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Quacks Killing IT Sector, Says CPN Chief

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  • Quacks Killing IT Sector, Says CPN Chief

The Computer Professionals (Registration Council of) Nigeria (CPN) has lamented unwholesome practices in the information technology (IT) sector, adding that the development is killing the sector.

It said is however set to rid the industry of ‘quacks’ that practice without registering with the body across the country.

CPN said it is already working with the National Information and Technology Development Agency (NITDA) to ensure that unregistered IT contractors are blocked from getting and executing Federal Governments projects.

Its Vice President/Vice Chairman-in-Council, Kole Jagun, who spoke to reporters in Lagos during an interactive session, said the sanitisation of the industry would be nationwide, adding that everything possible would be done to move the sector forward.

CPN was established through Act No 49 of 1993. The Act was passed into law on June 10th and gazetted on August 9 of same year.

The Act makes it mandatory for all persons and organisations seeking to engage, or engaged in IT training/education, sale and/or use of computing facilities, and the provision of professional services in computational or related computational machinery in Nigeria to be registered by the Council and licensed to carry out such activities.

Its Registrar/Secretary to Council, Allwell Achumba, said since IT is the fulcrum of any thriving economy, the Council has chosen to focus on it as a tool to grow the economy and prepare local industries for global competitiveness.

He said CPN as a Federal Government agency that regulates and controls the practice of IT practice is taking the bull by the horn by convoking yet another forum with the media considered to be a major player and influencer in the IT eco system.

Achumba said though the number of members of CPN has been growing, “that does not stop us from moving against quacks in the sector. We have come to realise that for the industry to thrive well, we must do a kind of sanitisation.”

Achumba, who said the yearly IT Professionals’ Assembly by CPN, comes up between June 20 and 21, at the International Conference Centre, Abuja, noted that the event will also feature CPN’s 25th anniversary celebrations. The Council also informed of plans to move its Head Office from Lagos to Abuja.

Earlier in his presentation, its President, Prof. Charles Uwadia, said the Council achieved a lot between July 2017 and March 2018.

He said there has been improved interaction with other sister agencies of government, which include the signing of Memorandom of Understanding (MoU) with the National Council of Colleges of Education (NCCE).

He said CPN accredited four tertiary institutions on computer sciences and related courses from July to October, last year. They include Ambrose Alli University, Ekpoma, Edo State, B,Sc Computer Science in July, 2017 with Interim accreditation status; Ekiti State University, Ado-Ekiti, Ekiti State, B.Sc Computer Science in August, 2017 with Interim accreditation status; Federal University of Technology, Owerri, Imo State, B.Sc Information & Management Technology in August, 2017 with Full accreditation status and Crescent University, Abeokuta, Ogun State, B.Sc Computer Science in October, 2017 with Interim accreditation status.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Pantami Moves to Tackle $2.16bn Capital Flight from Telecoms Sector

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$2.16bn Leaves Telecommunications Sector Yearly

The Minister of Communications and Digital Economy, Isa Pantami, has put the total capital flight from the telecommunications sector at $2.16 billion per year.

A large part of the total amount comes from those renewing and purchasing software licenses, domain subscriptions and renewals, and cybersecurity.

The minister said to stem the trend, the ministry has developed a policy to promote local content in the sector.

In his speech at the digital day celebration, Pantami said the Indigenous Content Development and Adoption, under Pillar #8 of the National Digital Economy Policy and Strategy (2020 – 2030), would tackle the issue.

Pantami said, “As part of our efforts to promote indigenous content, we have developed a policy for promoting indigenous content in the telecom sector to complement similar efforts that focus on the information technology sector.

“This is important to stem the tide of capital flight, among other things. A report of the Association of Telecommunication Companies of Nigeria suggests that such capital flight in the telecom sector is as high as $2.16bn annually.

“A healthy digital economy requires a robust indigenous content policy to significantly reduce this.”

Pantami stated that there was an urgent need to promote and support the development of indigenous content in all sectors.

He explained that the Indigenous Content Development and Adoption pillar was addressing this for the digital economy.

This pillar aligns with Executive Orders 003 of May 2017 and 005 of February 2018, on ‘Support for Local Content Procurements by Ministries, Department and Agencies of the Federal Government of Nigeria,” he said.

Speaking on broadband, the minister said the Nigerian National Broadband Plan (2020-2025) was created to speed up the growth of broadband connectivity in Nigeria.

Pantami said, “The plan is designed to deliver data download speeds across Nigeria of a minimum 25Mbps in urban areas, and 10Mbps in rural areas, with effective coverage available to at least 90 per cent of the population by 2025.

“This will be at a price not more than N390 per 1GB of data (two per cent of median income or one per cent of minimum wage).

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Nigeria’s Fintech Startups Raised $122 Million in 2019

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Financial Technology Startups in Nigeria Raised $122 Million in 2019

Financial Technology (fintech) startups in Nigeria raised a combined $122 million in 2019, according to the Nigerian Stock Exchange (NSE).

Mr. Olumide Bolumole, the Divisional Head of Listings Business, NSE, disclosed this while speaking on the fintech industry and its growth in recent years.

“The Fintech industry in Nigeria continues to gain increasing popularity after taking the lead in Africa and attracting $122 million in funds in 2019.

“At the exchange, we recognise the opportunity to provide a platform where players in the Fintech landscape can have easier access to right-sized capital to fulfil their organisational objectives.

“The NSE is, therefore, committed to developing multiple solutions to address the needs of the Fintech community in Nigeria such as the provision of the NSE Growth Board.

“The exchange will also prioritise collaborations with organisations such as FinTechNGR to ensure solutions from this webinar are implemented for the benefit of the sector,” he said.

However, with just about 200 fintech companies in Nigeria, the sector is still young and just emerging with room for growth, considering the fact that most Nigerians are still unbanked.

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Fintech Companies Raised $554 Million in Investment Last Week

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Financial Technology Firms Raised $554 Million Investment Capital Last Week

Financial Technology (Fintech) companies raised a combined $554.17 million from investment rounds last week.

A data compiled by Finbold showed the top 25 fintech firms were led by Razorpay and Wealthsimple.

Razorpay, a payment platform, raised $100 million to account for 18.04 percent of the total amount raised during the week. This was followed by Wealthsimple’s $87 million.

Deepwatch came third with $53 million while NYDIG and M1 Finance came fourth and fifth with $50 million and $45 million, respectively.

Other noteable fintechs include Extend $40 million; FOSSA $30.55 million; +Simple $23.75 million; Finexio $23 million; and Sonrai Security $20 million.

On the other hand, Evolve Credit was the last among the 25 companies. It raised $0.025 million while Upside Saving raised the second least fund at $0.42 million. Also, they were the two firms that raised below $1 million in the week under review.

Oliver Scott, a Finbold editor, who spoke on funding in the fintech sector, said “Notably, venture capital is still the primary source of funding for fintech startups. However, new trends indicate a high level of private equity and debt financing. Additionally, more funding activity is concentrated around later funding rounds. The sector is also witnessing a rise in IPOs and acquisitions. Such trends are pointing to a maturing market.”

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