Nigeria extends the deadline for telcos to block SIM cards with no National Id Number (NIN) to Feb 2021. No one believed that the previously planned two weeks would do it. So, it is not a surprise that it is being extended to Feb 2021. Yet, the original model was 6 months. I am sure when we get to Feb 2021, the government will extend it again since this cannot be done in three months. 

Good progress generally by NIMC: we need to have this done for Nigeria if we ever hope to unlock the credit economy in the nation.

The full press release.

NIN: Options for Nigeria Instead of Blocking Phone Lines in 2 Weeks [Video]

There is a change in the management of Union Bank Nigeria Plc; Emeka Emuwa retires and Emeka Okonkwo will take over on March 31 2021, pending the customary approval from the Central Bank of Nigeria.

More from the press release

The Board of Union Bank Nigeria Plc announces today that, after eight years leading the Bank, its Chief Executive Officer, Emeka Emuwa, has communicated his decision to retire from the Bank and his role as CEO on March 31, 2021. Emeka Emuwa joined Union Bank in November 2012, following a US$500 million investment by Union Global Partners, with a mandate to transform and restore one of Nigeria’s oldest
institutions back to its rightful position as a respected provider of financial services.

With his imminent departure, the Board has appointed Emeka Okonkwo, an Executive Director currently leading the Bank‘s Corporate Banking business, to succeed him. The appointment is subject to the approval of the Central Bank of Nigeria.

Prior to joining Union Bank, Emeka Emuwa led a distinguished 25-year career at Citibank. Following several senior roles in Nigeria and across Africa, he became the first Nigerian to be named Country Officer and Managing Director of Citibank Nigeria. On his retirement, Emeka Emuwa will also step down from the Board of Union Bank. Union Bank’s Chair, Beatrice Hamza Bassey, said;

Emeka Okonkwo is a seasoned banker with 30 years of experience. He joined Union Bank in 2013 as an Executive Director to lead the Corporate Banking and Treasury business. As the Bank embarked on its transformation, he was responsible for rebuilding the business and strategically positioning Union Bank for success in the Corporate Banking space.

Mr. Okonkwo began his career at Citibank Nigeria where he rose from officer level to become Executive Director in charge of Commercial Banking and Global Subsidiaries in 2009. At Citibank, he worked across various disciplines including Corporate Finance, Credit Risk Management, Marketing, Treasury and Strategic Management in Nigeria and London.

Prior to joining Union Bank, he was the Head of the Corporate and Investment Banking Division in Citibank Bangladesh. Emeka Okonkwo has a bachelor’s degree in Civil Engineering from the University of Nigeria,
Nsukka; an MSc in Construction Management from the University of Lagos and an MBA from Warwick Business School, UK.

Good People, the numbers look great: portfolio Bitfxt’s BoundlessPay which launched two weeks ago has processed a total value of $40,000. CEO Franklin Peters Odoemenam just shared the data. Also, reviews are in at Google Play and from 38 reviews, BoundlessPay app has 4.9/5.

The Boundlesspay app turns your phone into a mobile bank! The users are given access to a digital wallet which enables them to store and spend cryptocurrencies with ease. This is the first indigenous company in Nigeria with a crypto exchange, decentralized finance “currency” (BitDefi) and mobile-app linked to physical debit cards in Africa.

Talk to Franklin on how to partner or learn more here .

More so, it connects to a community of products with a stablecoin powering decentralized finance, BITDeFI, which is available on Coinmarketcap. I want to thank our team, led by blockchain oracle, Franklin Peters, for executing at a high level. Please go and download BoundlessPay at Play store here.

Now, we have an exchange, a mobile “bank” and a DeFi, and are positioned to implement and execute any blockchain and crypto-related projects to power local and global commerce. To join this party, talk to Franklin.

(Bitfxt will run a session lab on Blockchain and Decentralized Finance during Tekedia Mini-MBA 4 to help our members master the practical business systems in this evolving sector. We have added it in curriculum, last page below)

Bitfxt Launches BoundlessPay to Make Crypto Owners Spend in Naira

The empires of the future have specific attributes in markets: they pick good positioning to strike for the winning goals! Today, being a good operator may not just help you if you are not positioned. You need to work at the right place and be positioned for market success. 

GE, a legendary company with some of the industrial-age finest managers, was executing just well, but its positioning, has made it impossible for it to capture extra value. IBM, another iconic global firm, might have filed more patents than most of its peers, creating “game changing technologies”, but IBM remains lost when it comes to capturing extra value. Yes, IBM is worth $110 billion while Microsoft is above $1.66 trillion.

As you prepare for 2021, my message is this: where you operate is more important than the efficiency you deploy to combine factors of production. If your positioning is poor, you will struggle. Think again about that business, and see if you can shift and capture extra value. Watch my video.

A notice from the NDIC (Nigeria Deposit Insurance Corporation) on collapsed microfinance banks in Nigeria.

• “This is to inform the depositors, creditors, shareholders and the general public that the operating licenses of the under listed forty-two (42) Microfinance Banks (MFBs) have been revoked by the Central Bank of Nigeria (CBN), effective 12th November 2020.

• “The Nigeria Deposit Insurance Corporation (NDIC), the Official Liquidator of the banks whose licenses were recently revoked, is in the process of closing the listed banks and pay their insured Depositors.

• “We, therefore, request that all depositors of these banks should visit the closed banks’ addresses and meet NDIC officials for the verification of their claims, commencing from Monday, 21st December 2020 till Thursday, 24th December 2020.