Tech

World Bank suspends Nigerian tech company, Softech IT Solutions, MD, for corrupt practice

Published

1 year ago

March 31, 2022

The World Bank has suspended a Nigerian information technology solution company, SoftTech IT Solutions and Services Ltd., and its Managing Director, Isah Kantigi, for alleged corrupt practices.

While the tech company was sanctioned for 50 months, its MD was sanctioned for 60 months.

In a statement published on the bank’s website on Wednesday announcing the debarring of the tech company and its MD, titled “World Bank Group debars SoftTech IT Solutions and Services Ltd. and its managing director,” the bank disclosed that the firm and its MD were being sanctioned for improper payments made to certain officials of the National Social Safety Nets Project, which the bank saw as bribery.

“The World Bank Group today announced the 50-month debarment of SoftTech IT Solutions and Services Ltd., an information technology solutions company based in Nigeria, and the 60-month debarment of its managing director, in connection with corrupt practices as part of the National Social Safety Nets Project in Nigeria,” the statement reads.

Part of the sanctions also stipulates that for the period the suspension will last, neither the company nor Katingi will be able to engage in any project funded by the World Bank.

“SoftTech and Mr. Isah Salihu Kantigi, are now ineligible to engage in World Bank Group-funded projects and operations,” the statement added.

The IT firm which specializes in Big Data and Cloud Solutions, Geographic Information Systems and Mapping, Information Retrieval and Search Engines, according to the bank, had breached the “Agreement for Mutual Enforcement of Debarment Decisions,” which was signed on April 9, 2010, and as a result, both “are eligible for cross-debarment by other multilateral development banks (MDBs).”

It added that Kantigi also worked out a deal with other individual consultants, allowing them to make similar payments to project officials, an act the Bank frowns at and sees as
a corrupt practice.

“This constitutes a corrupt practice under the World Bank’s Anti-Corruption Guidelines. The settlement agreements provide for reduced periods of debarment in light of Mr. Kantigi’s and SoftTech’s cooperation and acknowledgement of the misconduct.

Related Topics:Bribery Featured Sanctions Softech IT Solutions World Bank

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Tech

African Development Bank partners Google to transform Africa’s digital space

Published

5 hours ago

September 23, 2023

Akanimoh Etim

The African Development Bank (ADB) has teamed up with Google with the aim of advancing digital transformation in Africa.

The two parties formalized the deal with the signing of a “Letter of Intent” on Friday during the Global Africa Business Initiative at the United Nations General Assembly in New York.

The agreement, according to Dr. Akinwunmi Adesina, President of the African Development Bank, “underscores a shared commitment to harness emerging technologies, extend and improve infrastructure, and refine talent and skills in the continent.”

“Our journey from a 2% telephony penetration in 1998 to today’s era of 4G, 5G, and AI signifies immense progress. With 70% of sub-Saharan Africans under 30, our focus is on catalyzing businesses to create jobs and offer innovative solutions,” said Adesina after the signing ceremony.

He added that both ADB and Google had a long history of fostering digital evolution, enumerating that over the past decade, the Bank had invested $1.9 billion in projects emphasizing the development of broadband infrastructure, conducive policy and regulatory environments, digital skills, and innovative technology startups.

On its part, Google has become a longtime partner in Africa’s economic growth and digital transformation with huge investments in a major submarine telecommunications cable, the Seacom cable.

Dr. James Manyika, Google’s Senior Vice President of Research, Technology & Society, who also spoke at the event, said:

“With advanced technologies like AI, the most profound transformation is yet to come. Working together with African Development Bank, Google will offer technical assistance to bolster entrepreneurs and small and medium-sized enterprises in digitizing their businesses, securing financing, mastering digital marketing, and advancing private sector development.

“Collaboration will be essential if Africa is to realize this opportunity, building for everyone and ensuring no-one is left behind. We are excited to collaborate with the African Development Bank to work towards this shared commitment.”

Tech

Zambian neo-bank, Lupiya raises $8.25m to expand access to financial services

Published

1 day ago

September 22, 2023

Akanimoh Etim

Zambia’s leading neo-bank, Lupiya has announced securing $8.25 million from Alitheia IDF Fund, a private equity fund known for its gender-focused investments, in a bid to expand access to financial services for startups and small scale businesses.

The fundraising, according to Evelyn Chilomo Kaingu, co-founder and CEO of Lupiya, it would enable the outfit “bridge financial inclusion gap, as well as offer technology-driven, user-friendly financial solutions to the unbanked and underbanked populations in Zambia.”

“This Series A investment marks a significant milestone in our journey to continue serving our customers and the opportunity to further provide holistic financial solutions,” Kaingu said.

“Lupiya’s vision and dedication to financial and gender inclusion resonates deeply with our own objectives. We believe that with this funding, we will be better equipped to make financial services accessible to many more Zambians.

“The team at Lupiya has worked hard and is excited for the new phase of our growth. With the support of Alitheia IDF, INOKS Capital, Mastercard, and Kfw DEG, we are better poised to scale our operations and deepen our footprint not just in Zambia but also in the broader Southern and East African region”, Kaingu added.

According to her, the newly acquired capital will be directed towards strengthening Lupiya’s technological infrastructure, expanding its range of financial products, and extending its reach to a wider customer base.

The startup which was launched in 2016, has emerged as a leading player in Zambia’s rapidly evolving fintech landscape and boasts of an impressive roster of supporters, including industry giants like Mastercard, Google, World Bank, and the UN International Trade Centre.