Leo Stan Ekeh, chairman, Zinox Group, has boldly declared that technology will disrupt several spheres of the Nigerian economy in the next 10 years, claiming that no one has the capacity to stop the coming wave of positive technological disruption.
Consequently, he has urged Nigerians and mostly the youths to take advantage of this positive digital disruption and add impetus to the brand Nigeria on the global map.
“It is now between our competence, our commitment and God to lead other nations of the world.
“This is a century of quality wealth driven with knowledge and conscience and powered by technology. We have no reason not to scale with over 200m ambitious people from birth,” he declared.
Ekeh gave this charge in a world-class tech speech delivered at the 2019 Annual Lecture Series of foremost advisory and corporate commercial entity, Alliance Law Firm.
The classy event with the theme – Leveraging Technology to develop and rebrand Nigeria – was held at the prestigious Four Points by Sheraton, Victoria Island, Lagos on Tuesday, November 26th 2019.
In attendance was Chairman of MTN Nigeria, Dr. Ernest Ndukwe who chaired the occasion.
Also in attendance was foremost blogger and media entrepreneur, Linda Ikeji; MD/CEO, Ecobank Nigeria, Patrick Akinwutan; former DG/CEO, NOTAP, Engr. Umar Bindir; GMD, Mojec International Holdings, Chantelle Abdul; Deputy CEO, Payment Tokens, Interswitch, Mike Ogbalu, and many CEOs and Senior Management executives from the financial, shipping, technology, legal, entertainment and educational sector, to mention a few.
Ekeh, arguably Africa’s most renowned technology guru, was the Lead Speaker. He described the event as one of the best ever organised in Nigeria in recent times because of the quality and content of the event.
Continuing Ekeh said,alreadyevery sector of our economy is experiencing the impact of technology, be it the electoral system, health care delivery, agriculture, banking, transport, education, hospitality,governance, entertainment, housing and including the way businesses are run in Nigeria.
“Today, Nigeria is moving closer to e-voting. Also, you will observe that post-election litigations have dropped considerably.
“In fact, we are down by about 41 per cent today. Once we migrate to e-voting fully, anyone who loses an election will have no need to go and contest it in court.
“This is the power of technology. Technology does not lie. This is why I chose to go into it as a profession, he disclosed.
The serial digital entrepreneur, who spoke extempore, drew extensively from his personal experiences in a speech which attracted a standing ovation.
He argued that rebranding Nigeria must begin with critical investments in the nation’s human capital.
Ekeh urged Nigeria to borrow a leaf from a country like India which presently accounts for some of the leading brains driving the world’s major tech conglomerates.
“When I studied for my first degree in India many years ago, I had written a paper titled – India: An economy waiting to happen.
“I have been proved right today. Although the country experienced serious economic hardship, it did not prevent them from investing in education.
“You will find that the average Indian holds a Ph.D. in about three different disciplines and maybe a Master’s degree in four disciplines.
“So, when you employ him, you are getting maybe a Medical Doctor who is sound in Engineering, Agric-Economics, Business Management and more.
“While they were incubating, they kept on upgrading their citizens knowledge base by reducing school fees affordable even to the poorest citizens, waiting for an opportunity.
“When the ICT opportunity emerged, they took it. If the Indian President recalls all Indian nationals today for a two-week break, the entire world will feel the pain. Indians are at the helms of affairs of the world’s most valuable companies including Microsoft, Google, Apple and many others today.”
Ekeh, himself a global advisor to Microsoft, went on to encourage the audience not to lose faith in Nigeria. He affirmed that things are changing for good.
‘Today, we have a Ministry of Communication and Digital Economy,’ he noted.
Further, he counselled the Federal and state governments to take that decision now to invest about $10bn to provide quality digital infrastructure in Nigerian schools at all levels and finance school fees for indigent students nationwide.
“When I encounter people who say things are worse today, I just laugh. You must remain positive.
“Entrepreneurs are known to be positive people. I am an example of the Nigerian miracle but I disciplined myself from day one as someone born in a trust economy.
“When I returned to this country over 30 years ago, I was worth less than $10,000.
“Within three months of returning to Nigeria, I was privileged to have met people like General Theophilus Danjuma, the Awolowo family and others who patronised me and in the first six months, I hit over $4.5m balance sheet size.
“I wouldn’t have achieved this if I had decided to remain in the UK, as I was being advised then by those who saw no future for Nigeria in technology.
“It is important to note that though my customers did not really understand what they were buying, I did not betray them. This century is a century of trust and those that cannot be trusted have no financial capacity to scale.
“Things are even better today. The current generation of kids are knowledge-driven and technology-powered. They will delete many of the so-called billionaires in Nigeria today within the next few years. That is the era we are currently in.
“A very good example of this is Konga which is run by my son and his colleagues. A few months after we acquired Konga, Naspers – the previous owners – which invested $32m in TenCent sold off two per cent of its stake for $9.8bn.
“Today, Naspers’ remaining 28 per cent stake in TenCent is worth $133bn. If the whizkids at Konga choose to put Konga up for sale today, we have an idea how much it will attract. Nigeria with our growing quality population is headed for greatness,’ he submitted.
Ekeh, who disclosed that Nigeria’s wealthy class must re-distribute their wealth or stand the risk of using it to destroy their children, also called for the empowerment of indigent children.
According to him, children of poor parents are imbued with a mindset of disruption and greater discipline and fear of God, even as he affirmed that these are the ones that will place Nigeria on the map of globally recognised nations in the very near future. We can not continue to manipulate them for too long,’ he concluded.
The event also witnessed the launch of the Doing Business in Nigeria manual.
Chief Host of the event and Managing Partner, Alliance Law Firm, Uche Val Obi (SAN) affirmed that the publication drew on the firm’s vast advisory experience and their status as notable contributors in the IMF/World Bank Doing Business publications.
NAVSA: NITDA Changes Existing Reality in Agricultural Sector
By Lukman Oladokun
“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete” —Buckminster Fuller
We live in a time of digital transformation and it is driving change in all areas. The ubiquitous nature of ICT in revolutionising every human endeavour has made its adaptation also in agriculture universally popular. Developed nations are achieving food sustainability due to early adoption of ICT in their farming processes.
In a report to the G20 Agricultural Deputies in 2017 on Information and Communication Technology in Agriculture by the Food and Agricultural Organisation, (FAO), by 2050, the world population is expected to surpass 9 billion and for the world to meet the attendant increase in food demand, agricultural production will need to increase by 60 percent from its current level in order to meet the additional global food need. Application of ICT to collect and share timely and accurate information on weather, inputs, markets and prices to the stakeholders in agricultural value chain would play a significant role to meet the global food demand.
In Nigeria, with a population of about 200 million and 48.84 percent of the population in agricultural sector which provides employment for about 30 percent of the population, the importance of adoption of ICT to farming techniques cannot be over-emphasized. It is in recognition of the importance of sustainable food systems for food security and growth and the need to provide targeted information to every farmer that necessitated the federal government of Nigeria to mandate NITDA “to improve food production and security” and also “to ensure that the entire citizenry is empowered with Information Technologies through the development of critical mass of IT proficient and globally competitive manpower”.
The Agency has swung into action to actualize these mandates through many initiatives. As far back as the beginning of the millennium, the Agency entered into partnership with the United Nations Economic Commission for Africa, (UNECA) to produce the Nigeria ICT4D document which details the roles ICT could play in rejuvenating 12 critical sectors of the economy, with agriculture taking a prime of place.
As part of the efforts to help farmers in Nigeria adopt more efficient and sustainable production methods and reduce the burden of labour-intensive tasks and manage their farms better to help build a more resilient, sustainable and productive food system, the Agency in 2019 initiated a value addition process for agriculture named National Adopted Village for Smart Agriculture (NAVSA), an ecosystem-driven digital platform envisioned for the transformation of the agricultural sector in Nigeria. It is envisaged that the programme would assist the farmers and other stakeholders in agricultural ecosystem to navigate the journey across sector value-chain which involves farm production and management of their produce.
The main thrust of the programme is the integration of digital technologies and innovations to improve productivity and income of farmers and other ecosystem players in a bid to reposition agriculture as a viable business that has the potential of attracting the youthful population in the country.
At the launch of the pilot phase of the program in Jigawa State, one of the states that have comparative advantage in agriculture, the Minister of Communications and Digital Economy, Dr Isa Ali Ibrahim Pantami observed that “the way agriculture is practiced needs to be modernised and transformed in such a manner as to encourage young talents to set up agriculture enterprises and position agriculture as a major means of economic diversification and growth, thereby increasing its contributions to the nation’s GDP.“
An in-depth analysis of the programme reveals it is aimed at helping the administration of President MuhammaduBuhari achieve two of the three cardinal objectives of the administration by transforming the economy and fighting insecurity.
The pilot started with 130 farmers who were “adopted” into the programme. Expectedly, the initiative would give rise to new agricultural business models and opportunities that would stimulate huge potential in job and wealth creations with attendant effect of playing a major role in the diversification and shift from monolithic economy the nation is known for.
Arguably, previous government’s initiatives aimed at putting the agricultural sector on a pedestal to ensure food sufficiency could not be said to have been successful largely due to dispassionate mind-set of Nigerian youths who do not see a viable future in venturing into agricultural businesses.
This is occasioned by the retention of the old-fashion agricultural practices; inadequate provision of credit facilities, market to sell farm produce and other challenges.
Nowadays, with digital technologies making incursion into every human endeavour, coupled with relatively-large technological-savvy youths, a good articulated programme like NAVSA would proffer solutions to those challenges.
In his remarks at the closing of the two weeks long training on how the youths can use digital tools for agricultural purposes, the DG NITDA Mallam Kashifu InuwaAbdullahi maintained that the agricultural sector remains one of the critical sectors of the economy that can leverage digital innovations to create jobs, wealth and build a vibrant digital economy for Nigerians.
He however, decried the position of the sector in the usage of technological tools as dismal, adding that “agriculture remains one of the least digitised sectors in Nigeria despite its potential as one of the most veritable sectors for economic diversification.”
The twin challenge of meeting the domestic food requirement for attainment of a food sufficient nation and production of quality produce required for domestic and international market which are occasioned by inadequate access to appropriate information almost in real-time; inadequate entrepreneurship ideas and poor knowledge of agricultural value chain opportunities for existing and emerging Agricprenuers would eventually be things of the past with the proper implementation and adoption of the programme. These will be achieved by providing information to stakeholders through the introduction of digital technologies and innovation across agriculture value chain in transformative manner.
In mitigating these challenges, the project focuses on adoption of “radical rethink” and collaborative approach between the public and private sectors that operate across the value chain. To achieve this, a proposed strategy which requires consensus building and connecting ecosystem players towards a shared vision has been identified. NITDA, using NAVSA, intends to collaborate with 22 industry players, with each player entering into agreement or signing a Memorandum of Understanding (MoU) on expected roles it will perform.
The ecosystem includes farmers; Federal, State and Local Governments; input suppliers and produce off-takers; mobile/telecommunications service providers; Banks; FinTech; smart solutions service providers; renewable energy service providers; investors; development partners; agriculture platforms; startup businesses, agriculture experts and extension workers among others. The values these partners would bring to the success of the programme is alluded to at the closing ceremony of the training at Dutse,Jigawa State by the State Governor, His Excellency Mohammed Badaru. He confirmed that NITDA has partnered with telecoms operator, (MTN) and has developed a special package for smart farmers which comes with 4G SIM cards with a one year internet data subscription. Other add-ons to the digital tools include certified seeds, smart water pumps machines, fertilizers and other items.
He stated further that “NAVSA created a wallet scheme with seed capital of N200,000 for each smart farmer. Both the state government and NITDA contributed half of the amount each. The wallet scheme is designed to domicile money for proper projects execution whereas JASCO will serve as farm inputs service provider.
In ensuring that funds for the project are not used for other purposes rather than what it meant for, the project is designed in a way that all transactions are required to go through the platform with the aid of the digital wallet. Funds are not allowed to exchange hands and the only way a farmer could access the fund is through request on the platform to a NAVSA-registered input supplier. In making it a self-sustaining venture, it is also designed in such a manner that allows smart farmers to plough 75 percent of their profits back to the open wallet where it can be cashed out and the remaining balance of 25 percent goes into a restricted wallet to increase the investment capital.
This laudable initiative intends to create 6 million jobs in the next 10 years. This may look so ambitious but the strategies put in place to accomplish the aspiration are well tailored with articulated Key Performance Indicators that provide clear guidelines for it. The strategy is targeted at adopting farmers in all 36 States and 774 LGAs in the country, support and equip them with skills and resources that will make Nigeria one of the leading nations in food sufficiency, security and exportation.
It has now become imperative more than ever before to adopt the use of technology to combat hunger and promote sustainable agricultural practices that are attractive to youths. Digital technologies and innovations are at the heart of managing agriculture value chain from seedling to off-take. And these are that targets of NAVSA going forward.
Huawei’s Investment in Nigeria Reaches $76m
Huawei Technologies Company Nigeria Limited, a leading information communication technology (ICT) solution supplier in the Nigeria telecoms market said it has made a total investment of $76 million in the country.
Mr Trevor Liu, managing director of Huawei Technologies Company Nigeria Limited, made this known when he visited Mrs Zainab Ahmed, minister of Finance, Budget and National Planning, last week in Abuja.
He said apart from that, his company made procurements worth $630 million with a tax revenue of $103 million between 2016 and 2019.
According to him, Huawei has created over 400 direct job opportunities in which 70 per cent are Nigerians. This, he stated, is in addition to over 60,000 indirect job opportunities and over 470 Nigeria sub-contractors and partners.
The company has in the country established international training centre in Abuja, with Innovation and Experience Centre and Regional Network Operation Centre (RNOC) in Lagos, he said.
Mr Liu also stated that in the company’s ICT job creation efforts, there is over 54 Huawei ICT Academy in universities and polytechnics and has certified over 880 students and teachers each year.
Over 13,600 Nigerian students participated in Huawei ICT Competition for 2018-2019 and won third prize in the global final, the company’s chief informed the Minister.
According to him, Huawei has provided ICT training for its Nigerian partners, customers, converging over 900 engineers each year, while over 400 engineers have got the company’s authorised ICT certification.
In its programme for government officers, Huawei trained 1000 government officers in ICT technology in 2019 apart from training 2000 youth in ICT in 2016, and training 1000 girls in 2014-2015 basic ICT, he said.
In her remarks, Mrs Ahmed commended Huawei for its investment in Nigeria, assuring the company of the federal government support.
However, she appealed to the firm to assist the Nigerian education system with affordable solutions that would guarantee digital value additions and accessibility to the rural communities so as to expand the country’s rural telephony.
The Minister said the education system has been most impacted by COVID-19 and only students and children in the cities have been able to have access to digital learning.
“A lot of our kids and students in the rural communities are not fortunate enough to plug into such platform,” she said.
She also appealed to Huawei to bring into Nigeria assembly plants and repair workshops that could help create jobs and expand the value chain for the Nigerian citizenry, noting that the country is a big market.
Heritage Bank’s MD Calls for More Impactful Role in Banking to Aid Speedy Economic Recovery
In the quest to aid speedy economic recovery and impactful service delivery to stakeholders caused by macro-economic headwinds and Covid-19, banking sector’s players have been charged to maximize the opportunities by re-strategizing its roles that will address emerging risks.
Ifie Sekibo, managing director/CEO of Heritage Bank Plc, made the call during the 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN) with the theme “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” held virtually on Microsoft Team’s platform, which was organized and hosted by the Heritage Bank, at the weekend.
Sekibo who was represented by Jude Monye, executive director, Heritage Bank Plc, whilst addressing internal auditors of banks, inquired from the bankers on the readiness of the Internal Audit function to lend the necessary support in exploiting and maximising the opportunities without impairing their independence.
He, however noted that with the rapid changing developments forced by the pandemic sweep across globe that have upended organisations in every sector of the economy, banking inclusive; internal auditors would notice that their modus operandi are outdated.
To this end, he stated that this was the most auspicious time for Chief Audit Executives to rethink how they perform various aspects of their audit assignments.
Sekibo suggested that auditors must “become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”
He further hinted, “Embracing new processes and tools to modernize and maximize the audit function helps not only with the perception of internal audit’s value, but also the reality of its contributions. Opportunities to evaluate include virtual auditing, electronic workflow management, and distance team-building and development.”
According to him, it becomes imperative for audit teams to embrace change, harness it and use this season to strategize on what internal audit can be in the future, whist noting that only Chief Audit Executives that maximize the opportunity to refresh and reposition will make their role more relevant and impactful for stakeholders.
Meanwhile, he commended auditors for their contributions to the industry including inputs made in shaping policy directions by regulators and the fight against fraud and other financial crimes which helped in no small measure in deepening confidence of the banking public.
In the same vein, Yinka Tiamiyu, Chairman of ACAEBIN,reiterated the need for internal auditors to maximize opportunities of the current challenges facing the industry, as each day brings new developments that directly influence the likelihood and potential impact of banking future.
According to him, there are challenges on our part as Bankers in meeting up with the needs of our customers and the general public, and we must ensure that such challenges are surmounted.
He stressed on the need for regular annual audit plan to be reviewed quarterly to address current events that have significant impacts on the business, whilst ensuring that the key players continuously provide banking services to customers in a convenient and safer way.
“On our part, the need for improvement in service delivery and safety of customer’s funds as we digitalized our product offerings are concerns facing the industry, as such we must not relent in our efforts to get strong authentication mechanisms as we make our services more convenient and easier for Customers. Banks should strive to find solution to the problems associated with identity theft as we pursue digital products and inclusive banking. This is to ensure that customers are happy with us and complaints minimized,” Tiamiyu urged internal auditors of banks.
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