TECHDIGEST – The Federal Government has taken a major step towards promoting indigenous content in the country, with the signing of Memorandum of Understanding (MoU) between the National Information Technology Development Agency (NITDA) and the Uniccon Group of Companies, aimed at fostering the development and growth of local contents in the Nigerian technology industry.

Under the terms of the MoU, NITDA and UNICCON, a company that unveiled Africa’s First Humanoid Robot, Omeife, will collaborate to develop and promote local content in Nigeria through various initiatives, including capacity building, skills development, and the creation of an enabling environment for local content producers and developers.

The partnership will also focus on supporting local startups and SMEs in the technology industry, providing them with access to funding, mentorship, and other forms of support that will enable them to grow and compete on the global scale.

Speaking during the formal signing, the Director General of NITDA, Kashifu Inuwa, CCIE, represented by Head of Legal Unit of the Agency, Barrister Emmanuel Edet, recounted that during the unveiling of “Omeife” last year December by the Vice President, Prof. Yemi Osinbajo, the Hon. Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), had urged NITDA to work with Uniccon Group on ways to commercialise Omeife.

READ ALSO: Pantami Inaugurates Nigeria Startup Act Implementation Committee

He said, “We plan to have an application that everyone can use to take advantage of Omeife. At NITDA, we have the Learning Management System (LMS) for a long time, and can be integrated into API provided by the Unicorn group, thereby extending our elements to take advantage of it.”

Inuwa stated that leveraging on Omeife (robot) will deepen the penetration of digital literacy across the country, providing platform for shared knowledge in Pidgin, Igbo, Hausa and Yoruba. This will provide a framework and platform for exposure of Nigeria’s indigenous content internationally.

“Our greatest dream is to nurture startups and companies that will occupy the global space and also be as competitive as possible for the growth of the economy.

“Digital Economy is a great alternative to oil, which serves as a means of income and an opportunity for us to compete because the entry-level is intellect and we have a lot of that across the country,” the DG asserted.

The Chairman/CEO of Uniccon Group of Company, Mr. Chuks Ekweme during his remarks commended the Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), and the DG of NITDA for the policies and initiatives implemented towards the digital transformation of the country.

He assured that Unicorn Group of Company will support the government towards the actualisation of policies and initiatives, and do their best to contribute their quota towards the implementation drive for the growth of the country.

Ekweme eemphasised he importance of the AI project in Africa, stating that statistics show that no African country can boast of having 60% AI by 2030, with most countries falling below this percentage. Therefore, the signing of the MoU is a crucial step towards bridging this gap and positioning Nigeria as a leader in AI development.

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TECHDIGEST – Towards digitisation and digitalisation of the Nigerian ecosystem, the National Information Technology Development Agency (NITDA), has continued to engage with foreign partners on digital inclusiveness to accelerate the development of a digital economy for Nigerians.

Kashifu Inuwa, CCIE, Director General and CEO of NITDA has said the Agency is leaving no stone unturned in the implementation processes of the its Strategic RoadMap and Action Plan (SRAP 2021-2024). He gave this assertion during a virtual session with CDA Lead for Africa, Clayton Naidoo.

He said that NITDA has continued to collaborate with CISCO since 2019 when an MOU was signed, to build an incubation center that will foster digital skills and job creation for Nigerian Citizens.

Saddled with the task of leveraging on the opportunities available to Startups in facilitating a collaboration with CISCO, the NITDA Director General, today, led some members of his team to the Sharp Sharp Startup Company, one of the winners during the 2022 Gulf International Technology Exhibition (GITEX) in Dubai, on facility tour with the aim of facilitating collaboration between the startup and CISCO.

CISCO is a worldwide leader in technology that powers the Internet with focus on networking, collaboration solutions, security solutions, wireless and mobility, data center, IoT, video, analytics, and software solutions. Partnership and collaboration with stakeholders, throughout value chain, and across the industry, allows NITDA to multiply its efforts and scale her impact.

READ ALSO: No Plans To Strip NCC’s Powers, Says Pantami

In a similar vein, the NITDA boss, in company of Dr Yau Isa Garba, the Coordinator of the National Center for Artificial Intelligence and Robotics NCAIR, (A subsidiary of NITDA), also did a facility to Uniccon Group of Companies Ltd, the Startup Company that built “Omeife” the first African Robot.

The NITDA boss recounted that during the unveiling of “Omeife” last December to the Vice President, Prof. Yemi Osinbajo, the Hon. Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim (Pantami), had encouraged NITDA to work with Uniccon Group on how to commercialise “Omeife”.

“We are willing to sign an MOU with Uniccon to infuse Omeife into our already established learning models if it has the ability to communicate in four identified Nigerian languages, namely, Igbo, Hausa, Yoruba and Pidgin English, towards achieving 95% digital literacy in Nigeria by year 2030. This will, in turn, enable the citizens employ digital devices for economic purposes’’, he concluded.

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TECHDIGEST – During a visit to Lagos on an advocacy campaign on the need for the diversification of the Nigerian economy in 2004, the Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Engineer Hamman Tukur told the then Governor Bola Tinubu that any local government created outside the constitution was deemed illegal, according to the provisions of the legislative grundnorm, and hence would not receive allocations from the Federation Account.

Tinubu responded that he would rather intensify the revenue generation and collection drive in Lagos State to sustain the third tier of government, and without the Federation Account, than retract the over 30 newer local governments he had created.

The Department of Allocation at RMAFC, where the present governor of Kogi State, Yahaya Bello, was then a staff, recommended the withholding of federal allocations to any state that created local governments outside the ambit of the 774 constitutionally created and recognised local council areas.

Other states that had created additional local governments at that time, reverted to the formally recognised ones, as President Olusegun Obasanjo, working on the advice from the Commission, suspended federal allocations to the local government areas in Lagos State.

Being the Head of Press and Public Relations at RMAFC between 1999 and 2004 when this went on, my team monitored the ensuing media war over the withholding of local government funds to Lagos State by the Federal Government. Almost all organs of the state government, especially the Executive Council and its members, including commissioners and advisers, alongside public commentators from the Lagos axis, whom we tagged as Tinubus boys, deployed different media strategies to win public support for the position of Lagos State on its right to create newer local councils. And the purported heavy hand of the Federal Government in its dealing with the State.

In fact, apart from my office, the Public Affairs Adviser to President Obasanjo, Barrister Femi Fani-Kayode was the most vocal voice against Tinubu and his loyalists on that public discourse. Even lawyers recruited by Governor Tinubu, through his Attorney General and Commissioner of Justice, Professor Yemi Osinbajo (the current Vice President), had to write a very lengthy rejoinder against Femi Fani-Kayodes position. I recall that the lawyers who had signed the rejoinder then were Senior Advocates of Nigeria (SANs) including Wole Olanipekun, Rickey Tafa, Taiwo Osipitan, and Kola Awodein.

Surprisingly, and to the amazement of many, despite the suspension of funds to the State, in a manner that could forestall development and breed economic and geopolitical crises, the government in Lagos started to generate more revenue than what the Federal Government could have released to it from the Federation Account till date.

Some years later, precisely in 2012, while in a discussion about the stubbornness of some politicians, Mallam Yusuf Alli of The Nation newspapers had made a call and handed the phone to me, saying, Speak to the Jagaban!

Although initially shocked, I was subsequently impressed by the humane and compassionate disposition of Tinubu when he explained to me that our positions are not borne out of stubbornness but to provide leadership by example through courage, fearlessness, equity and justice to serve and empower our people.

He even cracked some jokes and explained in detail what leadership entails.

When Tinubu recently declared his intention to contest for the Presidency, I recalled those closer encounters in assessing his personality. Surprisingly, I have been shocked to the marrow on realising that most of the virulent attackers, since the declaration of his presidential ambition, have not only been from his geopolitical zone, the South-West, but some are also from the camp of his past loyalists Tinubu boys who were his erstwhile defenders, such as during the period of the withheld council funds. And others who had benefitted from his goodwill to gain nominations and appointments into public offices at the state and federal levels.

It is quite worrisome to observe that when Tinubu was aggressively promoting and supporting the aspirations of many to top public offices, they hailed him to the high heavens; but now that he is seeking a high public office himself, they have turned on him with passionate hatred. They, who once extolled him as the Jagaban, the Leader and the Last man standing when he helped give wings to their ambitions, now describe him as old, sickly and corrupt because of his political ambition.

Meanwhile, the most vocal and leading voices lending support to Tinubu’s aspiration at this seeming last moment of his political career, are mostly APC northern leaders led by former governor of Borno State and now federal senator, Kashim Shettima.

These Northern campaigners have pointed out the political debt owed Tinubu and pleaded with President Muhammadu Buhari to reward him for what he did for the All Progressives Congress in the 2015 and 2019 elections, by giving him the right of first refusal to the presidential ticket. They see this as a decent payback.

On the claim that Tinubu is physically unsuitable for the Office of the President due to his age, Senator Shettima has pointed out that the presidency is not a job for bricklayers. According to him, the mark of true leadership isnt the ability to lift a bag of cement, but having the requisite experience in governance, being able to design innovative public policy, and putting the right team that will implement this together.

The Northern campaigners have reminded Buhari that, In 2015, some aspirants with very huge war chests were itching to clinch the ticket of the APC, but like the Rock of Gibraltar, Asiwaju and his progressive team stood solidly behind the candidacy of President Buhari.

While I am also deeply concerned about Tinubus health, considering what befell President Umar Musa YarAdua in office and the fact that Buhari too was almost done in by age and ill-health, earlier in his administration, yet I regard the more recent life given to allegations of Tinubus past misdemeanour in his climb to wealth and reckoning as a common feature characteristic of most successful politicians in Nigeria.

Unfortunately, it is very difficult to point out a successful politician in public office in Nigeria who has never been accused whether true or false of age falsification, certificate forgery or corrupt practices, among other unbecoming acts.

As we keep making efforts at perfecting our system to check and push back the ills in our political processes, we should continually seek to enhance and manage our democracy in its content and form, including the highly critical area of leadership recruitment.

Meanwhile, if I could advise Tinubu, the kingmaker, on his dream of becoming a king himself, I would rather say: You have right to your aspiration, but if under extreme pressure to step down, you might as well consider Vice President Yemi Osinbajo, your topmost ally from the South-West, for support to become the most powerful Nigerian. Or, Senator Orji Kalu, a former governor from the South-East. Or, the minister of Transportation and former governor of Rivers State, Rotimi Amaechi, from the South-South. Or even the youngest presidential aspirant of the moment, Governor Yahaya Bello of Kogi State from the North-Central, a region that is yet to produce an elected president or vice to date.

Yushau A. Shuaib, author of “An Encounter with the Spymaster” and “Crisis Communication Strategies” blogs at www.YAShuaib.com yashuaib@yahoo.com

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TECHDIGEST – With 500 million US dollars, the African Development Bank (AfDB) will be supporting Micro Small and Medium Enterprises (MSMEs) from Nigeria, notably those in the creative, and technology sectors beginning this October 2021.

Vice President Yemi Osinbajo stated this in a speech at the weekend during 33rd Lecture of the Babcock University, Ilishan-Remo, Ogun State, and the 65th birthday celebration of the institution’s Vice Chancellor, Prof. Oluseyi Oduyoye.

The institution’s 33rd Inaugural Lecture was delivered by Oluseyi Oduyoye, Professor of Business Administration with the title: “From Small Business to Big Business: A Future with Little Hope”.

The AfDB financial support came with assistance of the federal government to consolidate on its efforts at promoting and sustaining MSMEs as the cornerstone of Nigeria’s economic revitalization, the vice president said.

Government considers the MSMEs as the future of the country, the vice president told the audience. According to him, MSMEs account for employing more than 47 per cent of workers in the private sector in 2019.

To make MSMEs sustainable in the face of the challenges from the COVID-19 pandemic, the federal Government introduced the MSMEs Survival Fund, he added.

Mr. Osinbanjo said in his speech: “The MSMEs Survival Fund gave almost a million businesses support after the pandemic. We paid three months salary of several of the MSMEs especially private schools such as-private primary schools, private secondary schools. We paid for teachers and also for several other businesses.

“I think the statistics will be useful, especially as you further research and work; and so much have been done.

“But as I keep saying, it is a large country; a very big country; in order to deal with all those issues and in order to support more businesses in a way that they ought to be supported, a lot more money is needed.

“And just one final point on that, the AfDB has agreed to support the government with 500 million dollars for MSMEs in technology in particular; so, we think this is something that will be very helpful in addition to the N75 billion, which the government has set aside for young people in small businesses.”

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TECH DIGEST – Africa Prudential has announced that it demonstrated its digital capabilities, with the launch of “Aura by Transcorp Hotels”, an innovative commercial cloud-based product launched in the Nigerian market.

A statement yesterday explained that the launch of Aura was the latest milestone in Africa Prudential’s digital technology strategy and builds on the successes of other cloud-based solutions created by the company.

The company’s chief executive officer, Obong Idiong said: “Aura is significant in our journey, as a digital technology company. We have come a long way, since we launched our innovation lab three years ago.

“This platform is the latest evidence of the capacity that we have built, and we look forward to delivering further innovative solutions, that will improve the business experience of consumers and corporates.”

It noted that Africa Prudential had created a series of other cloud-based solutions, including EasyCoop that enables traditional cooperatives easily provide member services online.

Other solutions include GreenPole, an enterprise register management software, and EasyMall, an online shopping platform.

Aura is an e-commerce platform that enables vendors to offer a range of hospitality services, while consumers are able to pay for the advertised services immediately on the same platform, in local currency. It is available on the Google Play Store and Apple Store.

It is an online platform that curates accommodation, staycations, cuisines and memorable lifestyle experiences.

The platform was created for Transcorp Hotels, the hospitality subsidiary of Transcorp. It was launched last Thursday in Abuja, by Vice President, Prof. Yemi Osinbajo.

Commenting on the launch, CEO of Transcorp Hotels, Dupe Olusola, had said, “We recognise that technology is enabling a wave of innovation, amid greater adoption of digital solutions by consumers and businesses. We are excited about the functionality of the Aura platform, created by the Africa Prudential team.

“It is an important aspect of our diversification strategy, as we seek to create a hospitality ecosystem across Africa and offer greater value to consumers and our industry.”

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TECH DIGEST – As part of its effort to support the Federal Government’s ease of doing business initiative, the National Information Technology Development Agency, NITDA, over the weekend, participated at the 28th Edition of the National Micro, Small and Medium Enterprises (MSME) Clinic held in Dutse, Jigawa State Capital.

The event was graced by the Vice President, Professor Yemi Osinbajo, Jigawa State Governor, Muhammadu Badaru Abubakar, Minsiter of state of Industry, Trade and Investment, Mrs. Maryam Katagum, Director General NITDA, Kashifu Inuwa Abdullahi and other top government officials.

While addressing the gathering, the Vice President Yemi Osinbajo said, given the priority it attaches to the MSME sector over the years, the President Muhammadu Buhari’s Administration has supported MSMEs in various ways including through the MSME Clinics Initiative which is being conducted through partnership of relevant MDAs.

He stated that over the past few years, Federal Government have held a national MSME day in tandem with World MSME Day in order to further build the profile of MSMEs and promote understanding of the sector.

On his part, Governor Badaru of Jigawa State commended all the MDAs that collaborated to bring together MSMEs under one roof to interact with the aim of proffering solutions to factors hindering the growth of their ventures.

He said his administration, with the support of Federal Government, introduced small scale mechanization on farming process to improve efficiency in production, by providing hand held harvesters, planters, tractors, combined harvesters, over 500 mini threshers, sprayers and pesticide to thousand beneficiaries.

Speaking of behalf of NITDA during the MSME Town Hall meeting, Mr Bello Mele of Department of Digital Economy, said Agency is at the event to strengthen partnership and provide Micro, Small and Medium Enterprises (MSMEs) with IT knowledge in line with Digital Economy Policy and Strategy for a Digital Nigeria.

He said NITDA has been partnering with the office of the Vice President, Prof Osinbajo’s on the MSME Clinic and have participated in all past editions, adding that, “the major reasons NITDA is attending MSME Clinic is to provide an avenue for small businesses with required IT knowledge to drive their day-to-day businesses online through the use of digital platforms, while supporting them with free domain registration.”

MSME Clinic was introduced by the Federal Government of Nigeria to bring together key frontline Government Agencies and Stakeholders to interact with a view of removing impending business challenges faced by Small and Medium Enterprises.

The MSME Clinic is a collaboration with the Federal Ministry of Industry, Trade and Investment, State Governments, and key federal agencies such as; Bank of Agriculture (BOA), Bank of Industry (BOI), Corporate Affairs Commission (CAC), Federal Inland Revenue Service (FIRS), Industry Training Funds (ITF), Small and Medium Enterprise Agency of Nigeria (SMEDAN), NEXIM Bank, The Nigerian Export Promotion Council (NEPC), Standard Organisation of Nigeria (SON), and many others.

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By Inyene Ibanga

TECH DIGEST – Early February this year, the Central Bank of Nigeria (CBN) released a circular to banks and financial institutions, warning that transactions in and facilitating payments for cryptocurrency exchanges were prohibited.

The CBN further directed all banks and financial institutions to identify and close accounts associated with individuals or entities that carry out transactions in cryptocurrencies and operate cryptocurrency exchanges. According to the bank, this was a reminder to the directive it issued in 2017.

Justifying the directive, the CBN governor, Godwin Emefiele stated that cryptocurrencies were being used to facilitate scams and money laundering, which were highly inimical to the economy and could further weaken the naira.
The directive received the backing of Nigeria’s anti-corruption agencies, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).
The EFFC, through its chairman, Abdulrasheed Bawa, views cryptocurrencies as avenues through which criminals launder the proceeds of crime and illicit financial transactions, saying that the Commission had recovered loots of cryptocurrencies worth about $20 million from cybercriminals.
Similarly, Bolaji Owasanoye, the chairman of ICPC, believes cryptocurrencies could be used to fund insurgencies, adding that the #EndSARS protest was largely financed through the cryptocurrency.
The anti-graft agencies disclosed that they currently have a number of cases linked to cryptocurrencies but have been unable to track the suspects, noting that it will be difficult to solve cases involving cryptocurrencies because the role players were unknown.
Consequently, the Securities and Exchange Commission (SEC) suspended the approval of cryptocurrencies and related products in Nigeria. This came after its earlier indication to accept bitcoins. The capital market regulator would only permit such digital currencies if they operate bank accounts within the Nigerian banking system.
But a gale of reactions from within and outside the cryptocurrency community has continued to trail the directive of the apex bank, causing fears that the ban could adversely impact fintechs and hinder the rising potentials of the Nigerian economy.
Considering the growing global popularity of the cryptocurrency phenomenon, which is being used in over 100 countries, and Nigeria’s rating as the world’s second-largest user of virtual currencies, the CBN directive succeeded in stirring anxiety in the cryptocurrency community.

In a reaction described by many as political, the Vice President, Professor Yemi Osinbajo contested that rather than a blanket prohibition of cryptocurrencies, the situation actually called for a more robust regulatory framework that addresses the concerns raised about the cryptos without killing the rising potentials of digital currencies for the country’s economy.
A cryptocurrency is an encrypted digital or virtual currency meant to be a medium of exchange. It is a form of payment that can be exchanged for goods and services online. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the goods or services that the company provides.

Cryptocurrencies work through the blockchain, which is a decentralised technology spread across many computers, which manages and records transactions.
More than 10,000 different cryptocurrencies are traded publicly, but Bitcoin, Ethereum, Tether, Binance Coin, Dogecoin, and Litecoin are listed among the top ten highest trading cryptocurrencies in the world by market capitalisation.

As of May, the total value of all cryptocurrencies was more than $1.7 trillion, while the total value of all bitcoins, the most popular digital currency, stood at about $735 billion.

One of the major benefits of the cryptocurrency is that it removes central banks from managing the money supply, which is why many people have been racing to buy them. It has the potential for high returns and diversification.
Also, international cryptocurrency transactions are faster than wire transfers too. Cryptocurrency transactions take only a matter of minutes or even seconds. And anyone is free to use a cryptocurrency, without the need to set up a bank account, which requires documentation and other paperwork.

Another benefit is the blockchain technology behind cryptocurrencies. The advanced blockchain decentralised processing and recording system makes cryptocurrencies more secure than traditional payment systems.

Still, with cryptocurrencies, the transaction costs are much lower unlike the fees for transferring money from a digital wallet to a bank account. Transactions can be done at any time of the day or night, and there are no limits on purchases and withdrawals.

However, the downside of cryptocurrencies is that they are mostly driven by the private sector, without official oversight or regulation. This means that cryptocurrencies can be easily exploited by criminals to perpetrate fraudulent and other illegal activities, such as funding terrorism, insurgency, and political instability.

The CBN later explained that its warning did not bar Nigerians from transacting in cryptocurrencies or holding digital currencies, but was aimed at protecting the banking sector from the activities of cryptocurrencies.

While accepting that it prohibited cryptocurrency transactions in the banking system, the monetary regulator maintained that it did not place any restrictions on cryptocurrencies in general and neither is it discouraging individuals or entities from trading them.

Meanwhile, the CBN has announced plans to begin the issuance of the digital currency, an electronic model of currency notes and coins that can be stored in the digital wallet, before this year runs out. The bank said this would facilitate smooth international remittances to Nigeria.

With the state-regulated digital currency, Nigeria would be able to issue its own sovereign digital currency to complement cash notes and coins. This would help to address CBN’s fears over the susceptibility of cryptocurrencies to criminal abuses and deepen financial inclusion.

At this time when the cryptocurrency is gaining global popularity and acceptance, the apex bank should take steps to create opportunities for dialogue and collaboration with cryptocurrency traders and exchanges.

Therefore, it is important for banking/financial sector regulators to focus more on promoting people-friendly policies to enable more Nigerians to take advantage of the growing cryptocurrency market to achieve economic progress.

Inyene Ibanga is Managing Editor TechDigest and writes from Wuye District, Abuja.

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TECH DIGEST – Global technology companies such as Facebook, Google and others operating in Nigeria will soon be taxed by the Nigerian government as the Chartered Institute of Taxation of Nigeria (CITN) is already working on a strategic document in that regard.

This was disclosed when the President of CITN, Mr. Adesina Adedayo and his team paid a courtesy call to the Vice President of Nigeria, Prof. Yemi Osinbajo, in Abuja to present him the communiqué of the Institute’s 23rd annual tax conference in Kaduna recently.

“Arising from deliberations and a charge from his excellency, the Governor of Kaduna State, Mallam Nasir El-Rufai, CITN is working on a strategy document which would be concluded shortly towards finding a way and means to tax global technology companies,” Mr. Adebayo told the Vice President.

He noted that taxing the informal sector has become a salient issue in Nigeria, even as the government is finding a way to address its dwindling revenue through improved tax collection methods.

According to him, the Nigeria Economic Sustainability Plan as well as the measures implemented was a right response to the challenges posed by the Covid-19 pandemic and was largely instrumental to creating buffers for the government at all levels in withstanding the pressures and waves created during the peak period and the aftermath of COVID-19.

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TECH DIGEST – Vice President Yemi Osinbajo has disclosed that the Federal Government will soon impose heavy tax on giant technology and digital companies in Nigeria.

Osinbajo said the Federal Government will utilize its legal provisions to collect taxes on profits made in the country by global technology and digital firms not based in the country, but with significant economic presence.

He disclosed this during an interactive session with a delegation of the Chartered Institute of Taxation of Nigeria, CITN, led by its President, Mr Adesina Adedayo at the Presidential Villa on Friday and was contained in a statement by his spokesman, Laolu Akande.

Osinbajo, however, assured Nigerians that government would not be increasing tax any time soon.

The statement reads partly: “While the Federal Government will not be raising tax rates at this time, based on the Finance Act 2019, it is already empowered to widen the tax net, including by collecting taxes on the Nigerian income of global tech giants with significant economic presence here, even if they have not established an office or permanent establishment and are currently not paying taxes in Nigeria.

“In this regard, Section 4 of the Finance Act 2019, provides that “the Minister (Finance) may by order (of the President) determine what constitutes the significant economic presence of a company other than a Nigerian company.

“We have had severe economic downturns which of course implies that we may not be able to collect taxes with the aggressiveness that would ordinarily be expected.

“I think the most important thing is that we must widen our tax net so that more people who are eligible to pay tax are paying. Several efforts have been made, and I am sure you are aware of the initiatives including the Voluntary Assets and Income Declaration Scheme (VAIDS) which was also an attempt to bring more people into the tax net, including those who have foreign assets.”

Platforms like Facebook, Twitter, Tiktok will be mostly affected by the new tax imposition when implemented.

These platforms are part of technological companies operating in Nigeria but are located abroad.

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TECH DIGEST – Vice President, Prof. Yemi Osinbajo has lauded Africa’s leading smart card manufacturing and digital solutions company, SecureID Limited, for its manufacturing operations in Nigeria while creating copious job opportunities and bringing Nigeria to the fore of global competitiveness with its world-class smart card manufacturing plant in Lagos.

The statement was made during a visit to the company’s manufacturing facility on May 11 at Apapa-Oshodi, Isolo Lagos and was attended by several eminent guests.

The company recently bagged the esteemed Global System of Mobile Applications (GSMA) certification making it the first in Nigeria and 3rd in Africa; adding to its other global certifications including Visa International, MasterCard Incorporated, Verve, Card Quality Management (CQM) and ISO 9001/2015 for Smart Card Manufacturing and Personalization of credit and debit cards for all banks in Nigeria and clients in 21 countries across Africa.

SecureID also manufactures sim cards for telecom companies, loyalty cards for retail and security documents for public sector: driving license, national identity cards, international passports and more.

Osinbajo expressed confidence in the company to bolster local content and contribute to the growth of the economy, stating that the recent GSMA certificate and other global certificates bears glowing testimony to the level of high standards demonstrated in its production of first-rate smart cards in the country.

“Today marks a momentous occasion in the history of the technology and manufacturing sector, and I am delighted to be a part of it. SecureID Limited has proved to us with this state-of-the-art manufacturing plant that local production of smart cards at the highest quality is not only viable in Nigeria but also brings a plethora of opportunities with it for Africa.

“I must commend this indigenous company for laying the precedent for other local manufacturers to follow. I must also congratulate the founder and CEO, Kofo Akinkugbe, who through her grit and passion to contribute to the growth of the economy, has committed innumerable resources and manpower to bring this factory to fruition. It warms my heart to see a woman take charge and create something indelible for other young women to emulate. She is an attestation to the fact that women are dependable collaborators in our quest for nation building”, he stated.

The Vice President also extolled Akinkugbe for creating copious job opportunities for Nigerians, stating that this would bolster economic growth through local content.

Speaking on the company’s recent milestone, Akinkugbe stated that SecureID strictly upholds high quality standards and protocols to manufacture an array of smart cards in line with global best practices, emphasizing that the company worked resolutely, to attain the GSMA certificate and other certificates.

According to her, the company is an attestation that local production of smart cards at the highest quality is possible in Nigeria.

“As an indigenous company, we are able to produce high quality SIM cards and at the same time, providing job opportunities for Nigerians. The government has seen it, its volume, value and growth that we are able to contribute is something we would showcase and further prove that this can be done locally”, she added.

“On our journey, we sought and received support from many institutions, agencies, and initiatives that have been established to encourage startups SMEs and enterprises,” she said.

Some forward looking organizations also bought into our dream, early on and we must thank the Bank of Industry, in particular for the instrumental and continuing role.

“First Bank of Nigeria Plc, was also an early financial assistance, and they remain our primary lender.

“We are extremely grateful and proud of the patronage, that we received from most of the retail buyers, some of whom are represented here,not just in Nigeria, but across the continents, she said.

Also speaking at the event, Mr Simon Aranonu, Executive Director, Bank of Industry said that the bank was excited about SecureID because it was a pioneer project led by a woman.

” We are happy to be part of this journey which started ten years ago, the BOI will continue to support the company because it is a good innovation, “Aranonu said.

He also noted that the company would help safe foreign exchange in Nigeria.

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