News
Need for Infrastructure that Supports Convergence-Chiakpo
Endy Chiakpo is the country general manager, IBM Nigeria and West Africa. He has a 20-year career with IBM in Nigeria and the U.S, spanning hardware and software as systems engineer, senior engineering manager and programme director. He was part of the team that crafted the IBM Linux strategy and the successfully commercialized IBM Blue Gene supercomputer. He has scores of technical publications and holds invention patents. Chiakpo spoke on a range of issues.
Extracting Value from Smarter Infrastructure
We have long known that organizations are living systems – made up of smaller components and systems. As the world becomes smarter – and more human beings, man-made systems, and natural systems become interconnected, instrumented, and intelligent – we begin to achieve unprecedented freedom to build, assemble, reassemble, loosely couple, and link resources in the organization. Organizations that are prospering most are those that are dynamic and resilient enough to stay ahead of the change required of them. And it is not just about pervasive connectivity. For the first time, massively powerful computers can be applied affordably to processing, modeling, forecasting and analysing just about any workload or task. New approaches to service delivery are taking hold, like cloud computing models – creating a new kind of user experience – particularly in the consumer Web space – in search, social networking, retail and productivity applications. From the user perspective, cloud computing holds promise for organisations large and small to acquire services without needing to understand the underlying technology. Utility wires, cars and packaged goods are becoming increasingly “instrumented” with sensors, transistors, or RFID tags. We are all now “interconnected” no matter where we are, thanks to the Internet. We are also becoming ever more “intelligent” because of advanced software that communicates with vast supercomputing data centres.
Major Shift Underway
There is rapidly accelerating change unfolding. There are mergers of hundred year old companies, creation of new industries and the demise of others. There is also the emergence of new economies, the opening of long isolated markets, the imposition of new government regulations and the relaxation of others and so on. Today, the PC model of the 1980s and the highly distributed model of the 90’s must be replaced by a new, more integrated paradigm. This new computing model or paradigm is based on openness, networks, powerful new technology and the integration of digital intelligence into the fabric of everyday work and life. Given our service delivery challenges in Nigeria across education, power, transport and e-government infrastructure, we are best placed to leapfrog old technology to latest technology that is based on common, standardized set of applications. New technology allows for the running of business processes on consolidated platforms, unleashing potential synergies and operational efficiencies
Change Gap
Recent surveys indicate that 98% of CEOs plan business model changes and 83% expect substantial change. But the gap between those who expect change and those who believe they can handle it has tripled in the past two years. For instance, take the utility industry. Who would not want to better manage demand with available capacity rather than build expensive new power plants? Or if you actually knew what consumer demand was, automatically reroute power rather than overload the grid and end up with another power outage. So what is holding them back? To do that, they would have to take their IT assets out of their silos. Utilities have to take their business or “operational” assets – that network of power plants and distribution systems – out of their silos. They could then integrate them into a “smarter grid” which would allow them to manage all those transformers and breakers, and even the smart metres and thermostats in our homes and harvest all that intelligence from their IT systems. In the food industry, consumer pressure and government regulations now mandate that food producers ensure the safety of the food supply across the supply chain. So what is holding back the food industry? The way the food companies monitor and control the temperature of their perishable goods is not working. They do not have an infrastructure in place that connects the farm to the truck to the supermarket shelves. So whether it is food or utilities – while they are totally different industries, they all share something in common. What is holding them back is what we call a “change gap.” Their business or “operations” and IT assets are highly fragmented and highly distributed thereby creating an environment that has business and IT operations working in silos. There is a large gap between our progress digitizing and instrumenting critical applications and processes and the rigidity of the underlying infrastructure.
Smart Infrastructure for Smart World
What is needed today in this digitally-connected world is an infrastructure that supports the convergence of business and IT needs and assets, creating integrated “smart” assets that will enable organisations to reduce costs, manage risk and improve service while reducing costs. The key requirements that such an infrastructure has to address include the integration of digital and physical infrastructure, the need to manage, store, and analyse a massive amount of data and reduce huge inefficiencies of energy, data centre and server utilization. The underlying technical capabilities that allow for the development of such a converged, dynamic and smart infrastructure include: Virtualization – breaking out of the barriers of physical devices in a data centre, servers, storage, networks, data and applications giving businesses improved Total Cost of Ownership, resiliency and flexibility; Energy Efficiency – optimizing the energy efficiency of the IT infrastructure to reduce costs, resolve space, power, and cooling constraints; Service Management – integrated visibility, control and automation across all of the business and IT infrastructure components that support differentiated service delivery and accelerated business growth; Asset Management – enhanced asset reliability, availability and uptime that underpin quality delivery of service according to the priorities of the business while also maximising return on lifetime asset investment along with inventory optimisation, labour efficiency, and mitigating the risk of equipment failures that jeopardise the environment and the health and safety of people; Security – adopt a new approach to managing risk and security across organisations, processes, and information as the IT and business infrastructure become more interconnected; Business Resiliency – build in capabilities to rapidly adapt and respond to risks, as well as opportunities, in order to maintain continuous business operations, reduce operational costs, and enable growth in an increasingly connected world; and Information Infrastructure – supported by a resilient infrastructure for securely storing and managing information and mitigating business risks.
These are unique and challenging, yet exciting times. These times have great possibilities. Smart systems are transforming energy grids, traffic systems and supply chains. They are ensuring the security of financial transactions and the safety of our food supply. They are changing our business models and how we work together. Rising cost pressures, higher service expectations, new risks and threats and emerging smarter and more adaptive technologies, such as cloud computing, virtualisation, and Web 2.0 are some of the driving forces that are further accelerating the need for this change. In fact, in this globally integrated economy, a converged and dynamic infrastructure that enables a business access, and extracts value from all types of assets, whether it’s physical, digital, or virtual is becoming the basis of competitive advantage
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
Xora Finance, Fintech Firm Refuses to Hire Nigerians over Alleged Dishonesty
FG Secures Fresh $208.3m World Bank Loan for Cash Transfer
How Ponzi Scheme Victims can Seek Legal Remedies — Lawyers
SERAP Sues INEC over Alleged N800Bn 2027 Tinubu Campaign Fund
Kaigama,Catholic Archbishop of Abuja Warns against Misuse of AI
Nigeria Launches FreeTV Nationwide
NASENI Moves to Digitize CCB’s 5m Assets Declaration and Operations
NRC, Ponzi Scheme Collapses Resulting Loss of Billions of Naira
Lebara Nigeria Launches Lebara Play, Africa’s First Telecom-Owned Micro-Drama Platform
CANAL+ Partners Samsung to Pre-Load DStv Stream on New Samsung TVs In Nigeria, Other African Countries
Telecom2 days agoDStv, GOtv Owner MultiChoice Officially Joins Canal+ Group
News2 days agoPolice Busts Syndicate Who Allegedly Stole N3Bn from Financial Institution
Telecom2 days agoMTN Accelerates Network Expansion to Meet Surging Telecom Demand
E-Financial2 days agoSEC Unveils Plans to Enforce Mandatory ESG Reporting for Large Firms Next Year
Telecom2 days agoAirtel Africa to Connect 5,000 Schools to Free Internet by 2027
Broadcasting2 days agoFrom Scarcity to Scale: What Africa Can Learn from India’s Agricultural Transformation
E-Business2 days agoTeKnowledge, Equinix Partner to Advance Nigerian Digital Infrastructure
General News2 days agoNSIB Faults Runway Identification, Reveals Cockpit Disagreement in Asaba Jet Incident