Wednesday, November 13, 2019

Interswitch, Visa seal deal


FacebookTwitterPinterestLinkedInWhatsAppEmailBy Our Reporter

Interswitch Limited, a leading technology-driven company focused on the digitisation of payments in  Africa, and Visa Inc. the world leader in digital payments, have announced a strategic partnership that will further advance the digital payments ecosystem in Africa.

As part of the agreement, Visa will acquire a significant minority equity stake in Interswitch.The investment makes Interswitch one of the most valuable African FinTech businesses with a valuation of $1billion. Visa will join globally renowned investors, Helios Investment Partners,TA Associates and IFC, as shareholders in Interswitch, alongside Company management.

Founder and Chief Executive of Interswitch, Mitchell Elegbe, said: “Sub-Saharan Africa is the fastest growing payments market in the world, with growth driven by a young and dynamic population, rapidly evolving consumer behaviour, and an increasing desire for payment solutions that can be accepted across the continent and abroad. I am delighted that Interswitch has formed a partnership with Visa, with whom we plan to drive the next phase of transformation in the African payments landscape.”

Regional President CEMEA, Visa, Andrew Torre, said: “Africa is a priority region for us, and we continually seek strategic partnerships with local players to further strengthenour leadership position and enhance the payments ecosystem across the continent. This partnership aligns with our global strategy to work with and invest in innovative partners, and we look forward to working with Interswitch to provide new consumer and merchant experiences and support the rapid growth of digital commerce across Africa.”

Helios’s co-founder and Managing Partner, Babatunde Soyoye, also said: “A strategic investment by Visa, the world’s leader in digital payments, into Interswitchis a substantial endorsement of the company’s expertise in African payments. As an active investor in leading African payments businesses, we see tremendous opportunitiesto digitise payments across the continent and have worked closely with Interswitch’s management team to build a high quality and scalable platform geared to address some of these opportunities. We look forward to further collaboration with the Company alongside Visa.”

The transaction is subject to the relevant regulatory approvals and is expected to close by Q1 2020.

FT Partners acted as exclusive strategic and financial advisor to Interswitch on this transaction.

Founded in 2002, Interswitch disrupted the traditional cash-based payments value chain in Nigeria by introducing electronic payments processing and switching services. Today, Interswitch is a leading player in Nigeria’s developing financial ecosystem with omni-channel capabilities across the payments value chain, processing over 500million transactions per month in May 2019.

In 2018, electronic payments in Africa accounted for only 12 per cent of transactions by volume, compared to 54 per cent in Europe and 79 per cent in North America.

Sub-Saharan Africa is the fastest-growing digital payments market in the world, with electronic payment volume expected to grow at a CAGR of approximately 35 per cent from 2018 to 2023in the region excluding South Africa.

This progress is expected to be driven by the deepening payments infrastructure, population and urbanisation growth, GDP growth above the global average, increased mobile and internet penetration, as well as a supportive regulatory landscape for electronic payments and financial inclusion.

Interswitch’s core market, Nigeria, is the largest economy in Africa with a rapidly growing electronic payments market. Point of sale (PoS) and ATM transactions per adult grew at a CAGR of 94 per cent and 59 per cent from 2013 to 2018, respectively. In Nigeria, there were only 11 card transactions per adult per annum in 2018 compared to 92 in markets like South Africa,126 in Brazil and 465 in the UK. Despite this market under-penetration, PoS card transactions in Nigeria are expected to grow at a CAGR of 63 per cent between 2018 and 2023.

In addition to its switching and processing services, Interswitchowns Verve, the largest domestic debit card scheme in Africa with more than 19 million cards activated on its network as of May 2019. The business also operates Quickteller, a leading multichannel consumer payments platform, driving financial inclusion across Nigeria with over 270,000 access points, as of 2018, from which consumers can initiate peer-to-peer transfers, bill payments, airtime purchases, and other e-commerce transactions, processing over 42 million transactions monthlyas of 31 July 2019 (equivalent to over N560 billion ($1.5 billion) through direct, indirect and Paypoint channels). Interswitch’s unique market capabilities and strong consumer proposition, has enabled it to deliver consecutive years of sustainable profitable growth.

The partnership will create an instant acceptance network across Africa to benefit consumers and merchants and facilitate greater connectivity for communities. Both parties will also retain their respective independent solutions, and Interswitch will retain its scheme neutral strategy.

PLIGHT OF NIGERIAN POLICE PENSIONERS: ARPON wants Permanent Secretaries Status for Retired AIGs

Wednesday November 13, 2019

Posted by Admin

RETIRED POLICE PENSIONERS DEMAND RELEASE OF 13 MONTHS ARREARS GOVERNMENT CONTTIBUTION.

The Association of Retired Police officers of Nigeria, ARPON is appealing to the federal government to recognise retired assistant inspector general of police with the same status as retired permanent secretaries
This was among issues raised at the annual general meeting of the association of retired police officers of Nigeria, held on wednesday, 13th November, 2019 at ARPON National Headquatres, Abuja

The group led by its president, retired deputy inspector general of police Fidelis Oyakhilome says 3,161 retirees are awaiting payment of accrued rights from the federal government, which is in arrears of thirteen months

In a text read by retired inspector general of police and board chairman  of the Police pension company, Sulieman Abba, the retirees further appealed to President Buhari to approve improved retirement benefits to police officers

The association of retired police officers used the occasion to salutes President Buhari for approving the payment of 33 percent increase arrears since 2010 and the payment of retired Biafra Police officers. 






Tuesday, November 12, 2019

Edo APC suspends Key National and State figures following vote of no confidence

The All Progressives Congress (APC) in Edo State has suspended the National Chairman of the party, Comrade Adams Oshiomhole, over his role in the crisis rocking the state chapter of the party.
 
The decision followed the vote of no confidence passed on Comrade Oshiomhole by the Chairmen of the APC in the 18 Local Government Areas (LGAs) of Edo State.
 
According to a statement signed by Edo APC Chairman, Anselm Ojezua and Assistant State Secretary, Ikuenobe Anthony, “Consequent on the development, the State Executive Committee has adopted the vote of no confidence passed on him and the subsisting suspension order from the organs of the party in the state.”
 
They said the decision was necessary to prevent a repeat of what happened in Zamfara State, where the party was unable to field any candidate in elections.
 
“Comrade Adams Oshiomhole is the one behind the crisis in Edo APC. We have passed a vote of no confidence on him and he stands suspended from the party.
 
“We don't want what happened in Zamfara State or other parts of the country to happen in Edo State.”

CEPEJ, UNODC Hold 10th Conference on implications of corruption and insecurity on Nigeria's polity

 
The minister of justice and attorney general of the federation, Abubakar Malami says federal government is using recovered loot to fund 2020 budget, fight corruption and insecurity.

Malami who was represented by the special adviser to the president on justice reform, Juliet ibekaku-Nwagu at the tenth conference on the implication of insecurity and corruption  by the centre for peace and environmental justice, said the closure of land border is also helping to curb criminality 

Malami Says the federal government is Using Money To Fund Budget, fight against Corruption and Insecurity 

many Nigerians have been demanding  to know how the billions of Dollars recovered from looted funds is being put in to use by the Government.
Nigeria's minister of justice, represented by presidential aide of justice reform, Juliet Ibekaku-Nwagwu is using This event jointly organised by the United nations office on Drugs and crimes, civil society groups and the Nigerian government to provide answers
The minister said the closure of land border is beneficial to the economic growth of the country, as it is already helping to curb smuggling and other forms of criminality

The event is the tenth in the series of conferences on checking the implications of insecurity and corruption on Nigeria and Africa's development


SSANU Supports Implementation of IPPIS, contrary to ASUU, COEASU


The Senior staff Association of Nigerian universities, SSANU has thrown its weight behind the implementation of the intergrated payrol and personnel information system IPPIS.

This was reiterated in a communique at the end of its National Executive Council meeting and signed by Samson C. Ugwoke, fcpa                      National President   and      Abdussobur O. Salaam                            National Public Relations Officer.  The whole text is below.

A COMMUNIQUE ISSUED AT THE END OF THE 37TH  REGULAR NATIONAL EXECUTIVE COUNCIL (NEC) MEETING OF THE SENIOR STAFF ASSOCIATION OF NIGERIAN UNIVERSITIES (SSANU) HELD AT ADEKUNLE AJASIN UNIVERSITY, AKUNGBA AKOKO ON 30TH AND 31ST OCTOBER 2019.
National Executive Council (NEC) of the Senior Staff Association of Nigerian Universities, (SSANU), at its 37th Regular Quarterly Meeting held on Wednesday 30th and Thursday, 31st October 2019, at Adekunle Ajasin University, Akungba Akoko, Ondo State, deliberated extensively on critical issues affecting the Union, the Educational Sector, University sub-sector, and the Nation as a whole.

NEC at the end of the meeting came out with far-reaching resolutions which are products of its deliberations as follows:-
1.      ENROLMENT OF SSANU MEMBERS INTO THE INTEGRATED PAYROLL AND PERSONNEL INFORMATION SYSTEM (IPPIS)

NEC in Session reaffirmed the commitment of SSANU towards enrolling its members into the Integrated Payroll and Personnel Information System (IPPIS) subject to the accommodation of all peculiarities in the university system as agreed in the various meetings held between the government represented by officers in the Office of the Accountant General of the Federation and the university based unions. NEC noted that the resolve of SSANU to join the IPPIS platform was in support of Government in its bid to entrench transparency and accountability in the university system and to curb the spate of personnel corruption which is one of the reasons accountable for the declining standard and rot in the Nigerian University system. NEC urged the Federal Government to remain firm and resolute in its bid to stop corruption in all facets of our national life and resolved to give support to the government in all efforts to ensure that sanity is restored to the Nigerian university system.

2.      DELAY IN THE PAYMENT OF EARNED ALLOWANCES AS PROMISED BY THE FEDERAL GOVERNMENT

NEC in Session recalled that the Joint Action Committee of NASU and SSANU had embarked on a five day warning strike between Monday 19th and Friday 23rd August 2019 to press home its demand for the payment of N30 Billion (Thirty Billion Naira) being part payment of arrears of Earned Allowances being owed members of NASU and SSANU. NEC recalled that the Federal Government vide a memo dated 18th June 2018 and signed by the Director Tertiary Education in the Federal Ministry of Education, had conveyed the release of the sum of N25 Billion for the payment of Earned Allowances for staff of Federal Universities. NEC further recalled that the memo had conveyed a directive allocating the monies at the ratio of 80/20 in favour of Academic Staff Union of Universities (ASUU) to the detriment of the Non- Teaching Staff Unions. NEC noted that a negative precedence had been set by that memo as it was the first time that monies meant for payment of allowances of university staff was being allocated along union lines. NEC also noted that the due process and established protocols for disbursements of allowances were breached in order to allow for this anomalous payment. The pattern adopted for the payment was a gross violation of the University Autonomy Laws because the Governing Councils who by law are vested with the power of identifying and allocating allowances to staff in their various universities were bypassed while the Registrars and Bursars, being custodians of all University records in terms of allowances and remunerations were not involved in the processes leading to the allocations of these monies. NEC in session therefore demanded that the Audit Reports of all disbursements of Earned Allowances be made public in order to guide Government in subsequent disbursements.  NEC in Session further reiterated its resolve to demand for a minimum sum of N30 Billion (Thirty Billion Naira) for the payment of Earned Allowances to the JAC of NASU and SSANU to correct the present imbalance while arrangements should be made to pay the total balance as the sum demanded represents only a fraction of the actual Earned Allowances owed the JAC of NASU and SSANU from 2009 till date. NEC in Session directed the National Administrative Committee to liaise with its JAC counterpart, ie NASU, to give ultimatum to the Federal Government to commence an indefinite strike for the failure of government on the release of the Earned Allowances as promised. NEC directed its members to continue mobilization for an industrial action which may become inevitable if Government is not forthcoming in the fullness of time.

 

3.      RESUMPTION OF RENEGOTIATIONS BETWEEN THE SENIOR STAFF ASSOCIATION OF NIGERIAN UNIVERSITIES AND THE FEDERAL GOVERNMENT   

NEC in Session received report from the SSANU Team on the SSANU/FGN 2009 Renegotiation Committee. NEC noted that following the five day warning strike under the auspices of the JAC of NASU and SSANU, the renegotiation of the FGN/SSANU 2009 Agreement had resumed with a meeting held on Monday, 16th September 2019 with the Dr. Wale Babalakin led Government Team. NEC in Session noted that there had been no further meeting and the six weeks window for the conclusion of the renegotiation was almost coming to an end with no tangible progress made. NEC therefore resolved that the Federal Government team should be reminded of the timeline for the conclusion of the renegotiation exercise as mutually agreed between officials of the Federal Ministry of Education and the union.

4.      NEW NATIONAL MINIMUM WAGE

 

NEC in session commended the leadership of the Nigeria Labour Congress (NLC), the Trade Union (TUC) and the Trade Union side of the Joint National Public Service Negotiating Council for their efforts in ensuring a new National Minimum Wage regime in the country. NEC noted that the new National Minimum Wage should take effect from April 2019, when the new wage regime was signed into law. NEC in session while calling on the National Salaries Incomes and Wages Commission to expeditiously make public the new salary tables based on the consequential adjustments, warned the Federal Government not to introduce economic policies such as increases in taxes, tariffs and prices of petroleum products that would be counterproductive and vitiate the gains of the new minimum wage regime as this would be resisted stoutly by labour. NEC in session further urged State Governments to immediately domesticate the new minimum wage in the various states in order to ensure that employees at the states and local governments enjoy the new minimum wage without delay.

 

5.      2020 BUDGET AND THE ALLOCATION TO EDUCATION

NEC in Session reviewed the highlights of the 2020 Appropriation Bill as presented to the National Assembly by President Muhammadu Buhari. NEC in Session noted that out of the planned budgetary expenditure of N10.3 Trillion, a paltry sum of N48 Billion was allocated for capital expenditure on education. NEC noted that this sum, which is lower than what was earmarked for education in 2017 and 2018, tells the sad story of continued neglect of education by successive governments which shows that the nations’ policy makers have a poor understanding of the centrality of education to national development and indeed all facets of national life. NEC in Session noted that the poor investment in education over the years, accounts for the low level of development in the nation and called on the National Assembly to scrutinize the 2020 budget with a view to increasing the allocation to education.

 

6.      CLOSURE OF NIGERIAN BORDERS

NEC in session commended the Federal Government for the courage in taking a stand against the sabotage of the national economy by closing the nations’ land borders. NEC noted that this move though temporary, would have a positive effect on the nations’ treasury and economy, which had been hamstrung by the nefarious activities of smugglers and criminals. NEC further noted that with the border closure, there had been a boost in industry and local agricultural production which would create more employment opportunities. NEC also noted that the border closure had curtailed the smuggling of arms which are usually transported into the country through the land borders. NEC therefore urged the Federal Government to not to stop at just closing the borders but ensure a long term goal by creating an enabling environment for local industry to thrive through the provision of loans and microcredit facilities, while also empowering the Nigerian Custom Service and Nigerian Immigration Service to be able to checkmate the activities of smugglers when the borders are finally reopened. NEC also advised the Federal Government to ensure that before the borders are reopened, the governments of adjoining countries are engaged and agreements are reached which would ensure that the borders of those countries are not used to traffic illegal goods into Nigeria.   

7.      NATIONAL INSECURITY

NEC in Session expressed great worry over the increasing spate of banditry, killings and kidnapping experienced by ordinary Nigerians especially on our roads. NEC noted that the negative security situation is increasingly being witnessed and is not limited to a specific or particular part of the country. NEC further noted that the primary responsibility of Government as enshrined in the Nigerian constitution, is the protection of lives and property and to this end, the Nigerian Government must of necessity, review the national security architecture with a view to finding a lasting solution to this threat of banditry that appears to have taken over the nation. NEC however noted that at the root of the present challenge of banditry, lies poverty and destitution which has gradually become the lot of the average Nigerian youth who see no future or life prospects and see these acts of violence as a way out of their hopelessness. NEC therefore recommended the setting up of a national security summit to be convened by the Federal Government to look at the remote and immediate causes of the present security challenge and come up with lasting solutions in the interest of the Nigerian people.

 

8.      STATE OF NIGERIAN ROADS

NEC in Session noted with great disappointment that the state of Nigerian roads are getting worse and more dangerous to traverse by the day. Coming from various parts of the country, members narrated the hazardous experiences they had on roads which have become death traps filled with pot-holes, gullies and craters. Many members were forced to spend hours in traffic build ups occasioned by fallen tankers and other articulated vehicles. NEC observed that it is indeed shameful that a country which has realized billions of Dollars in crude oil revenue for years, cannot maintain its roads, no thanks to endemic corruption which has eaten into the fabric of the nation. NEC therefore appeals to the Federal Government to declare a state of emergency on Nigerian roads to save Nigerians from avoidable loss of lives through road accidents and other mishaps.


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Monday, November 11, 2019

TRADE UNION CONGRESS WANTS NIGERIANS TO ALIGN WITH PROPHET MOHAMMED'S TEACHINGS AT Eid-El Maulud


        November 10, 2019

 Press Release         

The Trade Union Congress of Nigeria, TUC, has called on Muslim faithfuls to abide by the teachings of Prophet Mohammed (PBUH) which borders on piety, charity, tolerance and peaceful co-existence, among others.

The workers body added that if Nigerians read the books and live by their tenets the country will be a better place, adding that the problem of the country has never been the issue of religion.

In a statement jointly signed by the President, Comrade Quadri Olaleye, FCIA and Secretary General, Comrade (Barr.) Musa-Lawal Ozigi, they said at this time of the country’s national life it has become very imperative for all Nigerians irrespective of their religious background to cooperate with the progressives in the country to transform and make the country fulfill her manifest destiny.

According to Olaleye, until we uphold the above stated virtues with a view to overcoming our current national challenges we cannot achieve much as ineffectiveness, mediocrity, backstabbing and impunity have become the order of the day. There are too many absurdities in our clime. The unity we once cherished is no longer there because of politics, he lamented.

On the national minimum wage being contested by some state governors, the TUC leaders advised governors to stop spending money on frivolities. That the economy is ailing and the organized labour is not willing to cause more harm. However, we may be forced to act if the governors do not perform.

Comrade Olaleye called for peace in Bayelsa and Kogi during the coming elections. “Elections should not be a do-or-die affair. The enforcement officers must be neutral; and carry out their duties without bias. They should remain committed to the unity of the country, and ensure that the programmes of the federal government are actualised,” he added.





UNICEF Decries increasing Child Marriage As Nigeria places second with the largest number


Nigeria has been said to be the one with the second largest number of child-brides in the world.

It is said to have 23 million girls and women, married as children, often ending their education pursuits. 

The disclosure was made by UNICEF Chief of Field Office Bauchi, Bhanu Pathak, while speaking at the 30th Anniversary of the adoption of the Child Rights Convention (CRC), by the United Nations, held in Bauchi.

Bauchi Chief of Field Office, UNICEF, Bhanu Pathak, decries that too many Nigerian children and young people are being left behind, especially as it relates to education.

Statistics have it that Nigeria has the world's highest number of out-of-school children, with more than 10.5 million not in school. 

Wife of Bauchi State Governor,  Aisha Mohammed, stresses the need for Nigerians not to rely on international donor agencies to develop the country.

The celebration has the theme; "The Nigeria we want, Voices from Bauchi", with youths from Adamawa, Bauchi, Gombe, Jigawa, Plateau and Taraba as well as Kaduna in attendance. 
End 


PRESIDENT BUHARI, UI V.C, ASUU MOURN EX-PETROLEUM MINISTER, TAM DAVID-WEST

President Muhammadu Buhari expresses deep sorrow at the passage of his ally and friend, a man he usually calls “the indomitable Tam David-West.”

In a statement signed by the presidential  media aide, Femi Adesina,President Buhari  said Professor Tamunoemi Sokari David-West, 83, was a consultant virologist of national and international standing. He served as Commissioner of Education in the old Rivers State, Minister of Petroleum and Energy under the Muhammadu Buhari military regime, and Minister of Mines, Power and Steel under Gen. Ibrahim Babangida regime.

“He had an indomitable spirit, stood resolutely by whatever he believed in, and was in a class of his own,” says President Buhari of the academic, author of many books, and social critic.

He commiserates with the David-West family, the people of Buguma, Kalabari Kingdom of Rivers State, the academia, and all those who loved “the forthright Tam David-West.”
President Buhari prays that God will rest the soul of the committed nationalist, urging all those who believe in the ideals he espoused to approximate same, for the betterment of Nigeria, and humanity in general.

Meanwhile, Prof. Idowu Olayinka, the Vice-Chancellor, University of Ibadan, has mourned the death of enigmatic Prof Tam David-West, who passed on in the early hours of Monday, Nov. 11, 2019 at the University College Hospital after a brief illness .
The News Agency of Nigeria (NAN) reports that this was contained in a statement by Mr Olatunji Oladejo, the University’s Director of Public Communication, in Ibadan on Monday. 
According to the statement, late David-West aged 83, was a retired Professor of Virology at the University, who has contributed immensely to the development of education in Nigeria. 
 The VC said, “the death of Late Prof. David -West is a big loss to the academic family all over the world.” 
He noted that the vacuum left by the deceased would be difficult to fill.
Olayinka said “Late Prof David West was a mentor of many generations of virologists all over the world. 

Uber CEO called Jamal Khashoggi's murder a 'mistake.' Now he's trying to put it right



By Rishi Iyengar, CNN Business
Updated 1 hour ago Nov 11, 2019
New Delhi  (CNN Business) -

 Uber CEO Dara Khosrowshahi has reportedly tried to clarify his description of journalist Jamal Khashoggi's murder as a "mistake" by the Saudi government. 
Khosrowshahi made the original remarks in an interview with Axios, video of which was posted online. 
"I think that government said that they made a mistake," he said when asked whether the head of the Saudi sovereign wealth fund, Yasir Al Rumayyan, should continue to sit on Uber's board. The Saudi fund is Uber's fifth-largest shareholder, with 5.3% of the company. 

Khosrowshahi compared Khashoggi's murder to Uber's troubles with self-driving cars, one of which killed a pedestrian in Arizona last year. The pedestrian was walking a bicycle across a road at night.

 Uber's self-driving software system initially classified the pedestrian as an unknown object, then as a vehicle, then as a bicycle, but never braked. 
Officials ruled earlier this year that Uber would not face criminal charges. 

The company temporarily halted its vehicle testing program and shut down its self-driving operations in Arizona.

"We've made mistakes too, right, with self-driving, and we stopped driving and we're recovering from that mistake," Khosrowshahi said.

 "So I think that people make mistakes, it doesn't mean that they can never be forgiven. I think they [the Saudi government] have taken it seriously," he added.

Axios reported that the Uber chief subsequently called the publication to express regret over his comments and sent an emailed clarification.

"I said something in the moment that I do not believe," the statement read.

 "When it comes to Jamal Khashoggi, his murder was reprehensible and should not be forgotten or excused."

Uber did not immediately respond to a request for comment from CNN Business. 

The CIA concluded that Saudi crown prince Mohammed bin Salman, the country's de facto ruler, personally ordered the death of Khashoggi, who disappeared a little over a year ago from the Saudi consulate in Istanbul. 
A total of 11 people allegedly involved in the murder were charged last year by Saudi prosecutors. Saudi officials said five of them face the death penalty for being directly involved in "ordering and executing the crime." The United States has sanctioned 17 Saudi officials for their alleged involvement.
Bin Salman denied being personally involved in Khashoggi's death in a "60 Minutes" interview with CBS in September, but said he took responsibility for the death as a Saudi leader.


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