News
Ex-NITDA Director Kemabonta Joins African ICT Foundation Executive Council
Dr. Inyi kemabonta, former director of Standards and Regulation in Nigeria Information and Technology Development Agency (NITDA) and a World Bank Consultant on Nigeria’s Digital Economy, has joined the Executive Council of the African ICT Foundation (AfICTF) as Policy and Regulatory Affairs Director.
According to a statement from Mr. Tony Ojobo, president of the Foundation and Chairman of the Board of Trustees, announcing his appointment, Kemabonta will amongst other functions provide vision and leadership in the development of AfICTF’s strategy and policy work concerning ICT Policy in Africa and include regular speaking engagements at industry conferences/events globally for the Foundation.
He said Kemabonta was appointed into the Executive Council of the Foundation in line with the existing template of appointment introduced by the founders of the Foundation in 2009 following nomination by watchers of the ICT/Telecoms industry in Africa.
Kemabonta is an Information Technology Attorney, Consultant, Public Speaker and Trainer. Over the last two decades he worked in both the Legislative and Executive Arms of government during which he chaired and served on several developmental initiatives in the Nigeria ICT industry including the Federal Government program on ICT innovation and entrepreneurship in 2012.
He helped to develop several policies and regulations, among which is the Local Content Initiative in ICT, which have shaped the Nigerian ICT industry.
He has worked on several pieces of legislation for the Nigerian government, such as the Cybercrime Bill, Electronic Transaction Bill, Public Key Infrastructure Regulation, Data Protection Bill, and the NITDA Act of 2007.
He has represented the Nigerian government at several international technology events, including ICANN.
His pioneering work, along with other professionals,in the ICT space for the Nigerian government helped in the establishment of the Nigerian National Information Technology Development Agency (NITDA), the Nigerian Internet Registration Association (NiRA) and several industry platforms in ICT.
Kemabonta was the Director of Standards and Regulation in NITDA until 2014. He was also the pioneer National Coordinator of the Office for Nigerian Content in ICT during which he set up and implemented the legal and institutional framework for the development of an indigenous ecosystem in ICT across the spectrum of human capital, infrastructure, software, hardware and services.
He has a deep understanding of the workings of Information Technology in the Public Sector
In his acceptance letter to the Board, he said Africa has so much potential and opportunities in ICT saying that Information Technology Regulation and Policy Development are areas where a lot can be achieved in a short time and in a sustainable manner.
“I am eager to begin work on a pet project: Africa’s Digital Transformation through Regulation and Policy Development” using my position as a Director. Nigeria might be a good starting point for the project. An aspect of the project is “Computer in Every Home Campaign” which I am eager to kick start as soon as possible”, he said.
He currently consults for the World Bank on Nigeria’s Digital Economy, and is a Regional Representative of AfICTA on the African Union Policy and Regulation Initiative for Digital Africa (PRIDA) train-the-trainer program.
Apart from ICT, Law and Behavioural Sciences, his professional and academic background includes Communication, Industrial Relations and Human Capital Development.
He conducts trainings in Transformational Leadership, ICT Regulation, Business and Developmental Communication, Negotiation Skills and Knowledge Management.
News
NELFUND Says UTME, NIN, BVN Mandatory for Student Loans
Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.
Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.
The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.
“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.
He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.
According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.
The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.
He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.
Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.
On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”
News
Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC
Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.
The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.
This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.
Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.
In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.
The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.
These funds will be utilized to reduce debt.
Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.
This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.
The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.
Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.
In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.
This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.
With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.
News
Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge
Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).
According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.
From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.
Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.
It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.
In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.
As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.
As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.
With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.
The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.
Despite this defeat, Darwish remains an important figure in the worldwide telecom business.
IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.
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