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  •  “SUJIMOTO SCANDAL EXPOSED: Shocking Reality Behind the Allegations!”

     “SUJIMOTO SCANDAL EXPOSED: Shocking Reality Behind the Allegations!”

    I arrived at the Force CID office in the capital city of Abuja with a trove of evidence: the title documents of the Leonardo project in Banana Island, approvals from Lagos State, and all pertinent papers proving our utmost commitment to transparency with the audacious LeonardoBySujimoto project. We clarified that that there was nothing regarding the offences of obtaining money under false pretense, fraudulent misrepresentation, and criminal breach of trust, and the ONLY “offence” we encountered was a delay, which was a result of external economic forces affecting our nation.

    Rising material costs, a plummeting currency, a cascading effect of inflation, and a shifting economic landscape have all conspired to slow down our ambitious endeavour to design and build a landmark property that not only surpasses the iconic 1979 Necom Tower as the tallest and most luxurious project in Nigeria, but also sets a benchmark standard for luxury living across Africa.

    The past few days have been uneasy for me and my business, stemming from a transaction we undertook a couple of years ago involving the sale of an off-plan apartment to one of our valued clients. Despite securing the land and obtaining all necessary approvals, we encountered significant obstacles that have delayed our project delivery.

    After numerous conversations and negotiations, the client in reference demanded a refund for his payment, which was originally made in Naira. At the time of the transaction, the exchange rate was ₦420 to the dollar; today, it has skyrocketed to ₦1,750, creating a staggering deficit of ₦1,330. This poses a critical question: who will absorb this loss? Although the volatility of the exchange rate is neither the client’s fault nor ours, it is a reality that profoundly affects our operational expenses, and capital expenditures, which are largely dollar-denominated.

    Given these circumstances, it was very important for us to clarify our position with the authorities at the FCID regarding allegations of obtaining money under false pretense, fraudulent misrepresentation, and criminal breach of trust. This was a false allegation; we provided comprehensive documentation to demonstrate that these claims are unfounded, as the evidence provided to the FCID authorities gave true insights into the transaction conducted. Our successful clarification with the FCID underscores our commitment to upholding our integrity. Addressing our clients’ concerns is not merely a business obligation to me; it remains a testament to our commitment to transparency and the capital of trust.

    I received numerous advices to take a longer lane to pursue legal action against this whole situation, but THIS I WILL NEVER DO. However, I chose to thread path rooted in dialogue and understanding. I met with the client involved, acknowledging that while the economic downturn and our delays may not be his concern, we were able to reach an amicable resolution.  

    There is no gain in saying that the major pressing challenge for every business owner in Nigeria today is how to navigate the relentless rise in material costs. To put things into perspective, when we started this journey two years ago, the price of cement was around ₦2,000; today, it has skyrocketed to about ₦9,000. Steel prices have surged from ₦480,000 but today priced at to ₦1.3 million. Additionally, the costs associated with clearing containers—a significant hurdle for entrepreneurs engaged in import and export—have skyrocketed, with the clearance of a 40-foot container now exceeding ₦22 million, up from ₦4 million.

    No one prepared us for the staggering devaluation of the naira to the dollar, which has skyrocketed from ₦360 to ₦1,750. Given that 85 percent of our project costs are dollar-denominated, this forex surge has severely strained resources and diminished investor appetite, contributing to project delays. Each week brings with it fresh challenges, yet our unwavering dedication to bringing the iconic LeonardoBySujimoto project to life serves as a lesson for us as passionate and uncommon entrepreneurs, determined to overcome all obstacles while ensuring a successful completion of the project. 

    When we founded Sujimoto a decade ago, I began this journey with nothing but a visionary mindset and a drum of audacity, I didn’t even have the money to buy the first land from My mentor and Father Alhaji Saro (May his Soul Rest in Peace). Without the support of wealthy relatives or influential neighbors, I carved my path with hard work and uncompromising honesty. I firmly believed that by marrying integrity with excellence, we could build a local brand with a global reputation that Nigerians would embrace and appreciate—and today I am grateful to the Almighty that we have succeeded in doing that.

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    While the vision for the 36-storey LeonardoBySujimoto Project is grand, it is not without challenges. Navigating the complexities of today’s economic landscape has presented us with numerous obstacles. Yet, our journey—from the successful Medici Residences in Ikoyi in 2014, and now the soon-to-be-completed LucreziaBySujimoto, a 15-storey building in Banana Island, set to launch by the end of Q4 2024—These 10 years of consistency demonstrates our resilience and commitment to excellence. 

    In every instance, we have faced skepticism and doubt, with many questionings our ability to deliver.  Yet, we have consistently upheld our commitment to integrity and excellence, ensuring that our clients remain informed and supported throughout every process. The temerity to always say the truth and uphold integrity at all costs and making sure we remain very transparent where we had short comings, we made it an obligation to prioritize the well-being of our investors, not only exceeded expectations but also significantly enhanced their return on investment. 

    Despite the challenging economic conditions in Nigeria, which have made several businesses close their doors of operation, we remain resolute and determined to commence construction on the ambitious LeonardoBySujimoto project before the end of November 2024. Today, the land in question is valued at approximately N17 billion, with the entire project worth over N180 billion — no sum of money is enough for us to destroy a project of that magnitude or the value we have built over the years.

    We remain unwavering in our determination to complete this ambitious project in less than 36 months, positioning it as one of the fastest and most robust civil engineering feats in Nigerian history, the tallest and most luxurious building in Sub-Saharan Africa, and the best investment anyone can make.

    As we draw closer to the groundbreaking of this landmark project, I want to extend my deepest gratitude to our investors and supporters. Your patience, understanding, and resolute trust in us have been instrumental in our journey.  I also extend my profound appreciation to the dedicated professionals at FCID who treated me with utmost respect, and professionalism, which have clarified our path forward. To all the uncommon entrepreneurs facing challenges, may the Almighty continue to grant you strength and perseverance to weather every storm.

    For the naysayers and the cynics who doubted our vision, I personally assure them that in less than three years, they shall all bear witness to the unveiling of the tallest and most luxurious building in Nigeria and across Sub-Saharan Africa.

    Dr. Sijibomi Ogundele is the Group Managing Director of Sujimoto Holdings, the Czar of Luxury Real Estate Development, and the mastermind developer behind the renowned Giuliano. Our other audacious projects, such as the most sophisticated building in Banana Island, LucreziaBySujimoto, the grandiose Sujimoto Twin Tower, the tallest twin towers in Africa; the regal Queen Amina by Sujimoto, a monument to royal affluence; the magnificent high-rise LeonardoBySujimoto; the Sujimoto Farm; an advanced farm estate system that incorporates housing, farm hospitals, hotels, and markets within an ecosystem, creating opportunities for agro-tourism and affordable housing., among other projects that have etched an indelible imprint on Nigeria’s skylines, a testament to Sujimoto’s unrivalled mastery of modern-day engineering.

  • Examining tax reform bills & FIRS’s Zacch Adedeji’s explanation

    Examining tax reform bills & FIRS’s Zacch Adedeji’s explanation

    By Yushau A. Shuaib

    President Bola Tinubu’s recent submission of four executive tax reform bills to the National Assembly has sparked a heated debate. Central to the controversy is Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), whose clarifications on the reforms have yet to clear the air but intensified discussions.

    At first glance, the four bills appear to serve distinct purposes: The Nigeria Tax Bill seeks to harmonize various tax laws to reduce multiplicity; the Nigeria Tax Administration Bill focuses on standardizing tax processes and compliance requirements; the Nigeria Revenue Service Bill aims to replace the FIRS Act and establish a National Revenue Service (NRS) to collect domestic and international revenues; and the Joint Revenue Board Bill will create a framework for resolving revenue conflicts between states and local governments.

    A key aspect of these proposals involves replacing the FIRS with the NRS, which would become a central and most powerful revenue service in the country. The NRS will be the only agency responsible for collecting all government revenues, including those currently managed by other agencies in oil, customs, port, and other sectors. It will be more powerful and influential than the Central Bank of Nigeria (CBN) and Nigerian National Petroleum Company (NNPC) and others.

    Another contentious point is the proposed Value Added Tax (VAT) distribution model. Under the new framework, states receiving VAT collections would retain significant revenue. However, some northern leaders fear this model will disproportionately benefit states where companies are headquartered rather than those where goods and services are consumed.

    In a statement from Gombe State Governor Muhammad Inuwa Yahaya (Chairman of the Northern Governors Forum), northern governors oppose the proposed derivation-based VAT distribution model, citing concerns that it would disadvantage their states. They reaffirmed their commitment to national development while emphasizing the need for equity in policy implementation to prevent any geopolitical zone from feeling marginalized.

    The governors urged federal legislators to reject any legislation perceived as unfavorable to any region. The communiqué stated: “The Forum is concerned by the recent Tax Reform Bill sent to the National Assembly, especially the proposed shift to a derivation-based VAT distribution model, which disadvantages the North.”

    Consequently, the next day, the National Economic Council (NEC), chaired by Vice President Kashim Shettima, recommended President Tinubu withdraw the Tax Reform Bills from the National Assembly. In attendance at the 144th NEC meeting, which was held at the State House in Abuja, were governors and Federal Executive Council (FEC) members, including Finance Minister Wale Edun and Budget and National Planning Minister Abubakar Bagudu.

    Oyo State Governor Seyi Makinde remarked that the council recognized the necessity for further understanding and alignment on the bills, stressing that more comprehensive consultations would be in the nation’s best interest.

    Despite this recommendation by governors and federal cabinet members in NEC, President Tinubu said he would not withdraw the proposed tax reform bills. His spokesperson, Bayo Onanuga, indicated that the president believes the legislative process should continue, allowing room for input and adjustments through public hearings. Tinubu remains committed to reforming Nigeria’s tax system, he assured.

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    Through the proposed bills, the government aims to streamline tax administration, enhance efficiency, and align with global best practices. The bills—the Nigeria Tax Bill, Nigeria Tax Administration Bill, Nigeria Revenue Service (Establishment) Bill, and Joint Revenue Board Establishment Bill—seek to unify tax processes, reduce overlapping responsibilities, and simplify compliance for businesses and individuals.

    It is widely believed that the FIRS Chairman Zacch Adedeji is the driving force behind these reform proposals. His educational background, prior positions, and current role have established him as one of the most influential figures in the Tinubu administration. Born on January 8, 1978, in Ogbomosho, Oyo State, Adedeji graduated with first-class honors in Accountancy from Obafemi Awolowo University (OAU), Ile-Ife, where he also obtained his Master’s and PhD in the same field.

    Adedeji’s professional journey started at Procter & Gamble (P&G) as Corporate Finance Manager for West Africa and later as Finance Leader for SAP Implementation. He also served as Finance Commissioner in Oyo State under Governor Isiaka Ajimobi (2011–2015) and was appointed Executive Secretary of the National Sugar Development Council (NSDC) by President Muhammadu Buhari before becoming the FIRS Chairman under President Tinubu.

    While his political ambition is fuzzy—having avoided any major controversy—some suspect his positions on tax reform and proposed legislation harbor hidden agendas. In light of these concerns, he proactively engaged with members of the National Assembly following the submission of the bills. He addressed both the Senate Committee on Finance, chaired by Senator Sani Musa, and the House of Representatives Committee, led by Hon. James Faleke.

    Adedeji articulated the reforms’ goals, highlighting the need to balance existing tax laws, streamline administration, and align Nigeria’s tax system with global standards. Noting that the reforms aim to enhance transparency and improve efficiency in revenue collection, he said the changes would adapt to the realities of the digital economy and position the country attractively for investment. Adedeji confirmed that no additional taxes would be introduced in line with President Tinubu’s commitment to “not taxing poverty and inflation.”

    However, until the full details of the tax reform bills are released to the general public, speculations will undoubtedly continue. The discrepancy between President Tinubu’s stance and Vice President Shettima-led NEC’s recommendation only adds to the confusion.

    The contradiction between the FEC and the NEC is indeed puzzling, especially considering the All Progressive Congress (APC) controls governance at the national level and in many states. A unified and diplomatic approach would have been more effective in addressing the tax reform proposals unless the drama was a deliberate script for political purposes.

    As the debate continues, Adedeji’s true intentions and the broader impact of these reforms on Nigeria’s economy remain in question. The outcome will shape the nation’s economic trajectory.

    Yushau Shuaib is the publisher of PRNigeria & Economic Confidential

  • Social work awareness, demand on the rise in Nigeria — C-ISOWN President

    Social work awareness, demand on the rise in Nigeria — C-ISOWN President

    President and Chairman of Council, Chartered Institute of Social Work Practitioners of Nigeria (C-ISOWN), PROF. OLUWAYEMISI OBASHORO-JOHN has asserted that Nigerians are increasingly becoming aware of the importance of the jobs of Social Workers and are increasingly demanding for their services. But she laments the infiltration of the profession by quacks, who she said are not even aware of the service they render, most times freely. In this interview, she discloses that regulation of the profession will dominate discussion at C-ISOWN annual International conference in Oshogbo, next week.

    What is the C-ISOWN doing about quackery given the proliferation of baby factories, domestic violence, and other social ills?

    We are aware that Rome was not built in a day, and Social work departments and units were also established in our various institutions for some times now, luckily enough, many higher Institutions have embraced the programmes from sub degree to graduate levels, but as we are all aware, schools classrooms alone do not produce professionals. So, the institute is making an effort to infuse the missing links between the classrooms and practice and also ensure a minimum level of skills among those who were on the field prior to the Act. Many entrant programmes have been instituted to ensure minimum rite of passage and admission into the Register. The members are now properly coordinated and licensed. Stamp and seal are issued to experienced and licensed practitioners who will affix it to all documents emanating from them. This enables us and the public to know and trace all documents emanating from licensed practitioners, so adherence to rules and sanctions can be balanced. Like we know, many of us do not like control because they want to practice according to their personal dictates, but unfortunately, the Act establishing the institute is clear and has put a stop to that. So, in a nutshell when there are right trainings and licensing of practitioner, adequate law combine with this government’s willingness at ensuring smooth running of the system, baby factories, domestic violence and predators will have nowhere to hide because our professionals are being trained to fit into different areas of social work profession for adequate intervention where appropriate.

    Exactly what does the Institute do?

    The Chartered Institute of Social Work Practitioners is a regulatory and professional body for social work practitioners in Nigeria. It was established precisely in 2007, which started operations officially in 2010 and was reestablished by Act No. 25 of 2022, which granted the Institute the powers to regulate, control, and determine minimum professional standard of operations for practice in Nigeria.

    What are the major reasons for the enactment of your Act?

    The enactment of the law establishing the Institute came as a result of the overwhelming social issues in our society. The difficulties of social deliveries, poorly and uncoordinated social interventions, clear absence of standard national guidelines, and parameters for social work service deliveries, among others. You will agree with me that the attractiveness of advanced societies is orchestrated by the level and quality of social work practice in those climes. So, the government saw the need to provide a legal framework to galvanize the unregulated services into a national specification for the benefit of Nigerians.

    How do Nigerians become members?

    Members being inducted into the Registers of the Institute is strictly by professional examination, you can only become registered and licensed if you have social work qualification(s) or allied discipline qualification(s) like Sociology, community development, psychology, adult education, guidance and counseling, etc., as stipulated in the establishment Act No. 25 of 2022. Now we have the examinations in three categories (Foundation, Intermediate and Final professional examinations). The foundation professional examination is for those in the Diploma programmes; they come in through the Students’ membership scheme (SMS) indexing via their departments and on successful examinations are advanced to the next stage which is intermediate professional examination (IPE) at their HND 1, they are however expected to write and pass the Final professional examinations at their final year or during their post graduate programme. But for those in the Universities, they are expected to be indexed at 200 Level which qualifies them to sit and pass the IPE and at final year or during their post graduate programme, write and pass the FIPE. For those who are already out of school and in different fields of social work profession in the public and private practice are expected to write the final professional examination (after 3 years post first degree qualification. Fresh graduates are required to still write and pass the IPE). Those qualified to write these examinations are exempted from IPE. For now, Eight (8) weeks online workshop, seminar and examinations are conducted, examinations are in one or two sittings, it is those who passed at either first or second sitting that are qualified to be invited for induction and oath taking into the Register of the Institute. Also, those who have passed through these processes and procedures can apply for a practice license and stamp and seal. These are necessary to maintain practice standards and traceable practice of Social Work professionals in Nigeria as it is done in all meaningful professions all over the world. I will be quick to say that Social work practice in Nigeria is categorized into three (3) Cadres: Officers Cadre (those who have degree qualifications and or PGD Social work and have passed the FIPE), Executive Cadre (those who have Higher National Diploma qualifications and have passed IPE and FIPE) and the Auxiliary Cadre (those who have National diplomas, certificate in Auxiliary social work or other social work certificates from recognized institutions and have passed the FPE). These criteria are also what expatriates practicing or coming to practice social work in Nigeria have to pass through to be granted an expatriate social work license.

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    New entrants into the social work profession or those seeking to become members of C-ISOWN are required to fill out the application form online on: www.c-isown.org/membership or www.c-isown.org/studentsmembershipscheme. Corporate organizations can also become members of the Institute on www.c-isown.org/corporatemembership.

    What does the nation stand to gain from the Institute regulating the practice of social work in Nigeria?

    The gain of effective and regulated social work practice is enormous. The country as a whole is at the verge of demanding for all possible social services as applicable in the developed societies; ranging from, child protection, elderly care, industrial social Welfare, school social Welfare services, medical and sports, to mention a few. It should be noted that all these offices exist but are manned by non-professionals, and sometimes the officers in these offices are free will service men who erroneously deliver services as helpers of clients and not duty bearers. The institution of a regulator surely sets guidelines, boundaries, and appropriate modus operandi. The Institute is also empowered to control and discipline erring members. This will provide the opportunity for clients to demand proper services and also report suspected infractions on the part of the practitioners. It is a well-known fact that any practice without a rule can be abused. You can imagine the huge benefits.

    Now that the country has removed all regulatory agencies from her funding and budget list, how is this institute funded?

    The government is actually apt in the removal of regulatory agencies on the budget list. In advanced countries where we are benchmarking, the government grants recognition and creates a monitoring mechanism but does not tie regulatory agencies to her apron strings because some of those to be regulated are also sitting on government desks as well. So the institute understood how this works from ab-initio; the Institute has positioned itself on a self-funding mode. As we speak, the Institute does not request government funding to operate. To be honest with you, the activities of professional regulation should be self-funded. I will say we are doing well. But the familiarity of being tied to the government in almost everything confuses some onlookers and makes them try to see a government chartered institute as a private one without recourse to legal rules.

    I learnt that your annual International conference on social work is being held this year in Osogbo. Can you tell us about the conference?

    Yes, our annual international conference will be coming up between 3rd through 7th November, 2024, it is the 15th of its kind where social work professionals and Allied disciplines from within Nigeria and Diaspora meet. Our conferences are great opportunities for reflective engagement with self and colleagues, a time to meet other colleagues from diverse cross-cultural practice, sight-seeing and relaxation are also a component of every conference , a time to build links and bridges and also connect practitioners that one naturally may not have outside of a conference so it is an annual ritual in practice for practitioners to expect, save and adequately prepare for., This year we shall be converging in the Centre for Black Culture and International Understanding Osogbo, Osun State. Above all this conference is going to bring to fore the social work direction for the nation going forward.

  • NAF hails FIRS boss for ‘unprecedented’ revenue growth

    NAF hails FIRS boss for ‘unprecedented’ revenue growth

    The Nationalist Front of Africa (NFA) has commended the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, for his outstanding leadership and achievements in Nigeria’s tax management and administration.

    Under Dr. Adedeji’s leadership, the group said the FIRS achieved record-breaking revenue growth of 12.36 trillion Naira in 2023, surpassing its target.

    In a statement by Moses Idoko, the group said his innovative approach has introduced significant reforms, positioning Nigeria’s tax system among the most progressive on the continent.

    He said: “Dr. Adedeji’s focus on technology integration has transformed FIRS into a model for efficient revenue generation. The introduction of the TaxPro Max system, which has enhanced efficiency and reduced manual work by 80%, is a testament to his vision,” the statement said. 

    “This digital platform enables taxpayers to file returns, pay taxes, and access essential services from the comfort of their homes or offices. Furthermore, Dr. Adedeji has established a strong data management unit within FIRS, ensuring precise planning and execution.

    “His commitment to educating the public on tax compliance has also yielded significant results, fostering a culture of transparency and accountability.”

    The group also said the FIRS boss has also introduced progressive reforms, addressing longstanding issues in Nigeria’s tax framework.

    The statement noted that his leadership has clarified guidelines for crypto transactions, simplifying tax reporting for digital asset transactions.

    The statement added Adedeji has streamlined the Withholding Tax framework, removing bottlenecks that once hindered efficient tax collection.

    It stressed: “Dr. Adedeji’s anti-corruption stance has been equally impressive. He established an Anti-Corruption and Transparency Unit within FIRS, collaborating with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to maintain standards and prevent malpractice.

    “The NFA applauds Dr. Adedeji’s commitment to fairness, transparency, and anti-corruption policies. His leadership has rekindled confidence in Nigeria’s tax system, demonstrating his aspiration for a tax authority that is reliable and untainted.”

    The organisation urged Dr. Adedeji to continue his exemplary leadership, building on FIRS’s success to secure Nigeria’s economic future.

    “What Dr. Adedeji has done for Nigeria’s tax administration is enormous; it touches so many aspects of what’s done in Nigeria today, “ Idoko said. 

    “He has pretty much changed the narrative on how the tax sector and the economy should be for Nigeria.”

  • Conference trains youths to monetise creativity

    Conference trains youths to monetise creativity

    By Omolara Akintoye 

    The Africa Creative Market (ACM) 3rd edition is dedicated to strengthening Africa’s creative ecosystem for profitability, sustainability, and global recognition, Co- founder, Africa Creative Market, Dr. Bada Akintunde-Johnson has said. 

    He spoke at the just concluded four-day Business of Entertainment Conference in Lagos organised by the Africa Creative Market (ACM) with the theme: Monetising your art and ideas.

    According to Akintunde: “The entertainment industry in Africa is experiencing significant growth and transformation, driven by a combination of cultural richness, technological advancements, and increasing global interest. To harness this potential, it is essential to develop policies and infrastructure that support the industry”. 

     “This gathering not only celebrates the richness and diversity of African creativity but also offers a gateway to lucrative and fulfilling ventures for both local and international investors.” 

    Consul-General of South Africa in Lagos, Nigeria, Prof Bobby Moroe advised the government at all levels to initiate mentorship programmes that can help harness youths talents in the creative industry that would make them acquire the new global format.

    Director General of the National Council for Arts and Culture, Obi Asika, said it would provide more opportunities for all Nigerian talents. So we can tell our stories by ourselves,the way it ought to be in the global stage.

    Director-General of the National Film and Video Censors Board, Dr. Shaibu Husseini emphasized the need for government to Develop modern cinemas and performance spaces across urban and rural areas to increase access to films, theater, and concerts.

    DG/CEO, Rivers State Tourism Development Agency, Yibo Koko recommended developing initiatives that provide resources and support to marginalized groups within the entertainment industry.

  • NCDMB garrners academia, organisations for commercialisation of researches

    NCDMB garrners academia, organisations for commercialisation of researches

    With the support of the Nigerian Content Development and Monitoring Board (NCDMB) Triple Helix Nigeria yesterday garnered different universities, science and technology based organizations to advocate the commercialization of researches.

    In his goodwill message, the board’s Executive Secretary, Engr. Felix Omatsola Ogbe, who was represented by the General Manager Research and Development, Silas Omomehin Ajimijaye, said research and innovation represent the lifeblood of Nigeria’s oil and gas industry, as recognised by the NCDMB. 

    The event was the Triple Helix Nigeria Conference in Abuja with the theme: “Integrating Research, Innovation, and Policy: Triple Helix Pathway to Research Commercialisation.”

    The conference was graced by university Vice Chancellors, organizations such as the Petroleum Training Institute (PTI), Petroleum Technology Development Fund (PTDF), United Nations Industries Development Organisation (UNIDO) and other related agencies.

    Ogbe said part of the means of exercising the board’s mandate is by using local content to strengthen research and commercialisation of innovative solutions for Nigeria’s oil industry. 

     “One avenue through which we exercise this mandate is by applying local content development to enhance research and commercialisation of innovative solutions for Nigeria’s oil industry.

    “We intend to accelerate this virtuous circle of innovation and wealth generation by fostering partnerships between universities, research institutions, and industry players,” he said.

    NCDMB, according to him, can bring together leading technologies and globally known institutions and organizations to strengthen its research and innovation potential.

    Ogbe said: “We also recognise the need to meet those objectives with our global partners.

    ” We can harness the expertise, leading technologies and best practices of international experts based at internationally recognized institutions and organizations to strengthen our research & innovation potential.” 

    Speaking with reporters, the Triple Helix Nigeria, President, Alhaji Abdulmalik Halilu, said the NCDMB had identified research and development as a key success pillar for sustainable local content development.

    This, he said necessitated the rolling out of a 10-year roadmap in 2017 to indicate where the local content should reflect in 2027.

    Halilu, who is also the NCDMB Director Monitoring and Evaluation, said oil and gas technology requirements are products from countries that have invested hugely in research.

    He cited the US, Germany as country’s research has enhanced their success in the oil and gas industry.

    Halilu said countries that succeed in R&D actually collaborate and show the structured collaboration between the industry, who are the users of risk products of research, who are the users of technology.

    He explained that the academia provide the solution, carry out research from the lab and then advance it to the market as the government is expected to provide the enabling environment.

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    Continuing, the President said, “So we had this 10-year roadmap, but then we said, how do we ensure collaboration? “And that was when some professionals in the industry approached us and said, look, let us establish the Triple Helix Association.

    “Because we’ve seen the leading countries also have a Triple Helix Association, which galvanizes all these three groups.

    ” And then they shape advocacy, they shape policy, and they also interface among themselves to ensure that research is carried out for the simple purpose of being used to develop the solutions that the industry requires. 

    “So we got together, started, 12 of us came together and said, okay, let us look at how this can happen.

    “So we approached the Triple Helix Global and said, okay, we want to establish the association in Nigeria so that we can also benefit from the global network and what it offers in terms of being able to have a platform to commercialize research in Nigeria.”

  • ORIKI Group set to launch wellness entrepreneurship hub

    ORIKI Group set to launch wellness entrepreneurship hub

    With entrepreneurs facing challenges in running their businesses, Oriki Global and Synergy Limited are set to launch the ORIKI Wellness Entrepreneurship Hub in the final quarter of 2024.

    In collaboration with the Lagos State Employment Trust Fund (LSETF) and the United States African Development Foundation (USADF), this would offer young entrepreneurs support with tackling the challenges they face in sustaining their businesses, including cost of electricity, access to equipment, leasing facilities, securing credit, and acquiring technical skills. 

    Founder of Oriki Group, Joycee Awosika, said Oriki Wellness Hub is part of the brand’s commitment in creating robust support systems and an entrepreneurial network that would foster knowledge sharing and create more growth opportunities.

    “At Oriki Group, we are driven by a passion to democratise wellness across Africa. Each of our subsidiaries plays a part in advancing this mission. The Oriki Wellness Hub, the first of its kind for wellness entrepreneurs, is more than just a place to earn – it’s a vibrant community where ideas can flourish, businesses can grow, and the wellness industry can collaborate to make a lasting impact,” she stated. 

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    Awosika added that providing a space tailored to the unique needs of wellness professionals, would not just support individual success but also advance the entire wellness ecosystem on the continent.

    “By establishing infrastructure and systems that alleviate some of these barriers, the ORÍKÌ Wellness Hub aims to empower micro, small, and medium enterprises (MSMEs) to concentrate on refining their expertise, delivering exceptional customer service, and fostering business growth.

    “This initiative will play a crucial role in nurturing wellness entrepreneurs across Africa, enabling them to thrive and make a lasting impact on the communities they serve,” she added.

  • Keystone Bank, Abia train over 1,000 girls on menstrual hygiene, give sanitary kits

    Keystone Bank, Abia train over 1,000 girls on menstrual hygiene, give sanitary kits

    In celebration of the International Day of the Girl Child, Keystone Bank Limited, in partnership with the Abia State Government, last week empowered over 1,130 underprivileged girls across 17 local government areas on menstrual hygiene and financial literacy.

    The initiative, according to Keystone Bank, is part of its Corporate Social Responsibility “Let’s Talk Period” project to further provide an enabling environment by improving the well-being, health, lifestyle, and studies of young girls in the communities wherein it operates.

    The 2024 International Day of the Girl Child celebration is themed ‘Girls’ Vision for the Future,’ and conveys both the urgency of action and the hope driven by the power of girls’ voices and their vision for a better tomorrow.

    As part of the initiative, 3,800 sanitary pads were distributed to young girls, promoting menstrual hygiene awareness and supporting their well-being.

    The event was attended by notable dignitaries, including Mrs. Priscilla Otti, wife of Abia Governor; Mrs. Adaeze Emetu, wife of the Deputy Governor; Dr. Mrs. Maureen Ijeoma Agbukwa, Commissioner for Women Affairs; Mrs. Blessing Ngozi Felix, Commissioner for Poverty Alleviation and Social Protection; Mrs. Ogechi Oguama, Permanent Secretary, Ministry of Women Affairs; Mrs. Chinwe Kanu Ubah, Special Adviser to the Governor on Women Mobilization; and Mr. Kene Nwosu, Special Adviser to the Governor on Education.

    Otti emphasised the importance of period hygiene and urged the girls to embrace the strength and potential they possess. She encouraged them to look toward a bright future, filled with opportunities for growth and success.

    In her remarks, Dr. Eucharia Ken-Agbiriogu, Directorate Head, South, Keystone Bank, took the girls on financial literacy, equipping them with essential knowledge for their financial future. She also shared motivational words inspiring the young girls to recognize their potential and strive for greatness.

    According to her: “The “Let’s Talk Period” project reflects Keystone Bank’s commitment to corporate social responsibility and its dedication to supporting women’s empowerment and education, especially in underserved communities.

    “We are proud to partner with the Abia State Government on such an impactful initiative.

    “At Keystone Bank, we believe in the power of the girl child and are committed to empowering them with the resources and knowledge they need to succeed. Today’s project is part of our lifelong journey of empowerment and education for these girls.”

    Keystone Bank is a technology and service-driven commercial bank offering convenient and reliable solutions to its customers.

  • FCMB leadership takes customer service to frontlines

    FCMB leadership takes customer service to frontlines


    First City Monument Bank (FCMB) Executive Management, led by the Managing Director, Mrs. Yemisi Edun, engaged customers directly last week, during the 2024 celebration of customer service week, listening to their concerns and feedback. This frontline approach is the culture at FCMB and it affirms the bank’s commitment to exceptional customer service. 

    Other customer-centric initiatives by the bank last week include: 

    • ⁠Special outreach to valued customers 
    • Treats for children with kiddie accounts 
    • 10% bonus on airtime purchased via USSD and mobile platforms 

     “This direct engagement helps us understand and address customer concerns,” Mrs. Edun said. 

     FCMB’s customer-focused strategy fuels continuous improvement.

  • How decentralised payment networks will revolutionise Africa’s financial future

    How decentralised payment networks will revolutionise Africa’s financial future

    Data on digital payments over the years suggests that Africa has undergone a remarkable transformation over the past two decades. In 2022, digital payment transactions in Africa surged to $137.28 billion, a significant jump from previous years. The growth rate is staggering, reflecting the continent’s rapid embrace of financial technology and mobile payments, which have become vital to economic inclusion for millions.

    In Nigeria, for example, massive strides have been made in digital payment solutions. Policies and innovations spearheaded by both the government and private sector have accelerated the adoption of digital payments. 

     The Central Bank of Nigeria (CBN), through its National Financial Inclusion Strategy, has played a significant role. The introduction of the Cashless Nigeria Policy in 2012 sought to reduce the volume of physical cash circulating within the economy, thereby encouraging the use of electronic payment systems.

    While Nigeria has excelled in online payments, Kenya remains a global pioneer in mobile money, thanks largely to the success of M-Pesa. Today, over 51 million people across Africa use M-Pesa, with transactions worth over $314 billion recorded yearly.

     These figures are evidence of a rapidly improving digital payments space, however, a closer look reveals a lot of transactions in Africa are still largely cash based. McKinsey’s research puts the amount of cash-based transactions at 90%.

    This means that there’s still a lot of room for growth when it comes to digital payments in Africa. However, these also present a challenge for the current payment infrastructure that Africa has. Although there’s been laudable growth over the years, these payment infrastructures still have their short comings. 

    Three out of every 10 digital payments in Africa fail.These failures contribute to a $14 billion loss in recurring revenue for digital businesses across the continent annually.

    Consequently, taking 90% of cash transactions upon digital rails will increase this failure rate and in turn increase revenue losses. 

      Nigeria, which has one of the most robust payment infrastructures in Africa saw increased failure rates when a major cash scarcity in 2023 led to an increase in digital payments.

      This means that further growth in digital payments will result in increased rates of failed payments. Failed payments also means more losses to businesses which could lead to lower trust in digital payments.

    Cryptocurrencies have been touted as an obvious solution to this problem, given their speed and transparency, but they are difficult to regulate. Even crypto-related solutions outside Africa such as Ripple, have gotten into trouble with regulators.

    However, in Africa, Zone is using the technology behind cryptocurrency, blockchain, to build a payment infrastructure that is secure, transparent, and most importantly can be regulated. Rather than disrupting Africa’s payment ecosystem, Zone is  creating a new home for existing financial institutions (FIs) and regulators on the blockchain. 

    Read Also: Zone, NIBSS, partner to revolutionise PTSA functions using blockchain technology

    The approach is both ingenious and simple. Zone’s regulated blockchain solves a key problem that plaques FIs, which is direct communication. These FIs need to go through various intermediaries to perform transactions between each other. 

    With Zone’s blockchain, the FIs become their own payment switch, able to connect and transact directly with one another without the cost, down-time and friction associated with intermediaries.. This architecture also provides for, regulators to become part of the network to ensure compliance and monitor what each FI does in real time. Zone is gaining traction, especially in Nigeria where it has onboarded the major financial institutions and a key regulator known as the Nigeria Inter-Bank Settlement System (NIBSS).

    Whether decentralised systems such as the one Zone has created can revolutionise Africa’s financial future can only be answered in a few years, because as brilliant as it is, only time will tell if it can handle the weight of Africa’s digital payment ecosystem.