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Johnson: Business after the Hype
Her reputation precedes her.
Omobola Johnson, minister of Communications Technology is a distinguished Nigerian and former Country Managing Director of Accenture, Nigeria, the first woman to hold that position.
Armed with Bachelor’s Degree in Electrical and Electronic Engineering from the University of Manchester and a Masters degree in Digital Electronics from King’s College, London, she joined Accenture, then Andersen Consulting in 1985.
In about two decades she has been at Accenture, she has progressed through various roles and was a Director and the Head of the Financial Services operating group in Nigeria before her appointment as the Managing Director in December 2004.
She came into the ministry of Communications Technology with an intimidating background and cerebral mind.
The Communications Technology Ministry created in July 2011 is a product of many years of agitation by professionals for a ministry that will be backed by enough political will to cheetah-pole-vault Nigeria into the knowledge age.
To many, Johnson is a square peg in a square hole. And the industry welcomed her with open arms.
She came smoking hot and appeared not daunted by the litany of problems facing the Nigerian ICT industry.
Her initial actions and body language drew applause including the famous four-point agenda.
Under the mandate she unfolded her agenda including; facilitating universal, ubiquitous and cost effective access to communications infrastructure that includes a national fibre optic backbone; promoting the utilization of ICT in all spheres of life to optimize the communications infrastructure.
Others are promoting and facilitating the development of the ICT industry and in so doing, increase the contribution of the ICT industry to the country’s GDP; to deploy information and communications technology to drive transparency in governance as well as improve the quality and cost effectiveness of public service delivery.
Then she began the harmonisation of ICT policies with a committee headed by Prof. Raymond Akwule of the Digital Bridge Institute in Abuja.
This move is expected to check the wasteful duplication of functions and form the pillar for ICT development in the country.
Working with Council of works, the minister has also initiated moves to solve the seemingly intractable problems of “right of way” as all new federal highways and those undergoing repairs will have ducts to transport telecom traffic.
She is also enforcing the use of .ng email domains for all governments Ministries, Departments and Agencies (MDAs) to give emails and correspondences emanating from them authority and security.
These are tangibles.
She has a long list of “to dos” including pursuant of the local content in the industry; development of national internet-based portal that will facilitate easy access to government information through published and informed websites by December 2014; as well as the national call centre initiative.
But her ministry has performed below the hype that heralded it.
One year down the line, her ministry is still talking and behaving like the typical government bureaucracy with too much distractions of merging MDAs under her ministry.
It is thinking of how to achieve domestic value-added and growth in the ICT industry.
Her ministry has not also led by example as most of their software and hardware are still dominated by foreign brands.
To add salt to injury, the recently released draft ICT policy by her ministry will set the country 20 years backwards because it looked like a job done by carpenters instead of ICT professionals.
Her ministry’s website www.commtech.gov.ng, that is supposed to be a gateway of the industry is headless and provides little or no information, not even the splendid profile of the honourable minister.
It is no longer in contention that the economic development of any nation can only be accelerated by improvements in the country’s ICT infrastructure.
Unless she is saving the best for last, her first one year in office is below par.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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