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Microsoft, PwC call for policy framework in financial sector 

Microsoft and Pricewaterhouse Coopers, PwC have charged the Central Bank of Nigeria, (CBN) and other regulators to develop policies and regulations.

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MPR, CBN, GTBank, CBN disagrees with IMF, says land border closure boosting local production, Border closure: Emefiele says Benin, others must engage Nigeria before borders are reopened , bvn 2.0, CBN reveals banks’ foreign assets rise to N14.19 trillion in 2019

Microsoft and Pricewaterhouse Coopers, PwC have charged the Central Bank of Nigeria, (CBN) and other regulators to develop policies and regulations in the digital space that will help achieve growth and development in financial institutions and the economy in general. 

Mayowa Agboade, the Director of Industry Solution and Financial Services, Microsoft Transformation at Microsoft, while speaking at the Microsoft CFOs Roundtable partnership with Harvard Business Review, in Lagos, reiterated the commitment of Microsoft in terms of enabling digital transformation in the financial services industry

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Agboade also called on the Chief Financial Officers (CFOs) of companies and advised that they make use of digital technology in their businesses in order to reduce cost and enhance revenue for their companies. 

“Nigerians need to imbibe digital technology as a culture as this is the future for transforming business and the economy. 

The role of today’s CFOs and finance executives needs to be broader and requires an increased appreciation of technology. The emergence of the digital age is fundamentally changing the priorities and roles of today’s finance executives with security at its core,” he said.  

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Why this matters: The Microsoft director stated that the CBN needs to be involved in artificial intelligence, mixed reality and blockchain technology in order to be able to draft a policy framework that will help digital technology in businesses thrive. 

[READ ALSO: CBN warns banks against enforcing insurance cover on borrowers]

Mr. Femi Osinubi, Partner and Leader at PwC also had a word or two to say during the Roundtable event. He made it known that the future of finance lies in technology and it is essential in increasing productivity, profit and reducing cost 

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He stated that digital finance strategies are needed to transform the sector while making mention of technologies like mobile computing, Robotic process automation, blockchain, real time/selfservice computing, analytics and visualisation, machine learning and Artificial Intelligent, AI Chatbots and Speech recognition. 

“Technology is changing our industry and business all over the world. To this development, the CBN and other regulators in financial sectors need to come together and initiate policy framework and regulations on digital application and implementation that would help the economy grow speedily.  

There is a need for the public sector to begin to adopt digital technology in governance but they must understand the processes before they can initiate a policy that would eventually go through the law making process,” said Osinubi. 

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[READ ALSO: FCMB Introduces Revamped Agro-Commodity Trade Finance Facility to Boost Agriculture]

 

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Patricia

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Business

China will not accept any Microsoft-TikTok deal

Trump had raised security concerns about TikTok’s entry into the United States.

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China will not accept any Microsoft-TikTok deal, Microsoft acquires CyberX to beef cybersecurity 

China has vowed to fight against the US’ desperate attempt to force Chinese technology firm, ByteDance, (TikTok parent’s company) into selling the company’s US operations to Microsoft.

An editorial piece on China Daily Newspaper, which is state-owned, was straight to the point when it declared that the “US administration’s smash and grab of TikTok will not be taken lying down.” The piece then went ahead to describe America’s moves against TikTok as a “theft” and said the government would respond in due course.

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READ MORE: Microsoft acquires CyberX to beef cybersecurity 

“After vowing to ban the popular short-video sharing app TikTok in the United States on Friday, the White House is reportedly weighing the advantages of allowing Microsoft to purchase its US operations. Such shilly-shallying is a tactic the US administration employed during the trade deal negotiations with China,” the editorial explained.

Why the Chinese are angry: Some hours ago, President Donald Trump gave the world’s most valuable software maker (Microsoft), tactical approval to go ahead with the acquisition of TikTok. Consequently, China, through its state-backed paper, disclosed that it had “plenty of ways to respond if Trump’s administration carries out its planned smash and grab.”

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READ ALSO: Microsoft shares fall, despite impressive Q2 2020

The Backstory: Recall that Nairametrics reported that the world’s biggest software maker, Microsoft, was in talks with ByteDance, the Chinese owners of TikTok, over a possible acquisition of its US operation.

The offer by Microsoft seems to be an escalation of President Trump’s recent attacks on TikTok and other Chinese tech startups. President Trump, in June, had raised security concerns about TikTok’s entry into the world’s largest economy.

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Edo, Rivers, Ondo, Katsina, 17 others attract zero investment in 4 months

Lagos topped the list of states that attracted investments during the period under consideration.

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Ekiti, Jigawa, Abia, 10 others record no investment in 2019

About 21 states in Nigeria attracted zero investments in the last 4 months according to data from the Central Bank of Nigeria.

According to data, the following states, Rivers, Ondo, Edo, Sokoto, Oyo, Abia, and Anambra recorded zero capital importation in the last 4 months. Others are Adamawa, Bauchi, Benue, Borno, Cross River, Delta, Ebonyi, Enugu, Imo, Kastina, Kogi, Kwara, Osun, Oyo, Yobe, and Nassarawa states.

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This information is contained in the Capital importation report obtained from the Central Bank of Nigeria, CBN. The report also detailed the total amount of fresh investments attracted to the Nigerian economy during the period.

[READ MORE: States’ IGR hits N691 billion as Osun, others recorded biggest growth]

Note that most of the states that failed to attract investments during the period under review also failed to attract any investments in 2019. This means that it is either the necessary steps were not taken by the governments, or foreign investors could not find attraction in the states or the environments were simply not conducive for investment.

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Lagos outshines FCT, Niger, 5 other states

As expected, Lagos topped the list of states that attracted investments during the period under consideration. Lagos attracted the highest amount of $5.39 billion during the period. The investment inflow into the state represents over 87% of the $6.17 billion.

Lagos is followed by the Federal Capital Territory which attracted a total investment inflow of $754.01 million.

Niger State attracted a total investment inflow of $11.60 million. Sokoto State also attracted $2.50 million, while Kaduna State attracted the sum of $1.98 million and Ogun attracted $1.70 million.

Kano and Akwa Ibom states recorded investment inflow of about $700,000 and about $237,000 respectively among others.

The limited investment inflows into some of these states clearly indicate that the states are not really attractive to the investors, even before the pandemic. The Managing Partner, FA Consult, Peter Adebayo, explained that the nation’s economy is not attractive enough to pull investments to states that lack the desired viability.

“Most of the investors are scared of insurgencies in the country, though such is limited to some parts of the nation, except for the well-connected investors that are given special attention,” he said.

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Back story: Last March, Nairametrics reported that Ekiti, Kogi, Sokoto, Bayelsa, Ebonyi, Gombe, Jigawa, Abia, and five other state governments failed to attract investments in 2019.

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Business

FG reveals amount spent on school feeding program during lockdown, denies spending N13.5bn monthly

The FG said it had only spent about N523.3 million on the programme during the lockdown.

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FG reveals amount spent on school feeding program during lockdown, denies spending N13.5bn monthly, Over 20% of N-Power beneficiaries are now business owners - FG

The Federal Government has denied some media reports that it spent the sum of N13.5 billion monthly on the homegrown school feeding program across the 36 states of the federation and Abuja during the lockdown period when school children were at home.

The FG said it had only spent about N523.3 million on the school feeding program during the lockdown.

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The disclosure was made by the Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Farouq, during the daily briefing of the Presidential Task Force (PTF) on Covid-19, on Monday, August 3, in Abuja.

READ MORE: FG pays doctors’ N15.8 billion hazard allowance

The minister said that there had been a lot of rumours and speculations about one of the key government interventions, the Home Grown School Feeding Programme.

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She explained that the programme was modified and implemented in three states following a March 29th Presidential directive, while also stating that it was done in consultation with stakeholders.

The minister said, “It is critical at this juncture to provide details that will help puncture the tissue of lies being peddled in the public space. The provision of ‘Take Home Rations’, under the modified Home Grown School Feeding programme, was not a sole initiative of the MHADMSD.

“The ministry, in obeying the Presidential directive, went into consultations with state governments through the state Governor’s Forum, following which it was resolved that ‘take-home rations’, remained the most viable option for feeding children during the lockdown. So, it was a joint resolution of the ministry and the state governments to give out take-home rations.

READ ALSO: Nigeria to build 142 agro-processing centres

“The stakeholders also resolved that we would start with the FCT, Lagos and Ogun states, as pilot cases.”

Going further, she revealed that each take home ration was valued at N4,200 and that the figure was arrived at after proper consultation.

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The minister said that the figure was generated from data provided by the National Bureau of Statistics (NBS) and the Central bank of Nigeria (CBN).

She said, “According to statistics from the NBS and CBN, a typical household in Nigeria has 5 to 6 members in its household, with 3 to 4 dependents. So, each household is assumed to have three children.

“Based on the original design of the Home Grown School Feeding programme, long before it was domiciled in the ministry, every child on the programme receives a meal a day. The meal costs N70 per child.

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“When you take 20 school days per month, it means a child eats food worth N1,400 per month. Three children would then eat food worth N4,200 per month and that was how we arrived at the cost of the ‘take-home ration.”

READ MORE: How Clevify is turning mobile devices into classrooms

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The Minister said that it was agreed that the federal government would provide the funding, while the various state governments would handle the implementation. She said that in order to ensure a transparent process, the government had to partner with the World Food Programme (WFP) as technical partners.

She also said that her ministry invited government agencies like the EFCC, CCB, ICPC, DSS and some NGOs to monitor the process, just as TrackaNG also monitoring and giving daily updates, thereby validating the programme.

Giving a further breakdown she disclosed that in the FCT, 29,609 households were impacted, 37,589 households in Lagos and 60,391 in Ogun, making a total of 124,589 households that benefited from the programme between May 14, and July 6.

She said, if 124,589 households received take-home rations valued at N4,200, the amount would be N523,273,800.

A media report had suggested that the Federal Government claimed it was spending the sum of N679 million daily or N13.5 billion on the school feeding program across the country even during the lockdown period when school children were at home.

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