" ITREALMS: 2020-03-08

Saturday, March 14, 2020

Pantami: Pathfinder for Nigeria's digital economy - ITREALMS

The Honourable Minister of Communications and first ever, of Digital Economy in Nigeria, Dr Isa Ali Ibrahim (Pantami), is an extraordinary human being. He has earned this status by virtue of his uncommon ability to pave ways and blaze the trail in hitherto uncharted territories, His ability to visualize the future technologically, and his uncanny focus in driving us towards that future determinedly, without a shred of doubt, In spite of the enormous challenges mostly peculiar, to our climes.

In the last few years, the global focus has gradually but surely shifted from mere ICTs to more advanced Digital Economies with particular focus on Digital Skills. While the rest of the world made real progress and changed the course of history in their respective domains, we as usual, engaged in theories and rhetoric for the most part. It took the assumption of Dr Pantami into office, as a Minister of the Federal Republic under the President Muhammadu Buhari administration, to actively and properly ignite the Digital Economy Agenda of Nigeria. Pantami comes with an undeniable breath of fresh air heralding the much needed change.

Last week, as I listened to my Boss make his presentation to the Federal Executive Council, his passion and conviction were not lost on anyone seated in the President’s Council Chambers. He spoke the truth as usual and it was crystal clear that the way forward was through a digitalized economy. From the moment he initiated, pursued and got the President’s approval to expand the nomenclature of the Ministry of Communications to include Digital Economy, it was obvious to the discerning mind that this was no regular public office holder.

Having legalized the establishment of the supervisory ministry properly on the 17th October 2019, he set to work immediately. By November 28th the Digital Economy Strategy document was unveiled by President Muhammadu Buhari at the e-Nigeria summit. And there has been no looking back. Pantami believes that there is no dearth of potential in Nigeria and he demonstrates this conviction by engaging indigenous talent in executing his mandate. The Digital Economy Policy Strategy Document was put together by the Digital Minister himself and a few of his aides. Not a single foreign consultant was contracted to do the job, and this same document has attracted lots of global accolades and partnerships on an unprecedented level in the sector.

Global tech giant, Google’s Director of Public Policy and Emerging Markets, Doron Avni was on a working visit to the Minister’s office on February 19th. He expressly noted the similarities between Nigeria’s Digital Economy Pillars and his company’s vision, this has led to a partnership for a National Addressing System that will establish proper public addresses for every street in Nigeria. He has attracted a partnership with IBM in skill acquisition for talented Nigerians, Facebook is on board, the World Bank is involved on multiple levels. Every action, partnership, Memorandum of Understanding signed is geared towards one goal; to develop indigenous skills in technology and enhance digital literacy. The world is willing to partner with Nigeria seeing the vision, focus and level of intelligence the current leadership has brought to bear in the sector.

According to the World Bank Digital Economy Diagnostic Report, Nigeria accounts for 47% of West Africa’s population and half of the county’s population are under the age of 30. This means that we are uniquely positioned to not only reap the benefits of a Digital Economy, but actually lead the Digital Revolution in Africa, This ability to lead and conquer is the crux of the message Dr Pantami is preaching. Recently, my able Boss has been canvassing for the recognition and placement of skills over certificates. “paper qualifications can be misleading and may not count for much in this era of digital skills” he says. “For indigenous innovation to thrive, we must place emphasis on skills”. Pantami has ignited a new revolution among youths which is a driving force for technological skill acquisition and the zeal to produce employers of labour as against saturating an already groaning labour market. To this end, the Federal Ministry of Communications and Digital Economy through its Agencies and parastatals in conjunction with global and local organizations have embarked on massive trainings of Nigerians across the country. Technology training centres are being established across board to facilitate access to skills.

The Academia, his constituency, is challenged to disrupt the curriculum and produce practical graduates of repute, who have the requisite skills to fit into a digital world. The response has been overwhelming as he personally takes his message to each campus; from kashere to Gombe, to Minna, to Kano to Lagos, Port Harcourt. Even to secondary schools. To listen to Dr Pantami mentor, teach and lecture these young ones about the importance of technological skills, you see a leader with a vision, a man in his elements and a true believer in the greatness of humanity. It is a given that he, more than any other youth in leadership, inspires a whole generation of Nigerians. The learned community is solidly behind one of their own, and at this rate, I humbly opine that the Nigerian Educational Curriculum is due for an overhaul streamlined within the requirements of a Digital Economy.

A Digital Economy is an enabler, capable of catapulting any aspect of our economy to any desired level. It is the platform on which a strong, durable and lasting foundation of global relevance and true economic empowerment can thrive. A digitalized economy is a transparent, progressive society that works, and it is easy to see how Dr Pantami would be drawn to such a cause considering his personality.

As the grand master of Nigeria’s Digital Economy Policy, my very thorough and realistic boss did not harbour any delusions about the challenges that came with the territory. He knew that his position as the pioneer Minister of a Digital Economy and his mission to change the status quo, would encounter both natural and man-made obstacles and he came ready. Pantami knew that to forge ahead, he would sometimes have to step out of his comfort zone and he is never one, to shy away from responsibility. Pantami sees and conducts himself as a federal minister, a nationalist, a patriot who is not restrained or confined by the artificial barriers and borders that limit productivity.

The potentially, economically crippling effects of the Right of Way (RoW) impasse between the state governors and Mobile Network Operators recently was effectively resolved in a professional and effective manner only an experienced conflict resolution expert can manage. Without further escalation of issues, he initiated and mediated in the process that saw some erstwhile aggrieved parties come to an agreement that averted a security and economic crisis. From a standpoint of a ten thousand naira rate, from the one hundred and forty five naira per linear metre, some state governors extended a total waiver as a gesture of support to building a digital economy. In a similar manner, he intervened in the face off between officers and men of the Nigeria Customs Service (NCS) and service providers at the height of the Infrastructure maintenance crisis. Dr Pantami is currently obsessed with deploying telecommunications infrastructure across the country to greatly reduce, if not eradicate the over forty million underserved or unserved populace and to ensure the price of data is further reviewed downwards. “An increase in BroadBand penetration results in a phenomenal rise in the GDP of an economy” he enthuses. He has put in place an ambitious 5 year (2020 – 2025) broadband plan, aimed at achieving over 70% penetration as against the current 38.9%. Numerous studies have found a correlation between economic growth and broadband penetration.

With the emphasis on Digital Literacy and Skills, building a digital workforce, producing employers of labour, support and partnerships to drive indigenous innovation and a steady increase in broadband penetration, any economy will experience massive growth. He constituted a National Broadband Plan Committee, based purely on merit and proven competence, with a six week deadline that was met. The ultimate goal is to achieve about 70% penetration, but I can bet my salary that my boss has a 100% plan B agenda. Pantami is ambitious, very ambitious, extremely driven and a near perfectionist. He motivates people and brings out the best in them, indeed Ms Funke Opeke, the Committee’s Chair, would agree with me that working under his guidance is a life changing experience.

Dr Isa Ali Ibrahim Pantami, is truly an extraordinary human being. He embodies loyalty to authority and country as it is clear even to the blind that all his actions are geared towards achieving national goals. Leveraging on technology to fight insecurity, corruption and building a viable, stable digital economy. I read somewhere a very long time ago, that for every generation, a leader is raised for the greatness of a people. Sometimes, it is not the absence of a leader or leadership, but the ability to recognize, accept and support what has been given, is what really makes the difference.

Current statistics prove beyond every reasonable and unreasonable doubt that Nigeria has the very rare advantages of a massive youthful population, a considerable number of them being digital natives and an outstanding world of talent yet largely untapped, almost bursting at the seams. Pantami’s goal is to harness these talents, develop them, promote indigenous innovation, place this country on a technologically global pedestal that will secure the future we all dream and seek. To be left behind in this infinite tech race is to confine ourselves to a life of perpetual servitude.

The truth must be told however obvious it already is, and the truth is that the youths of Nigeria must recognize those who have demonstrated the capacity and discipline required to propel us to greatness. No silver – armour- wearing- figure, is going to pop out of the sky like spider man or voltron and perform magic, spinning webs and wielding magical swords. The youths especially, should strive to change the narrative and bring real value to the table. Technology is a leveler, it has no gender, no religion, no ethnicity, an open and infinite resource. Pantami is a unifier selflessly enabling that platform. A captain who knows his ship and steers it in very familiar waters with focus, good judgement, courage, discipline, justice and a determination to get to the desired destination safely. We need to wake up in earnest and heed this clarion call to save ourselves from perpetual obscurity and join hands with the progressive and result oriented Honourable Minister to develop our God-given resources for the good of all.

The difference between Dr Pantami and the vast majority of public office holders is implementation. Like he says; “We have a very fantastic blueprint across all sectors. But we cannot sit in our offices and expect people to comply like Angels, we must go out there, to ensure these laws are implemented. Our work is on the fields”. Believe me, most of us have never encountered a more dogged and law abiding personality like Pantami. Again, as he says, “we cannot do it alone”. Pantami’s watch word is POSSIBILITY nutured by competence and a determination to succeed. If the quest for leadership, courage, focus, resilience, intelligence, vision, youth, patriotism, selflessness, justice and worthy mentorship, has been solved by the emergence of Dr Isa Ali Ibrahim (Pantami) what obstacles can prevent us as a people and a nation from achieving greatness?

*UWA SULEIMAN is spokesperson to the Honourable Minister of Communications & Digital Economy.

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Friday, March 13, 2020

Facebook opens application for 2020 Community Accelerator programme - ITREALMS

Facebook has opened application for its Community Leadership Programme (FCLP) 2020, from leaders across Nigeria, South Africa and Kenya, reports ITREALMS.

The 2020 application, 
ITREALMS gathered would close by April 10, this year, while the programme is expected to commence in June.

This, Facebook said is in line with its mission to give people the power to build community around the world and its commitment to supporting the community leaders who drive change, Facebook is announcing the launch of the Community Accelerator programme which will be available in the following countries across SSA: South Africa, Kenya and Nigeria.

An evolution of the Facebook Community Leadership Programme (FCLP), this six-month accelerator programme provides training, mentorship and funding to help community leaders grow their communities. Up to $3 million in total will be awarded to 80 programme participants worldwide.

Selected community leaders will spend three months learning from experts, coaches and a customised curriculum to create a plan to grow their communities. They will spend the next three months iterating and executing on their plans, with funding and support from their networks.

“Our mission is to empower the leaders who foster community - people who offer support, encourage others and make real change,” says Kiran Yoliswa, Strategic Partner Manager, Communities SSA at Facebook.

"We are investing in leaders because we believe and know they make significant contributions to today's social challenges, by sharing knowledge and information, and helping people to connect with others that share same interests or passions for a good cause.”

In 2019 the Facebook Community Leadership Programme provided training, funding, and support to 115 community leaders. The leaders reported that their projects impacted over 1.9 million lives through online community support, the use of helpful resources and other activities made possible by the programme.

The 12 community leaders from Sub - Saharan Africa said their projects impacted over 80,000 lives. 

Nenye Dom/Editor

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Google’s new terms of service takes effect March 31, 2020 - ITREALMS

Effective, Tuesday, March 31, 2020, the new Google terms of service will come into place, which may affect a number of its services, reports ITREALMS.

According to the official communications from its headquarters and available to ITREALMS from the Mountain View, California, United States of America, Google services are provided by the Google LLC under the laws of the State of Delaware, USA, and operating under the laws of the USA

“Until then, the existing Terms of Service continues to describe the rules you agree to when using our services. For more details, we’ve also provided a summary of the key changes,” Officials intimated ITREALMS.

In addition, ITREALMS gathered that if for any reasons a customer could not agree with new Terms of Service, they can find more information about other options in the Frequently Asked Questions.

However, ITREALMS, gathered that what is covered in these terms comprising the reflection on “the way Google’s business works, the laws that apply to our company, and certain things we’ve always believed to be true.”

As a result, Google said that “these Terms of Service help define Google’s relationship with you as you interact with our services. For example, these terms include the following topic headings:
What you can expect from us, which describes how we provide and develop our services
What we expect from you, which establishes certain rules for using our services
Content in Google services, which describes the intellectual property rights to the content you find in our services — whether that content belongs to you, Google, or others
In case of problems or disagreements, which describes other legal rights you have, and what to expect in case someone violates these terms.”

Understanding these terms, Google pointed out, is important because, “by using our services, you’re agreeing to these terms.”

Chuks Egbune/DoP

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52 Thoughts: Morenike Adebayo tasks Nigerians on good followership - ITREALMS

The author of 52 Thoughts on Nigerian Politics, a book of commentaries, Ms Morenike Adebayo has tasked Nigerians, especially the youth to imbibe the habit of good followership, reports ITREALMS.

Speaking in Lagos during the book launch held at the Nigeria Institute of International Affairs (NIIA), Victoria Island, Ms Adebayo and called on Nigerians to mobilise against all odds which oppresses them.

She stressed the importance of the youth understanding the political processes and taking action to ensure that governance ameliorates the lives of the people.

Also, she called for the reappraisal of the Nigeria’s socio-political structures, adding that with her book, she expected a new wave of conversation about Nigeria’s key issues.

She noted there is a crack within the political system and invited Nigerians to challenge individual thought patterns, purportedly ingrained on them from childhood.

“Above all, this book recognizes that Nigeria represents a nationwide cazse of untapped potential. Its with this min that it asserts that politics takes place not in classrooms or house of assemblies but instead on the streets, “ she declared.
ITREALMS gathered 52 Thoughts on Nigerian Politics: A book of commentaries is a 170 page book.

Morenike Adebayo, 
ITREALMS further gathered, graduated with Bachelor’s Degree in Politics and International Relations from the University of Bath, United Kingdom in 2019.

The launch was attended by who’s who in the telecommunications, political and new media sphere.

The book launch was declared open by Mr. Osundu Nwokolo of Greenfields Law, who was a former director, regulatory affairs at Airtel among others.


The book was published by Royaltimes of Nigeria.


Nenye Dom/Editor

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Thursday, March 12, 2020

Letter to Obas: Purely administrative matter says EKSG - ITREALMS

ITREALMS:

The Ekiti State Government (EKSG) has described as merely an administrative matter its recent letter to Obas, which has been making a round, reports 
ITREALMS.
As said by the Chief Press Secretary to the State Governor, Yinka Oyebode, told ITREALMS that the attention of the Governor of Ekiti State, Dr Kayode Fayemi has been drawn to some misleading news reports being circulated in some online blogs alleging plans by the state government to dethrone some traditional rulers in the state.

The reports, which are products of the bloggers’ hastiness, grossly misrepresent the development. 

It thus becomes imperative to state the true position of things as follows:

• The Ekiti State Bureau of Chieftaincy Affairs is responsible for the coordination, management and welfare of the Traditional Council and its affairs.

• The Bureau briefed the Governor, on the prolonged absence of some members of the State’s Traditional Council meetings as well as traditional council meetings at the local government level. Mr Governor directed that the Bureau should write the affected traditional rulers to find out reasons for their absence.

• The Honourable Attorney General wrote to the Bureau on Mr Governor’s directives. Consequently, the Bureau (through a senior official) wrote to the affected traditional rulers seeking for reasons for their prolonged absence at council meetings. The formal nature of the letter is what is being misconstrued to be a query.

• Contrary to insinuations, this is merely an administrative matter which is neither contentious nor confrontational. It is definitely not a ploy or plan to remove any Oba from office. As public officers, our traditional rulers act as the direct link between government and their domains; they have expected duties and functions, and as an administrative head, Mr Governor should be aware of reasons why such duties are not being carried out.

• It is on record that some of the Obas had earlier written Mr Governor to give legitimate reasons for their absence which have been accepted. The letter in focus was written to only about 11 Obas whose absence could not be explained and not to the 16 Pelupelu as erroneously reported.

• In Ekiti State, our traditional rulers are well respected and revered as custodians of our culture and traditions. The Fayemi Administration is committed to the welfare and protection of the cultural heritage of our people which the Kabiyesis hold in trust.

• Any rumour claiming that Governor Fayemi is planning to dethrone any Oba in Ekiti State is a deliberate and malicious misrepresentation of the true situation. It is obviously an attempt from opposition to create chaos and confusion between the Ekiti State Government and the good and law abiding people of Ekiti State

• The Governor holds ALL our traditional rulers in high esteem and reverence as expected of an Omoluabi. No arm of government discussed nor considered dethroning any Kabiyesi at any time because there is no basis for such.

• Anyone spreading such malicious and unfounded rumours is an enemy of the good people of Ekiti State and they are hereby advised to desist from creating unnecessary tension in the polity.

Ayo Midele/Editor

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Africa’s life after OPEC

Commentary@ITREALMS:

Sometimes it is easy to forget how interconnected human lives across the globe have become. Perhaps we no longer talk as much about globalization as we used to in the 1990s because it is no longer an issue to be discussed or protested against, it is simply the reality that surrounds us. And there is no cruder evidence of that than the Coronavirus.

Despite the fact that the virus hasn’t yet affected African nations in anyway as seriously as other regions of the world, a fact the World Health Organization is still unable to explain, forecasts already indicated that just through reduced demand for African exports, the virus was expected to wipe at least USD$4 billion in revenue from the continent’s economy. Most of that was simply because China in particular, and Asia and Europe in general, were reducing oil and gas consumption dramatically as transport and economic activities came to a standstill in light of the epidemic that already forced several dozens of millions of people to be put under quarantine.

Last week, news reports indicated that oil traders in Africa were unable to find buyers for fifty-five Nigerian oil cargoes as global demand crashed. By last Friday morning, the virus had wiped the equivalent of USD$5 trillion in value from the global stock markets. That’s two and a half times the GDP of the whole African continent.

And all that was before OPEC+’s Friday meeting in Vienna. Wasn’t that one surprising?

I believe it is safe to say that few people could have expected this outcome. After all, for the last three and a half years, the world, and the oil industry in particular, had learned to trust the alliance of OPEC countries with Russia and other oil producers to work together to stabilize the markets and guarantee a sustainable price for the barrel of crude.

Through their decision to cut down oil production to address reduced demand and balance out the effect of the US shale play, all together, they were keeping 1.7 million barrels of oil per day away from the market, a landmark decision of cooperation like we had never seen in history. Perhaps also because of its novelty, of its width and because it was dependent on the will and cooperation of so many, it also fell victim to the infestation this virus has brought.

The Saudi-led consortium of nations was proposing a combined further cut of 1.5 million barrels per day to continue to match the decline in global demand. The Russia-led group was not going to go further than 600 thousand. The conclusion… no new cuts at all and no renewal of the previous cuts. The OPEC+ alliance that saved the industry from collapse in 2016 has, at least for the moment, come to an end. All bets are off. At the end of April, when the current agreement ends, all restrictions will be lifted and the world is bracing for an oil flood.

The markets have already factored that in, with the Brent and the WTI registering its biggest daily crash since the beginning of the first Gulf War. While oil seems to have rebounded slightly today, it will take time to make up for Monday’s 25% crash. That is, if the recovery is anywhere in sight, since Saudi Arabia announced it was ramping up production and selling its oil discounted by as much as USD$8 per barrel, on a barrel priced at little more than USD$30.

In all honesty, the situation looks bleak. If Saudi Arabia and Russia do go on having a price war, a USD$20 barrel is possible, if not probable.

But what does this mean for Africa?


Several African petroleum and energy ministers were in Vienna last Friday, both as members of OPEC and as members of APPO. Shortly before the announcement on the fall of the agreement, they had decided to strengthen cooperation between African oil producers, promote synergies, intra-african trading, and knowledge exchange. Surely, we need that more than ever.

For the moment, however, there is no reason to panic. Surely, things might get worse before they get better, as the world battles this rapidly spreading virus. And surely, some oil dependent African nations will suffer with reduced revenue. Angola’s state budget, for instance, was designed for an oil price of USD$55 not USD$35. But we have survived the oil price crisis of 2014, and we will survive this one two. Further, most African producers have learned from the past experience and have adjusted themselves to respond to price crashes. The progressive economic diversification the continent has witnessed in recent years will also contribute to minimize the impact of this situation. Yes, final investment decisions might be slightly delayed until the situation stabilizes, but they will come in due time.

So what’s next?


If 2020 is showing itself challenging for African energy, 2021 will be a year of opportunity, but for that to happen, we have to start adapting now, laying down the policies that will allow us to take advantage of the future opportunities. It is in moments of crisis that true leaders have the opportunity to shine.

While it is difficult to predict the future, there are a few deductions and inductions we can try to make with some certainty.

One, is that neither Russia nor Saudi Arabia want a low oil price and there is a limit to how long they are willing to sustain it. No one gains from it and if anyone has the capacity and funds to sustain it for a longer period of time is Saudi Arabia. So, it is not really a price war, since it can’t really be a war if you already know the winner at the head start. Already, Russia has suggested it might be open to negotiate coordinated cuts within OPEC+ during the group's next meeting in May/June.

What seems likely that will happen, is that the first to suffer from this will be American shale producers. This sector was already finding it hard to finance itself in recent years but continued to unbalance the market with its rapid response times to price fluctuations. These producers are highly leveraged, and it is likely that most will go bust in the present situation. This is something Russia and Saudi Arabia tried to do back in 2015/2016. While it did not succeed at the time, it might have better chances now.

Further, in three months time, at the time of the next OPEC+ meeting, the virus situation might also be very different. This week, president Xi Jinping visited Wuhan, the epicenter of the epidemic, for the first time since the beginning of the outbreak, in a clear demonstration of a strong response to a rapidly evolving situation that seems to be stabilizing. China itself is an extremely leveraged economy and can not afford to slow down for much longer. It can be expected that demand in the country will start rising again in the foreseeable future. If that happens in a scenario when the US shale sector is no longer able to respond, it might just be that the price will climb higher than it was before the virus, and with Saudi Arabia securing for itself a much larger slice of the global marketplace. Again, things will get worse before they get better, but they will certainly get better.

So, for African nations, this is the time to position ourselves correctly, and that will require close attention to international developments and close cooperation, to be able to take advantage of new opportunities. The African Energy Chamber will be instrumental in that, but so will be the African members of OPEC. The time to show statesmanship and stay close to Saudi Arabia and the decision-making table is now. To grow Africa’s relevance in the international oil stage by showing level-headedness and cooperation in face of a global crisis. If we take that route, we will come out of this stronger than ever.

*Contributed by NJ Ayuk is Executive Chairman of the African Energy Chamber, CEO of pan-African corporate law conglomerate Centurion Law Group, and the author of several books about the oil and gas industry in Africa, including Billions at Play: The Future of African Energy and Doing Deals.

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Monday, March 09, 2020

9m customers transact on FBN’s USSD platform says Adeduntan - ITREALMS

Chief Executive Officer, First Bank Nigeria, Dr. Adesola Kazeem Adeduntan was recently in Edinburgh and spoke to African Banker. He spoke on how the bank is leveraging technology to deliver quality service to customers. 
Excerpt.

"I travel to meet Dr Adesola Adeduntan in Edinburgh, where he has been invited to give a keynote address at the Edinburgh School of Business about the role of financial institutions in driving financial inclusion.Fittingly, as you land in Edinburgh, you are greeted by billboards from different investment funds advertising their credentials in responsible and sustainable investment and how environmental, social and governance (ESG) considerations underpin their activities.

With economists and politicians questioning capitalism and the Western liberal model, today the emphasis is very much on a stakeholder-based approach, whereby growth and prosperity is more equally attributed and takes into consideration the needs of the wider community. Sustainable investment has become de rigueur among corporate jargon.

Dr Adesola Kazeem Adeduntan, CEO of First Bank of Nigeria, is a veteran in the Nigerian banking and corporate world. His overriding message, clearly expressed throughout his interview responses, and also at the various talks he gave during the day (at the Business School and at a law firm), is on the importance of doing good if you’re to do well – financially – in Nigeria and indeed, Africa.

A telling sign

FirstBank is actually the oldest bank in Africa. It was established in Lagos in 1894 as the Bank of British West Africa. Last year it celebrated its 125th anniversary. It is also the biggest bank in Nigeria in terms of assets and branch network.

For Adeduntan, a veterinary doctor by training, it becomes clear, once we have settled down for our discussion, that the institution’s longevity is a telling sign: it not only proves the bank’s resilience, it also shows that it has the right structures in terms of governance and the right business model, with the country’s development at its core. The theme of the anniversary celebrations was about how the bank has been woven into the fabric of Nigerian society.

The clear message to the industry is that while it is possible to make a quick buck, you can only enjoy the sort of longevity it has if you conduct your business with the interests of the country at heart.

Nonetheless, it’s apparent Adeduntan does not want to dwell too long on past glories. Using the analogy of a car, he says that there is a reason why the windshield is large whilst the rear-view mirror is small.

The challenge of fintech

As in most sectors, traditional ways of doing business have been coming under increasing disruption from ever-evolving technology. The banking industry is no exception and seems to be under siege from an expanding fintech onslaught.

I ask him if he is worried that non-financial companies will be entering the banking sector, especially given the recent change in regulation by the Central Bank that allows non-traditional finance institutions, namely mobile operators, to enter the fray.

He says he is not worried as his bank has one of the best defined strategies when it comes to financial inclusion and that it has the largest digital banking network in Nigeria.

Much of this has been developed through the bank’s FirstMonie Agents system: 46,000 agents represent the bank across the country. Currently, 9m customers transact on their USSD platform (by mobile phone, both smart and analogue) in addition to 3m customers transacting on the FirstMobile platform.

The agent network, the biggest of its kind in the country, enables the bank to provide services to the most remote rural communities; and because it doesn’t need to have an extensive branch network, it means that these services can be supplied at a fraction of the cost of a ‘legacy’ banking model.

Financial deepening

Adeduntan prefers to use the phrase ‘financial deepening’ when talking about the unbanked. Financial inclusion has increased from the low 20s to approximately 40% in Nigeria over the past seven years and is expected to double to the mid-80s within the next five years.

He says ‘financial deepening’ occurs when financial inclusion starts playing an important role in economic development. It’s about layering additional products on the current agency banking network – services such as micro-credit, micro-insurance and micro-pension.

The aim is to provide value-added services whilst at the same time increasing the savings rate; this aspect, which is critical in driving investment rates, has been one factor behind Asia’s rapid growth.

It is in this area, he says, that the bank has a vital role to play and a distinct advantage over new entrants. Technology, he emphasises, will play a crucial part in broadening financial inclusion. In addition, it is important to partner and collaborate with different stakeholders such as NGOs and other organisations dealing with the bottom of the pyramid, to help them reach out to different groups and also improve financial literacy.

Last year saw a boom in venture capital investment into Nigeria. For example, $400m was invested in a number of fintech start-ups during November alone. Is he not worried that these fintech players, with their lower cost base and ability to use technology, AI and big data to overcome traditional hurdles, are going to take the majority share of the pie when it comes to servicing the unbanked?

He says that will only be the case if the banks do not manage to reinvent themselves. In Edinburgh, he actually spent a large part of his day visiting tech hubs around the university in the city and speaking to fintech companies. FirstBank, he adds, has a number of partnerships with fintechs as well as its own Digital Laboratory developing new solutions for the bank.

Nevertheless, he firmly believes that the ‘legacy banks’ will still continue to play a very central role, especially “in this part of the world where banks are quite dominant and they have significant buying power”.

In terms of settlements and deposits, he sees many of these new players as partners they can work with, even if in some areas they will be competitors.

Scope for growth

Despite the impressive strides made by the banking sector in Nigeria, Adeduntan believes there is still a massive scope for growth for the sector. He points out that none of the country’s top banks have made the Top 10 Banks in Africa list, despite Nigeria being the continent’s largest economy.

He thinks that with the signing of the African Continental Free Trade Agreement, “we are entering a very interesting period for the banking sector, not only in Nigeria but Africa in general”.

On the domestic front, does he expect further consolidation? “Within certain thresholds,” he answers. “Anything that would allow the strengthening of the entire banking sector, I am sure the Governor of the Central Bank would be positive about.”

He also points to demographics and the high rate of the unbanked as great opportunities for the growth of the sector continentally. “According to UNICEF, two billion babies will be born in Africa in the next 30 years,” he says. “And in places like DRC [where FirstBank has a presence] financial penetration is as low as 5%.” Put the two sets of figures together and, in theory at least, you get vast opportunity. But he adds the all-important caveat that demographics are only good if managed properly.

Supporting national champions

It hasn’t all been plain sailing for the bank, however. Adeduntan inherited a bank with several large exposures in the oil & gas and energy sectors, at a time when the oil & gas prices fell considerably, resulting in the devaluation of the naira against the dollar.

He says his management weathered the storm, reduced NPL levels to under double digits, and has strengthened the risk infrastructure, thus enabling the bank to better deal with cyclical downturns in future.

Discussing the role of large companies in the commercial landscape, Adeduntan says it is essential to have big banks like FirstBank, just as it is vital to have national champion companies that have the scale and wherewithal to make transformative investment. Such companies require financial institutions of similar scale to support them. The Dangote Group’s investment into what will become the continent’s largest oil refinery is a case in point, he adds.

Role of the Central Bank

We move on to the regulator and the role of the Central Bank. Does he think that it is too interventionist, dictating how much banks should lend, where they should place their assets?

Adeduntan refused to be drawn into criticism of the regulator, with whom he says he, and other bank CEOs, have a strong relationship. But he did say that the role of a central bank in the development of an emerging economy is clearly different from the role of a central bank in a developed economy.

“It is not unusual that the Central Bank intervenes in critical sectors allied to the loan to deposit ratio. It’s about economic growth; it’s about development; it’s about channelling credit in sectors that are very important for the national economy.

“Let us take agriculture – again, we are one of the biggest lenders into that sector. We found the Central Bank intervention in some of those critical sectors extremely useful and not just for us as a bank, but for the country as a whole. When you look at intervention in agriculture, you have to put it in the context of the size of the population. Nigeria is a country of 200m people today. The business of feeding 200m people is a strategic business. Everything that is being done to ensure that at least we are self-sufficient in food production is strategically important. We find the Central Bank intervention in those areas quite useful and of national importance.”

He reflected the positive attitude of many Nigerian entrepreneurs to the country’s future. He says he has a lot of time for the Economic Advisory Council – composed of credible business leaders and economists – that has been put together by President Muhammadu Buhari. And despite reports that the government is not economy-minded, he thinks that it is a pro-business government.

Ethical banking

It is nearly 10.00 in the evening when we finish our talk, his day having started at 07.30am. We go back to sustainability and the role of financial services to make sure they are lending to institutions that are ethical about their business and operating in a sustainable manner.

He says that the journey has started even if it is still early days. “But ultimately,” he says, “this is where we are headed. The Nigerian Sustainable Banking Principle speaks to this particular question. I think it’s evident from the points that I’ve made today, you can say that FirstBank is a bank that is happy to forego a few basis points in terms of its net margins, if that means it is contributing to development in a more ethical and sustainable way.

“We’ve always made a point that profitability is very important for us at FirstBank, but economic growth and national development is equally very important and speaks to the sustainability question.”

*Culled from African Banker

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Official: Aminu Ado Bayero is new emir of Kano - ITREALMS

The son of former Emir of Kano and immediate past Emir of Bichi, Aminu Ado Bayero, has been pronounced as the 15th Emir of Kano, reports ITREALMS.

His emergence follows the dethronement of Muhammad Sanusi II on Monday by the state government led by Governor Abdullahi Umar Ganduje, reports ITREALMS.

ITREALMS recollects that the Kano State Government at special sitting of the State Executive Council on Monday, dethroned Emir Muhammad Sanusi II after a long battle between him and the state governor, Abdullahi Umar Ganduje.

This is coming in less than a year after Ganduje’s government last May 15, installed Aminu Ado Bayero as Emir of newly created emirate, Bichi.

Aminu Ado Bayero, was widely believed to have succeeded his father, but then state government installed Muhammadu Sanusi instead.

Kano political observers confided in ITREALMS that the creation and eventual installation of Aminu Ado Bayero as Emir of Bichi was at the centre of the crisis between Sanusi II and Gov. Ganduje until current developments.
ITREALMS gathered that the appointment of Aminu Ado Bayero as Emir of Kano was heralded by the Secretary to the State Government, Usman Alhaji, barely a few hours after the removal of Muhammadu Sanusi II.

According to Alhaji, the appointment takes immediate effect.

Uboshe Uboshe/Editor

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Sanusi II arrested, expelled to Nasarawa for life - ITREALMS

The ousted Emir of Kano Muhammad Sanusi II, has been arrested and expelled to Nasarawa where he will spend the rest of his life, reports ITREALMS.

According to reports reaching 
ITREALMS newsroom, Sanusi arrested by security agents and was at the time of filing this report being led to his new home, which is about 525 kilometres from Kano and could take up to eight hours to get to his destination.

Equally, CKN News reports that Sanusi is on its way to Nasarawa.

ITREALMS recalls that the Kano State Government at special sitting of the State Executive Council dethroned Emir Muhammad Sanusi II after an drawn-out battle between Governor Abdullahi Umar Ganduje and the Sanusi, reports ITREALMS.

Announcing this development, the Director-General, Media and Communications, Kano State Government, Malam Salihu Yakasai, revealed this to ITREALMS via his official Twitter handle @Dawisu, on Monday.

“The Kano State Executive Council has unanimously approved the dethronement of the Emir of Kamo Mallam Muhammad Sanusi II at a special sitting held today by the council,” he said.

Kano State House of Assembly had earlier in the day engaged in a free-for-all fight when Hamisu Ibrahim Chidari, Deputy Speaker and chairman of the Public Complaints and Petition Committee, raised observation over the ongoing investigation of petitions of the alleged violation of the culture, tradition and religious values by Emir Sanusi II.

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Finally, Ganduje dethrones Emir of Kano, Sanusi II - ITREALMS


Trouble started when Chidari, in his attempt to make observation known to members, was instantly opposed by members of the Peoples Democratic Party (PDP) in the Assembly.

ITREALMS gathered that in the process, a heated debate ensued and resulted in fisticuff with the opposition members struggling to take control of the mace.

However, ITREALMS also gathered the mace was rescued by security men and the Sergeant of Arm attached to the Assembly, while the fight lasted for some 25 minutes before normalcy could return and the house immediately went on a 30-minute break.

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Finally, Ganduje dethrones Emir of Kano, Sanusi II - ITREALMS

Finally, the Kano State Government has dethroned Emir Muhammad Sanusi II after an elongated battle between Governor Abdullahi Umar Ganduje and the Sanusi, reports ITREALMS.

Announcing this development, the Director-General, Media and Communications, Kano State Government, Malam Salihu Yakasai, revealed this to ITREALMS via his official Twitter handle @Dawisu, on Monday.

“The Kano State Executive Council has unanimously approved the dethronement of the Emir of Kamo Mallam Muhammad Sanusi II at a special sitting held today by the council,” he said.

Kano State House of Assembly had earlier in the day engaged in a free-for-all fight when Hamisu Ibrahim Chidari, Deputy Speaker and chairman of the Public Complaints and Petition Committee, raised observation over the ongoing investigation of petitions of the alleged violation of the culture, tradition and religious values by Emir Sanusi II.

Trouble started when Chidari, in his attempt to make observation known to members, was instantly opposed by members of the Peoples Democratic Party (PDP) in the Assembly.

ITREALMS gathered that in the process, a heated debate ensued and resulted in fisticuff with the opposition members struggling to take control of the mace.

However, ITREALMS also gathered the mace was rescued by security men and the Sergeant of Arm attached to the Assembly, while the fight lasted for some 25 minutes before normalcy could return and the house immediately went on a 30-minute break.

Uboshe Uboshe/Editor

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Pix: Governor Abdullahi Umar Ganduje and Sanusi II.

9mobile deploys 4G LTE in Kano - ITREALMS

ITREALMS: 
Leading innovative and customer-friendly telecommunication company, 9mobile, at the weekend set the ancient city of Kano agog with showers of gifts as it deploys Fourth Generation Long-Term Evolution (4G-LTE) services in the commercial city, reports ITREALMS.

The Ado Bayero Mall on Zoo Road, Kano was a beehive of activities as the telco berthed the 9mobile funfair train in the historic city, thereby affording customers and fun seekers a weekend of free fun which accompanied the awareness campaign of the telco’s 4G-LTE aimed at bringing superior quality service closer to the people.

Before noon, residents within the city and environs had started to arrive at the venue to share a happy moment with 9mobile in fulfilment of its brand promise of being a caring network.

Both young and old had their fill of the fun as everyone shared the joy of the new experience of superior 4G-LTE quality accompanied by comedy by MC Alfalaila, jokes by On Air Personality, Chiboy of Wazobia FM, dance competition, raffle draws as well as light refreshments courtesy of 9mobile. There were also games including table tennis, snooker and several board games for adults while children also enjoyed themselves thoroughly on the bouncy castle.

Some lucky customers also went home with gifts like generator set, sewing machines, refrigerators, standing fans, camp gases, electric kettles and many more in the raffle draws held during the funfair.

The crowd could not contain their joy as musician, Classic, performed several of his numbers and they happily sang along. The excitement level went a notch higher when the peoples’ favourite, Umar Shariff, took the stage. There were ecstatic shouts as the crowd converged at the foot of the stage to drink in his performance.

Winner of the star prize - a generator - Fatimah Bello, who could not contain her joy, exclaimed: “I feel so happy. It was a surprise. I started using 9mobile about five years ago, and I decided to attend the funfair when a friend told me about it. I just came to enjoy myself. I never thought I would win. I say a big thank you to 9mobile. I’m so happy.”

Winner of the refrigerator, Abdullahi Muhammed, also overwhelmed with joy, appreciated 9mobile for the gift. “I pray that 9mobile will continue to be successful. This is a very thoughtful gesture, and I’m not saying that because of this gift I just won. It’s because I have been a 9mobile subscriber for long and I know the quality of their network. It’s super,” he enthused.

Commenting on the 4G-LTE deployment, Director, Network Operations, 9mobile, Abdulmutallib Muhammed, said it demonstrated the telco’s commitment to continue offering superior quality services to its customers.

“We are leaders in the data space with our low latency rate for high-speed connectivity and planned redundancy to minimise downtime impact. Now, with the 9mobile 4G LTE, millions of our customers will be able to make clear and crisp calls as well as have access to faster internet for browsing and online experience at all times. It’s bye to buffering. Our data is one of the most affordable and best in terms of speed because quality service is our number one objective. We are enabling our customers to do more and get more,” he said.

Muhammed further highlighted the uniqueness of 9mobile’s 4G LTE, noting that it was born 4G-LTE ready and that customers don’t need a SIM swap to enjoy it. “Our SIMs are already LTE enabled and apart from bringing 4G to these new cities, 9mobile 4G internet comes with one of the best speed levels in the market. We setup our network purposely with backup systems to ensure uninterrupted service. We do all these because we are a customer-centric brand that wants the best for our customers,” he said.

9mobile has added 10 new cities and towns across Nigeria to its 4G network and upgraded LTE services in existing six towns, increasing the number of locations that now enjoy superior quality service with the mass deployment of 4G technology to 16.

The 4G LTE expansion drive will be implemented in Aba, Abuja, Nasarawa, Calabar, Enugu, Kaduna, Kano, Lagos, Niger, Onitsha, Owerri, Port Harcourt, Sokoto, Uyo, Aba and Ogun.




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Airtel is Telecommunications Company of the Year - ITREALMS

The Airtel Nigeria has been declared as the Telecommunications Company of the Year by Daily Independent Newspaper, a prominent and foremost news platform in Nigeria, reports ITREALMS.

The telco was presented with the award at a star-studded award presentation ceremony, which held yesterday (8/3/2020) at the Eko Hotel & Suites in Lagos and attended by prominent personalities including the Edo State Governor, Godwin Obaseki and the Cross Rivers State Governor, Professor Ben Ayade, among many other important dignitaries.

According to the award citation read at the ceremony, Airtel was declared telecommunications company of the year because it had set the pace in revolutionizing the super-fast mobile Internet services in the country.

“After launching its Fourth Generation Long Term Evolution (4G LTE) network in Lagos in 2018, the company arguably boast as the telecommunications firm with the largest 4G network in Nigeria, with constant coverage of cities across the country.

“Apart from Airtel’s wider coverage of super-fast broadband, the company has made affordable data a cardinal point of its Internet services to its customers, with pocket-friendly plans at affordable rates.

“Today, Airtel is not only one of the best telecommunication companies in Nigeria but in Africa as its seamless services have put it at par with what is obtainable in any part of the continent and globally.”

Steve Omanufeme, Managing Director and Chief Executive Officer of Daily Independent Newspaper, presented the award plaque to Erhumu Bayagbon, Head: Public Relations/Communications, Airtel Nigeria, at the ceremony.

While commending the organizers of the award for instituting a credible and independent platform to promote and reward excellence, Airtel dedicated the award to its over 50 million customers, stating that it will not rest on its laurels but will continue to go the extra mile in delivering innovative, affordable and bespoke value offerings to Nigerians across the country.

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