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FITC Partners CFA to Host National Economic Development Outlook

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FITC in collaboration with CFA Society Nigeria, has organized the second edition of the National Economic Development Outlook Series (NEDS) 2023, to equip individuals and organizations with a firm understanding of the macro-economic environment in Nigeria and how to win under the circumstances.

The virtual event held recently, with a cross section of speakers, panellists, local and international economists, and participants across the financial services industry, including banking, insurance, securities markets, and industry regulators, who came together to share and learn contemporary insights on the programme theme; “What Next for Nigeria’s Economic Growth? Overcoming Inflation, Rising Interest Rates, Debt and Uncertainty”.

In her welcome address, Chizor Malize, the host, and Managing Director/CEO FITC, stated that the NED series is one of the Institute’s visionary programmes, that brings together significant personalities to deliberate on the issues that are critical to the nation and its economy and to provide business insights for organizations to steer and navigate the unique and precarious economy.

Ibukun Oyedeji, President of the CFA Society, Nigeria, reiterated the focus of the event, which deliberated on economic issues, overcoming inflation, Nigeria’s rising debt profile, the outlook on fixed income, equities, Monetary Policy Rate, the Finance Act 2023, its implementation and the comparison of it to the prior Finance Acts in Nigeria.

Dr. Ayo Teriba, Chief Executive Officer (CEO), Economic Associates, delivered the keynote address, which he anchored on the Federal Government 2023 Budget. He stated that the current reality is that the world is in the eye of the storm, the ripples of the geopolitical tensions have presented the global landscape with the perfect storm in which both the income statement and the balance sheet are in turmoil.

In his remarks, Tilewa Adebajo, CEO, The CFG Advisory, stated that Nigeria spent millions of naira on subsidies in 2022, buttressing that if these monies were pumped into the economy, instead of being used on subsidies, there will be a positive impact especially on the nation’s deficit. He also stressed the need for structural reforms of the Nigerian economy.

Building on Adebajo’s remarks, The MD, RMB Nigeria Asset Management, Kike Mesubi further reinforced the need to remove subsidy, noting that the amount spent on subsidy can be injected into the real sector of the economy, like infrastructure and real estate.

“As it stands a huge sum from oil produce is spent towards subsidies, if that goes off, that is additional money to develop the economy and will ultimately increase the revenue that has been budgeted for the year” she said.

Partner, PwC, Mr. Kenneth Erikume speaking on tax revenues, commended the efforts of the FIRS in ensuring the tax administration process is digitized, while also introducing some reforms around taxation of non-residents, introduction of VAT collection, by digital service companies, thus growing tax revenue from 6.4 trillion in 2021, to 10.1 trillion in 2022, a 58% increase. He further analyzed this and noted some risks in performance for 2023.


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Krishnan Exits Africa Data Centre to Embark on Professional Chapter

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Dr. Krishnan Ranganath, the hitherto Regional Executive – West Africa at Africa Data Centres (ADC), Africa’s largest network of interconnected, carrier- and cloud-neutral data centre facilities, has moved on from the company after half a decade of record growth.

This was confirmed in a LinkedIn post, where he noted that after more than five years of transformative leadership, he is signing off to embark on a new professional chapter.

Reflecting on his tenure, Dr. Ranganath noted that the journey was defined by resilience and a commitment to building infrastructure designed for the future.

“What started as a mission to navigate the complexities of a new market has evolved into a chapter of immense growth. We didn’t just build data centres; we built the foundation for West Africa’s digital future. I am immensely proud of the culture of operational excellence we’ve fostered and the milestones we have achieved together,” Dr. Ranganath said in a message to our inquiry.

Dr. Ranganath joined ADC during a pivotal era, tasked with establishing the brand as a formidable challenger in the competitive West African market. Under his guidance, the region evolved from a bold experiment into a definitive powerhouse of digital infrastructure, moving from the installation of its first rack to becoming a trusted, well-established partner in the colocation and cloud services space.

During his five-year leadership, Dr. Ranganath managed several key strategic pillars. He led market entry and expansion by navigating complex regulatory and environmental landscapes to turn regional challenges into competitive advantages. He also drove infrastructure excellence by scaling operations from foundational setups into a high-capacity, well-established powerhouse. Finally, he provided cultural leadership by building a high-performance team from the ground up that balanced strategic breakthrough with a collaborative, human-centric work environment.

In the emotionally-laced message, Dr. Ranganath extended his gratitude to the ADC team, describing them as the heartbeat of the company’s success in West Africa. “To my team and colleagues: thank you for the late nights and the strategic breakthroughs that fueled our progress. I leave with great memories and a sharp focus on what’s next.”

While Dr. Ranganath has not yet revealed his next destination, he encouraged his professional network and industry stakeholders to stay tuned for the announcement of his upcoming ventures.


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Leo Stan Ekeh at 70; thanks Tinubu, Obasanjo, Nigerians, Global Tech Community

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Leo Stan Ekeh, Chairman of Zinox Group and Africa’s foremost digital disruptor, has expressed gratitude to President Bola Ahmed Tinubu, and former President and African statesman, Chief Olusegun Obasanjo, for their goodwill messages and prayers on his birthday.

Leo Stan Ekeh at 70; thanks Tinubu, Obasanjo, Nigerians, Global Tech Community

Ekeh, who turned 70 on Sunday, February 22, also extended gratitude to governors; former governors, including Babatunde Raji Fashola, former governor of Lagos state; National Assembly members; captains of industries, members of the global tech community, some of whom sent delegations to his house aside virtual goodwill messages sent from across the globe; royal fathers and the media.

In a post-birthday prayer and thanksgiving meeting with some members of the ICT media in his Ikoyi residence at the weekend, Ekeh said he was overwhelmed by the deluge of good wishes from Nigerians of all tribes and tongues.

Ekeh reflected on his relationship with President Tinubu over the past decades, describing Tinubu as a trustworthy and loyal friend who does not hesitate to make sacrifices for the good of the people he leads.

“President Tinubu has been my supporter long before I launched Zinox. He has always shown brotherly love,” he recalled.

He mentioned Mr. Sam Amuka, publisher of Vanguard newspapers; Lt. General T.Y Danjuma (retd), Founder, South Atlantic Petroleum; and Pa Obafemi Awolowo’s family as some of the many Nigerians with established companies who “experienced me and trusted me in the early days of my business life, and I didn’t disappoint”.

Recounting how Nigerians celebrated him on his birthday, he said: “In all my years, I have never seen such a show of love from Nigerians via different communications channels, from calls to social media. I was deeply touched by the kindred spirit of Nigerians. It tells me one thing: Nigerians are caring and loving people, and they appreciate quality and value-driven impact.

“I want to use this medium to say ‘thank you’ to those who sent me messages of goodwill, prayers through different communication platforms that I could not immediately acknowledge. I appreciate you all,” he said.

It will be recalled that President Tinubu while celebrating Ekeh on his birthday described him as one of “Nigeria’s pioneering innovators in the information technology sector.”

The President also commended Ekeh for his “commitment to promoting the Nigerian brand and creating opportunities for young Nigerians,” amongst his other achievements in the tech sector.

President Obasanjo, accompanied by his wife, Chief (Mrs.) Bola Obasanjo, who visited Ekeh to pray for him, described Ekeh as a “very kind man and an achiever who inspired many youths at a critical point in Nigeria’s information technology history.” He also prayed for the Zinox Group boss to live for 100 years and beyond.

As a sitting President, Obasanjo honoured Ekeh as an Icon of Hope and a role model for Nigerian youths on October 1st, 2001, and subsequently with the national honour of the Officer of the Federal Republic (OFR).

Others who joined Obasanjo in honouring Ekeh were former Lagos state governor, Babatunde Raji Fashola and his wife, former INEC Chairman, Professor Maurice Iwu and his wife, Chairman of MTN, Dr. Ernest Ndukwe and his wife; Mr. Atedo Peterside, Founder of Stanbic IBTC Bank and his wife; Chairman of Fidelity Bank, Mrs. Amaka Onwughalu and her husband; Managing Director Fidelity Bank, Dr. Nneka Onyeali-Ikpe; Mr. Udoma Udo-Udoma, Chairman Seplat Energy and his wife; Mr. Sam Amuka; Prof Anya O. Anya; Mr. Chris Uwaje, tech policy expert and his wife; Mr. John Momoh, Chairman of Channels Media Group and his wife; Mr and Mrs Walter, CEO of Providus bank, Mr. Roosevelt Ogbonna, group CEO of Access bank, Mrs. Victoria Ajayi, CEO of TVC  Communications and her husband; Mrs. Nkeiru Anumudu, CEO of Globe Motors, secondary school mates of Ekeh including Charles Oputa (Charly Boy) who came with his wife; Leo Stan’s elder brother HRM Eze George Ekeh (aka Saint George), the traditional ruler Ishi Ubomiri Autonomous Community in Imo state;  representatives of multinationals with whom  he has partnered all through the years;  among


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JAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents

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Joint Admissions and Matriculation Board (JAMB) has said it has uncovered criminal syndicates that are deploying artificial intelligence tools to impersonate its officials and defraud candidates preparing for the Unified Tertiary Matriculation Examination (UTME).

JAMB Uncovers AI-Driven Fraud Targeting UTME Candidates, Warns Parents

Is-haq Oloyede, registrar of the board, disclosed this on Saturday in Abuja, warning that candidates and parents involved in the scheme would face severe consequences.

Mr Oloyede also said three top officials of the board have been found to have collaborated in sabotaging the system and have been recommended for dismissal.

He added that two other officials and a member of staff of Ahmadu Bello University, Zaria, are currently undergoing criminal prosecution for involvement in activities inimical to the integrity of the examination body.

Mr Oloyede said investigations revealed that more than 100 candidates were linked to the scheme, with 83 confirmed to have made payments to the syndicates.

He added that those involved cut across 25 states with three school proprietors in custody for aiding and abetting examination malpractice.

He further said the board had made recommendations to the Minister of Education for the cancellation of the affected registrations.

“What is important for us to emphasise here is that the students themselves and their parents are willing collaborators and cannot be regarded as innocent,” he said.

Mr Oloyede also expressed concern about the involvement of underage candidates, noting that about 38,000 underage candidates have registered for the 2026 UTME.

He said many of the candidates who patronised the syndicate are underaged, who have been pushed by their parents beyond their academic capacity.

While noting that JAMB’s mandate is limited to conducting examinations, he urged parents to refrain from encouraging malpractice.

“Parents must understand that paying for fraud does not secure a child’s future. It destroys it. You are teaching them that cheating is a strategy, that deception is acceptable, and that merit is optional,” he said.

Mr Oloyede rejected suggestions that the board should negotiate with suspects, including some who allegedly fled the country after last year’s examination.

He added that some computer-based test (CBT) centres had already been sanctioned.

He warned that paying for examination fraud or belonging to online groups offering such services would attract sanctions.

“Let it be clearly understood by all Nigerians that paying for examination fraud is a crime. Receiving illegal assistance is a punishable offence. Being a willing member of a WhatsApp group where these fake services are offered will no longer be condoned. Ignorance will not be accepted as a defence,” he said.

Mr Oloyede said the board is working with security agencies to tackle the fraud schemes.

He thanked the Office of the National Security Adviser, the Directorate of State Services, the Nigerian Police Force and the Nigeria Security and Civil Defence Corps for their support.

“As for capacity, we have the capacity to deal with all these issues. If we did not have the capacity, we would not be able to stay ahead of them. As they are planning, we are planning,” he said.

He added that JAMB has strengthened its technical systems, including the ability to detect prohibited devices during examinations.


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