General News
e-Commerce: Call to Rescue SMEs’ Data Genocide
By Dr. B. B. Usman
Many billions of data sets are entangled and suffocated in SMEs’ business value chain. This scenario is creating enormous problem to leveraging e-Commerce for economic development, provision of jobs and creation of wealth.
Post COVID-19 pandemic issueshave disclosed that,‘unless we consciously promote and empower e-Commerce in Nigeria, the consequences may result to the annihilation of SMEs’! Indeed, without a well-structured and resilience SME segment, there may be no viable trade and commerce platform for constructive intervention toattain our sustainable development goals.Gains from e-Commerce can write the cheque to significantly assist in revivingour dying SMEs and reduce youth employment in Nigeria.
This is possible, if we can intelligently provide the framework to secure and analyse related data sets that gets missing in action by policy makers each day.The phenomenal data genocide observed in our trade-ecosystem, if rescued, can create millionsof jobs; as well as value chains of wealth for the country. It will also renew lost hope for the disillusioned youths,their families and indeed contribute positively to the GDP.This calls for a proactive National e-Commerce policy and devoted strategies to energize indigenous business empires.
Unarguably, the biggest problem we face in Nigeria/Africa is leveraging evidence-based data for accelerated development and economic advancement. For want of an equitable expression, with respect to e-Commerce analytics; it appears we are annihilating data required for the growth and security of life.In other words, our concern should now be focused on exploring if we are not facing e-Commerce data genocide in Africa?
It is significant to note that data genocide contributes to catastrophic e-Commerce poverty in Nigeria/Africa.This is against the background of the energy status in the production and development processes of the wealth creation value-chain. For example, reliable data informs that the total energy consumption required for the advancement of education, shelter, trade and security in Africa is equal to the total power generation and consumption volume in the Republic of Spain!
Therefore, this is the right time to empower mega e-Commerce companies in Nigeria.
To achieve this, the smart economic approach is to urgently start trade recovery investment to rescue millions of small-scale SMEs currently on life support and dying out there. In the United States, for example, over 480,000 of small-scale enterprises have gone under! SMEs represent the economic backbone of mega enterprises and sustainable mechanism for effective governance and national security-of-things. Reliable estimatesindicate that if an e-Commerce outfit such as Konga in the Zinox Group and others are empowered to create physicalmarket distribution presence in the 36 States; the stimulant intervention will energise the creation of 20,000 new small-scale enterprises with capabilities to create over five million jobs and related activities in the trade, commerce and logistics industries. In a span of 24 calendar months; e-Commerce enabled solar energy to millions of homes will produce three million employment avenues for Nigeria.
Post-pandemic reality has now cleared the air that the world can now anticipate a 276.9% increase in worldwide ecommerce sales over the most-recently tracked period (cumulative data). However, many business owners and investors are vigorously scratching their heads and strategizing on how to participate and scale into that magic number adding up to $4.7 trillion; where e-Commerce has a sizeable chunk in the market playbook.How can Nigeria’s e-Commerce domain benefit from the emerging market?
Today, the term going global has become almost meaningless. The irony is that all nations, business and everything in-between are dreaming of going global. Whereas, this is an illusion, because the world is intertwined and already gone global. The new challenge is that some geographical spheres are dreaming of rebuilding traditional trade fences – domestically!Nevertheless, the Harvard Business Review recently informed that:“Business leaders are scrambling to adjust to a world few imagined possible just a year ago. The myth of a borderless world has come crashing down. Traditional pillars of open markets — the United States and the UK — are wobbling, and China is positioning itself as globalization’s staunchest defender.”
Currently, the majority of the world’s entrepreneurs/CEOs recognize that Big-Data holds the key to discovering and recovering the abundant wealth in Africa. But without evidence-based predictive analysis, the e-Commerce benefits will perhaps remain a pipe dream. Now, how can we propel African e-Commerce to the next level and at the same time limiting the risks?
Historically, Africa had been a mega trading continent. And to date, Africa remains a trading destination continent – reminding us about Mansa Musa of old Mali Empire and the gold riches. The recorded fame of Musa I. (c. 1280 – c. 1337), or Mansa Musa, apart from his kingship background, was entirely due to his ingenuity in trade and commerce. Little wonder he has been described as the wealthiest individual in all human history.But today the continent has been inundated with several challenges – limiting her trade development potential and innovation. Visibly noticed as central to Africa’s development challenges are technology and related trade and commerce infrastructure. The good news today is, the same technology phenomena infested by digital transformation is igniting Africa with e-Commerce revolution.
It is evident that, this revolution is happening at the speed of thought while Africa’s data rate of response to digital commerce is better described as unacceptable snail speed that leads to nothingness. Ironically, the continent still harbours a major chunk of the global wealth. The resilience to conquer those challenges lie on the capability and mastery of e-Commerce delivery and services.What constitutes the beneficial substances of re-imagining the Nigerian trade and commerce model? Numbers speak. According to WTO,‘‘Africa is undergoing a remarkable energy transformation. But African governments and their international partners must accelerate that transformation if we are to achieve our collective ambitions. Access to clean modern energy, especially in Africa, where 620 million people have no electricity, is critical to the success of global efforts to tackle poverty.’’
One critical factor stands out, andthat is, digital infrastructure to promote e-Commerce and energize multi-sectoral market segments.
The telecoms infrastructure support to e-commerce logistics and service delivery remains a strategic imperative. The INFRACO initiative targeted at the telecoms section holds a great promise, if the investment assurances are strategically put into action as a post COVID-19 pandemic recovery plan. This is critical, especially if channelled in partnership with experienced and trustworthy development groups. Again, a good example of such dynamic groups in Nigeria isthe Zinox Group where Konga qualifies and fulfils the expectations of showcasing reasonable equity to eliminate financing gaps. This can be achieved by concentrating such investment into digital innovation solutions. On the long term, as demonstrated by InfraCo Africa, Infraco model investment championed by proactive Government financing reduces identifiable risks and costs of implementation. Not only that, it goes a long way to ensure project reliability and standards that fulfils the expectations of sustainable development Goals (SDGs).
Looking at 2050, what will become of our post COVID-19 economic outlook, without a dynamic and health e-Commerce ecosystem? A very lucid question indeed! Will the digital evolution validate the known adage that; “when the poor have nothing more to eat, they will consume the rich”? This is the time to act. We must not allow the looming digital tsunami to consume our trade and commerce missions. There will be great consequences,if that is allowed to happen.We must avoid travelling back in timefrom digital divide tothe invisible traps of the emerging digital poverty!
Let there be action. The nation is at war with the COVID-19 pandemic. The vaccines are knocking at the door. Now, the central concern is how to empower the youth to engage and own the emerging digital knowledge ecosystem. This can be doneby instituting a special national cluster for Nigeria’sDigital Transformation Innovation Readiness for Nigeria. The first line of action is creating and reconstructing a digital transformation movement mindset and political will to defeat consumerism, corruption and enthrone bold philosophies of prioritizing merit for advancement in science and technology-enabled manufacturing. Nigeria must lead this complex mission in the combat of global digital knowledge acquisition to drive trade and commerce and succeed.
E-Commerce has the magic to facilitate the sustainable development of Africa’s youth employment and digital wealth creation. This agendaincludes re-imagining national economic development and corporate governance pathways;while fast-tracking government mandatory responsibilities through proactive intervention strategies. It also includes the conscious responsibility to analyseour environment, communication and digital divide challenges in Africa and prepare for the world of AI, which includes raising a future digital army for national and continentalsecurity.
Refocusing our development from figurative oil-based data to digital commerce transformation information system is the panacea for migrating the nation from an economy that generates an internal revenue of $9 billion as against $39billion import to register $trillion trade export numbers as a meticulous enterprise out of Africa.Moving forward, there should be no further excuses for Africa with her large population and market to continue failing digital exams repetitively; sitting in the same class of knowledge advancement! The new and profound dream must commence now. Our entrepreneurial-mind treasure is capable and must advance our success agenda from the euphoria of self-celebration to being celebrated by the world.
Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
The trial of three employees of Wema Bank Plc and four others accused of orchestrating N8.9 billion cyber heist has been stalled due to the Eid-el-Kabir public holiday.
Economic and Financial Crimes Commission (EFCC) had arraigned the bank staff—Samuel Asiegbu, Fabian Onyeimachi, and Kingsley Kejim—alongside four alleged accomplices: Hannah Okunlola Adesokan, Hamza Zakariya, Achionu Ubaku, and Sunday Osademe, before Justice Chukwujekwu Aneke of the Federal High Court in Lagos on May 25, 2025.
The seven defendants face an eight-count charge bordering on conspiracy, cybercrime, and obtaining money under false pretences. They were accused of hacking into Wema Bank’s computer systems in January 2025 and unlawfully transferring N8,568,090,500 to various accounts.
According S.O. Larry Peters, counsel, EFCC, the defendants acted in concert with two other suspects—Nurudeen Ibrahim and Alhaji Sulaiman—who are currently at large. The syndicate allegedly manipulated the bank’s data using sophisticated digital tools to cause financial loss and confer illegal economic gains on themselves.
Peters further revealed that two of the defendants—Hannah Okunlola and Sunday Osademe—provided personal bank accounts for the illicit proceeds. Investigators traced N199 million to Okunlola’s UBA account registered under Search Light Media Concept, and N2.25 million to Osademe’s Union Bank account.
The offences, according to the charge sheet, violate Sections 6(2), 8, 14(1), 14(5), and 27(1)(a) of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2015, as well as Sections 17(a)(b) of the EFCC Establishment Act, 2004.
All seven defendants pleaded not guilty. Following their plea, the court remanded five of the accused in the custody of the Nigerian Correctional Services, while Kingsley Kejim continued on existing bail terms.
The court granted a special request by defence counsel to remand Hannah Okunlola in EFCC custody due to medical concerns.
Justice Aneke had adjourned the matter to June 6, 2025, for commencement of trial. However, due to the nationwide Sallah holiday declared by the federal government, the proceedings could not go ahead as scheduled.
A charge reads: “That you, Samuel Ihechukwu Asiegbu, Ejim Kingsley Kelechi, and others now at large, in January 2025, conspired to alter Wema Bank data to cause the loss of N8.568 billion in order to benefit economically, thereby committing an offence under Section 27(1)(a) of the Cybercrimes Act, 2015.”
The case has drawn significant attention as one of the most audacious cybercrime cases involving bank insiders in Nigeria’s recent history.
The 2025 Ojude Oba celebrations kicked off on Friday evening with “Evening with Glo,” a special event organized by Globacom and headlined by Juju music legend Evangelist Ebenezer Obey Fabiyi and Fuji maestro Wasiu Ayinde Marshall (KWAM 1)
This year marks a significant milestone: Globacom’s 20th anniversary as sponsors of the Ojude Oba festival, an event it has helped transform into a globally recognized cultural spectacle.
The “Evening with Glo” was a vibrant mix of live music, delicious food, and captivating comedy from Gbenga Adeyinka, Bash, and Kiekie. The Conference Hall venue was packed as guests enjoyed more than two hours of Ebenezer Obey Fabiyi’s timeless hits, with the audience singing along and dancing.
Globacom organized the event as a gesture of appreciation to the Ijebu community for their unwavering support over the past two decades of the Ojude Oba festival. “We decided to bring together great sons and daughters of Ijebuland to celebrate our shared heritage, and indulge in the melodious rhythms that resonate deeply throughout Yorubaland,” the company stated.
The company explained their choice of musical icons, noting that the “ageless icon and Juju music maestro, Chief Commander Ebenezer Obey, has contributed decades of good, sonorous and philosophical songs to our society. His songs are still as fresh and full of inspirational messages as they were yesterday.”
Regarding KWAM 1, the company highlighted that “For decades, King of Fuji, K1 De Ultimate, the Fuji master, has been a great part of the music firmament in Nigeria, with his unique brand of Fuji that has elicited huge interest.”
The event saw a strong turnout of prominent Ijebu figures, including the Olori of Oba Awujale, Chief Mrs. Olukemi Adetona; the Coordinator of Ojude Oba Festival Planning Committee, Professor Fassy Yusuff; and a committee member and Iyalode of Ijebuland, Chief Mrs. Bisi Osibogun.
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