, five-lecture series to commemorate the 60th Independence Anniversary of Nigeria.

Muoghalu, Kukah Headline ARCAN Lectures

Ambassador Joe Keshi

The lecture series scheduled to commence from Tuesday September, 22 through to Tuesday, October 6 2020 is themed Nigeria @ 60- The Journey So Far.

Dr. Kingsley Muoghalu, former Deputy Governor of Central Bank of Nigeria, CBN, and a presidential candidate during the 2019 presidential election is expected to kick off the lecture series on Tuesday. He speaks on the topic: Nationhood, Development and Democracy in Nigeria.

Other speakers include the highly revered Bishop Matthew Hassan Kukah who would be speaking on Thursday, September 24 on the topic: 60 years of Nigeria’s Journey to Democracy: Hopes and Impediments.

Dr Vanessa Iwowo, an award-winning management scholar takes the stage on Monday 28 September, 2020 and she would dwell on the topic: [email protected]: Leadership, Democracy and the Politics of Identity.

Tuesday, 29th September, 2020  would be the turn of political activist and scholar Dr. Usman Bugaje to explore the topic: 60 years of Nation-Building: The Management of Our Diversity, Resources and Nation-Building.

Erudite scholar and specialist in International Relations, Prof W. Alade Fawole, is billed to speak on Tuesday 6th October, 2020 on the topic: Nigeria in International Affairs: Prognosis for the next Sixty Years.

The host, Ambassador Joe Keshi, said remarks would be made by an array of eminent Nigerians including ARCAN President, Amb J.K Shinkaiye, ARCAN’s Doyen , Amb Ignatius C. Olisemeka and other eminent Nigerians and diplomats.

According to Keshi, “the series will review the state of our nation in the last 60 years and how the lofty dreams of our founding fathers of building a just and equitable nation where no man is oppressed can be truly attained.

“Additionally, it will review the impact of domestic policies on our foreign policy pursuits and engagement, and above all, offer a futuristic vision of what our foreign policy priorities in the next 60 years should be like,” he said.


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Ene-Obong, CEO of 54gene Selected as Endeavor Entrepreneur

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Endeavor has welcomed a new entrepreneur into its global network; Dr. Abasi Ene-Obong of 54gene, was selected as an Endeavor Entrepreneur on September 17, 2020.

54gene is a health technology company whose mission is to advance precision medicine capabilities in Africa through research, advanced molecular diagnostics and clinical programs. 54gene joins 10 other Endeavor Entrepreneur-led companies in Nigeria, and over 1,300 in Endeavor’s 37 markets across Africa, Latin America, Asia, Europe and North America.

Endeavor is a mission-driven organisation that is leading the global movement for high-impact entrepreneurs and their companies. Endeavor Nigeria selects, mentors and accelerates the best high-impact entrepreneurs in the region, supporting them to scale their companies and drive economic growth.

As well as 54gene, this year, Endeavor has welcomed the founders of Daystar Power, Migo and Kobo360 into its local and global network.

Africa is home to the most genetically diverse population in the world. However, less than 3% of the continent’s genomic data is available for research purposes making it a potentially rich source of new genetic information used for medical discoveries.

54gene is solving this challenge and equalising the access to precision medicine through the advancement of the state of healthcare in Nigeria and on the continent. This is being achieved through local clinical research programs and advanced molecular diagnostics.

“54gene is a critical part of the continent’s push to equalize access to precision medicine for millions of Africans. The rapid pace at which the company has scaled over the past year is testament to Dr. Abasi Ene-Obong’s leadership, his drive and talented team.

He is an inspiration to other high-impact entrepreneurs in Nigeria and we are thrilled to welcome him into the Endeavor network.” Says Eloho Omame, Managing Director & CEO of Endeavor in Nigeria.

Since launching in 2019, 54gene has scaled its operations in generating novel insights in human genetics research that will lead to high impact health discoveries. At the onset of the COVID-19 pandemic in Nigeria, 54gene raised funds to increase the country’s testing capacity and launched mobile laboratories across 5 Nigerian states.

The company has raised $21 million in investment and also launched the African Centre for Translational Genomics (ACTG) to fund the study of Non-Communicable Diseases in 100,000 Nigerians.

In September of this year, the company announced a partnership with Illumina to establish a world class genomics facility in Lagos, Nigeria, which will help expand its sequencing-based research and molecular diagnostics offering.

Dr. Abasi Ene-Obong, CEO and Founder of 54gene, says, “It is an absolute honour to be selected as an Endeavor entrepreneur. We started 54gene to significantly improve the inclusion of African populations in global genomics research and I am glad to see our work is being recognised.

“Our mission is to continue driving innovation and change in research and I look forward to the opportunities that arise as a result of being supported by the global Endeavor network in expanding 54gene’s impact globally.”

Dr. Abasi Ene-Obong was successfully selected as part of a cohort of 9 entrepreneurs from 6 markets. With the recent addition of 54gene, Endeavor Nigeria now supports 17 entrepreneurs who lead 11 scale-up stage companies in Nigeria, spanning lifesciences, fintech, renewable energy, entertainment, logistics and retail.


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