Daily's Demand: Name a CEO Immediately
In a bid to improve governance, transparency, and investor confidence, the Nigerian Communications Commission (NCC) has introduced comprehensive new rules for telecom companies operating in Nigeria. These rules, effective from August 2025, aim to address emerging risks like cybersecurity and operational sustainability, while aligning with international best practices [1][3].
Key provisions of these new rules include the separation of the roles of Chairman and CEO, strengthening of internal controls, and the establishment of robust compliance and audit functions [1][3]. Telecom operators must ensure that these positions are held by different individuals to maintain checks and balances [1][2][3][4]. Boards must also have at least five members, including a non-executive chairman, a CEO, and a majority of non-executive directors, with at least one-third being independent directors. Additionally, at least two non-executive directors (one independent) must have expertise in ICT or cybersecurity [4].
Companies must also strengthen their internal audit functions and submit mid-year and annual compliance reports certified by their boards. Regulatory officers within companies are formally recognized as compliance liaisons with the NCC [1][3]. To prevent conflicts of interest and improve governance, there is a 3-5 year ban preventing former top NCC officials from joining telecom firms [5]. Non-compliance can lead to sanctions including fines, license suspension or revocation, and management changes [1][4][5].
One company specifically affected by these new rules is Globacom. Currently, the company combines the roles of Chairman and CEO, a practice common in Nigeria's telecom industry but now prohibited. The NCC has given Globacom a 24-month deadline to separate these positions or face potential regulatory sanctions, which could include fines or revocation of licenses [2][4]. This represents a significant organizational change for Globacom, founded by Mike Adenuga, who has held both roles since inception, except briefly in 2024. Globacom will need to implement succession planning, recruit or promote a distinct CEO, and restructure its board to comply with the new NCC governance code while maintaining competitive operations [2][4].
Meanwhile, in the world of finance, the Central Bank of Kenya (CBK) has cut the key interest rate by 25 basis points to 9.50%, making borrowing cheaper and spurring credit growth. This is the seventh time the CBK has cut the key interest rate consecutively since November 2024. However, the CBK's rate-cutting streak depends on how inflation behaves in the coming months and how quickly the economy responds to the cheaper credit [6][7].
Away from the financial sector, Founders Connect is hosting a one-day summit for Black and African founders, professionals, creators, and operators in Toronto on August 16, 2025. Africa's first-ever large-scale celebration of customer loyalty, the Bvndle Rewards Festival, will take place in Lagos on November 14-15, 2025. Tech enthusiasts can look forward to events like CoffeeWithBranch 2.0, an in-person event happening on August 27th in Lagos for tech talent to discover the technologies powering Branch's success. The Tech & AI International Expo 2025 will take place in Zanzibar on August 22-23, bringing together over 1,000 leaders from 30+ countries.
Lastly, Bridge And Value and AlexBoyo World are hosting a trade mission to Paris for Nigerian businesses from September 22-26, 2025. My Life in Tech features Khaya Cokoto claiming her space in South African tech.
These events and regulatory changes mark an exciting time for the African tech and business landscape, with a focus on improvement, innovation, and growth.
- The new rules introduced by the Nigerian Communications Commission (NCC) for telecom companies also prioritize mobile payments and financing, forming a crucial part of fintech innovation.
- Recognizing the growth potential of crypto, some African startups are venturing into this sector, seeking funding from venture capital firms and personal-finance investors.
- For these entrepreneurs, education-and-self-development resources are essential in understanding the complexities of investing in crypto and staying updated with the latest technology trends.
- In the realm of lifestyle and personal finance, financial literacy programs have been initiated to help people make informed decisions in their use and management of digital currency.
- Meanwhile, the increased use of mobile devices for financial transactions highlights the need for cybersecurity measures to protect users and prevent fraud.
- Aside from cybersecurity, African tech companies are also focusing on innovation in entertainment, offering services like mobile gaming and streaming platforms.
- In the sports industry, some African countries are leveraging technology to improve the experience for fans, providing live scores, news, and analysis through mobile apps.
- On a lighter note, gambling and casino-related apps are becoming popular, offering users a chance to try their luck at various games of chance.
- With increasing internet accessibility, the weather forecasting industry is witnessing significant growth, enabling users to check the weather on-the-go.
- To stay updated on these developments, it's essential to follow general-news outlets and technology blogs for ongoing coverage of business, finance, and African tech advancements.
