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Experts canvass tech-driven solution to address climate challenges

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Experts canvass tech-driven solution to address climate challenges

Experts have called for the development of Afrocentric artificial intelligence to address climate challenges in the continent.

This appeal was made during a webinar hosted by the African Technology and Innovation Institute to commemorate Africa Day 2024.

The founder of African Technology and Innovation Institute, Prof. Rose Ekeng-Itua, emphasised the urgent need for Africa to equip its human talent with the skills necessary to leverage AI for addressing African challenges, particularly climate action.

Citing recent severe flooding in Kenya, she remarked, “The far-reaching effects of climate action are real, and they are here in Africa. It is high time we acted on it, and Africa should be at the forefront of this leadership.”

The annual Africa Day event, celebrated globally, marks the founding of the African Union, originally established as the Organization of African Unity on the same date in 1963.

This year’s theme “Education Fit for the 21st Century” underscored the importance of equipping Africa’s next generation for responsible AI use.

On the panel were the Dean of the Quality Assurance and Planning Office of the Kwame Nkrumah University of Science, and Technology (KNUST), Ghana; Prof. Jerry Kponyo and the Co-Founder/CEO of LEGA.C Capital; Mrs Nela Ekpeyong,

Kponyo advocated for Africa to invest in research and development to lead the global conversation on climate action.

“We must invest in research and development to lead the conversation on climate action, ensuring that policies we put together address where we want to be as opposed to a global policy or protectionist agenda,” he said.

He also highlighted the importance of building capacity among users of new technologies, suggesting that training should start at the secondary school level.

Africa is disproportionately affected by climate change, despite contributing less than 10 per cent to global greenhouse gas emissions. The continent faces significant challenges due to its high exposure, fragility, and low adaptive capacity.

According to the Africa Development Bank, to address these challenges, African countries need significant investments in mitigation and adaptation efforts, estimated to be over $3tn by 2030.

Has Tinubu abandoned restructuring and true federalism?

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Has Tinubu abandoned restructuring and true federalism?

Since the Alliance for Democracy was founded in 1998, under which President Bola Tinubu became the governor of Lagos State in 1999, the key ideologies he and the party have pushed have been “restructuring” and “true federalism.” The two principles followed the AD when it became the Action Congress and then the Action Congress of Nigeria and eventually when it merged with other parties to form the All Progressives Congress.

The most enduring legacy of Dr Goodluck Jonathan as president of Nigeria would have been implementing the report of the 2014 National Conference. But he took the wrong step of not implementing it and using it as bait for re-election in 2015. He and the key figures of his re-election bid made the ridiculous argument that Jonathan should be re-elected so that he could implement the National Conference report. But he lost the election.

The moment Muhammadu Buhari took over in 2015 as president, he revealed his true character as a strong opponent of “restructuring” and “true federalism.” He had kept quiet about that view all through the formation of the APC in 2013 and the campaign for the 2015 election. Even though his stand on such issues was well-known, before the formation of the APC, many of those who aligned with him were more concerned about getting power than aligning with people with the same ideologies. It was, therefore, not surprising that Buhari chose to ignore the report of the 2014 National Conference.

First, if Buhari reviewed the report and implemented its decisions, it would make Jonathan popular. Nigerian politicians, as champions of pettiness, can cut their nose to spite their face in their bid to ensure that they don’t take any action that will give their opponents any iota of goodwill.  Secondly, Buhari had never taken any action or made a comment that portrayed him as a Progressive interested in seeing any structural changes in Nigeria.

Now let us get something straight: being a Conservative is not a pejorative or an insult.  It is just a political leaning. In the United Kingdom, the Conservative Party is in power, while the Labour Party is the opposition. In the United States, the Democratic Party, which is progressive, is in power, while the Republican Party, which is conservative, is trying to wrest power from the Democrats. The Conservatives usually like to maintain the status quo while the Progressives like to make radical changes.  For example, in the US, the Progressives are pushing for gay rights, pro-choice (freedom to choose if to abort or not depending on the circumstances of the conception), pro-gun control, relaxed immigration laws etc; while the Conservatives are pushing for marriage as a union of man and woman, pro-life (no abortion no matter the circumstances), anti-gun control, tougher immigration laws, etc. Other terms for them are right (Conservative) and left (Progressive). In this grouping, there are those who are far right or far left, as well as those who are moderate and those who are in the middle.

But in the Nigeria of today, the political parties have no ideological leanings irrespective of the names they bear. Each party is just concerned about the acquisition of power. Individuals have some form of political leanings, but because of political expediency, they jump from party to party to achieve their desire to hold political office.

Before and during his tenure, Buhari never pushed for the restructuring of the country or for fiscal federalism. His belief was that once corruption was conquered, the problem of Nigeria would be solved. No doubt, corruption is a terrible cankerworm that has eaten deep into the soul of the nation, but it is obvious that something is watering the ground upon which corruption is wreaking its havoc. Therefore, fighting corruption is like fighting the headache suffered by a malaria patient: the headache may subside for a while but the patient’s condition will not improve. Predictably, after eight years in office, Buhari did not defeat corruption, neither did he make Nigeria better.

The convocation of a national conference has been more of the desire of the South. Most Northerners have seen it as a move that will not benefit them because it is believed that it will advocate a change to the current Nigeria’s structure. And the wrong assumption of most Northern politicians is that a change in the structure of Nigeria will not benefit the North. There is also the unfounded fear that a national conference will cause the disintegration of Nigeria.

Currently, the system that makes states fold their arms and wait for monthly allocations promotes laziness, mediocrity and corruption. States receive money they did not work for and, therefore, care little about how it is spent because it is free money that will continue to flow in. That has made all forms of production less lucrative and increased the poverty in the land. The different violent agitations from parts of Nigeria are issues caused by an asphyxiating system.

After one year in office, Tinubu has not paid any attention to these critical issues of restructuring and true federalism that he has championed all through his years as a politician. If Buhari could be overlooked for never promising “restructuring” and “true federalism” himself, even though his party promised them, what excuse will Tinubu give if he does not pursue them? His political career has been hinged on these two concepts.

The sundry decisions taken at the 2014 National Conference proffered solutions to many of Nigeria’s key problems. Before the conference, many of us had feared that given the divide between the North and the South on many national issues as well as the 75 per cent needed to pass any resolution that it would be difficult to agree on any issue at the national conference. But to our utmost surprise, most of the seemingly intractable issues were agreed upon beyond the scene and passed smoothly with little or no dissension. It was like a miracle. Many never believed that Nigerians from across ethnic, religious, gender, and age divides could agree on issues so easily.

Therefore, anybody who opposes the implementation of the decisions of the national conference does not mean well for Nigeria. Anybody who thinks that implementing the report of that conference will work against his or her ethnic group, religion, age, gender or profession is not farsighted.

Nigeria’s age-long problems will not disappear once corruption, insurgency or unemployment is eradicated (if it is possible to do so). The problems that have made Nigeria regress over the last 50 years will continue until we get to the root of the problem and destroy it. The fight against corruption and insurgency must be intensified as a short-term tactic, but the long-term plan should be to dismantle the faulty foundation that creates these monsters.

It will be sad if Tinubu pursues the issues he thinks are critical in his administration, only to realise that he has added his name to the list of Nigerian leaders who left the substance and pursued the shadow, and ended up working so hard without achieving their much-desired result.

Once Nigeria’s foundation is rectified, all parts of Nigeria of all socioeconomic classes will benefit from it and the rancour and anger will abate. Whether North or South, East or West, the implementation of the National Conference will be a blessing. This should go beyond politics.

But will Tinubu be nationalistic and bold enough to solve this age-long Nigerian problem and make Nigeria start blossoming? That is the question whose answer is not certain.

– X: @BrandAzuka

Tinubu’s unity rhetoric an illusion

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Tinubu’s unity rhetoric an illusion

PRESIDENT Bola Tinubu told guests at the Presidential Democracy Day Dinner on June 12 that Nigeria’s unity cannot be traded. He sounded upbeat about what should be the advantage of the country’s diversity and declared that this was the best path to success.

Essentially, Tinubu was vainly regurgitating the unfeasible position of his predecessors that Nigeria’s unity is non-negotiable. However, many citizens still question the basis of Nigeria’s unity if indeed it exists.

Nigeria is diverse with over 400 ethnic groups. There are deep divides across geographical, cultural, and religious lines. This formed the basis of the pre-independence constitutional conferences that the early political leaders sought to address in working out terms of Nigeria’s collective existence.

Diversity can work to the advantage of countries as it tends to aggregate the talents, skills, foresight, and other positive attributes of people of diverse backgrounds and cultures to drive national goals, create wealth, provide security, and better the lot of citizens. The United States is a good example of a country that has mined the advantages of its diversity to achieve huge success.

The problem with Nigeria is that the same leaders who swear on the altar of national unity often emphasise those elements that drive Nigerians apart in their quest for power and preach the unity mantra once entrenched in office. They tend to forget that the basis for national unity remains the articulation of national goals and aspirations driven by consensus, which the Constitution should represent, rather than a document produced by a conclave of vested interests.

The late Head of State Johnson Aguiyi-Ironsi tried to legislate national unity in 1966 via a military decree to repair the divisions caused by infighting and corruption by the political elite. This backfired spectacularly and triggered a chain of events that resulted in a fratricidal civil war that has not been forgotten.

Military officers who ruled Nigeria afterward forbade any suggestions that Nigeria could fall apart, yet they played the ethnic or religious card in their coups, countercoups, resource allocation, and appointments.

Efforts at resolving the national question through the various national conferences have been wasted because the motives were largely egoistic rather than altruistic. The late military dictator Sani Abacha’s national conference of 1994 proved to be a power elongation ruse but did result in the creation of the six geopolitical regions.

Olusegun Obasanjo’s conference of 2005 ended in a fiasco because of the third-term plot. Goodluck Jonathan’s national conference of 2014 was abandoned because a resolution by delegates to adopt a single six-year tenure for the president was perceived to be to Jonathan’s advantage.

Muhammadu Buhari declared that discussions questioning the unity of Nigeria were a red line that must not be crossed during his presidency.

History has proven that national unity is not sacrosanct. Many countries have split, and citizens are just as fine. The Soviet Union, Yugoslavia, Pakistan, Korea, Vietnam, and Sudan have all split.

Fostering national unity is not a matter of rhetoric but involves deliberate actions to ensure social justice, equity, prosperity, and security. Sixty-four years after independence, agitations for self-determination persist in Nigeria because the union is fragile and not working.

Tinubu was once an apostle of restructuring, but now it seems he has not mentioned the word since he came into office. Restructuring the polity along the lines of federalism is the closest template to the agreements reached by national leaders before independence.

Times have changed and progress must be made but since Tinubu dared to declare that “fuel subsidy is gone,” he should be bold enough to put the restructuring question back on the front burner.

UNILAG pharmacy students proffer solutions to persistent drug hikes

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UNILAG pharmacy students proffer solutions to persistent drug hikes

Pharmacists have identified innovation as a way out of the current challenges confronting the nation’s pharmaceutical industry, which has led to persistent hikes in the prices of drugs.

The experts proffered the solution during a symposium themed, ‘Turning Innovation into Impactful Pharma-solutions’, organised by the Pharmaceutical Association of Nigeria Students, University of Lagos chapter.

The Annual Health Week Symposium was conveyed by the pharmacy students to deliberate on measures to improve the pharmaceutical sector.

The keynote speaker and  Lead Consultant of Pharmalliance,  Adeshina Opanubi, said innovation locally will go a long way in finding solutions to the problems facing the pharmaceutical industry.

Opanubi said, “Now that the exchange rate is getting out of hand, we need to look inward and see what we can do locally. What products are Indigenous to us – Nigeria and Africa, that we can begin to explore?

“What import substitution can we begin to do because that is the only way we can build a sustainable and robust local industry?

“More companies should begin to look into Active Pharmaceutical Ingredients because the less of that we import, the more it strengthens our local industry. Yes, innovation is the way out.”

The pharmacist also stressed the need for young people to leverage innovations in creating values and ideas that can transform existing policies and bring about sustainable change

“The drivers of innovation include financial pressure to reduce costs, increase efficiency, increased competition, shorter product life cycles, value migration, demographic, social and market changes,

“Rising customer expectations regarding service and quality, and changing economy”, he said.

Innovation, according to Opanubi, is anything that proposes an alternative to something that is done in a certain way, brings economic and behavioural benefits, solves problems, or makes people’s daily lives more practical.

He added, “It also involves the whole process from opportunity identification, ideation or invention, development, prototyping, production, marketing, and sales.”

According to the National Agency for Food and Drug Administration and Control, Nigeria currently imports all its APIs with the bulk of the imported ingredients coming from China and India.

In her remarks, the Dean of the Faculty of Pharmacy, UNILAG, Prof. Gloria Ayoola, said the theme was apt and timely while congratulating the pharmacy students for a successful symposium that centred on innovation.

Ayoola said, “Innovation is core to what we do as pharmacists. We aren’t just innovative, we produce drugs for treatment.

“We also innovate to improve patients’ outcomes, enhance healthcare delivery, and ultimately save lives. It is one thing to innovate, it is another to turn our innovation into practical and actionable pharma solutions.”

The don identified finance as one of the major challenges they are facing in the pharma sector.

“We need finance to be able to take some of these innovations and turn them into pharma solutions, especially for the young ones who are coming into the profession. We just need to think out of the box to overcome our challenges”, the dean said.

Also speaking, the Sub-Dean, Dr Foluke Ayeni said, “So, for our students to be able to turn the current challenges we have in the pharmaceutical space into innovations that can better the pharmaceutical industry, is the reason why we are here today.

“One of the things that I think we need to do to get us out of the challenges of hikes in the cost of drugs is to get supportive roles played by the government and policymakers.

“This will enable the pharmaceutical industry ( drug manufacturers) to have access to the raw materials that they need in the manufacture of drugs so that they can keep prices down to the barest minimum for the patients.

“If we can have access to our raw materials and we can manufacture the majority of the medicines that we use,  we will be able to keep prices down to the barest minimum. A very good case is what is happening now because of the increase in the exchange rate.”

According to her, the prices of the majority of our medications have gone over the roof and many people are not able to afford their medicines.

Ayeni further suggested, “But if we can manufacture our drugs locally, patients will have access to drugs at the right price.”

President of PANS, UNILAG chapter, Oluwanifesimi Agbede, in her remarks, said the symposium is an annual event that is held in pharmacy schools in the country where they come together to talk about a particular topic to encourage pharmacy students to do better.

She said, “We want to encourage pharmacy students that they can be very innovative and can come up with ideas that can improve the pharmaceutical industry.

“They can come up with any ideas that can improve existing policies. When it comes to emerging solutions, there are no bad ideas. So they should be innovative and come up with ideas that can solve the problem in the pharmaceutical sector.

“We have a lot of challenges in the health sector and so we are encouraging the pharmacy students to bring innovative solutions to these problems.”

Agbede called on the Federal Government to invest in local drug manufacturing to check hikes in the prices of drugs.

“The challenge that we have in the cost of drugs is usually because we import most of our drugs and then, those producing locally import the raw materials.

“So, the FG should invest in local manufacturing of both drugs and also Active Pharmaceutical Ingredients.

“We should have our APIs produced here because we knew that when there was a COVID-19 outbreak, there was a hike in the prices of drugs. After all, we were importing everything.

“So, we need to have a complete system of manufacturing from the raw materials to packaging materials. That way, we can have drugs at affordable prices and we aren’t affected by the fluctuation of the naira to the dollar”, she said.

Physicians advocate better inclusion, support for special needs children

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Physicians advocate better inclusion, support for special needs children

Medical professionals and child development experts have called for a concerted effort to enhance support for children with special needs.

The experts emphasized the need for a unified approach to the growing concerns lapses in the current support systems and the need for comprehensive solutions.

The experts, who were speakers at the YBC reunion event organised by the 2002 alumni of the University of Lagos College of Medicine, lamented that there is discrimination against children with special needs.

During the one-week-long event, the alumni unveiled kitchen and ceiling refurbishment donated to the Children’s Development Centre, Surulere, Lagos.

The alumni also organised a free medical outreach for residents of Idi-Araba, and mentorship and coaching sessions for medical students at the Lagos University Teaching Hospital.

Speaking in separate interviews with our correspondent on the sideline, the experts called for targeted interventions to ensure equitable support for all children irrespective of their health challenges.

The Chief Operating Officer of the Children’s Developmental Centre, Ebele Oputa emphasised the need for continuous public education and engagement to foster inclusivity.

She lamented the scarcity of specialised centres outside Lagos for children with developmental challenges and underscored the critical need for more widespread support and awareness.

Oputa elaborated on the centre’s advocacy work, including extensive roadshows across 22 states to promote understanding and acceptance of children with disabilities.

The operating officer, however, described the alumni’s initiative as a significant and rare gesture.

“When you see people who remember children and young adults with developmental disabilities, it’s incredibly welcoming. This is part of the advocacy we desperately need,” she remarked.

On his part, the chairman of the 2002 alumni association, Dr Olasode Akinmokun, harped on the moral duty to assist those in need, particularly children with special needs, who are often marginalised.

He said, “I am passionate about people with special needs. And we know that a lot of us in this country still don’t want to accept them, but they are part of us and we will continue to accept them for who they are in our society.

“I would advise everyone, there is no need to discriminate against anyone. There are people with special needs and there are things that they can do to help the community, society and even Nigeria at large.

“So, we will say everyone should accept them for who they are and then continue to allow them to get integrated into society and live their life in full. This is because we still need some of the skills and knowledge that they have to also help build this country up.”

Akinmokun, who is also a Consultant Orthopedic at LUTH, explained that the alumni association organised the medical outreach and also donated to the children’s centre as a way to give back to a society that made them.

He stressed that the alumni’s efforts is not aimed only at providing immediate medical care but also to advocate for long-term societal changes.

Similarly, a Consultant Oncologist, Dr Kehinde Ololade urged Nigerians to intensify efforts to integrate children with special needs.

The cancer specialist, who doubles as chairman, local planning committee for the reunion, also said the event was organized to give back to the community and support vulnerable groups.

He stressed the importance of continuous awareness and acceptance for children with developmental challenges.

Ololade added, “One of the things we’ve realized as medical doctors and dental surgeons are that no matter how great an individual is, giving back to society is greater than that. So, we found out that as part of our reunion activities, apart from the festivities of the dinner, of the celebration, dancing and making merry, we should find a way to give back to the society. So in giving back to society, we looked at two or three places where we give back, and one is to the future of medicine.

“We started with ensuring that we have a mentorship programme for medical students that are currently in the school. That was done on Wednesday. Then after that, we looked at one of the areas that have been involved in our growth, which is the children’s development centre in Surulere.

“One of the things is that we have to continue to identify with them. We have to continue to raise awareness because, you know, it is not far-fetched, the fact that we’re still struggling with a lot of stigma when it comes to children with special needs; children that are autistic, or that are finding it difficult either to move and all that, or they have any growth, deformity or the other.

“So to prevent that and to ensure that they are easily integrated into the society, we must continue to do a lot of awareness.

“We must continue to make sure that they identify with them through ventures like carrying out projects with them, interacting and visiting them in their various centres. In that way, we can raise awareness and help to reduce as much as possible, the discrimination that they are suffering as children with special needs.”

AfDB to match Italy’s $150m concessional loans for Africa

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AfDB to match Italy’s $150m concessional loans for Africa

The African Development Bank has announced that it will match the $150m in concessional loans and grants from Italy, intended to fund projects on the continent

This was revealed in a statement by the AfDB on its website, as the operationalisation of Italy’s Mattei Plan for Africa gets underway.

Earlier in the year, the Italian government unveiled a project aimed at boosting development in Africa, to spark economic growth that would curb irregular immigration to Europe.

The plan was unveiled as migrant arrival in Italy jumped 50 per cent in 2023, according to data from Italy’s Interior Ministry.

AfDB, which has had a bilateral agreement with Italy, including a cofinancing arrangement and trust fund to finance joint projects, stated, “Italy has committed approximately $150m in highly concessional loans and grants and the African Development Bank Group will at least match this amount. The objective is to pursue Italian and African Development Bank Group priorities as set out by the Mattei Plan for Africa and by the Italian Development Cooperation strategy, to foster economic and strategic partnerships with African nations and institutions by building common business opportunities and scaling up investment flows.

“The priority areas are energy, water, agriculture, health, education and training and infrastructure, both physical and digital.”

Also, a Multi-donor Special Fund has been established to serve the Mattei Plan for Africa and the Rome Process on Migration and Development.

AfDB said the fund would be targeting high-impact and climate-aligned investments in key strategic sectors in support of sovereign entities in Africa.

“Thanks to its multi-donor nature, it will be able to attract other international partners to combine forces and leverage funding. An initial pledge of around $130m in highly concessional loans and grants has been announced by Italy, together with an additional commitment by the United Arab Emirates. The African Development Bank Group has committed to at least match the Fund’s contributions on each project with its resources,” AfDB declared.

The Prime Minister of Italy, Ms Giorgia Meloni, and the President of the African Development Bank Group, Dr Akinwumi Adesina, met on the sidelines of the G7 Heads of State and Government Summit in Puglia on Saturday.

On the project, Adesina noted, “I applaud Prime Minister Meloni for her launch of the Mattei plan and for selecting the African Development Bank Group as its strategic partner to deliver it for Africa. Our partnership will deliver impactful development impacts across African countries, expand access to energy, tackle climate change, support food security, boost health services, and expand skills and jobs for the youth. This will help create more economic opportunities in Africa and help stem drivers of migration.

“Italy’s ‘Piano Mattei’ will foster economic and strategic partnerships with African nations and institutions, and the African Development Bank Group is our main strategic financial partner for its implementation. Our collaboration will sustain the development of initiatives with Africa’s public and private sectors, with additional opportunities for Italian businesses”, Prime Minister Meloni said.

African stakeholders to discuss $300bn blue economy

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African stakeholders to discuss $300bn blue economy

The President of Kenya, William Ruto, is expected to host a forum on Africa’s blue economy projected to reach $405bn by 2030.

This was disclosed in a press release titled ‘Blueinvest Africa 2024: An Invitation to Investors to Support the Blue Economy in Africa.’

According to the organisers, the continent’s blue economy is generating $300bn in revenue and employing 50 million people in fishing, aquaculture, tourism, and transport, as well as innovative fields such as biotechnology and renewable energies.

It added that the Blueinvest Africa 2024 event, set to take place on July 2, 2024, in Diani, Kenya, is poised to spotlight the dynamic sector.

“Africa is experiencing steady economic growth, with a post-COVID recovery forecast by the African Development Bank at 3.8 per cent in 2024 and 4.2 per cent in 2025. The blue economy, which includes traditional economic activities such as fishing, aquaculture, tourism, and transport, as well as innovative activities such as biotechnology and renewable energies, currently generates revenues of $300bn and employs 50 million people.

“By 2030, the sector is expected to be worth $405bn, underscoring its strategic importance for economic growth and job creation,” the statement explained.

Organised by the European Union in collaboration with the Government of the Republic of Kenya, the event aims to attract investors to Africa’s burgeoning blue economy.

The event will feature six themed pitching sessions, where 29 African entrepreneurs will present their innovative projects across various blue economy sectors.

According to the organisers, these entrepreneurs have been selected for their professionalism and are seeking funds to advance their initiatives from design to commercialisation in African markets.

They disclosed that the selected entrepreneurs hail from 17 African countries, including Botswana, Cameroon, Côte d’Ivoire, Ghana, Kenya, Madagascar, Malawi, Morocco, Namibia, Nigeria, Rwanda, Senegal, Sierra Leone, South Africa, Tanzania, Togo, and Tunisia.

“These entrepreneurs, selected for their professionalism, dynamism, and capacity for innovation, are looking to raise funds to take their initiatives to the next level.

“While aquaculture is the most represented sector, reflecting its critical role in food security strategies, other sectors such as waste recycling, transport, food processing, and fashion will also be showcased. This diverse representation highlights the wide range of investment opportunities available within the blue economy,” the statement indicated.

In March, According reported that the Vice-Chancellor of Maduka University, Enugu State, Professor Charles Ogbulogo, said Nigeria’s blue economy held great potential for the country and could contribute $1.5tn to the global economy if properly utilised.

SEC urges capital market innovation for sustainable growth

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SEC urges capital market innovation for sustainable growth

The Director General of the Securities and Exchange Commission, Emomotimi Agama, has urged capital market operators to embrace innovation as a pivotal driver of sustainable growth, efficiency, transparency, and resilience within the capital market.

In a statement made to The According on Monday, he disclosed this at the 2024 Capital Market Solicitors Association Annual Business Summit in Lagos with the theme ‘Revolutionising the Nigerian Capital Market through Innovative Financial Instruments for Sustainable Development’.

He stated that the SEC’s proactive stance in adapting regulations is to accommodate emerging financial products and services driven by technology, adding that this approach aims to foster a robust and reliable capital market ecosystem while supporting technological advancements.

“In its efforts to support innovation and growth in the market, the SEC has established a program of assessment called Regulatory Incubation to help new fintech businesses. The programme allows them to operate for one year within a highly fortified and limited regulatory perimeter while the SEC develops applicable rules that address these innovative technologies.

“The incubation programme helps ensure investor protection and market stability while fostering financial technology advancements in the Nigerian capital market. Central to the SEC’s strategy is the Regulatory Incubation Programme, designed to support new fintech businesses and enable the SEC to develop appropriate rules that address the challenges and opportunities presented by innovative technologies. Underpinning these efforts is the Revised Capital Market Master Plan (CMMP 2021-2025), which aims to leverage technology and innovation to expand the depth and breadth of the Nigerian capital market,” he said.

Agama cautioned stakeholders about associated risks such as cybersecurity threats, regulatory complexities, and market volatility.

“While the potential of innovation is undeniable, embracing it also comes with challenges. Hence, we must be mindful that the exploration of new instruments must be balanced with robust risk management frameworks. The SEC will ensure appropriate safeguards are in place to protect investors and maintain market stability.

He noted the importance of robust risk management frameworks to mitigate these risks effectively while ensuring investor confidence through transparency and clear communication, which remains a priority for the SEC to sustain market stability amidst technological advancements.

He commended the collaboration among stakeholders at the Summit, emphasizing the need for continuous dialogue and improvement.

“The success of these initiatives demands collaboration by all stakeholders, including the CMSA, legal professionals, regulators, and market participants. We must create a forum for open dialogue and continuous improvement.”

The According had reported that the SEC has said that the safety of investors and their investments in the capital market is one of its reasons for initiating the regulatory incubation programme for fintechs.

137 federal institutions subscribed to student loan – NELFUND

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137 federal institutions subscribed to student loan – NELFUND

No fewer than 137 institutions across the country have now collaborated with the Nigerian Education Loan Fund, data from the NELFUND website on Monday revealed.

The data did not, however, disclose the names of the collaborating institutions nor did it specify whether the institutions are Federal Government or state-controlled.

It simply stated, “137 collaborating with esteemed institutions” in its data insight section.

But NELFUND’s Head of Media, Nasir Ayitogo, told The According in an interview that “The 137 institutions are the federal institutions.”

NELFUND had in a press statement released last Thursday said it would publish the full list of institutions that had submitted their complete student data, as requested by the agency, for upload onto the NELFUND Student Verification System portal.

This list of both federal and state-owned institutions will be published to ensure transparency and to encourage due access and participation in the scheme, the Fund said in a statement by Ayitogo.

President Bola Tinubu, on April 3, signed the Student Loans (Access to Higher Education) Act (Repeal and Re-Enactment) Bill, 2024, into law.

The assent was sequel to the separate considerations by both the Senate and the House of Representatives of the report of the Committee on Tertiary Institutions and the Tertiary Education Trust Fund.

The Act empowers the Nigeria Education Loan Fund to provide loans to qualified Nigerian students for tuition, fees, charges and upkeep during their studies in approved public tertiary institutions and vocational and skills acquisition establishments in the country.

Recall that NELFUND’s Managing Director, Akintunde Sawyerr, once revealed that students’ accessibility to student loans would be based on the institution’s responses.

He had also noted that over 90 per cent of federal institutions had also collaborated with the Fund.

Firm gives N37.8m seed funding to social businesses

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Firm gives N37.8m seed funding to social businesses

A  health, hygiene, and nutrition company, Reckitt Nigeria, has awarded N37.8m  to six social businesses for their contribution to water, sanitation, and hygiene in Nigeria.

The funds were given during the Fight for Access to WASH Accelerator Programme held in Lagos recently.

The event marked the successful conclusion of an initiative aimed at addressing critical health challenges in Nigeria through collaboration and innovation.

The beneficiaries, which got N6.3m each, were Let’s Build for Humanity, Onyeisi Care Foundation, Alora Reusable Pads, Toilet Pride, SOSO Care, and Kiddies and Brands.

The social enterprises featured a documentary showcasing their journey and impact through sustainable sanitation to reusable menstrual hygiene products, addressing diverse WASH challenges faced by communities. The seed fund presentation showed Reckitt’s commitment to seeing these enterprises succeed.

The guidance and support for winners include five months of boot camps, over 30 hours of skill-based volunteering, 36 hours of mentorship, and continuous guidance from Reckitt mentors.

Head of External Communications and Partnerships at Reckitt sub-Saharan Africa, Cassandra Uzo-Ogbugh, emphasised the importance of the WASH programme, stating that with the WASH Accelerator Programme, they believed in the positive power that business can have.

Uzo-Ogbugh said, “When a social business has effective and self-sustaining income models, it will ensure long-term change. These social entrepreneurs we are championing today, inherently understand the needs of the communities where they live and work and are therefore best placed to create the solutions.

“By supporting these social enterprises with mentorship, training, and seed funds, we are addressing immediate hygiene challenges and building sustainable solutions that will benefit communities for years to come.

“We are also pleased to announce the post-programme support where for the next 12 months, these enterprises will continue to receive mentorship and hand-holding from Reckitt to ensure the success of their businesses.”

One of the social enterprise owners in the WASH Accelerator Programme and  Founder of Soso Care, Mr Nonso Opurum, said, “I am very grateful to Reckitt for the support and recognition.

“The seed funding and mentorship are crucial in helping us scale our solutions and reach the communities in need. I am especially excited and motivated to continue the amazing work we are doing, knowing that we have Reckitt’s backing to create a healthier and cleaner environment for everyone.”

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