Welcome to Nairametrics’ weekly tech news roundup. This week, as always, we bring you a compilation of the major tech events and activities that made the news.
We go behind the scenes, focusing on some of the major talking points and backstories just to keep you updated with the latest developments in the tech space.
This column is dedicated to investors, as well as enthusiasts of Nigeria’s growing tech community.
You know we love feedback, so please keep them coming.
NCC approves new owner for 9mobile
Did I hear you say, “finally!”? So, on Monday, we woke up to the news that the NCC has approved the transfer of 9mobile to new investor, investment holding company, Teleology Holdings Limited. The long journey to this acquisition started in 2017, after the telco defaulted on a $1.2 billion loan it had obtained from a consortium of 13 Nigerian banks led by GTBank. This caused the parent company (Etisalat of the United Arab Emirates) to pull out and relinquish its 45% stake in the company.
Following this development, the CBN restrained the Nigerian banks from taking over the telco, and instead, constituted an interim board to oversee the operations of the company. Some of the affected banks have since made provisions on the loan.
The new owner has also appointed a board of directors to oversee the company’s operations and bring back the glory days of the debt-laden 9mobile.
Africa’s fastest train
Morocco now boasts of having the fastest train in Africa. Morocco’s King Mohammed VI and French President Emmanuel Macron inaugurated what has been described as Africa’s fastest train, with a trip from the northwestern city of Tangier to the capital, Rabat.
What is really gist for us is the amount that they claimed was used in completing the project, I mean from start to finish hmmm… guess how much? 22.9 billion dirhams, an equivalent of $2.4 billion and it took them seven years to complete the project. My Nigerian people must not see this.
Terragon Group Acquires Asian Marketing Tech Firm, Bizense
This week, Terragon, Africa’s leading data and marketing technology company, announced that it has acquired Bizense, a Singapore-based mobile technology company, in a cash plus stock deal which is the first of its kind and scale in Africa.
With this new deal, Terragon now controls all intellectual property and assets of Bizense globally, enabling it to further adapt and integrate its marketing technology software for financial services institutions and consumer brands across Africa.
Bizense has core expertise in mobile advertising and targeting technologies, with operations in key Asian markets including India, Singapore and Indonesia. This acquisition will help Terragon scale its digital transformation and data monetisation service, which it currently provides to a number of leading African Telcos.
Alibaba Records $31billion in Sales on Singles’ Day
Chinese e-commerce giant, Alibaba Group, has recorded a blockbuster, or let’s say a whooping sum of 168 billion yuan ($30.7 billion) in sales for its Singles’ Day extravaganza, after customers across the world shopped in stores and online on the tenth edition of its November 11 shopping festival. Singles’ Day, also known as Double 11, is the world’s biggest online sales event, outshining US shopping holiday, Black Friday.
This year’s sales started with a gala event that featured US singer, Mariah Carey and a shoe-shopping-themed Cirque du Soleil performance. Items that sold out were smartphones, electronics and other staples such as milk powder and diapers.
Flutterwave is aiming to be the Google of payments
Our very own Flutterwave has big dreams of being the Google of payments, with the recent step-down of Iyinoluwa Aboyeji from his role as the Chief Executive Officer (CEO) of Flutterwave Inc., and Olugbenga Agboola taking over as the new CEO. In a recent parley with the press, the new CEO also revealed that it is on the way to being the Google of payments.
Flutterwave has processed about $2.5 billion for clients through its ‘Rave’ platform across the globe. It’s worthy to note that all these transactions were done within the space of its first two years of existence. “As we often call ourselves, we are ‘the Google of everything payment.’ We process any kind of card, and we can be operated from any part of the world, especially with one of our new trending products called ‘Rave.” Agboola Reiterated.
Happy 2nd year anniversary to Farmcrowdy
In celebrating its second-year anniversary, Nigeria’s first digital agriculture platform, Farmcrowdy, has launched the first ever National Digital Agriculture Day. Farmcrowdy, which was launched in 2016, is a digital agriculture platform aimed at connecting farm sponsors with real farmers in order to increase food production. The CEO, Onyeka Akuma, mentioned that the National Digital Agriculture Day has been registered with the Ministry of Trademark and Patent, and the day has officially been reserved as a day to recognise the contributions of the agritech sector in the Nigerian agribusiness value chain.
African TechPreneurs That Made Forbes 2019 30 Under 30 List
The recently released Forbes under 30 list for 2019 has shown lots of young African entrepreneur that are not lazy. The list recognises accomplished young people in the areas of media, Healthtech, and a number of other industries. Click to see full list.
Nigerian coder among Top 10 CNN Heroes of the Year
Our very own Abisoye Ajayi-Akinfolarin, has been named as one of the Top 10 CNN Heroes of the Year by Cable News Network (CNN). Abisoye Ajayi-Akinfolarin is the founder of Girls Coding, Lady Labs and Pearls Africa Foundation. CNN described the 10 finalists as “remarkable trailblazers who have truly changed the world.” Each Top 10 CNN Hero will be awarded $10,000 and the CNN Hero of the Year will receive an additional $100,000. The honorees will also receive free capacity-building training from the Annenberg Foundation, a leading supporter of nonprofits worldwide.
COVID-19 Update in Nigeria
On the 12th of July 2020, 571 new confirmed cases and 16 deaths were recorded in Nigeria.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 32,558 confirmed cases.
On the 12th of July 2020, 571 new confirmed cases and 16 deaths were recorded in Nigeria, having carried out a total daily test of 2,973 samples across the country.
To date, 32,558 cases have been confirmed, 13,447 cases have been discharged and 740 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 181,248 tests have been carried out as of July 12th, 2020 compared to 178,265 tests a day earlier.
COVID-19 Case Updates- 12th July 2020,
- Total Number of Cases – 32,558
- Total Number Discharged – 13,447
- Total Deaths – 740
- Total Tests Carried out – 1781,248
According to the NCDC, the 571 new cases were reported from 20 states- Lagos (152), Ebonyi (108), Edo (53), Ondo (46), FCT (38), Oyo (20), Kwara (19), Plateau (17), Osun (14), Bayelsa (14), Ekiti (14), Katsina (14), Akwa Ibom (11), Kaduna (11), Rivers (11), Niger (10), Ogun (7), Kano (6), Cross River (4), Bauchi (2).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 12,427, followed by Abuja (2,576), Edo (1,731). Oyo (1,726), RIvers (1,368), Delta (1,359), Kano (1,309), Ogun (1,087), Kaduna (989), Ondo (716), Katsina (669), Ebonyi (616), Borno (586), Plateau (533), Gombe (530), Bauchi (521), Enugu (476), Abia (405), Imo (386), Kwara (330).
Jigawa state has recorded 321 cases, Bayelsa (313), Osun (245), Nasarawa (244), Sokoto (153), Akwa Ibom and Niger (135), Benue (121), Adamawa (110), Anambra (93), Kebbi (86), Zamfara (76), Ekiti (63), Yobe (62), Taraba (27), Cross River (9) while Kogi state has recorded 5 cases only.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 12, 2020||32558||571||740||16||13447||18371||7|
|July 11, 2020||31987||664||724||15||13103||18160||7|
|July 10, 2020||31323||575||709||20||12795||17819||7|
|July 9, 2020||30748||499||689||5||12546||17513||7|
|July 8, 2020||30249||460||684||15||12373||17192||7|
|July 7, 2020||29789||503||669||15||12108||17012||7|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|
How to become a successful Bitcoin trader
Major steps that are needed if you want to become a successful BTC trader.
A BTC trader is simply an individual who seeks gains from differential changes in the market price of BTCs. The main objective the BTC trader has in mind is buying prices at low and selling when the flagship currency gains higher. BTC trading can thus be very lucrative and has become one of the fastest-growing careers in the financial spectrum.
Data obtained from a leading BTC analytic firm, Coinmarketcap showed that the market capitalization of BTC currently stands at over $170 billion. This further illustrates that in 2013 BTC moved from $13.30 to its present-day value of over $9000, meaning that early bird BTC traders had gained over 67,600% since it began.
Consequently, this article will show major steps that are needed if you want to become a successful BTC trader.
Self-Control & Discipline
Adebayo Juwon, an FTX consultant for Africa, spoke to Nairametrics in an exclusive interview, explaining in detail the need for a BTC trader to be very disciplined and have a security-conscious mindset. He said;
“Firstly I must note that trading is not for everyone, to be a successful crypto trader, self-discipline is a prerequisite to achieving one’s goal. The crypto market is very much volatile than what the traditional traders are used to, hence more risk and reward.
“A crypto trader must be security conscious; you’re responsible for your account security in the crypto ecosystem, as hackers are preying on whose account is less secured.”
A successful BTC trader must be able to understand the relationship between reward and risk management. This entails high understanding levels about the degree of randomness in BTC market and the risk involved in taking such risk. As a successful BTC trader, you are required to understand when its best to trade BTC as market conditions change from time to time.
Adebayo Juwon, FTX consultant for Africa also added vital points on why a BTC trader should never ignore risk management. He said;
“Also, to be a successful crypto trader, one must have good risk management in place, in a highly volatile market your profits can be zapped away in minutes. Risk comes in different ways in the crypto market, there are lots of scam projects with the good marketing team, they tend to attract investors also, it’s very important to do your own research in the crypto space, and rely less on market sentiment.”
Recall that some days ago Nairametrics, revealed the best time many BTC traders prefer to take their trading positions in the BTC market, thus preferring to trade around the American trading session because of the high price swings that occur at the start of New York stock market trading time -about 2.30 pm GMT. This means there were higher chances of making more money at the start of American trading sessions than other trading sessions (London and Asian trading session).
Basic fundamental and Technical analysis skills
Every successful BTC trader must keep track of macro fundamentals going around the BTC community because such information more often determines the market price of Bitcoin. Either rumours or news have exponential effects on the BTC market and often create lucrative trading opportunities.
Chris Ani, a professional BTC trader in a phone chat interview explained to Nairametrics in detail, the major attribute every successful BTC trader must possess, including the need to have basic trading skills. He said;
“To prevent yourself from becoming a slave to the market, you must be trading small enough size on your trades that you are not emotionally attached to them. Trading opportunities wait for no one.
“You have no idea when and where they will appear. Whenever they appear, you have to be ready with your trading plan. You must also master technical and fundamental analysis and most importantly the one that works for me, understand the seasons and market structure so as to know when to trade, allow big wins run, or rather exit the market in order not to lose your money.”
Finally, it’s very important to understand that no matter how good you get at BTC trading, you will often make mistakes and lose money. Always remember, trades that go bad are part of what will make you successful in the long term. Success in BTC trading simply means you are winning more relatively than losing.
Meet Atedo Peterside, the man who refuses to go with the crowd
Atedo Peterside, the man who runs in when everyone is running out.
At the height of the COVID-19 pandemic, when most people were seeking ways to hold on to their jobs and prepare for the economic hardship that was bound to ensue, one man was busy resigning from his positions on the boards of several listed companies.
What were his reasons? Well, he wanted to focus on other interests, precisely on the ANAP Foundation COVID-19 Think Tank which he had just founded at the time. The non-governmental organisation was established with the aim of helping combat the pandemic.
That man is Atedo Nari Atowari Peterside, who also goes by the acronym, ANAP. Besides founding IBTC which is currently a part of Stanbic IBTC Holdings Plc, Peterside also founded ANAP Jets. He has been instrumental to the growth of several companies in the private sector and is a key player in influencing public policy in the country. Peterside has also been appointed by successive governments to serve on different important committees.
This week on our founder’s profile, we bring you Atedo Peterside, the man who runs in when everyone is running out.
Let’s talk about his early years
Mr Peterside was born to the family of Chief Michael Clement Atowari Peterside and Patricia Awune Gboloba Bob-Manuel in 1955. As the only boy in a family of three children, he grew up under a strong parental influence. His father was an Ophthalmologist, and whenever his job allowed him to be at home, he devoted the time to raising his kids with stern lectures as well as he did with lighthearted jokes.
In 1965, ten-year-old Atedo finished his primary education and proceeded to boarding school at Kings College, Lagos. However, the onset of the Nigerian Civil War suspended his education until 1970 when the war ended.
Despite losing all his savings in the war, Chief Peterside worked and saved enough to send his son to the City University, London in 1973. It was there that he obtained his first degree in Economics. He later obtained his Master’s degree in 1977, also in Economics from the London School of Economics and Political Science.
Why he chose his career path
In a tribute to his father in 2016, Atedo recalled that his father’s profession as a medical doctor meant that he was always on call and hardly at home with the family. Much as he wanted to follow his father’s footsteps and be a “force for good,” Atedo knew even then that there had to be another way to make positive impacts in the world without being a medical doctor.
“Because you were permanently ‘on call’, I decided from a very early age that there must be alternative paths to earning a decent living outside of medicine, which looked like a thankless job to me,” he wrote in the tribute.
Even though that was the time when it was more fashionable to take a career as a medical doctor or a lawyer, Atedo would not go with the flow.
The consciousness that some ‘good soldiers’ had been killed in the coups, political crisis and civil war in the 1960s also discouraged him from toeing that line. The stories of the war, as he later noted, was his first painful encounter with the concept of “collateral damage,” and it seemed so unfair that people should have to suffer such consequences trying to put things right in their fatherland.
It was then that he decided he was going to be an entrepreneur and settled for studying Economics when he went to the United Kingdom for his first degree.
After schooling, Atedo started his banking career with full consciousness of his main objective – becoming an entrepreneur. He took up a job with the NAL Merchant Bank (now known as Sterling Bank Plc), which was considered one of the foremost merchant banks at the time. He already knew for a fact at this time that he wanted to go into Investment banking. And he wanted to own one of such banks.
While talking about this years later, Atedo said “I was more of an entrepreneur who just happened to be in banking. I took to banking as a career with the clear intention of becoming a bank entrepreneur.”
With these dreams in mind, he attended the Owner/President Management Programme at the Harvard Business School from 1991–1993.
Despite knowing that he wanted to start a bank, Atedo had to stay on for 10 years at NAL Merchant Bank. The Central Bank of Nigeria’s regulations at the time stipulated that one needed at least 10 years of banking experience to qualify as the Chief Executive Officer of a bank.
“I stayed for 10 years, not because I couldn’t have started it earlier, but because I needed to have the required 10 years’ experience. And as soon as I did, I went ahead to start the bank,” he said.
To get a bank started around the time Peterside founded Stanbic IBTC, one had to apply for a banking license and also get investors, which at the time was not so easy. So Chief Peterside started off the process by investing in the bank. Atedo had insisted that it would be inappropriate to seek outside investors for a venture which his own father was afraid of.
Atedo recalled that this act of belief reinforced his desire to preserve the bank’s capital at all cost, knowing that he did not only have his money at stake, but that of his father and other shareholders. He stayed as CEO for 18 straight years after incorporation, taking the bank through the early tough years. Under his watch, the bank continued to grow steadily, showing good figures year after year.
“I don’t think being a CEO at age 33 was such a big issue” he later remarked. “It was being a founder, largest shareholder and entrepreneur, and being the pillar carrying the bank, that was where the pressure really came from. It was a case of being at the forefront taking decisions and bearing the consequences.”
Values he had gotten from his father came in handy at this time. “My father trained me to disbelieve first and question the message anyone was giving me and only proceed if the proposal makes sense to me,” he recalled.
It was courtesy of this trait that he never fell prey to fraudsters in his business. Fraudulent schemes were popular at the time, with some of them pitching fake businesses to investors and banks. Unfortunately for them, they soon understood that it was a waste of time trying to get IBTC.
The experience of working under (now late) Chief Wole Adeosun, his Managing Director and former boss at NAL Merchant Bank, had also given him sufficient exposure. He admitted that the responsibilities which he had to handle so early in his career helped build his confidence, reassuring him that he could run a bank.
Acquisitions and mergers
When CBN raised the minimum capital base for banks to N25 billion in 2005, IBTC acquired two commercial banks – Chartered Bank Plc and Regent Bank Plc. Consequently, IBTC became a universal bank on 19 December 2005, with a new name – IBTC Chartered Bank Plc.
In 2007, the bank again merged with Standard Chartered Bank to form the Stanbic IBTC Bank Plc, and Atedo was elected Chairman in October 2007.
About the merger, he remarked that it was a deliberate decision not influenced by any financial or technical problems in the bank.
“We could have gone on without the merger and still not had any problems. It was a decision we made after 18 years and we took it because we thought we had seen the right banking partners that will take the bank to the next level.
“Also as a founder, I was concerned about the careers of those who had given their lives and careers to grow IBTC, and my priority was getting them into an arrangement and institution that could go on forever so that they could have safe and secure jobs and careers,” he later said.
The wisdom in his decision can be seen in the fact that lots of the staff who had worked with him in IBTC went on to have fulfilling careers in the new entity even long after he left.
For instance, Sola David-Borha, who was his deputy from IBTC and later at Stanbic IBTC, succeeded him as MD and went on to become head of Africa region for the parent bank.
Another principle which Atedo enforced as MD was using merit as a first criterion in all recruitments and appointments. Not even gender or ethnicity could get anyone an appointment unless he was first qualified, and Atedo insisted that he did not mind having all males or all females if those were the most qualified persons.
The implication of this practice was that the bank often had more female representation in its management than other banks, and sometime in 2004, it was the only bank that had more females on its management team than males.
The bank also had a lot of qualified bankers coming in, because they knew that it was an environment where they would be allowed to thrive irrespective of gender, ethnicity or other factors.
As CEO and later Chairman of a big bank, Atedo had to deal with many challenges. But he would later recall that the most significant challenge came in October 2015 when the Financial Reporting Council of Nigeria accused the bank of falsifying its 2013 and 2014 accounts by including sums which had not been disbursed as part of its operations costs.
It was a bad day for the bank, especially since the regulatory agency had taken its accusations public whilst asking the bank to withdraw and rectify the statements. The bank’s management also went public with its explanation. Even though the funds had not been disbursed at the time the financial reports were sent in, they had to be included in order to make provisions for disbursement later.
The explanation should have helped set issues straight but this was not to be. As a matter of fact, the issue dragged on for over a year until the Federal Government appointed CBN to conduct an investigation into it. Eventually, CBN cleared the air and upheld the bank’s practice as the standard – making provisions for the expenses which formed part of its operations costs.
“I was conversant with all of the accounts and I knew we had done nothing wrong. The only issue was getting everyone to see it. I was also very confident in the team that I had built,” he said in an interview later.
In his resignation notice later on, Atedo stated that he planned to leave the company in 2015, but the protracted dispute with the Financial Reporting Council forced him to delay his plans.
Pursuing other interests
After seeing to the end of the issues with regulatory agencies, Atedo Peterside retired as Chairman in March 2017. Although he still had interests in the bank, he wanted to give more time to other interests. However, he remained on the boards of both The Standard Bank of South Africa Limited and Standard Bank Group Limited.
His focus after this time was the ANAP Jets Limited which he had started while still heading the board in 2015. He is the Chairman of ANAP Jets Limited, as well as a major shareholder. ANAP Jets provides fractional ownership platform, charter and aircraft management services, to serve the business sector, taking care of every detail in operating, maintaining, crewing, catering, and fueling the jet.
The company has a technical partnership, which brings in Aliserio S.r.l. (formerly Eurofly Service S.p.A.) chaired by Mr Rodolfo Baviera, Aliserio S.r.l., of Italy as a technical partner. Not only is the company over 40 years old, Mr. Rodolfo Baviera has also been the Chairman of The European Business Aviation Association between 2000 and 2016, giving him the expertise and network needed to make a valuable technical partnership.
Atedo also served as board Chairman at Cadbury, and board member of Nigerian Breweries (Heineken subsidiary), Unilever and a Non-Executive Director of Flour Mills Nigeria Plc, until the onset of the pandemic when he resigned to devote more time to combatting the pandemic under the auspices of the ANAP foundation COVID-19 think tank.
He is the Chairman of ART X Collective Limited and Endeavour High Impact Entrepreneurship Ltd/Gte, a non-profit organization that provides mentorship and support to scale-up companies. Mr Peterside also serves on the African Advisory Board of the Prince’s Trust International.
Obviously, his hobbies of boating, polo, reading and traveling are not enough to occupy the 65-year old as he continues to pick up new pursuits. Now, he concerns himself with influencing public policy for a better society and has served on several committees at the instance of the government.
“I am sad that today, no young Nigerian at age 33 can start a bank the same way I did because the rules will not even permit him. I feel like the rules have been rigged against the younger generation and that is why you see most of them going into the creative arts like singing, dancing and acting because that is where they feel they have an advantage over the older generation. We need to look at influencing public policy to give them competitive advantage in every sector including public offices,” he said.
Without entering the theatre like his father, Atedo has made his mark in his chosen path. However, what will speak most for the tireless entrepreneur are the professionals whom he has mentored in the banking industry.
He was conferred with an honorary Doctor of Science Degree by the University of Port Harcourt, Nigeria, and also elected an Honorary Fellow of the Chartered Institute of Stockbrokers on 1 April 2019.