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Revealed Why Banks Are Having Technical Glitches With Online Banking

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Why Tinubu Suspended CBN Governor, Emefiele

Revealed Why Banks Are Having Technical Glitches With Online Banking

 

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BANKS-The cashless banking initiative of the Central Bank of Nigeria (CBN) is being hindered as the Nigerian banks continue to experience the technology skills gap due to a brain drain that is consuming experienced tech personnel in the sector, LEADERSHIP can exclusively reveal.

Revealed Why Banks Are Having Technical Glitches With Online Banking

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Findings showed that the IT department of most of the banks is now manned by inexperienced hands who cannot cope with the traffic on internet banking platforms. According to sources, although, the hike in brain drain in the banking sector started after the COVID-19 pandemic, precisely, 2021, the banks were managing the situation, until the Naira redesign policy of the apex bank kicked off early this year, hence, spiking the rate of usage of electronic and mobile banking platforms for banking transactions, a development the current personnel manning the IT backend of most banks are struggling to cope with.

 

The CBN had, in October 2022, announced its intention to redesign the nation’s currency, as effort to check terrorism financing, counterfeiting and imbalances in the fiscal space, to enable the apex bank take control of the currency in circulation and to move the country into a full-fledged cashless economy, initially, by January 31st, 2023.

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Since the beginning of this year, when the policy was fully implemented, Nigerians have cried out over the fact that they could barely laid hands on the new naira notes, which is the only legal currency now accepted in the economy, due to insufficient cash in circulation.

 

This, in turn, has forced Nigerians to turn to internet banking system for their transaction. This could have been the means to moving the economy to a cashless economy, stakeholders have said, even as they lamented the poor network, infrastructure deficit and inexperienced tech, that have marred the policy in recent time.

 

The CEO, Precise Financial System, Mr Yemi Okeremi told LEADERSHIP, that the banking technology in Nigeria is fairly sophisticated, with respect to the country’s level of development.

 

Okeremi added that the naira redesign, leading to little cash in circulation and a surge in the use of the internet banking system, has caused more harm than good, as the fragile infrastructure put in place by the banks have further depleted as a result of traffic.

 

He said, “For me, we are not ready for the cashless policy. Before this time, we had enjoyed fairly good internet and mobile banking and that is because the banks had scaled up based on what was on the ground. They know the number of Nigerians who have signed up for their internet banking services and they also have idea of the Nigerians that are banked and have put infrastructure in place to service them.

 

“All of a sudden, the CBN then came up with the idea that all Nigerians must go cashless. This is like double of the figures that were using their internet services. There are many Nigerians who have accounts with banks, but not using their internet banking services. These set of people were forced to start using internet banking overnight, which has slowed down servers, thereby delaying transactions or even declining them.’’

 

He also said that many tech experts have left the country for greener pastures, leaving the less experienced personnel to manage the infrastructure in the bank. He said, ‘‘Most of these fresh graduates do not know the nitty-gritty on how to manage some of the software and hard ware used in the banking sector. Also, poor internet connectivity has marred the seamless transition to cashless, in the sense that, for cashless policy to work, people must transact and receive alert immediately.

 

“In essence, infrastructure deficit, brain drain, and social problem, whereby every Nigerians now want to use internet banking at the same time are the reasons why Nigerians are having issue with internet banking.’’

 

He however urged CBN to reconsider its decision. “We know cashless process is great for any economy to grow, however, CBN would have been gradual in the process of turning the Nigerian economy into cashless economy. The banking sector is doing the best they can do, because nobody envisaged the traffic of internet banking. I must commend them, however, I would appeal to them to scale up, to meet this present challenge.

 

“On broadband connectivity, the telecoms sector is doing its best, in that the industry is planning to scale up broadband connectivity level to like 70 per cent by 2024. If that happened, people will be able to receive alert of transaction on time,” he stated.

 

In the same vein, the head, of operations, Association of Licensed Telecommunications Operators of Nigeria (ALTON), Gbolahan Awonuga, has urged the banking sector to upgrade their capacity. Awonuga said, “What the government is doing now is that they want a total cashless environment. We are taking about digital economy, but there must be some level of preparation. The bank should be able to accommodate the traffic flow of their customers.

 

“If everybody should go into cashless, the internet platforms of the banks should be able to manage the traffic. The reason we are experiencing delays in transactions or declined transactions is that there are lot of traffic at the backend. People want to do internet banking at the same time, however, because of the capacity, they cannot enter at the same time.”

 

He advocated for more partnership with fintech companies. Awonuga disclosed that there are some few fintech companies who are working with banks to ensure seamless online internet banking, while calling for more to join as an effort to salvage the current situation.

 

Speaking with LEADERSHIP, the president of the Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara, noted that the industry is currently suffering from talent drain. He said, “There is a whole lot of resignations and people leaving the industry particularly the younger ones. The figure is quite high. You train and then immediately you train them, they leave

 

the country and then you start all over again. It is a real challenge. The banking industry is losing a lot of younger ones. It is affecting the pull of manpower particularly the younger ones.

 

“They are moving in large numbers outside the country. We are experiencing a pull of people out of the industry to outside the country and these are the younger ones that we are supposed to hand over to after a period. So, succession planning is hindered, productivity is lowered because these guys are the next generation of people. That is also slowing

 

down activity.”

 

Also, Head, Financial Institutions Ratings at Agusto & Co, Ayokunle Olubunmi, affirmed that the mass exodus is impacting the succession plan in the banking industry.

 

He said, “Some banks are already having issues with their succession plans, so they are ensuring that, for each role, they have two to three people that understand it. So, if someone leaves, there is another to take over. It is not only the banking industry that is challenged, it all of the sectors of the economy from manufacturing to insurance and banking industry. The challenge is such that it is not even the lower cadre that is moving out, it is middle management and even in some cases upper management. A lot of companies are losing their best hands and even their technical hands.

 

“Zeroing it down into the banking industry, one area that is actually affected the most is the tech guys. Remember that a lot of banks are actually moving into digitization. So, people are losing their tech guys. Unfortunately, it is not a skill that is readily available like that. The talent pool is not that vast. The tech guys are moving to Canada and Europe. So, that has significantly affected them. It is such that in some banks, departments have lost a lot of their staff. All banks are affected and that is why you see all of them recruiting. This is how bad it is. For the banks, they actually have to manage it, because unfortunately as a bank, changing the trend is outside their purview. For banks, it is now about how you can actually adapt.”

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Sahara weekly online is published by First Sahara weekly international. contact saharaweekly@yahoo.com

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Fidelity Bank Commends Air Peace’s Performance

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Fidelity Bank Commends Air Peace’s Performance

 

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Fidelity Bank Commends Air Peace’s Performance

. Celebrates Airline For The Commencement of the Lagos-London Route

LAGOS – Fidelity Bank Plc has commended Air Peace’s performance since it commenced flight operations about 10 years ago.

 

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Fidelity Bank Commends Air Peace’s Performance

Dr. Nneka Onyeali-Ikpe, the Managing Director, Fidelity Bank Plc gave the commendation over the weekend in Lagos during a special event organised for the airline by the bank to celebrate Air Peace for the milestone of commencement of direct flights from Lagos to London.

According to Nneka Onyeali-Ikpe, who doubled as the host at the event, the airline has upheld the principles of financial discipline and good corporate governance since inception, while it has also been very loyal to the bank.

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She expressed delight that the bank had the airline as one of its major clients since inception, stressing that the Bank was celebrating the airline’s milestone of launching direct flight service to London and other developments it would attain in the future.

The event, which held at the Civic Center, Victoria Island, Lagos, had in attendance several bank Managing Directors, stakeholders in the aviation sector, media personalities and well-wishers of both brands.

Speaking at the event, an elated Dr. Allen Onyema, the Chairman, Air Peace, observed that it was not rosy for the airline to attain its status and expressed gratitude to the flying public, the various aviation stakeholders, the media and the government for the continued support since it launched in 2014.

He specifically acknowledged the pivotal role played by Engr. Ben Adeyileka, the former Acting Director-General, Nigeria Civil Aviation Authority (NCAA), in helping the airline secure its Airline Operator Certificate (AOC).

He further commended Fidelity Bank for the consistent support and stressed that the bank had contributed to the success story of the airline.

“I call it our journey with Fidelity Bank. I did not envisage this day would come when an indigenous institution would be celebrating another indigenous institution. Fidelity supports real business. They keep removing people from the streets of poverty. Let other banks emulate Fidelity,” he said.

He reiterated that Air Peace was set up primarily to create employment, not for profitmaking, stressing that the motivation behind the business was to empower Nigerians economically.

“Air Peace was not borne out of the intent to profiteer, but to create jobs. Air Peace was not established because I wanted more money but because of the conviction that running an airline would create massive job opportunities. That was why we went into aviation”, he remarked.

He restated the airline’s belief in the Nigerian project, maintaining that supporting the airline meant supporting the growth of the Nigerian economy.

Onyema further craved for the support of all Nigerians on the Lagos-London route, which it opened on March 30, 2024.

He explained that the airline needed to sustain the route, stressing that this could only be done through support from Nigerians.

He said: “For every penny you pay to Air Peace, you pay to sustain the jobs of thousands of Nigerians and support economic growth.

“Air Peace flies you from any of our domestic routes to London. So, you can fly from Yola to London via Lagos. From the local airport, you are taken to the international airport free of charge with a seamless luggage transfer.”

He pledged that the airline would continue to fully adhere to the standard of safety and lauded the management and staff of Air Peace for their efforts in realising the London dream.

 

 

 

 

 

 

 

 

 

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Dangote Group is the elixir of Gateway int’l Trade Fair – OGUNCCIMA

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Dangote: NANS Write President Tinubu Over mismanagement Of CTIN Funds (Video)

Dangote Group is the elixir of Gateway int’l Trade Fair – OGUNCCIMA

…Subsidiaries hit Ogun trade fair

 

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Ogun State Chambers of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) has described the Dangote Group as the driving force of the Gateway International Trade Fair.

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This is just as companies under the leading African Indigenous Conglomerate, Dangote Industries Limited, hit the trade fair with their various products as part of strategies to increase market share and deepen customers’ affection.

 

 

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The President of the chamber, Engr. Mike Akingbade, stated this when Ogun state governor, Dapo Abiodun officially opened the 13th edition of the Trade Fair at the M.K.O Abiola Trade Fair Complex, Oke Mosan, Abeokuta

Akingbade lauded the support of Dangote Group in sustaining the Trade Fair, which he noted has led to the prosperity of the state and economic freedom for the people.

“A special commendation must be given to Dangote Industries Limited which has remained the major sponsor of the Gateway International Trade Fair for many years. The committed support of the Dangote Group is the elixir with which the trade fair is activated and OGUNCCINA is eternally grateful for the wonderful gesture of the company,” he said.

He said the 13th Gateway International Trade Fair with the theme: “Achieving Economic Prosperity through Business Connection, Trade and Investment, “is aimed among others, to allow businesses to expand their reach, access new markets, and diversify their customer base. He emphasized that forging robust business connections, participating in trade activities, and making strategic investments will unlock new markets, stimulate economic growth, and enhance overall prosperity.

The Regional Sales Director, Dangote Cement PLC, Lagos/Ogun, Mr Tunde Mabogunje in his goodwill address, assured Ogun state government and OGUNCIMMA of the continuous support of the company, noting that the Group is dedicated to enhancing the prosperity of Nigeria by creating opportunities for Nigerians and businesses in the country.

Mabogunje said visitors to the Dangote Group’s pavilion at the fair will have the opportunity of buying products of these companies at reasonably reduced prices as the Dangote businesses will be selling at discounted prices.

He also hinted that the Dangote Refinery will be part of the next edition of the Trade Fair.

“We want to appreciate Ogun state for bringing us as a partner. We want to assure you that we will be here next year bigger. By next year, our refinery will be part of the Trade Fair,” he said.

Governor Dapo Abiodun who visited the Dangote pavilion immediately after performing the ribbon-cutting ceremony, commended the company and others for supporting the Trade Fair which he noted is aimed at stimulating economic growth.

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Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment

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Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment

Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment

 

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… as FG endorses consolidated guidelines

 

 

 

 

 

 

 

 

 

Sahara Weekly Reports That Today, in a move to further revitalise the oil and gas industry’s contribution to the Nigerian Economy, Wale Edun, OFR, Minister of Finance and Coordinating Minister of the Economy, presided over a signing ceremony at the Federal Ministry of Finance headquarters in Abuja endorsing the Consolidated Guidelines for the implementation of Fiscal Incentives for the Oil & Gas Sector – a cornerstone of the Presidential Directive aimed at enhancing the Nigerian oil & gas sector’s global competitiveness whilst stimulating economic growth.

 

 

 

 

Nigeria Launches New Fiscal Incentives to Revitalise Oil & Gas Sector, Aiming to Attract $10 Billion Investment

 

 

 

 

 

As disclosed during the signing, the Presidential Directives were developed and coordinated by the Special Adviser to the President on Energy, Mrs. Olu Verheijen to ensure a competitive framework for the Nigerian oil & gas industry. These Consolidated guidelines for the fiscal incentives are based on extensive collaboration across Finance and Petroleum Ministries and involved several key regulatory bodies including the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

 

According to Mrs. Verheijen, these new measures have been designed to deliver a competitive Internal Rate of Return (IRR) for Oil & Gas Projects and attract over $10 billion in new investments within the next 12-18 months. They also underscore Nigeria’s commitment to reaching its long term oil production target of 4 million barrels per day whilst enhancing the reliability of gas supply for to boost export earnings and fuel Nigeria’s industrialization.

 

Mrs. Verheijen disclosed that among the guidelines signed were the NUPRC Guideline on Hydrocarbon Liquids Content in a Non-Associated Gas (NAG) Field, essential for accurately categorising and quantifying the hydrocarbon liquid content in these fields. Additional guidelines focused on the applicability of tax credits and allowances for Non-Associated Gas Greenfield Development and the Midstream Capital and Gas Utilization Allowance, providing taxpayers with clarity on the computation of these benefits.

 

HM Edun, in his remarks, thanked President Bola Ahmed Tinubu for signing the directive in February 2024 to engender growth in the Nigerian oil and gas sector, which had stagnated for over the last decade. He also emphasised the potential of the guidelines, saying, “The idea is to create an atmosphere conducive to international competitiveness such that investment comes in. And in this case, we know it’s foreign direct investment”.

 

The signing ceremony was attended by various stakeholders, including NNPC Limited, Oil Producers Trade Section (OPTS) and the Independent Petroleum Producers Group (IPPG), further highlighting Nigeria’s unified approach toward reinvigorating its oil and gas sector.

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