Connect with us

News

Interswitch Sends Forth Charles Ifedi in Grand Style, Announces Mike Ogbalu III New Verve CEO

Published

on

L-R: Divisional CEO, Switching and Processing, Interswitch, Akeem Lawal; Former CEO, Verve International, Charles Ifedi; Founder/CEO, Interswitch, Mitchell Elegbe and the newly appointed CEO, Verve International, Mike Ogbalu III at the Interswitch send-forth dinner for Charles Ifedi in Lagos on Friday, January 19 2017
Kindly share this post

Interswitch, Leading Africa-focused integrated digital payments and commerce company, on Friday, January 19th 2017, celebrated one of its pioneer executives and outgoing Chief Executive Officer, Verve International, Charles Ifedi, with a befitting send-forth event.

 

The colourful event, which held at Eko Hotels and Suites, Victoria Island, Lagos, was attended by top Nigerian financial services executives.

 

The send-forth provided an opportunity to appreciate Charles Ifedi, who has been with the company since inception, for the numerous achievements during his time as Divisional CEO at Interswitch Limited and CEO of Verve International.

 

A first class graduate of Computer Science from the University of Ilorin, Nigeria and an MBA holder from Cranfield University, Charles was a pioneer management team member of Interswitch and led the Verve and consumer facing business of the company.

 

Under his watch, Verve International dominated the Nigerian payment card market and became a leading African payment card brand helping millions of people conduct millions of transactions safely, securely and without hassle.

 

Charles was pivotal to the strategic partnership with Discover Financial Services (DFS), a partnership which has expanded the acceptance of Verve card into 185 countries of the world including USA, UK and Dubai.

 

He also supervised the launch of Verve International in Kenya to serve the East African market, a development which has positioned Verve as the key to African Exchange.

 

Charles also spearheaded the introduction of Paycode, a revolutionary payment token which has made it possible for people to withdraw cash at the ATM and make payments on POS without the need for a physical debit cards.

 

This possibility of cardless transactions in 2017, at a time the world was celebrating 50 years of the ATM, heralded a new era in payments.

 

It was a clear indication of Charles’ vision and foresight that this could happen in a Nigerian company.

 

Speaking at the event, Founder and CEO, Interswitch, Mitchell Elegbe said, “We have come a long way since establishing Interswitch in 2002 and many of our successes can be attributed to Charles and his team and we cannot thank them enough for that.

 

However, we are very confident in the future of Verve and Interswitch as a group with Mike Ogbalu III stepping in.

 

His drive and passion for innovation and operational excellence is an asset that will help strategically steer Verve along the right paths for future”.

 

Mike Ogbalu III, who will be taking over from Charles as the new CEO of Verve International was present at the event.

 

Mike joined Interswitch in 2015 and prior to his appointment as CEO of Verve International, he served as the Divisional Chief Executive Officer, Interswitch Financial Inclusion Service (IFIS).

 

Trading as Quickteller Paypoint, IFIS is positioned to serve as the interconnect point and infrastructure for integrating and delivering electronic payment services to the unbanked and under-banked.

 

Under Mike’s leadership, IFIS successfully increased the availability of digital financial services in financially excluded locations in Nigeria, with Quickteller Paypoint crossing the 10,000-agent milestone in its first year of operation.

 

Mike is passionate about improving the life of millions of Africans by working with partners to provide access to cost-effective financial products and under his leadership, it is expected that Verve International will continue to break bounds, pioneering technology and raising the bar in card services in Africa and beyond.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

Beware of Fake Cerelac Products – NAFDAC

Published

on

Kindly share this post

National Agency for Food and Drug Administration and Control (NAFDAC) has alerted Nigerians on counterfeit and unregistered Cerelac Mixed Fruits and Wheat products being sold in Lagos.

Beware of Fake Cerelac Products – NAFDAC

NAFDAC said Nestle Nigeria, the genuine Marketing Authorisation Holder of the product, received a complaint of suspected counterfeit purportedly manufactured by Nestlé Spain, bearing Batch Code 308002910.

It said that Nestle Nigeria reported that the complainant described that the counterfeit product emitted an odour suggestive of possible contact with fuel.

NAFDAC said that preliminary review of the product by Nestle Nigeria indicated that it had expired, in spite of the container displaying an expiry date of 10-2026, which suggested that the date coding had been tampered with (revalidated).

Nestle Cerelac Mixed Fruits and Wheat is a nutritious infant cereal, designed to be a delicious first food for infants.

NAFDAC said that its post-marketing surveillance’s directorate officers in Lagos conducted a surveillance visit to Maxland Shopping Centre, 193 Ago Palace, Okota, where the product was purchased by the complainant.

It added that the suspected counterfeit and unregistered Cerelac were found on sale at the premises and subsequently mopped up, while Nestle assisted in identifying the distinguishing features between registered and unregistered product.

According to the regulatory agency, Nestle revealed that the unregistered product used a hyphen (-) to separate the day from the year, while the registered product used a slash (/) to separate the day from the year.

“It is important to note that Nestle Nigeria is not aware of the channels through which the products are supplied into the country.

“Healthcare professionals and consumers are advised to report any suspicion of the sale of substandard and falsified regulated products to the nearest NAFDAC office, call 0800-162-3322, or send an email to [email protected],” NAFDAC said.

The agency warned that counterfeit formula often lacked essential nutrients, vitamins and minerals, leading to stunted growth or developmental issues.

It said that such formula might also contain contaminants that might lead to severe health consequences to infants or even death.

NAFDAC reiterated its commitment to safeguarding public health adding that it would continue surveillance activities to ensure the quality, safety, and efficacy of all NAFDAC-regulated products circulating in Nigeria.

It said that all zonal directors of the agency and state coordinators had been directed to carry out surveillance and mop up the revalidated product, if found within the zones and states.

The agency urged distributors, retailers, healthcare professionals, and caregivers to exercise caution and vigilance within the supply chain, to avoid the distribution, sale, and use of fake products.


Kindly share this post
Continue Reading

News

NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

Published

on

Kindly share this post

The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


Kindly share this post
Continue Reading

News

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

Published

on

Kindly share this post

Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

NRS

The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.

Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.

NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.

Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.

The move aims to streamline revenue collection while fostering mining growth.


Kindly share this post
Continue Reading

Trending