Author: ITPulse

MTN Nigeria Plc has successfully raised an additional N72.18 billion through the issuance of commercial papers. This latest funding round follows a previous N75 billion issuance in November 2024, demonstrating strong investor confidence in the telecom giant. The Series 13 and 14 commercial papers were issued at attractive yields of 27.50% and 29.00%, respectively, with a maturity period of 180 and 270 days. The oversubscribed offer, which attracted a 144% subscription rate, underscores MTN Nigeria’s strong financial position and brand reputation. The proceeds from this issuance will be utilized to support the company’s short-term working capital requirements. Karl Toriola, CEO…

The Economic and Financial Crimes Commission (EFCC) has arrested a staggering 792 suspects in a single raid targeting a cryptocurrency investment and romance scam syndicate.   Wilson Uwujaren, Director of Public Affairs disclosed this to journalists in Lagos, noting that the operation, conducted recently apprehended the suspects at their seven-story hideout in Lagos. Among those arrested were 193 foreign nationals, including 148 Chinese, 40 Filipinos, and individuals from Kazakhstan, Pakistan, and Indonesia. Months of surveillance led the EFCC to the well-disguised headquarters, which housed sophisticated equipment and hundreds of SIM cards used for criminal activity. The investigation revealed the foreign…

By Elvis Eromosele   The Nigerian banking system, once celebrated as the backbone of the nation’s economy, is facing a glaring paradox. Customers walk into bank branches daily to access their funds, only to be told that cash is scarce. The situation, which began following the Naira redesign exercise under former President Muhammadu Buhari, has become a troubling norm. Bank tellers now ration cash withdrawals, often imposing arbitrary limits like N20,000 per person, without detailed explanations. This raises an unsettling question: is there a hidden liquidity crisis in the Nigerian banking system?   The central function of a bank is…

Branka Mracajac, the Managing Director/CEO of 9 Payment Service Bank (9PSB), has been honored with the prestigious Visionary Leader award at the CIO & C-Suite Africa Awards 2024. This recognition underscores her significant contributions to Africa’s technology and business landscape. The award ceremony, held last month, celebrated individuals who have driven innovation and digital transformation across the continent. Mracajac’s leadership has been instrumental in shaping 9PSB’s growth and impact on Nigeria’s financial landscape. In addition to this honor, Mracajac was recognized at the 31st Anniversary Celebration Dinner of the Association of Telecommunications Companies of Nigeria (ATCON). The event, held on…

By Dean Baker  With the insurance landscape ever evolving, it is becoming increasingly crucial for insurance companies to embrace innovative technological advancements that introduce convenience, enhance customer engagement, and redefine marketing strategies to stay competitive.   Africa’s population remains largely underserved by traditional insurance models, underscoring the urgent need for accessible, customer-centric solutions. This highlights an opportunity for insurers to serve this market with innovative tools and solutions that can meet the changing demands of African customers.  Delivering a strong insurance product is no longer sufficient; insurance companies must also focus on delivering a robust omnichannel customer experience. Modern customers…

Interswitch, an integrated payments and digital commerce company in Africa, has urged Nigeria’s transport sector stakeholders to adopt advanced technology to revolutionize the nation’s transportation landscape. This call was made during the sixth edition of the Lagos Transport Fest, themed “Delivering National Connectivity: Driving the Growth of Nigeria’s Transport and Logistics Markets,” which was recently held at the Oriental Hotel, Victoria Island, Lagos. The event brought together hundreds of professionals, entrepreneurs, investors, regulators, and thought leaders for a day of exhibitions, panel discussions, presentations, and networking opportunities, all focused on shaping the future of transport in Nigeria and beyond. Delivering…

Galaxy Backbone (GBB) is pleased to announce the successful deployment of its state-of-the-art fibre optic network in Lagos, Ibadan, and Ilorin. This significant milestone, part of Phase II of the National Information and Communication Technology Infrastructure Backbone (NICTIB) project, underscores GBB’s unwavering commitment to connecting Nigeria and driving its digital transformation. Commenting on this achievement, Prof. Ibrahim A. Adeyanju, Managing Director/CEO of Galaxy Backbone, stated: “The expansion of our fibre optic network to Lagos, Ibadan, and Ilorin is a major step towards bridging the digital divide and positioning Nigeria as a global leader in the digital economy. This advanced infrastructure…

The National Information Technology Development Agency (NITDA) has emphasised the crucial role of data in driving a sustainable digital economy. At the recently concluded 2024 Digital Nigeria Innovation Challenge, the agency stressed the importance of safe and responsible data utilisation. NITDA’s Director General, Kashifu Inuwa CCIE, represented by the Director of Information Technology Infrastructure Solutions Department, Mr Oladejo Olawumi, highlighted the significance of data sovereignty in securing Nigeria’s digital future. By prioritising data security and privacy, the agency aims to cultivate a thriving digital ecosystem that benefits both individuals and businesses. The Digital Nigeria Innovation Challenge, organised by NITDA’s Office…

The National Information Technology Development Agency (NITDA), in collaboration with Advocacy for Policy and Innovation (API), a leading African non-profit focused on digital innovation and inclusive policy, is pleased to announce the release of a whitepaper proposing a framework for an Online Harms Protection Bill in Nigeria. This timely document addresses the growing challenge of online harm in Nigeria, particularly for vulnerable groups like children. It builds on the discussions and insights from Nigeria’s inaugural Content Moderation and Online Safety Summit hosted by API in July 2022. he whitepaper provides context around the prevalence of online harms and the urgent…

Brand recognition is vital for building strong connections between companies and their customers, fostering trust, credibility, and long-term loyalty. For businesses, it enhances differentiation in competitive markets while ensuring quality and consistency for customers. In this symbiotic relationship, brands and consumers thrive together, creating lasting mutual benefits. LG Electronics Nigeria exemplifies this dynamic by continuously earning recognition for its innovative and customer-focused products. This year, LG Electronics Nigeria has achieved significant milestones, receiving accolades from prestigious organizations and publications. On September 26, the company was honoured at the Media Consortium Conference and Awards, held at the Lagos Chamber of Commerce…