General News
Technology Can Check Kidnapping- Adoki

Kenneth Miebaka Adoki is the chief executive officer of Naira Net Technologies Limited, an intensive corporation, primarily established with the target of attaining Information and Communication Technology (ICT) growth in Nigeria. He has distinguished himself in pioneering cutting-edge solution in his over 30 years of experience in the ICT industry. Adoki spoke to chris alu in Abuja on issues in the Information and Communications Technologies.
Kidnappers and Criminals Tracking Solution
All these are global positioning equipment, once you attached it to your dress and cover it where nobody can see it; you will be located at any time on demand. It is integrated into a small data base and has command or rather a service centre where you can actually be reading location of the person at any point in time, if such a person is kidnapped you can easily locate him through that device, because it is always switched on, except if the kidnappers pull out his dressing and remove the device from him or switch it off, that is where you can not locate him, or else it is quite easy, provided the devices is on him you can track him anywhere the person is. It is an anti kidnapping technology that is very easy to carry about and is connected to the frequency network at all times, with that you can track down criminals as well. It works through the global position system (GPS) it can also be integrated into telephone networks like CDMA, or GSM technology, as well as cars and all sorts of technologies. The device is small and is pack like a SIM card, so once you are connected it start working.
These are all packages as one device to operate in GPS solution that is cheap and easy to maintain, it can be remotely controlled through the radio frequently identification technology that help to locate and dictate all the areas imputed into the device, it covers a wide range of areas. In fact the whole of Africa is connected through the waves.
It can also be used for vehicles and important places like retail shop outlets to curb theft. Each time you move, the frequency identification will read your movement and send text message to anybody that has your code number on request in his or her phone and it will help to locate you easily, it can also provide anti-robbery solutions for banks to locate or track movement of money especially the bullion van and alert the financial intelligence unit of any suspicious case as they move along with cash.
Biometrics Solutions and Automated Teller Machine Fraud
Bank customers using ATM require card and pin numbers to make withdrawals, they are now been hacked by fraudsters, but if we integrate the biometric solutions as retrofit, which is a small equipment attached to the ATM machine it will allow you access your account with pin number and finger print. It is an additional device to ATM users for their security. Just adding a small technology to the machine, you slot your card press the pin number and the only way you can withdraw money is to thumb your finger on the space provided, to enable it capture and identify the original ATM card user, if the finger print is different from the person that owns the card there is no way you can withdraw money. The technology solution was conceived because of the high rate of fraudsters hacking into personal data of cardholders. Fraud itself is a big industry in the world today because it has consumed more than $57 billion out of the economy of the world as at today, and has left a big gap in providing infrastructure and other relevant development of many countries. People use counterfeit or forge document, internet, and all sorts of dubious means to commit fraud, but with this retrofit on ATM machines such deals will be reduce to a barest minimum.
The image processing of the transaction and user verification time will be less then a second and the language support options is provided on the platform just like the same way you use the machine now, the only additional devices will be the finger print which the machine will ask you to do, the service will give automated system that is unmatched for users convenience. It is purely an additional security for ATM users, why we are doing this is because Naira Net wants to positioned itself as a total solution house for satisfying all kind of technology related needs of the people. We are a one stop shop that is bent on addressing all kinds of customers need, and we are striving to be a single vendor interface that would be providing end to end solution for business opportunities.
High Cost of IT Infrastructure
Government has really not subsidized ICT infrastructure because it is not cheap. ICT is an emerging solution that is taken the lead off today’s life be it development, transaction or communications. It is very expensive to run or even to study it. For instance India alone produces over one million IT knowledge workers in their country annually, while Nigeria produces less than 5,000 trained IT skilled workers in a year. So, there is a big gap for us to meet up with the challenge of trained manpower, and until we have a lot of capacity to begin to produce and trained workers in IT or ICT equipment it will continue to be expensive in Nigeria. In India, some of the trainees come up with solutions that march other techniques that are useful to them with the facilities on ground and which makes the equipment cheap. And they are growing in it. China has so many ICT parks that train their people at affordable cost, and most of the ICT parks in China are result of what we consume here in Nigeria such as, handsets, radios, and solar lamps among others. I don’t think we have any functional ICT park here in Nigeria, and that is the only way ICT cost can be driven down. We need to train our people, we need to develop capacity for it, we need to have functional parks, and we need to have the needed.
Until we get to the level where we would begin to have the facilities available, it would not be easy for us to use proper ICT equipment and the cost will continue to grow.
Most of these countries that use ICT equipment fully have stable power, these is what drives down some of the equipment downs.
Using R and D in ICT for Economic Advancement
Research and Development is not at the moment part of our initiative or plan for development in this country. Most of the R&D we have in the country today are not providing the needed know-how to enhance effective deployment for the country as at now. For instance, the universities are down for the past 2-3 months, how can lecturers or the students be involved in research?
Universities do not have the equipment or well equipped laboratories to carry out research, and they are rated very low in the world today. Organizations are not there to sponsor research and development, so how can we make good use of research and development, where we don’t have the facilities and companies to develop the research such research. This is because it involves quite a lot of money to carryout such project, it is not something that one will start and dump on the road. For us to achieve any meaningful development, we must be prepared for R&D, it is a prerequisite for development once we don’t do it we would not experience any meaningful development our economy.
The rapid changes that is taking place in other parts of the world from one point to another is as a result of the prolific nature of research and development, and the reasons we are not in R&D in any of the areas of production is because, the facilities are not there. The facts remains that, there must be new Innovation or product in the market that would attract people before they buy and how are we going to satisfied an average person with a new product we must embark on R & D.
Government Driving the Application of ICT
All countries have grown on the platform of government driving application of information and communications technology, for instance, Singapore ICT is grown on the platform of one man call Lee Wangyuu, Malaysian economy grow through a particular leader that needed change. In India, the person that drove their ICT was their leader, any country that wishes to grow in ICT must be the leader of that nation, and otherwise it will be done in an epileptic manner. Private or individuals cannot do it alone; we need a leader that have a mindset of driving ICT in this country for it to work effectively. In Dubai, the people driving ICT is the Amatuur family, they are like the prime minister of Dubai, in U.S apart from the government both the public and private sector are into agreement to sponsor or put in money for a particular project to make it successful. There is no way one can separate government from driving ICT in the country, the private enterprise can do it in bits, but it will be too expensive for end users, like in Nigeria most private entrepreneur wants quick return on their investment. How can they provide power, and other infrastructure required for development? It is the government that can do such a big project or enter into partnership with the private sector so that at the end the cost will not be too high and the facilities will be able to cover every nook and crannies of the country, and service will be rendered at low cost.
Naira Net Capacity in Service delivery
We are not doing all these alone; we have partners all over the world, such as Bevertec of Canada, which we are working with on establishing a National Internet Payment Gateway and financial process exchange through the Central Bank of Nigeria. We have Pentasoft Technologies in India for the establishment of education and training centers on ICT in Nigeria. We are also partnering with Euclid InfoTech, an Indian company to provide e-tender and e-procurement portals for publishing all government contracts and tenders, and we are also planning to upgrade the tender portal services for e-monitoring service.
We also partner with Infrasoft Technologies for secured anti-money laundering software solutions for banks which we have deployed it in UBA, Diamond Bank, Oceanic and Spring Banks and we would implement a core banking software solutions with the Banks very soon. We have Profiteer Corporation of Malaysia which we have signed an agreement with to provider advanced software technologies for revenue collections, debt recovery, legal and third party agency management for Nigeria. Also Amricon of Dubai for information and advance RFID ,smart technology that empowers government, financial institutions and business protection from fraud and document such as cheques, boarding passes, certificates cloning and counterfeiting and many others. We hope to offer all the services in Nigeria and indeed the entire African continent.
All the companies are professional that have expertise in various technological platform and they are qualified engineers in software technology, with management and research skills.
General News
MSMEs Paucity of Funds Receives Boost as Senate Backs Bill Seeking to Unlock Cash for them

Businesses across Nigeria, particularly micro, small and medium enterprises (MSMEs), may soon be able to convert unpaid invoices and credit sales into immediate cash without relying on conventional bank loans following the passage of the Factoring, Assignments and Receivables Financing Bill for second reading in the Senate.

The bill, which seeks to establish a legal framework for factoring and receivables financing, is expected to improve access to credit, boost liquidity for businesses and enhance domestic and international trade.
It also seeks to provide legal certainty for the assignment of receivables through factoring, promote transparency, modernise assignment laws and facilitate greater access to credit for businesses across the country.
Leading debate on the bill which was sent from the House of Representatives for concurrence, Senate Leader Opeyemi Bamidele said on Tuesday that the proposed legislation would create an enabling environment for debt factoring to thrive in Nigeria while defining the rights and obligations of creditors, factors and debtors involved in such transactions.
He explained that the bill provides for factoring contracts between sellers and factors and clarifies the legal relationship among parties in receivables financing arrangements.
According to Bamidele, the legislation has already passed all legislative stages in the House of Representatives and has complied with the Senate’s procedural requirements under Order 78(3) of the Senate Standing Orders.
He told lawmakers that the Senate Ad Hoc Committee on Compliance, chaired by Abdul Ningi, had scrutinised and cleared the bill for concurrence.
“The committee confirmed that all procedural requirements for consideration and concurrence by the Senate have been fully met,” he said.
Seconding the bill, Adetokunbo Abiru said the legislation would provide businesses with an alternative source of financing by enabling them to turn credit sales into cash and improve their working capital.
Abiru noted that factoring has become increasingly popular across Africa over the last decade, largely through initiatives supported by the African Export-Import Bank (Afreximbank).
He disclosed that the African factoring market is currently valued at over $50 billion, but Nigeria’s participation remains below one per cent.
According to him, countries such as Egypt and Morocco have benefited significantly from the financing model, adding that Nigeria risks missing out on the growing market without a clear regulatory framework.
“I think that passing this major legislation will help support our micro, small and medium enterprises in terms of converting most of their credit sales into cash without going through the normal borrowing arrangement,” Abiru said.
In his remarks, Ningi also assured lawmakers that the compliance committee had reviewed the bill and found no legal impediments to its passage.
Following a voice vote, the Senate approved the bill for second reading and subsequently referred it to the Committee of the Whole for clause-by-clause consideration.
General News
IMF Warns Nigeria of Risks in $5Bn Swap Deal with First Abu Dhabi Bank

The IMF on Tuesday warned of risks surrounding Nigeria’s plan to borrow up to $5 billion through a derivatives agreement with First Abu Dhabi Bank, saying such transactions are often opaque and complex.

Recall that the Senate in April gave its approval to the agreement, joining other Africa borrowers like Senegal and Angola who have tapped similar arrangements over the past year.
“Our view is that the transaction in these types of structures carry risks. Usually they are opaque so the terms are not always very transparent when we reviewed these instruments across countries,” Christian Ebeke, IMF resident representative in Nigeria, told reporters.
Ebeke said Nigeria could instead issue eurobonds to finance its deficits or other means to raise funding, including on concessional terms.
Nigeria intends to use proceeds from the total return swap, or TRS, to refinance expensive debt and pay for infrastructure.
In its latest Article IV review, the Fund praised Nigeria’s sweeping reforms, saying they had strengthened economic stability and investor confidence, but warned that the benefits had yet to reach millions of citizens and could be undermined by global shocks, including the Middle East conflict.
The reforms since 2023 under President Bola Tinubu – including fuel subsidy removal, tighter monetary policy and exchange rate liberalisation – had rebuilt buffers and improved macroeconomic management, the IMF said.
However, it cautioned that the reforms were also contributing to social strain, with poverty levels at 63% and millions facing food insecurity, underscoring a widening gap between macro gains and household realities.
The IMF said improved policy credibility and forex reforms had helped Nigeria regain access to international capital markets and attract portfolio inflows, while reducing risk premiums. The central bank says gross reserves are at $50 billion, the highest in 17 years.
But reliance on volatile foreign portfolio investment poses rollover risks, the IMF said, urging a shift towards more stable, long-term capital such as foreign direct investment.
General News
SSDC Warns Businesses against Cyber, Election-Related Risks

Security Skills Development Company (SSDC) has released its 2026 Security Outlook, highlighting four major security challenges expected to shape Nigeria’s business and operating environment as the country moves closer to the 2027 general election.

The report, developed from a nationwide survey and expert contributions at the recently concluded Security Thought Leadership Roundtable, identifies internal security threats, protection of national assets, cyber risks and election-related instability as the most significant concerns facing organisations and institutions in the coming year.
According to SSDC, findings from the survey and stakeholder discussions reveal growing concern over the increasing complexity of security challenges and their potential impact on business continuity, economic stability and public confidence.
A substantial number of respondents identified internal threats within organisations as an emerging risk, pointing to the need for stronger corporate governance, workforce integrity measures and structured risk management systems.
Security experts at the roundtable noted that weaknesses in critical public infrastructure and national assets could have far-reaching consequences for the economy and national development if not adequately addressed.
The report also highlights cybercrime as a persistent and evolving threat to both public and private sector institutions.
Participants stressed the importance of strengthening cyber resilience through proactive monitoring, investment in technology-driven safeguards and improved security awareness.
Another key concern raised in the outlook is what SSDC described as the “2027 Election Shadow.” Many respondents expressed concerns about the possibility of heightened political tension as the election season approaches, warning that uncertainty and security disruptions could affect business operations, investment decisions and overall economic confidence.
Speaking on the report’s findings, Mike Igbodipe, managing director, SSDC, called for a more strategic approach to security management across both public and private sectors.
He said organisations must move beyond reactive security measures and integrate security considerations into their broader strategic planning and decision-making processes. He also advocated the development of a gold-standard, locally certified training programme for security professionals tailored to Nigeria’s unique security environment.
SSDC, a security training and consulting firm focused on advancing professional standards in Nigeria’s security sector and strengthening industrial resilience through capacity building and strategic expertise, said the Security Outlook forms part of its ongoing thought leadership initiative aimed at promoting informed dialogue on national security, institutional resilience and risk management.
The company reaffirmed its commitment to supporting stakeholders through research, training and strategic advisory services designed to improve preparedness and response to emerging security challenges.
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