News
Okere @ WEF, Lists Benefits of NgREN
Austin Okere, founder of CWG Plc and Entrepreneur in Residence at Columbia Business School (CBS), New York, spoke on the Digital Advantage Panel anchored by Nielsen Bronwyn of CNBC Africa at the World Economic Forum Annual Meeting of the New Champions in Tianjin, China in early September.
Speaking alongside Rich Lesser, global CEO & President of the Boston Consulting Group, Natarajan Chandrasekaran, CEO of Tata Consultancy Services, Mitchell Baker, Executive Chairwoman of the Mozilla Foundation, and Maurice Levy, Chairman and CEO of the Publicis Groupe on the role of Science, Technology, Engineering and Math (STEM) education and the importance of Computer Science on future employment trends, Mr. Okere threw light on the transformative Nigeria Research and Education Network (NgREN) project which his company, CWG, collaborated with the World Bank and the Education Ministry in Nigeria to deliver earlier in the year.
The project, the first of its kind in West and Central Africa, covers the 27 Premier Federal Universities in Nigeria and their over one million students and staff, providing high definition telepresence capabilities for real-time collaboration, voice over internet protocol (VOIP), and shared access to research content and joint experimentation projects. Subsequent phases will extend to over 500 other Universities, Polytechnics and Colleges of Education, and cover over 20 million people.
On the question of technology and needed regulation, Austin’s view is that legislation will always lag technology because of its innate manual and iterative nature and having to chase rapid innovation in technology.
He believes that in the future, physical stores shall only be for brand enticement and ‘look & feel’, while most purchases shall be made online.
Mr. Okere averred that business models based on the arbitrage of information such as travel agencies shall be disrupted and disinter mediated in favour of business models based on creativity and knowledge value add to information, such as software design, big data analytics and Ecommerce enablers such as Google and Alibaba.
He added that in today’s world, Small and Medium Enterprises (SMEs) can have access to the hitherto technology advantage enjoyed by larger companies, by leveraging technology solutions available through cloud computing, and spreading capital costs through subscription payments.
He counseled governments to invest in the critical ‘last mile’ infrastructure that enables Broadband access to homes and offices to further boost inclusive growth, noting that there is a correlation between pervasive Broadband Access and the GDP growth of a country.
When asked about financial inclusion and business expansion into emerging markets, Austin’s views were that the new frontiers for business expansion following saturation in the developed markets were Africa and Latin America. He however cautioned against wholesale importation of western business model templates into these emerging markets given the different geographies, peoples and cultures. He counsels local partnerships to explore the immense opportunities in a mutually beneficial manner.
On financial inclusion and the widely popular M-PESA mobile banking system in Kenya, Mr. Okere explained that the model has not quite taken off in promising markets such as Nigeria because of the model adopted in Kenya where the initiative is telecom operator led. He expressed deep scepticism about the ‘largest bank’ in the country being outside of the supervisory purview of the Central Bank, since telecom operators are rather regulated by the Communication Commission.
He favours a bank led model, which is slow in taking off because the banks are just learning the ropes in agent recruitment, a critical pillar in the value chain and the forte of telecom operators.
He however, believed that the recent launch of the national identity card project in Nigeria will significantly boost financial inclusion in the country, since the cards, with biometrics and financial transaction capability (in conjunction with MasterCard), shall be carried by over 130 million Nigerians; far more than the subscribers on M-PESA, which stands at about 15 million as at June 2014.
The WEF Champions meeting which holds annually in China and also known as the ‘Summer Davos’, attracted over 2,000 delegates comprising global industry captains, top academia, heads of states and top government functionaries to the city of Tianjin for two days from September 10.
It will be recalled that CWG was named a WEF Global growth Company in May 2014 at the WEF Forum at Abuja in recognition of her phenomenal growth, global corporate citizenship, executive leadership and impact on the competitive landscape of the ICT industry in Africa.
Acknowledging the company, David Aikman, Managing Director and Head of the New Champions at the World Economic Forum, remarked that “CWG Plc is a dynamic group with clear potential to shape the future in its relevant business sector and so is a perfect fit to our GGC community”.
The Forum was opened at a colourful event by Chinese Premier Li Keqiang and Professor Schwab Klaus, Founder and Chairman of the World Economic Forum.
The premier assured the international business community in China that they would not be selectively targeted in the ongoing industrial reforms in China, while announcing a healthy GDP growth of 7.6% and the creation of an additional 10.4 million jobs in the eight months to September.
Professor Schwab thanked the Government of China for their continued hospitality to the WEF community and assured of the reciprocity of the global business community through increased investment in the Country.
Nigerian National Petroleum Company Limited (NNPC) has warned local investors and foreign businesses about the activities of fraudsters falsely claiming to represent the company.
The state-owned company said the impostors are reportedly soliciting illegal fees under the guise of arranging meetings with the new NNPC board members, executives, and management.
The disclaimer comes following the change of the NNPCL board.
On April 2, 2025, President Bola Tinubu appointed a new 11-member board with Engineer Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO) and Ahmadu Musa Kidano as executive chairman.
In a statement signed on Monday by Olufemi Soneye, chief corporate communications officer, NNPC, t said the practice of soliciting fees is completely unauthorised and unlawful.
NNPCL said, “The general public is advised to beware of individuals and companies falsely claiming to represent NNPC Limited.
” Their tactics include soliciting fees for meetings with the NNPC board of directors, executives, and management staff. These actions are unauthorised and illegal.
“Foreign investors and international business entities are especially urged to remain cautious. If approached, report the incident to the appropriate authorities immediately.”
The company clarified that engagements with its boards or executives must follow official channels in line with company policy.
The oil giant said, “All legitimate engagements with NNPC Limited occur strictly through official channels or business units only.
“For further enquiries, please contact us at contactus@nnpcgroup.com.
“NNPC Limited remains committed to transparency, integrity, and the protection of our stakeholders in all interactions.”
The company called for public cooperation to prevent scammers from defrauding investors.
Nigeria’s Federal Ministry of Communications, Innovation & Digital Economy (FMCIDE) has announced that plans to support the country’s farmers with its AgriConnect initiative have kicked off with a pilot scheme launched in Ogun State in southwestern Nigeria.
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy,
Dr ‘Bosun Tijani, minister, communications, Innovation and Digital Economy, last week launched the initiative at the Ogum State Cultural Centre Complex. AgriConnect is described as a transformative programme designed to digitally empower Nigerian farmers through real-time access to agronomic services, weather insights, financial tools and market intelligence.
The pilot scheme is being implemented in partnership with technology vendor Huawei Technologies and operator MTN Nigeria.
AgriConnect will initially benefit over 1,000 farmers, selected from the Ogun State Farmers Information Management System (OGFIMS), with over 160,000 registered farmers.
Each beneficiary will receive mobile-data-enabled smart devices, embedded with Huawei’s AI-powered tools and MTN-supported connectivity to enable smarter planting, better risk mitigation and streamlined communication with government data centres.
Speaking at the launch, Dr Tijani noted that AgriConnect highlighted the importance of food security. Referring to a target of cultivating 500,000 hectares of land, he pointed out that innovation would be an important part of the effort.
As the government builds out the framework from this pilot in Ogun State (a leader in cassava production), he said, it aims to scale the AgriConnect model across other states – “ensuring that every farmer, regardless of geography, has the opportunity to benefit from the digital economy”, as he put it.
The AgriConnect initiative reflects an FMCIDE commitment under the government’s Renewed Hope Agenda to promote rural inclusion and leverage Nigeria’s comparative advantage in agriculture.
By fusing AI, connectivity, and human-centred design, the ministry says that AgriConnect stands as a scalable model for advancing food security, driving innovation, and improving livelihoods for smallholder farmers across the country.
Association of Advertising Agencies of Nigeria (AAAN) has extended its heartfelt congratulations to Steve Babaeko and the entire X3M Ideas team following their remarkable achievement of being ranked 31st on the Financial Times’ prestigious 2025 list of Africa’s Fastest-Growing Companies.
This recognition by the Financial Times, in collaboration with global research firm Statista, highlights X3M Ideas’ outstanding performance and resilience in a highly competitive and challenging business landscape.
The agency’s ranking was determined based on its compound annual growth rate (CAGR) between 2020 and 2023, verified through independently certified financial data, underscoring the credibility and transparency of the accolade.
Founded by renowned advertising executive Steve Babaeko, X3M Ideas has consistently demonstrated innovation, operational excellence, and creative leadership. The agency’s bold campaigns and commitment to impactful storytelling have not only elevated its profile in Nigeria but have also established its presence across several African markets.
This milestone marks a significant moment for Nigeria’s creative sector, traditionally overshadowed by industries such as fintech and energy in continental rankings.
AAAN President, Lanre Adisa, in a statement, congratulated Babaeko and X3M Ideas on the remarkable recognition. He said: “Steve’s tenure as AAAN President was quite revolutionary. He raised the bar for our association and industry at large. His leadership brought bold ideas to life, executed with brilliance and a deep sense of purpose for the creative community.
“This global acknowledgment is a testament to his enduring impact, not just as a creative force but as a trailblazer on the African continent.”
The Financial Times’ 2025 list features 130 top-performing companies from across Africa, with Nigeria and South Africa accounting for a significant share, reflecting the economic strength and entrepreneurial spirit of the continent’s largest economies.
X3M Ideas’ recognition not only celebrates its own growth but also signals the rising influence of the creative economy in shaping Africa’s future.
This latest accolade adds to a string of recent achievements for X3M Ideas, including being named Independent Network of the Year at the 2025 Pitcher Awards, further cementing the agency’s status as a leader in African creativity and innovation.
AAAN commends Steve Babaeko and the entire X3M Ideas team for their outstanding contribution to the industry and for flying the flag of Nigerian creativity high on the global stage.
Beware!, Fraudsters Using our Name to Defraud Investors- NNPCL
FG Plans AgriConnect Initiative Pilot
Human Hacking: When Cyber Criminals Target You
Telcos Hit by Major Outages across Lagos, Enugu, Others
FIRS Launches Revised SOP to Streamline Tax Payment
E-Financial2 days agoCyber Crime: Hackers to Hold Secret Conference 3.0 July 25
General News2 days agoWema Bank Workers, Others Arraigned over Alleged N8.9Bn Cybercrime
Telecom2 days agoGaps on Phone Number Recycling Fuel Identity Theft, Data Breaches- ICIR
General News2 days agoMusic Stars, Comedians Light Up “Evening with Glo” in Ijebu Ode
E-Business2 days agoFG Enrolls 59,786 Inmates on NIN Platform
E-Financial2 days agoSEC Flags ‘Punisher Coin’ As High-Risk Scheme
Telecom13 hours agoTelcos Hit by Major Outages across Lagos, Enugu, Others
E-Financial13 hours agoConfidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn