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Finalist Take Home N53m At Zenith Tech Fair 2.0

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A total sum of N53 million in prize money was won at the end of a keenly contested hackathon session at the Second Edition of the Zenith Tech Fair, themed “Future Forward 2.0”, which was held on Wednesday, November 23, 2022, at the Eko Convention Centre, Eko Hotels & Suites, Victoria Island, Lagos.

The prize money was shared among eleven finalists who emerged from the over 500 contestants that took part in the hackathon, with Ecotutu, a cleantech company making cooling affordable and accessible for businesses, especially in the agricultural sector, emerging as the overall winner and taking home the grand prize of N20 million.

This is in addition to a mentorship programme with Seedstars, a company dedicated to implementing high-quality capacity-building programmes for entrepreneurs in emerging markets.

The first runner-up, Foris Labs, an app-based platform that allows students to conduct science experiments individually and in groups interactively via their mobile phones, won N15 million and a mentorship programme with Seedstars, while the second runner-up, Finva, a start-up which helps creditors offer credits at low risk, won N10 million as well as a mentorship programme with Seedstars.

Other finalists who took home N1million each include Sanwo, Itinu -Ev, Eduvacity, Green Bii, Zion Robotics, Sono Care, Base, and I grow Africa.Speaking during the presentation of the prize monies, the Group Managing Director/CEO of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, congratulated all the finalists for coming this far in the competition.

He reiterated the bank’s readiness to provide all that is necessary to make the budding entrepreneurs succeed.

According to him, “all finalists would be enlisted into our incubation lab for grooming and mentorship.

Our expectation is that we are going to scale and grow them just like the zenith brand.

So, looking at what we have gone through, I can tell you that so much iron has been loaded on fire.

The only thing left is to activate the digital talents, tech skills and entrepreneurship that would culminate in a new digital economy for Nigeria”.

Described as a huge success by participants, the two-day Tech Fair featured presentations on the leading technological innovations that cut across different aspects of life, such as Artificial Intelligence, Computing, Machine Learning, Blockchain, Robotics, Big Data, FinTech, Augmented Reality, Data Analytics, 5G and Communication Technologies, with the keynote address, “The Future of Banking: Digital Transformation Journey”, delivered by Brett King, the renowned futurist, bestselling author, award-winning speaker, Founder of Moven and Author of Bank 4.0.The event also featured a goodwill message by Jim Ovia, CFR, Founder and Chairman of Zenith Bank and opening remarks by Ebenezer Onyeagwu, Group Managing Director of Zenith Bank Plc and Chairman of Body of Banks’ CEOs, Nigeria. Other eminent IT practitioners from top global brands who also made presentations include; Tarik Alatovic, Senior Partner, McKinsey; Juliet Ehimuan, West Africa Director, Google; Ola Williams, Country Manager, Microsoft Inc.; Andrew Uaboi, Vice President/Head, Visa West Africa; Mrs Rakiya Mohammed, Director of Information Technology, CBN; Chris Lu, Managing Director, Huawei Technologies Nigeria, and Dame (Dr.) Adaora Umeoji, OON, Deputy Managing Director of Zenith Bank Plc, amongst others.

The fair featured three panel sessions. The first panel, which examined “The future of payments: what next and how can we get there”, had Prof. Yinka David West of Lagos Business School as the host, with four discussants, including Agada Apochi, Managing Director, UPSL; Olu Akanmu, Managing Director, Opay; Premier Oiwoh, Managing Director, NIBBS; and Kari Tukur, V/P & Head of Products East/West Africa, MasterCard.

The second panel explored the theme “What are the main challenges of digital transformation in the financial industry? How do we solve them?”.

It was hosted by Brett King and had four discussants, including Tosin Eniolorunda, Managing Director, TeamApt; Obi Emetarom, Managing Director, Appzone; Dr. Babatunde Obrimah, COO, FintechNGR; and Olugbenga Agboola, Founder/CEO, Flutterwave.The third panel discussion, titled “Driving the global trade revolution with technology: current transformation trends”, was hosted by Samuel Eze, Founder/CEO, Ourpass, and had five discussants, including Mike Ogbalu III, Managing Director, PAPSS; Akeem Lawal, Divisional CEO, Interswitch; Massimiliano Spalazzi, Country Manager, Jumia; and Dr. Ozoemena Nnaji, Director of Trade & Exchange, CBN.

Business

CBN raises capital base of commercial banks to N500bn

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The Central Bank of Nigeria (CBN) has announced an upward review of the minimum capital requirements for commercial, merchant and non-interest banks.

In a statement on Thursday, CBN said the increase was necessary due to prevailing macroeconomic challenges and headwinds occasioned by external and domestic shocks.

The statement was signed by Haruna Mustafa, director, financial policy and regulation department.

According to the apex bank, the upward review will enhance their resilience, solvency and capacity to continue to support the growth of the Nigerian economy.

CBN increased the capital base for commercial banks with international licences to N500 billion, while national and regional financial institutions’ capital bases were pegged at N200 billion and N50 billion, respectively.

Also, CBN raised the merchant bank minimum capital requirement to N50 billion for national licence holders.

The financial regulator said the capital base for national and regional non-interest banks is N20 billion and n10 billion, respectively.

To meet the minimum capital requirements, CBN advised banks to consider the injection of “fresh equity capital through private placements, rights issue and/or offer for subscription”.

CBN also suggested merger and acquisition (M&A), as well as upgrade or downgrade of licences.

OTHER REQUIREMENTS FOR EXISTING BANKS

  • The minimum capital specified above shall comprise paid-up capital and share premium only. For the avoidance of doubt, the new capital requirement shall not be based on shareholders’ funds.
  • Additional tier 1 (AT1) capital shall not be eligible for the purpose of meeting the new requirement.
  • All banks are required to meet the minimum capital requirement within a period of 24 months commencing from April 1, 2024 and terminating on March 31, 2026.
  • Notwithstanding the capital increase, banks are to ensure strict compliance with the minimum capital adequacy ratio (CAR) requirement applicable to their license authorization.
  • In line with extant regulations, banks that breach the CAR requirement shall required to inject fresh capital to regularise their position.

OTHER REQUIREMENTS FOR PROPOSED BANKS

  • The minimum capital requirement shall be paid-up capital.
  • The new minimum capital requirement shall be applicable to all new applications for banking licences submitted after April 1, 2024.
  • The CBN shall continue to process all pending applications for banking licences for which capital deposit had been made and/or approval-in-principle (AIP) had been granted. However, the promoters of such proposed banks shall make up the difference between the capital deposited with the CBN and the new capital requirement not later than March 31

CBN said all banks are required to submit an implementation plan, clearly indicating the chosen option{s) for meeting the new capital requirement and various activities involved with their timelines.

“The plan shall be submitted to the Director, Banking Supervision Department, Central Bank of Nigeria, not later than April 30, 2024,” the apex bank said.

CBN said it will monitor and ensure compliance with the new requirements within the specified timeline above.

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EKEDC board debunks recall of Tinuade Sanda as CEO, says ‘It wasn’t authorised’

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The board of the Eko Electricity Distribution Company (EKEDC) says a communication recalling Tinuade Sanda from her role as managing director (MD) and chief executive officer (CEO) does not represent its position.

In a statement on March 28, Babor Egeregor, a director and chairman, legal and regulatory committee, said the directive terminating the appointment of Sanda has been nullified.

However, in a statement on Thursday, the board said it did not authorise Egeregor to issue any statement on its behalf.

“The attention of the Board of Directors has been drawn to the recent statements online and in print media from Mr. Babor Egeregor, supposedly acting on behalf of the board,” the board said.

“This is to state that the Board of Eko Electricity Distribution Plc (“EKEDP”) did not and has not authorized Mr. Babor Egeregor to issue any statement or press release on its behalf. We therefore urge the general public to regard all communications from him as his personal views and does not represent the position of the Board of “EKEDP.”

The board said only communications signed by the chairman are authentic and represent the position of the company on any issue.

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Detained Binance’s executive, Tigran Gambaryan sues Ribadu, EFCC

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Tigran Gambaryan, Binance’s head of financial crime compliance, has sued Nuhu Ribadu, the national security adviser (NSA) and the Economic Financial Crimes Commission (EFCC), alleging violation of his fundamental rights.

According to reports on February 28, Gambaryan was detained, alongside Nadeem Anjarwalla, Binance’s regional manager for Africa, by the Nigerian authorities after honouring the invitation of the office of the national security adviser (ONSA) and EFCC to discuss issues relating to the company’s operation in Nigeria.

Gambaryan and Anjarwalla’s passports were seized by ONSA.

However, on March 25, Anjarwalla escaped from custody and fled Nigeria with a smuggled passport.

Before escaping custody, on March 12, Anjarwalla was reported to have fallen ill while in detention.

According to NAN on Thursday, Gambaryan, in the originating motion dated and filed March 18 by his lawyer, Olujoke Aliyu, from Aluko and Oyebode Law Firm, sought five reliefs before Justice Inyang Ekwo.

Also, Anjarwalla filed a separate right enforcement suit before Ekwo.

Gambaryan and Anjarwalla, in the suits marked: FHC/ABJ/CS/356/24 and FHC/ABJ/CS/355/24, had sued the ONSA and EFCC as 1st and 2nd respondents.

The duo sought the same relief.

Gambaryan, a US citizen, in his application, sought a declaration that his detention and seizure of his international travel passport contravened Section 35 (1) and (4) of the 1999 Constitution (As Amended).

He said the act amounted to a violation of his fundamental right to personal liberty as guaranteed by the constitution.

The Binance executive also sought an order directing the respondents to release him from their custody and return his international travel passport with immediate effect.

Gambaryan equally sought an order of perpetual injunction restraining the respondents and agents from further detaining him in relation to any investigation into or demands from Binance.

Also, he sought an order for the respondents to issue a public apology to him, and also prayed for the cost of the action on a full indemnity basis.

In a statement in support of the suit, Gambaryan said he is an American citizen who visited Nigeria on February 26, along with his colleague to honour the invitation of the ONSA and EFCC to discuss issues relating to Binance in Nigeria.

Giving an 11-ground argument as to why his application should be granted, Gambaryan said he and his colleague, Anjarwalla, dutifully attended the meeting.

Gambaryan said after the meeting, they were detained by the respondents and had remained in detention since then, adding that he did not commit any offence during the meeting, nor was he informed in writing of any offence he committed in Nigeria at any other time.

“The only reason for his detention is because the government is requesting information from Binance and making demands on the company,” he said,

Gambaryan also said he was not a member of the board of directors of Binance.

ANJARWALLA’S SUIT WITHDRAWN

When the two suits were called on Thursday, Tonye Krukrubo, appeared for Anjarwalla and Gambaryan.

Krukrubo told the court that though the respondents were served two days ago, they were not represented in court.

The lawyer, however, drew the attention of the court to their notice of withdrawal of legal representation for Anjarwalla filed on March 26, without giving details of why they were withdrawing their legal representation.

Also, upon resumed hearing in Gambaryan’s suit, Krukrubo said though the processes had been served on ONSA and EFCC, they were still within time to respond.

He, therefore, sought an adjourned date, saying the respondents’ time to file their applications would expire next week Thursday.

In his judgement, Ekwo said having withdrawn their legal representation, “it means that the applicant has no legal representation and requires that the matter be adjourned for the applicant to seek legal representation and for the respondents to be given an opportunity to come to court”.

The judge adjourned the matter until April 8 for further mention.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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