Ekeigwe Advises Auditors to Recognise the Fallibility of Artificial Intelligence

15/08/2023

Chairman of Audit Committee Institute (ACI), Mr. Chris Ekeigwe, has advised auditors and accountants to tread with caution in putting trust in Artificial Intelligence (AI) as a tool for business and audit.

In his “A Letter to my Profession” (the fourth in the series of allocutions to the accounting profession) entitled “Audit Perspective on Artificial Intelligence – from Trust but Verify to Verify and Verify”, Ekeigwe warned that absolute trust in AI by auditors and accountants in the audit process and the belief in its ability to churn out flawless financial reports could spell doom for the corporate world just as the belief in the 1980s and 1990s that reports generated by personal computers were perfect, did.

Ekeigwe recalled that in the early days of personal computer, many professionals were made to believe that computers do not make mistakes, pointing out that that incorrect belief led to overconfidence and unquestioning reliance on computer reports by auditors, without diligent verifications, leading to the failure of auditors to timeously detect errors and fraud, and in turn resulted in the collapse of some companies in the 1980-2000s such as Barings Bank, Bank of Credit and Commerce International (BCCI), Wells Fargo, Enron, WorldCom, etc. He warned that a throwback to that era will be even more disastrous, given the immense power of AI today.

He therefore asked accountants and auditors to be wary of the ongoing “persuading” calls by the tech industry assuring of the infallibility of AI, and the need to trust it. Riffing on the sentiment of Pirelli Tire advertisement that says “power is nothing without control,” he called on the profession to insist that appropriate auditable controls are designed into AI technology.

Even with what AI can help them to achieve, he advised that auditors should be unapologetically, courageously paranoid and inquiring, in all circumstances, even when that makes them unpopular. He maintained that the desires of the accountants and auditors for the truth should prevail if they do not put craven trust in the biased messaging about trust in AI.

Ekeigwe who lauded the enterprise of AI developers, describing them as great inventors and the best and brightest in class who are creating value for society, however, said that implicit in AI is fallibility inherited from its human creators. According to him, “we have never made anything perfect in all human history, and it is unthinkable that AI will become perfect before its creators.” He therefore, maintained that the messaging of absolute trust in AI is unwarranted and deceitful, and should not be bought wholesale by auditors whose control-thinking is a critical success factor for the corporate world. He insists that AI deserves only measured trust.

“It is noteworthy that our generation fetishized technology to the detriment of control thinking, conceding, or attributing, unwarranted power to it”, Ekeigwe said, adding that “I see that happening again today with the cognitive impact of tech industry’s exuberating messaging that we should trust AI, even while we see increasing signs that AI is not sufficiently reliable to warrant our implicit trust.”

In the face of the potential dangers of AI, he said that the concept of verify and verify is not a mere emphasis, but an expression of significance. He posits that “truly, verify and verify, in AI environment, influences the future performance of controls and results of audit, and, therefore, the future going-concern posture of an entity. He said that audit should shift from “trust but verify” to sedulous “verify and verify.”

Ekeigwe said that one of the problems that audit has for dealing with AI trust is skills decay, namely, the obsolescence of skills due to rapid changes in AI technologies. “By now we should have AI audit experts the way we quickly developed for earlier technologies, but those who have been working hard to develop the skills for auditing AI quickly get blindsided by AI technology turnover”, he said, pointing out that achieving enduring AI audit capability maturity will continue to be a challenge for the accounting/auditing profession.

To checkmate the many surprises that AI will present in the future, he advised that the accounting/auditing profession should commit to the doctrine of “verify and verify” with grit and accordingly invest in, and focus on, learning how to control AI through empowering “tecknowledge” (techie knowledge with dexterity), system thinking, control thinking, control design, human behaviour, etc., so we can safely deploy and exploit the power of AI.

NCC Showcases Indigenous Telecom Achievements at NTICE 2023 Expo

Business Journal

15/08/2023

The Nigerian Communications Commission (NCC) is set to showcase achievements so far recorded in the promotion of indigenous content in the telecommunications sector at the second edition of the Nigerian Telecommunications Indigenous Content Expo (NTICE 2023), which holds in Lagos from August 22-24, 2023, at Landmark Centre, Victoria Island, Lagos.

Themed: “Harnessing Indigenous Content for Economic Growth: Networking to Boost Investment”, the Commission said it is mobilizing stakeholders for a remarkable outing, following a very impressive showing at the maiden edition of the event last year.

The NTICE is being coordinated by the Commission’s Nigeria Office for Developing the Indigenous Telecom Sector (NODITS), which superintends over efforts for effective implementation of the National Policy on the Promotion and Implementation of Indigenous Contents in the Telecommunications Sector, (NPPIC).

The Expo is open to multi-sectoral participants, including indigenous telecom operators, manufacturers, regulators, government agencies, policymakers, innovators, industry leaders, startups, other actors in the telecom ecosystem, academia and global experts to showcase their products and services, innovative solutions and new technologies.

The Nigerian Communications Act (NCA) 2003 empowers the NCC to encourage local and foreign investments in the Nigerian communications industry, introduce innovative services and practices as well as promote the participation of Nigerians in the ownership, control and management of communications companies and development of communications manufacturing and supply sectors.

Therefore, NTICE 2023 is being organised in keeping with the extant provisions of the NCA 2003, and to promote the four focus areas of the NPPIC, which are Manufacturing, Service, People as well as Research and Development for innovation in line with the Federal Government’s drive to diversify the economy.

The event has continued to serve as a rare assemblage of stakeholders where diverse thoughts can be shared in contexts that advance utilization of indigenous contents in the nation’s telecommunications industry.

Participation at the event requires mandatory formal registration ahead of the day of the event and the Commission has created the link: www.ntice.ncc.gov.ng for this purpose, and intending participants are advised to register before August 22, 2023.

In an interaction with the NCC’s in-house media recently, the Executive Vice Chairman and Chief Executive Officer of the Commission, Prof. Umar Danbatta, reiterated that NTICE is Nigeria’s largest annual indigenous telecoms, tech and startups, manufacturing and innovative event that brings to stakeholders the powerful connections and valuable new relationships that highlights the achievements and vast potentials of a tech-driven digital economy.

The 2023 Expo is billed to project the achievements of indigenous content by the government for the sector and afford participants the platform to showcase their products and services, innovative solutions and new technologies.

NAIC Sympathises with Livestock Farmers over Anthrax Disease

Business Journal

15/08/2023

The Nigerian Agricultural Insurance Corporation (NAIC) deeply sympathises with livestock farmers adversely affected by the reported case of Anthrax disease in the country.

In a press release from the Office of the Managing Director/CEO of NAIC, Mrs. Folashade Joseph, she expressed concerned about the outbreak of the Anthrax disease and its negative effects on the income of livestock farms and the risk to fellow Nigerians who might unknowingly be affected.

Mrs. Folashade Joseph advised the general public on the need to take a NAIC agricultural cover to mitigate against the effects of Anthrax disease and other emerging risks in the agricultural value chain.

She also affirmed that the provision of insurance solutions for agricultural hazards in a major mandate of the Corporation, which is fully owned by the Federal Government.

Furthermore, the Managing Director/CEO drew the attention of farming communities and entrepreneurs of impending floods across the country and the need for proper best practices which include taking of a NAIC agricultural insurance cover which is guaranteed to plough those who suffer losses back to prosperity.

NGX, CSCS, Euroclear to Create Dollar Settlement Platform for Fintechs

Business Journal

11/08/2023

The Nigerian Exchange Limited (NGX) has disclosed that it is working with the Central Securities Clearing System (CSCS) Plc and Euroclear to create a dollar settlement platform that will enable tech startups to raise in dollars.

The Exchange stated that this would create opportunities for domestic investors to have access to their shares and at the same time, contribute to the growth of the Nigerian economy through democratization of capital formation.

Speaking during the Annual A&O Fintech webinar themed; Fueling Fintech: The Power of Capital, the Role of Regulation, the Divisional Head, Capital Markets, NGX, Jude Chiemeka, noted that although public markets are viable options for raising capital, fintechs have preferably opted for private markets because of regulatory rule of disclosure and stricter governance requirements that is necessary for listing publicly.

He explained that to address this issue, NGX received approval from the Securities and Exchange Commission (SEC) to launch a technology board for fintechs and tech companies to raise capital. Chiemeka stressed that the tech board is geared at encouraging tech firms to come to the market and raise capital in local currency, which would prove beneficial amid the high interest rate environment that had made foreign investors hawkish.

Whilst stating that the issue of settlements may discourage fintechs from accessing capital in US dollars on the public market, Chiemeka revealed that the Exchange was working on a partnership that is directed at fixing that problem.

He said: “NGX is working with CSCS and Euroclear to create a dollar settlement platform that allows tech companies (start-ups or existing ones) to raise capital in dollars. We have reviewed listing procedures for tech companies who want to list. Requirements around number of shareholders, years of operation among others have been relaxed to catalyse these listings.”

Owing to the high interest rate environment, Chiemeka said that domestic investors had been allocating their Assets under Management (AuM) to majorly FGN bonds. He further revealed that there had been more outflows than inflows from FPIs and that had impacted the performance of equities in recent times, especially as regards volume and value of transactions.

He called on the present administration to eke out deliberate and enabling policies to drive listings on the exchange’s platform.

“The government needs to be deliberate on policies that will encourage corporates to list and now that it is thinking of creating palliatives due to removal of subsidy, they can also consider those that will incentivise companies list and see the domestic capital markets as choice platforms to raise capital. Publicly traded companies pay more taxes and are better governed so there is an upside for government in driving more listings. This will go a long way to encourage these institutions to look into the local markets.” Chiemeka said.

NSML Launches Clean Waterways Initiative to Tackle Plastic Pollution

Business Journal

11/08/2023

NLNG Shipping and Marine Services Limited (NSML) has launched its Clean Waterways Initiative, a programme to raise awareness of the dangers of plastic pollution and to advocate for action to address the issue.

Speaking on the initiative, the Chief Executive Officer of NSML, Mr. Abdulkadir Ahmed, highlighted the urgency of the plastic crisis and its detrimental effects on economic activities, human health, and the environment.

“Our Waterways, and by extension the world’s oceans, are in the depths of a plastic crisis. Plastics and marine pollution have found their way into every marine ecosystem, impacting economic activities and the health of our people and the environment.

“We all have a role to play in protecting our oceans. The NSML Clean Waterways Initiative is our way of contributing to the global effort to tackle plastic pollution. We urge everyone to join us in this important work,” Mr Ahmed said.

Also speaking on the initiative, Nigeria LNG Limited’s (NLNG’s) General Manager, External Relations and Sustainable Development, Andy Odeh, said that the clean water initiative was a universal cause, given the importance of water to human existence.

The launch of the Clean Waterways Initiative comes at a time when the world is facing a growing plastic pollution crisis. According to the United Nations, over 8 million tonnes of plastic enter our oceans every year, and scientists warn that by 2050, there will be more plastic (by weight) than fish in the sea.

The NSML Clean Waterways Initiative is a call to action for all stakeholders to address this urgent problem. It adopts a “TRIPLE A” Awareness, Advocacy, and Action strategy. It seeks to raise public awareness, educate stakeholders, and drive policy changes and solutions at the sub-national and national levels. The initiative will focus on clean-up efforts, improving waste management, and promoting recycling practices to reduce the inflow of plastics and waste into our rivers and waterways.

The launch of the Clean Waterways Initiative was attended by stakeholders in the industry.

The NSML Clean Waterways Initiative is a significant step forward in the fight against plastic pollution.

NSML is a subsidiary of NLNG. The private limited liability company provides shipping and maritime services which include training, manning, fleet management and consultancy services.

NCDMB Advocates Corporate Governance for Indigenous Oil Firms

Business Journal

08/08/2023

Indigenous oil and gas companies must instill principles of corporate governance in their operations if they are to grow and achieve sustainability, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Kesiye Wabote has said.

Speaking virtually at the ceremony marking the rebranding of the Niger Delta Exploration and Production (NDEP) into Aradel Holdings, the Executive Secretary rued that many local oil and gas companies have died because they do not adhere to corporate governance principles.

He lauded the management of Aradel Holdings for setting high standards of corporate governance, stating that “one of the incredible things the Chairman, Chief Ladi Jadesimi; the former Managing Director, Dr. Layi Fatona and their team have done is instilling the spirit of corporate government. That is why the company is succeeding the owners of the business are not contractors; they do not engage contractors and they do not engage in round tripping. That has led to their success.”

Speaking further, Wabote described Aradel Holdings as a good example, noting that they have made significant returns to their joint venture partners. “They are one of the local companies that NNPC Limited is proud to associate with. NCDMD is also proud of their success and we will continue to support them,” he assured

The NCDMB boss charged indigenous producers to emulate Aradel Holdings and to take corporate governance seriously, recommending that owners of businesses should detach themselves from the daily operations of their organizations.

Dwelling on local content development, Wabote challenged Aradel Holdings to champion the development of local content, stressing that the implementation of the Nigerian Content initiative and the Nigerian Oil and Gas Industry Content Development (NOGICD) Act enabled indigenous producers to exist and thrive. He insisted that it is the responsibility of Aradel Holdings and other local producers to support local content, protect and enhance it, with a view to creating jobs, growing technology, and developing the nation’s natural resources.

He remarked that the percentage of unemployed Nigerians was about over 30%, warning that it would be a grave mistake if the oil industry were to de-emphasise local manufacturing and local production. He also challenged Aradel Holdings to play an active role in the acquisition of assets being divested by some international operating oil companies.

Earlier in his speech, the chairman of Aradel Holdings, Chief Ladi Jadesimi traced the history of the firm, noting that it had operated in the past three decades and pioneered several initiatives, including marginal field operations, one of which is the Okpele Field, which it has grown the daily production from about 1,000 barrels of crude oil per day to 13,000 barrels. The company is also a fully integrated oil and gas company, and also pioneered modular refinery initiatives with the first train of 1,000 barrels per day, which has since expanded to 11,000 barrels per day.

In his comments, the Managing Director of Aradel Holdings, Mr. Adegbite Falade described the new name as an acronym of the founding Chairman, late Chief Aret Adams, and the firm’s original name and area of operations, which is the Niger Delta region. The new name also signified the company’s resilience and preparedness to meet the challenges of energy transition and security as well as become the leading energy company in the country, he added.

Falade also announced that the company’s modular refinery will soon begin to refine premium motor spirit, alongside other major projects the firm plans to embark on.

NLNG Holds 2nd Digital Communication Skills Workshop for Journalists

Business Journal

07/08/2023

Participants sit with Andy Odeh, NLNG’s GM, External Relations and Sustainable Development (centre), and facilitators from The Journalism Clinic, Dan Mason and Taiwo Obe (right) at the close of the #NLNGChangeYourStory workshop in Abuja.

Nigeria LNG Limited has completed the second edition of its highly impactful 2023 #NLNGChangeYourStory workshop, aimed at equipping journalists with cutting-edge digital communication and social media skills.

From 1^st August to August 3, 2023, the annual capacity-building workshop brought together a diverse group of more than 25 journalists from various editorial sections in Abuja. The event, fully sponsored by NLNG, focused on mobile and multimedia journalism, offering participants a comprehensive learning experience.

At the workshop, Mr. Andy Odeh, NLNG’s General Manager of External Relations and Sustainable Development, stated that NLNG remained steadfast in its commitment to empowering journalists with the tools and skills needed to effectively convey stories that resonate with the Nigerian populace in today’s rapidly evolving digital age.

Odeh reiterated NLNG’s belief in fostering symbiotic relationships with its stakeholders, recognising their indispensable role in the company’s current and future success.

“The growth and triumph of NLNG’s stakeholders are inextricably tied to the company’s growth, and thus, capacity building remains a cornerstone of NLNG’s commitment to collective progress. NLNG’s dedication to capacity building is not mere rhetoric but a tangible commitment that bolsters the growth and success of both stakeholders and the nation. It is also in line with our vision of being a globally competitive LNG company helping to build a better Nigeria,” he said.

He added that NLNG’s quest for sustainability led to the recognition of digital communication and social media as the future of the media. He stated that the workshop was initiated in 2015 when eight journalists participated in the first #NLNGChangeYourStory workshop.

The workshop, delivered by seasoned journalist, Mr. Dan Mason in collaboration with The Journalism Clinic, led by Mr. Taiwo Obe, proved to be a transformative experience for the participating journalists. Leveraging their wealth of knowledge and experience, these experts adeptly guided participants through the nuances of digital communication and social media, empowering them to take control of their narratives and shape the nation’s stories.

#NLNGChangeYourStory workshop has benefited over 90 journalists since 2015, reinforcing their digital communication and social media competencies. The workshop is an inspiring testament to the transformative power of state-of-the-art training. Journalists emerge equipped with the confidence and skills to embrace digital communication and social media.

NLNG, CORA Showcase The Nigeria Prize for Literature Longlist of 11 Playwrights

Business Journal

07/08/2023

Andy Odeh, NLNG’s GM External Relations & Sustainable Development with playwrights in the Longlist of 11 playwrights of The Nigeria Prize for Literature (2023) at the NLNG-NPL Book Party in Lagos…recently.

Nigeria LNG Limited (NLNG) and the Committee for Relevant Arts (CORA) last weekend in Lagos held a book party in honour of the longlist of 11 playwrights for The Nigeria Prize for Literature (2023 edition).

The book party featured the readings from the longlisted plays and a panel session with the playwrights who participated in person or virtually.

This will be the first public gathering of the writers on the longlist recently released by the panel of judges led by Professor Ameh Dennis Akoh, a Drama and Critical Theory professor at the Alex Ekwueme Federal University, Ebonyi State. Other panel members include Professor Osita Catherine Ezenwanebe and Dr. Rasheedah Liman.

Playwrights on the longlist who attended the event include Victor S. Dugga (Gidan Juju), Obari Gomba (Grit), Cheta Igbokwe (Home Coming), Christopher Anyokwu (The Boat People) and Abuchi Modilim (The Brigadiers of a Mad Tribe)

Other authors who attended were Olubunmi Familoni (When Big Masquerades Dance Naked), Olatunbosun Taofeek (Where Is Patient Zero) and Henry Akubuiro (Yamtarawala – The Warrior King).

Abideen Abolaji Ojomu (Ojuelegba Crossroads), Ade Adeniji (Dance of The Sacred Feet) and Bode Sowande (The Spellbinder) joined the panel session virtually.

In his remarks, the General Manager of External Relations and Sustainable Development at NLNG, Mr Andy Odeh, said the annual book party brings NLNG, the sponsor of the prize, together with the literary community to promote excellence and creativity, and to project outstanding books to Nigerians and the world.

“Nineteen (19) years of successful administration have produced 17 winning works, and over $1 million has been won. This prize stands out as the biggest and most prestigious literary prize in Africa, and one of the world’s biggest and most reputable. We are happy that today presents an opportunity to interact with these 11 playwrights. We are just two steps away from announcing the winner of the $100,000 prize in October.

“We instituted The Nigeria Prize for Literature because we were concerned that standards of reading, writing, editing, proof-reading and publishing were drastically falling in Nigeria, a country that largely founded and dominated the African Writers Series; a country that is also known to have produced reputable writers and winning works. Today, we are glad that Nigeria can showcase great literary works published in Nigeria. Our library and bookshelves have been enriched with many great works by Nigerian writers. The Nigeria Prize for Literature alone has received over 2400 entries in the four genres, many of which are top-quality entries,” he said.

In his speech, Ropo Ewenla, a member of the CORA Board, stated that the idea of a book party sprung from a review of the prize in 2010 when some argued that stakeholders should do more for the publishing industry. He said CORA came up with the book reading event to create an opportunity for the authors to discuss their books with the audience, adding that nothing beats a book reading. He stated further that the prize money of $100,000 makes the competition one of the most keenly contested literary prizes in the world. Still, he added that writers primarily want to distinguish themselves with their writing and be recognised.

The 11 entries were selected out of 143 for this year’s prize round, which focuses on Drama. The final verdict on the winning entry is expected to be announced in October 2023.

The Nigeria Prize for Literature rotates yearly among four genres: prose fiction, poetry, drama and children’s literature.

NCC Warns Against Sale, Use of Non-type Approved Devices

Business Journal

05/08/2023

The Nigerian Communications Commission (NCC), has warned traders and other stakeholders about the negative consequences of selling and purchasing phones and telecommunications gadgets that are not type approved by the Commission.

The certification of telecom devices used in the telecom sector is one of the mandates of the NCC as enshrined in the Nigerian Communications Act (2003) whose central objective is the “protection of the rights and interests of consumers”.

Non-type approved telecom devices are considered to be supplied to the Nigerian market from grey sources and are known to degrade quality of services in the network.

Deputy Director, Consumer Affairs Bureau, Dr. Emilia Nwokoro, who spoke for the Executive Vice of the NCC, Prof. Umar Garba Danbatta, at the 5th edition of Market Conversation, a telecom consumer outreach programme of NCC, which took place recently at the GSM Village in Abuja, said the event was part of the sensitization efforts of the Commission to address the issue.

She said there is a need to sensitise traders at the market about the implications of trading in substandard products as they may face the risk of arrest and prosecution when found selling non-type approved devices.

“The essence of coming here today is to enlighten the traders on the dangers of selling non-type-approved devices. The NCC established procedures for certifying telecom products sellable and usable in Nigeria, and that explains the Commission’s efforts to raise awareness to ensure that substandard products are not circulated in any market in Nigeria,” she said.

She informed them that the procedure for approval of telecom devices has been established by the Commission, and all type approved devices have been published on the NCC website for public and user reference. Therefore, traders should take advantage of this information to identify type approved against none type approved phone devices.

The Chairman, GSM Village Market, Abuja, Macdonald Ajuogu, said the market union has a task force that monitors the types and standards of devices sold there, and that the association has also put measures in place to deal with any member that goes against their rules.

“Normally, we have a platform in the market whereby anybody that deals with any phone in the market is registered with the union and we also have a task force that always checks on any product that is being sold in the market, including computers that are sold in the GSM village.

Ajuogu thanked the NCC for devoting time to come and sensitise the traders not to sell or purchase non-type approved devices and promised that the traders would strive to abide by the prescriptions of the commission by cross checking with the NCC’s list of certified and type approved devices to avoid being sanctioned.

IPEN Visits LCCI for Strategic Partnership

Business Journal

05/08/2023

From left: Head, Corporate Communications, Lagos Chamber of Commerce and Industry, Sunday Osanyintuyi; Publisher, Bislad News, Bisi Bamishe; Publisher, Inspenonline, Chuks Udo Okonta; Director General, Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona; Publisher, SuperNews, Ngozi Onyeakusi; Business Editor, Leadership Newspaper, Zaka Khaliq and Insurance & Pension Editor, Nation Newspaper, Omobola Tolu-Kusimo, when the EXCO of Insurance & Pension Editors of Nigeria (IPEN) paid a courtesy call on the management of LCCI in Lagos.

The Executive Council of Insurance & Pension Editors of Nigeria (IPEN) yesterday paid a courtesy visit to the management of the Lagos Chamber of Commerce and Industry (LCCI) in Lagos to discuss areas of strategic business partnership.

PenCom: Pension Assets Hit N17tr in June 2023

Business Journal

04/08/2023

The National Pension Commission (PenCom) has put pension assets in Nigeria at N16.76 trillion as at June 30, 2023 as against N14.99 trillion in December 2022.

Mrs. Aisha Dahir-Umar, Director-General of PenCom said at the 2023 Seminar for Journalists in Lagos that PenCom’s proactive regulatory approach has strengthened the oversight and governance of pension funds, promoting transparency, accountability and safeguarding the interests of pension contributors.

She added: “Consequently, pension assets have risen by N1.77 trillion in the first half of 2023, from N14.99 trillion in December 2022 to N16.76 trillion at the end of June 2023. Membership also increased by 146,920 new contributors, from 9.86 members as of the end of 2022 to over 10 million members as of June 2023.”

Dahir-Umar, who was represented by Mr. Abdulquadir Dahiru, the Head of Corporate Communications at PenCom, said the Contributory Pension Scheme (CPS) has ensured that public and private sector workers can build retirement savings throughout their working lives, fostering financial security during their golden years.

Addressing the participants, she said:

“I am pleased to welcome you to the 2023 Journalists Conference organised by the National Pension Commission (PenCom) for members of the press covering Pension matters. The Journalists’ Conference is a testament to PenCom’s commitment to enhancing the knowledge and understanding of the Contributory Pension Scheme (CPS) and its impact in the lives of contributors and retirees. It is also an occasion to interact with the media and discuss developments shaping Nigeria’s pension landscape.

The theme of this year’s workshop, “Transforming Service Delivery in the Pension Industry: Strategies for Improving Efficiency and Customer Satisfaction,” is both timely and crucial. It reflects PenCom’s commitment to continuous service improvement in the pension industry so that contributors and retirees receive the best possible experience.”

MAFAB HAS LAUNCHED 5G SERVICES IN NIGERIA – NCC

Business Journal

03/08/2023

The attention of the Nigerian Communications Commission (NCC) has been drawn to some misleading comments on social media which falsely claimed that “MAFAB Communications, one of the companies granted Fifth Generation (5G) licences by the Commission is yet to roll out the service, nearly two years after obtaining a licence, and one year after the roll-out date.”

For a fact, MAFAB Communications is one of the two successful companies that won a 5G Licence during the globally-acclaimed transparent 5G Auction conducted by the Commission on December 13, 2021.

Upon fulfilling the condition of payment for the fee of $273.6 million in February 2022, the company formally received the licence on February 22, 2022.

Consequent upon the issuance of the 5G licence, and in line with the rollout conditions, MAFAB publicly launched its services in Abuja on January 24, 2023, and in Lagos on January 26, 2023. At launch, the services were targeted at six cities – Lagos, Abuja, Port Harcourt, Enugu, Kano and Kaduna.

The Commission has continued to monitor the progress of rollout by MAFAB and has been regularly briefed about the status of infrastructure deployment for service offerings as conditioned in its operating licence.

The public and all stakeholders should ignore the false and misleading information concerning the 5G rollout by MAFAB.

Reuben Muoka

Director Public Affairs

August 2, 2023

NCC, BPSR Partner on Digitisation of Govt Processes

Business Journal

03/08/2023

From Left: Prof. Umar Danbatta, Executive Vice Chairman/Chief Executive Officer, Nigerian Communications Commission and Dr. Dasuki Arabi, Director General, Bureau of Public Service Reform, during the Memorandum of Understanding (MOU) signing ceremony to strengthen collaborations between the agencies at the NCC’s Head Office in Abuja recently.

For a start, the Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta and the Director-General, Bureau of Public Service Reforms (BPSR), Dr. Dasuki Arabi have penned a Memorandum of Understanding (MoU) to jointly work towards accelerating the digitisation reform process in government.

Speaking at the event, which took place at the NCC’s Head Office in Abuja recently, Danbatta said collaboration between the two organisations is consistent with NCC’s Strategic Vision Plan (SVP) to partner and collaborate with relevant stakeholders.

He noted that the MoU will enhance efficiency and productivity as it adequately captured the roles of enabling policies and implementing institutions, which are key features of digital transformation.

He also said the Commission will continue to drive broadband penetration, which provides the backbone upon which such process will thrive.

According him, “it is for this reason that the Nigerian National Broadband Plan document, made adequate provisions for the deployment of broadband infrastructure across the country. It is this same infrastructure that will drive services that will result in the transformation of governance as well as the key services sector in the economy,” he said.

Danbatta said at the completion of the process, governance will be paperless, chief executive officers would be able to deal with their mails without necessarily signing most things offline because virtually everything will be done online.

“Indeed, the transition will be worth it, as the process is associated with efficiency, which naturally results from operating a paperless system of governance or administration at the level of entities such as the Bureau for Public Service Reforms and the Nigerian Communications Commission,” he said.

“We attach a lot of importance to the way and manner we collaborate with sister agencies of government to give translation or to ensure the actualisation of that important item of our Strategic Vision Plan that is strategic collaboration and partnership, it explains why we are signing this Memorandum of Understanding.

In his response, Arabi revealed that the Bureau took the decision to work with the Commission in driving the reforms for the adoption of emerging technologies as a result of NCC’s emergence as the first organisation to win the Platinum Award of BPSR, exceeding expectations in the way it conducts its businesses.

“Historically speaking, this partnership had begun in 2016 when the Commission became the first agency of government to undergo the BPSR online Self-Assessment Tool (SAT). Remarkably, at the end of the assessment, NCC emerged as the first agency to be rated Platinum Organisation by the Tool, having exceptionally exceeded expectations in all good practices built around nine domain areas” Dasuki stated.

Underscoring his submission, Arabi said: “Given the successful outcomes of the workshops and conferences NCC organised in collaboration with BPSR on the Distributed Ledger Technologies (the Blockchain) in 2022 in Lagos and Abuja, the MoU is providing a window of opportunity to consolidate efforts to deliver strong and resilient public service that will lead a well-functioning federal system wherein zero tolerance for corruption is made practicable.

“The MoU will also help in fostering of a high degree of cooperation between Federal and State governments in improving service delivery and addressing Transparency International Corruption Perception Index to significantly improved safe and secured environment that encourages economic growth and investment.”

Arabi said that efforts to improve equitable and unhindered access to government information and services through the Federal Government’s Scorecard for ranking websites of Ministries, Departments and Agencies (MDAs) are producing a direct impact on the socio-economic development of the country.

Business Journal Weekly Online Newspaper to go LIVE August 7

Business Journal

31/07/2023

The Business Journal weekly online newspaper will commence publication from Monday, August 7, 2023.

The weekly online newspaper will complement the existing Business Journal daily digital platform and the Business Journal monthly magazine in a move designed to have the Business Journal Media Group operating effectively in three (3) media formats: Daily-Weekly-Monthly!

The weekly online newspaper will focus on key sectors of the Nigerian economy such as Banking & Finance, Energy (Oil & Gas, Power), Insurance & Pension, Telecom & IT, Capital Market, Maritime, Literature, Sports Business, HealthCare, AgriBusiness, Manufacturing, Politics & Policy, Small Business (MSMEs), Travel & Tourism, The MBA Academy, Housing & Environment, Arts & Culture, Branding (Media + Marketing) and others.

Commenting on the development, Prince Cookey, Publisher/Editor-in-Chief of the Business Journal Media Group said:

“The coming of our weekly online newspaper completes our strategic plan for effective delivery of news, features, analysis, special reports and other media offerings across daily, weekly and monthly channels. The essence of our plan is to deliver intrinsic value to policy-makers in the public sector (federal/state) and operators in the Organised Private Sector (OPS). Accordingly, we solicit for editorial and advert support from individual and corporate stakeholders to keep the flag flying for the benefit of the Nigerian economy and media industry as well.”

Cookey said the Group is open to strategic engagement and collaboration on existing and emerging issues of public policy, and governance, market growth and expansion for the private sector.

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Danbatta Advises Businesses to Adjust with Disruptive Technologies

Business Journal

31/07/2023

L-R: John Odeyemi, Chairman, Board of Trustees and past President, Lagos Chamber of Commerce and Industry (LCCI); Dr. Michael Olawale-Cole, President & Chairman of Council, LCCI; Alkasim Umar, Director, Consumer Affairs Bureau, Nigerian Communications Commission (NCC); Gabriel Idahosa, Deputy President, LCCI; Prof. Muhammed Abubakar, Managing Director, Galaxy Backbone Limited and Leye Kupoluyi, Vice President, LCCI, during the 9th edition of the Information, Communication Technology and Telecommunications (ICTEL) Expo hosted by LCCI in Lagos.

The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof Umar Garba Danbatta, has advised businesses to adjust to the potentials of disruptive technologies which have been adopted across the globe for enhanced productivity and sustainability.

He told industry leaders and Information and Communication Technology (ICT) innovators, who gathered at the 2023 edition of the Information, Communication, Technology and Telecommunications (ICTEL) expo organised by the Lagos Chamber of Commerce and Industry (LCCI) in Lagos, that advancements made in the global ICT industry have become business and enhancing.

Danbatta, who was represented by the Director of Consumer Affairs Bureau at the Commission, Mr. Alkasim Umar, said technology has always played a significant role in shaping the world people live in. He, however, said that in recent years, advancements have accelerated at an unprecedented rate.

The NCC helmsman said as the world grapples with the 4th Industrial Revolution driven by the Internet, advancements in many facets of ICTs, are fundamentally changing all aspects of people’s lives and reshaping economic, social and cultural paradigms across the world.

He listed such disruptive technologies to include Artificial Intelligence (AI), Machine Learning (ML), Internet of Things (IoT), Blockchain Technology, Virtual Reality (VR), Augmented Reality (AR), Fifth Generation (5G) and other emerging technologies which have demonstrated the potential of transforming industries and business models.

“Today, we find ourselves amid a digital revolution, where the boundaries between physical and virtual worlds are blurring. So, as we navigate the era of tech disruptions, it is crucial for businesses to embrace innovation and adapt to the changing landscape. Companies that are agile and willing to experiment with these emerging technologies will gain a competitive advantage in their respective industries,” Danbatta said.

The NCC CEO further assured that the NCC’s strategic management plan represents the Commission’s commitment to leveraging technology and innovation to transform industries and drive positive change. “By embracing tech disruption, we are empowering individuals, businesses, and communities to thrive in the digital age. Together, let us build a Nigeria where technology is a catalyst for inclusive growth, innovation flourishes, and the benefits of connectivity reach every Nigerian,” the EVC said.

President of LCCI, Dr. Michael Olawale-Cole, who appreciated the Commission’s efforts in providing a predictable telecom regulatory environment, noted that the theme of this year’s edition of the ICTEL Expo had been carefully chosen considering the far-reaching impact disruptive technologies are having on businesses around the world.

NCC’s Zonal Controller, Lagos, Engr. Yomi Arowosafe, who was part of the team to the well-attended ICT Expo, received an LCCI Appreciation Award presented to Prof. Danbatta, by the Vice President of LCCI, Leye Kupoluyi, in recognition of Danbatta’s contribution towards the success of the 2023 ICTEL Expo held on July 25 – 26, 2023 in Lagos.

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