Month: April 2024

The court case of KPMG bursary specialist, Fidelis Moema, has been postponed to 9 April 2024 for formal bail application.

This after Moema, who faces charges of theft, fraud, and money laundering, appeared at the Palm Ridge Commercial Crimes Court on Tuesday, 2 April 2024 after he handed over himself to the Hawks’ Serious Commercial Crimes Investigation team in Johannesburg.

According to a statement from the South African Police Service (SAPS), Moema is accused of misdirecting funds intended for bursary recipients between 2021 and 2022.

‘Instead of paying university fees on behalf of students, the accused would pay the money into the bank accounts belonging to friends and individuals who own companies. The money would then be paid back into his personal bank account,’ police said in a statement.

As per the SAPS statement, Moema’s fraudulent actions led to the audit firm suffering a loss of R16.5 million.

Source: South African Government News Agency

Mrs Uzo Oshogwe, Managing Director, Afriland Properties Plc, says urgent and strategic steps should be taken to address the barriers hindering women’s participation in the real estate sector to drive significant economic growth.

Oshogwe said this on Thursday in Lagos at the Female Lawyers in Real Estate (FELIREP) event to promote women’s inclusion in the real estate sector.

She stated that access to finance, capacity building, mentorship programmes, and policy reforms among other key initiatives were actionable strategies aimed at breaking down barriers and empowering female professionals.

‘Finance plays a major role in propelling entrepreneurial endeavours forward.

‘Government and financial institutions should explore establishing special loan programmes and grants tailored specifically for women real estate entrepreneurs.

‘This will facilitate capital for property acquisition, development, and investment, thereby leveling the playing field and opening doors to opportunities,’ she said.

Oshogwe also e
mphasised the importance of mentorship and capacity building in nurturing the next generation of female leaders in real estate.

She said that Afriland Properties Plc was an organisation actively promoting inclusion within its ranks.

According to her, the company’s governing board is made up of 50 per cent women, its executive management team comprises 44 per cent females, and its staff has 38 per cent women making an impact in the workplace.

‘We know there is still a lot of work to be done, but I am proud to say that Afriland is an equal-opportunity employer and every woman who has grown her career in our organisation has done so through hard work and diligence.

‘Promoting women’s inclusion in the Nigerian real estate market is not only a matter of social justice but also a crucial step towards achieving sustainable development and economic growth.

‘By implementing these strategies, the industry can unlock the full potential of women’s talents and contributions, driving positive change across all levels
of society,’ she said.

Source: News Agency of Nigeria

Some experts have emphasised the need for cybersecurity literacy to enhance strategic risk management in the capital market.

This, they said, would enable the Nigerian capital market to harness the advantages of Artificial Intelligence (AI).

They gave the advice at the 2024 Company Secretaries and Registrars’ Forum organised by the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) on Thursday in Lagos.

The News Agency of Nigeria (NAN) reports that the theme of the event was: ‘The Implications of Artificial Intelligence and Cybersecurity on capital market Operations.’

Mr Simon Aranonu, the Executive Director, Large Enterprises Directorate, Bank of Industry (BoI), said the advancements in AI technology had permeated every facet of the capital market industry, revolutionising processes and boosting efficiency.

Aranonu noted that corporate governance presented an opportunity for board members and top management teams to continually refine their communication skills, bring cyber-litera
cy to the boardroom, and enhance their organisations cyber resilience.

He stated that while capital markets around the globe were the most data-sensitive segment of the financial industry, AI was reshaping how traders, investors, and financial institutions perceive, analyse, and interact with the markets.

According to him, in recent years, capital markets have witnessed a surge in diverse investment opportunities, with massive support from private sector institutions in collaboration with the Federal Government.

Aranonu stated that the integration of new and innovative had resulted in increased economic activities, while making the markets susceptible to cyber attacks.

‘Currently, Nigeria’s capital market is expected to reposition the economy along a path of sustained growth by broadening asset classes, improving liquidity, and deepening transactions.

‘The more investments that come into the capital market, the better the economic growth and development outlook.

‘Accordingly, proactive measures must be
put in place to safeguard the volume of transactions in the capital market,’ Aranonu said.

He listed impacts of AI and cybersecurity practices in capital markets to include: algorithmic trading, fraud detection, risk management and compliance automation, portfolio management among others.

Aranonu stressed that there were preventive strategies for individuals, firms and the general society to prevent and mitigate the impact of cybercrime.

‘As we look forward to a cyber-secure future, driven by technology and innovation, there will be opportunities as well as challenges in our day-to-day operations.

‘However, we are presented regularly with more tools to combat the threats as they arise.

‘Leveraging advanced technologies, fostering global collaboration, and prioritising cybersecurity education and awareness can mitigate risks and ensure a secure digital future.

‘What is very clear is that it is increasingly important to stay ahead in the ever-evolving world of AI and cybersecurity,’ he said.

Mrs Funmi Ek
undayo, President, ICSAN, said the forum serve as an avenue to expose participants to modern day practical solutions to problems on company secretarial practices, registrars’ functions and related issues.

Ekundayo said the event’s theme underscored the institute’s predisposition with engagement of current issues that expand the frontiers of knowledge through strategic brainstorming and intellectual endeavors.

She noted that it was chosen because of its relevance not only to current corporate secretarial practices, but governance practices, especially with the right focus set on capital market operations.

‘The depth, scope and utilitarian values of AI to our modern life is so engrossing and multidimensional that it will be an understatement to say we have entered the Age of Artificial Intelligence.

‘According to a study by Statista, the global AI market is set to grow up to 54 per cent every single year, the magnitude of that projected growth and the concomitant impact in our everyday life can best be imag
ined.

‘As a result, some pessimists have even cautioned that its wide applicability in all fields should be strictly monitored in order to forestall the possibility of this phenomenon surpassing human intelligence, and taking over the world from mankind.

‘As remote as that postulation may be, it only goes to underscore the truism of limitless possibilities that Artificial Intelligence offers,’ she said.

Ekundayo noted that while everything in life has both advantages and disadvantages, it had become important to fashion out ways to harness the benefits it offered while whittling down any harm it may bring.

Source: News Agency of Nigeria

The Minister of the Federal Capital Territory (FCT), Mr Nyesom Wike, says the Abuja Rail Mass Transit (ART) project is 97 per cent completed.

Wike stated this after an inspection tour of the project from the Metro Station in Central Area to the Nnamdi Azikiwe International Airport, Abuja, on Friday.

The minister described the development as a ‘dream comes true’.

He said that the project would be ready for inauguration in May to celebrate President Bola Tinubu’s one year in office.

He added that Tinubu had approved a schedule for the inauguration of projects to celebrate his one year in office, including the ART, also known as the Abuja Light Rail

‘We are very happy. We are almost 97 per cent completed. All works are ongoing to make sure that the May delivery date is a reality.

‘I believe this is one of the projects Mr President would like to inaugurate, because it is very key to the development of the economy.

‘For me, it is a dream comes true, and we are happy that after all said and done, the metro
line will be put to use for Nigerians, come May 29,’ he said.

The minister, who took a 30-minute ride from the Metro Station to the Airport, contended that the train was more convenient to use than vehicles to the airport.

He added: ‘I am really impressed with the contractor, China Civil Engineering Construction Corporation (CCECC).

‘The company has assured us that all the renovation works on the stations will be ready before the commissioning date.’

On whether the rail lines would be extended to areas experiencing high traffic, the minister said: ‘I am not committing anything now, because we are taking everything step by step.

‘We have to first of all, consider the financial implications.

‘Linking areas like Nyanya are important, no doubt about it. We will talk to the contractor to see what we can do, but for now, there is no commitment.’

Wike also said that the FCT Administration had concluded plans to build three terminals for the road transportation system for residents of the territory.

He expla
ined that the development would significantly help in curtailing the menace ‘one chance’ criminals in Abuja.

He said that the FCTA road transport system would be rolled out in May, adding that when inaugurated, people would no longer take the risk of entering vehicles they don’t know the operators.

Source: News Agency of Nigeria

Nigeria is set to host the sixth African Regional Conference of the International Commission on Irrigation and Drainage (ICID), slated to take place in Abuja from April 14 to 16, 2025.

The announcement, made by the Minister of Water Resources and Sanitation, Prof. Joseph Utsev, on Friday in Abuja, underscored Nigeria’s commitment to advancing water and land management practices for agricultural development.

During the inauguration of additional Task Team members and Committee Chairpersons, Utsev emphasised Nigeria’s support for ICID’s objectives since its membership inception in 1970.

The minister was represented by his state counterpart, Dr Bello Goronyo at the event.

He stressed that the conference presented a significant opportunity for the nation to demonstrate its dedication to improving water and land management, especially in agriculture.

He said that experts from across Africa were collaborating to address current challenges and foster cooperation through ICID’s network and groups.

Utsev emphas
ised the conference’s role in facilitating the exchange of knowledge and information among member nations for mutual benefit.

‘The conference seeks to showcase technological advancements and best practices from around the world, with the aim of enabling attendees to learn and potentially adopt innovative approaches tailored to their specific contexts.

‘To ensure effective preparations, each committee has been provided with specific Terms of Reference (ToR), outlining their responsibilities, with a three-week deadline for the submission of reports to the General Secretary of NINCID’.

Utsev expressed confidence in the expertise and capabilities of the committee members to deliver impactful service, urging them to work diligently towards a successful conference.

In her remarks, Mrs Oyeronke Oluniyi, Task-Team Chair and Director, Irrigation and Drainage with the ministry, highlighted that Nigeria’s hosting right was granted during the 24th ICID Congress held in Australia in October 2023.

She emphasised ICID’
s commitment to addressing irrigation and drainage issues specific to regions worldwide, including Africa, through its National Committees.

Mr Ibrahim Musa, Co-Chairman of the Task Team, provided insights into the conference’s history, noting its inception in Lagos, Nigeria, in 1982 under the African-Asia Regional Conference.

He highlighted the evolution of the event into the African Regional Conference, fostering focused discussions and collaborations within the continent.

The newly inaugurated team members, representing various committees, expressed gratitude for the opportunity and pledged their commitment to ensuring a successful conference.

Prof. Musa Shuaibu of Abubakar Tafawa Balewa University, Bauchi, assured full collaboration with stakeholders to organise an impactful event.

The Task Team comprises members such as Prof. Henry Igbadun, Dr Elijah Aderibigbe, Prof. Francis Adeniji, Mr Peter Manjuk, and Mr Peter Sule.

Others are; Mrs Margaret Oguntala, President of the Nigerian Society of Engineer
s (NSE), and Mr Sadiq Abubarkar, President of the Council for Regulation of Engineering in Nigeria (COREN).

Source: News Agency of Nigeria

It was a hot Wednesday morning, July 21, 2001, an accident had just occurred in the upscale Mabushi District of Abuja.

Accidents occur everywhere in the world, but there is something unique about this one. It sent a top-ranking minister and his beloved bicycle crashing into a ditch.

‘I thank God I’m alive,’ Chief Ojo Maduekwe, then Minister of Transportation told reporters as he marveled at escaping without injuries after he was knocked down from his bicycle by a reckless bus driver.

‘Accidents can happen anywhere, on land, sea and air,’ Maduekwe said stressing that the problem was not riding his bicycle but too many cars and a lack of lane for bicycles.

‘Ojo oni Keke’ (Ojo the bicycle rider) as he was called in some quarters was cycling to the weekly Federal Executive Council (FEC) meeting at Aso Villa, Abuja as part of his campaign to promote bike riding in Nigeria.

The former minister, who also served as minister of Foreign Affairs died in June 29, 2016 but his bold but controversial initiative remai
ns relevant.

Twenty one years after the famous accident, the biking culture still remains precarious in all major cities of Nigeria, and with the growing need to cut down on emissions, experts have advocated bicycles as alternative to the emission polluting vehicles.

The contrast is however the case in Copenhagen, Denmark where the city has earned the reputation as being ranked the most bicycle friendly city in the world.

Copenhagen boasts of more bicycles than residents, with over 672,000 bikes on its 384 kilometres of cycle lanes.

Cycling is regarded as healthier, more environmentally friendly, cheaper, and often quicker with well-marked out lanes for bicycles to get around the city.

Henrik Pedersen, a Danish Environmental expert told the News Agency of Nigeria (NAN) that Nigerians could embrace the bicycle culture as part of efforts to cut down emissions from automobiles.

He said the use of bicycles is a cheaper, faster and more eco-friendly way of commuting in African cities like Abuja, as long as t
he necessary infrastructures are put in place.

‘If you move on a bicycle rather than a car you have no emissions, even if it is electric bicycle, the emission would be very low at least.

‘Also producing bicycles does not take a lot of resources or emit a lot of CO2 (cabon dioxide) compared to cars.

‘So this measure can go a long way in addressing some of the climate issues, apart from the fact that riding a bicycle keeps you healthy,’ he said.

Lise Walbom, CEO, Food Nation, a leading food and agriculture company in Denmark told NAN that the bicycle culture in Denmark is encouraged right from a very young age.

‘My husband and I pedaled behind our 11-year-old twins as they cycled to school and we go to work with our bicycles.

‘It is easy and effective to use our bikes in our everyday life and good for my health!’ she said.

Andreas Tomasson, a salesman in Copenhagen, said he had no reason to buy a car because he owns a bicycle and there is efficient transport system that includes intra and intercity train
services.

In September, 2017, the then Minister of Transportation, Rotimi Amaechi after the National Council on Transportation (NCT) 15th meeting in Sokoto said the Council had approved a pilot `bicycle riding’ project, as a means of transportation in Abuja (FCT).

‘The National Council on Transportation is a policy making body. We approved that we should do a pilot project on bicycle riding in FCT.

‘This is because Abuja is the only city that has facility for bicycle riding.

‘For other states who want to do it, we must provide facility before they can proceed with it; we want to separate them from the roads because some motorists are impatient,’ Amaechi said.

Mr Bisi Kazeem, the Federal Road Safety Corps (FRSC) Public Education Officer said infrastructure adjustments must be done to support bicycle transport culture in Abuja.

He said the national road safety regulations will also have to be amended to include provisions for the safety of cyclists.

‘As a pilot scheme, if Abuja is taken, there is need fo
r restructuring some intersections before we can start it successfully.

‘FRSC studied all the road networks in Abuja, and we have identified the gaps and recommended measures to address them

‘During the study, which we carried out with Federal Capital Territory Administration officials, we found out that all roads and streets have provisions for bicycle lanes in the design,

‘But at the point of construction, the lanes were either ignored, merged with pedestrian walkways thereby making the walkways too wide. In some cases they were turned into green areas.

‘I think it is only on Yakubu Gowon Way in Asokoro that the lane is being implemented. So, a key concern is the need for re-engineering of intersections and traffic lights to provide for cyclists,’ he said.

Experts say that to maximize the health, safety and environmental advantages of cycling, relevant authorities should put in place the necessary infrastructure and take actions to promote cycling in the nation.

Source: News Agency of Nigeria