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SEC Applauds CBN For Issuing guidelines‎ On Sukuk  

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The Securities and Exchange Commission (SEC), on Sunday expressed pleasure at the issuance by the Central Bank of Nigeria (CBN) of “Guidelines for Granting Liquid Asset Status to Sukuk Instruments Issued by State Governments”.

The commission described it as a major milestone for Nigeria as it will catalyze the development of non-interest capital market products.

According to a statement, the release of these guidelines follow diligent advocacy efforts from the Capital Market Committee (CMC) on the need to grant liquidity status to Sukuk in order to bolster its appeal as a product for both issuers and investors alike.

Sukuk, the non-interest equivalent of bonds, is becoming increasingly attractive as a capital market instrument across the globe. Annual Sukuk issuances around the world have grown from $15 billion in 2008 to over $150 billion in 2015. As the Federal and State governments seek alternative funding sources for infrastructure, these new guidelines will make Sukuk one more available option.

In 2013, the SEC had issued Rules on Sukuk Issuance in Nigeria following which the State Government of Osun raised N11 billion in Nigeria’s first Sukuk issuance which was oversubscribed. Since then, several State Governments have been exploring issuing Sukuk to raise funds for infrastructure financing and other much needed public interventions. However, the absence of a liquid secondary market had been a key concern for investors like pension funds and other institutional investors. To address this constraint, the Capital Market Master Plan had highlighted the need to push for liquidity status for Sukuk. In implementing the Master Plan, the SEC and the capital market community closely engaged the CBN to develop and release guidelines for this purpose.

With these new guidelines, Sukuk instruments issued by State governments can be discounted at CBN discount windows and can be applied by banks in their liquidity ratio computation, similar to conventional State bonds. This will facilitate the emergence of a vibrant secondary market that will encourage more issuances from State governments.

The guidelines will play a key role in broadening and deepening Nigeria’s financial system by catalyzing the development of non-interest products and enhancing financial inclusion. We wish to commend the CBN for this laudable step while appreciating the CMC sub-Committee on non-interest products for their dedicated work leading to the release of these guidelines.

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Legal Business

9 Inspiring Women in the Nigerian LegalTech Space

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Kelechi Achinonu, Founder Techlawyered and Technology Lawyer

In celebration of International Women’s Day, 2020, Techlawyered would like to share with you the stories of extraordinary women in Nigeria who are innovating in their various roles, while leveraging technology to improve the legal practice and access to justice.

Rahila Olu-Silas Ambassador, World Legal Summit (West Africa)

Biggest Success in LegalTech

Collaborating with Open Law Library Washington DC, a U.S.A based Not-for-Profit Organization to automate the process of Bill drafting, codification, and publication of laws in digital formats in Nigeria

What has been your biggest challenge in Legal Technology?

Researching the legal framework that will enable the adoption of Machine-Consumable legislation in Nigeria. This will enable emerging technologies to consume our laws through APIs and process them without the human factor.

What motivates you to keep going?

The possibility of change in the way legal services is delivered in Nigeria

Funkola Odeleye , Co-founder and CEO at DIYLaw.ng

Biggest Success in LegalTech

I am not sure we have hit our biggest success yet but being able to simplify legal services and topics and making them attainable and understandable comes close

What has been your biggest challenge in Legal Technology?

The problem that we are trying to solve is making legal services accessible and our biggest challenge is how to make it accessible for those without access to technology. It is an irony of sorts.

What motivates you to keep going?

The sheer number of jobs that are being created because people are able to launch their businesses through our platform keeps me going. Also, getting kind words and referrals from people who have used our platform is an affirmation that we are doing something right.

Also Read : Women in Tech: Interview With Anna Collard, Founder Popcorn Training – A KnowBe4 Company

Adejoke Are , Co-founder/Project Lead, The Flemer Project

Biggest Success in LegalTech

I run an organization – the Flemer Project – that helps indigent pretrial detainees conclude their matters in court as quickly as possible, by leveraging on the support of young volunteer lawyers who directly provide legal representation to these detainees.

Although we are never physically present in court to monitor the performance of our volunteer lawyers, incorporating technology into our solution has made monitoring and evaluating their work quite a seamless affair. Through this approach, we have been able to provide legal representation to almost 200 indigent pretrial detainees and to secure the release of 60 of them from prison.

What has been your biggest challenge in Legal Technology?

I don’t have any technical experience or skill in building technology platforms and this has been a drag on the development of a comprehensive technology platform needed to manage our overall operations.

What motivates you to keep going?

The passion of our young volunteer lawyers who go over and beyond to give their best to people who can never repay them, and the fact that our solution literally changes people’s lives by helping them regain their freedom.

Oluwatosin Amusan , Product Development Lead, Mylaw.ng

Biggest Success in LegalTech

Delivering legal services to customers via technology, from the comfort of their couch. The fact that my team and I were able to develop products and show value enough to earn the trust of customers who end up drawing on the products on mylaw.ng and coming back for more.

What has been your biggest challenge in Legal Technology?

Constantly answering the question “Is legal technology a viable sector in Nigeria”. Looking at it from a global perspective with 3 unicorns in legal tech this question does not surface in the international scene. However, In Nigeria, we have quite a number of legal tech startups who have to prove themselves 10 times harder, show double the traction required to prove that this is a viable sector.

What motivates you to keep going?

The refusal to settle for mediocrity. I make it a ritual to look back at works I have done in various facets of my life every six months, and without a doubt, I see the growth not just intellectually but in physical form. It is easy to get complacent with doing just what is required, but there is always room to improve and do better. No one changed the world by doing what just was required of them.

Faith Obafemi , Head of Strategy, Future-Proof Intelligence

Biggest Success in LegalTech

Establishing as a recognized expert in the blockchain space in less than 2 years. This has been a never-ending journey that has stretched me intellectually, financially, emotionally and otherwise. But, I have been better for it. I have met some of the most amazing persons on this journey. People who help broaden your horizon.

What has been your biggest challenge in Legal Technology?

Breaking/building a tech foundation. In the early days, things were just mostly Greek to me. But, the more I kept at it, the familiar it became and the easier it was to understand.

What motivates you to keep going?

Money! Hahaha, I know most people would’ve been expecting something knight worthy like passion to help others, desire to impact, etc. Well, why all that is great, it still requires money. I am yet to see a broke person help another or have an impact on others.  So, yes, money motivates me to keep going. Because, with money as a tool, I can achieve other things that I hold dear.

Rhoda Obi-Adigwe, Founder Wemora

Biggest Success in LegalTech

Our greatest success was when Hill gave us an award and a grant for our legal software which aids in the writing of will and creation of trust online. This was very inspiring to us knowing that our efforts were being recognized.

What has been your biggest challenge in Legal Technology?

Our biggest challenge to legal technology is cultural and traditional bias. People are still skeptical to include their personal and private details online making it difficult to prepare legal documents for them. This fear also arises from the fact that the country has no stringent data policy laws.

What motivates you to keep going?

The legal tech space is evolving and we are beginning to see most traditional things done online like the CAC providing platforms for business registration, so our motivation is to keep pressing knowing fully well that these changes and policies will soon affect our own part of legal IT.

Yinka Bada , Lead Product Manager, LawPavilion Business Solutions

Biggest Success in LegalTech

One of the things I can consider as part of my biggest success in legal technology is two-fold:

i. My involvement in conceptualizing and facilitating the development and continuous improvement of software solutions that solve challenges around Practice Management, Legal Research and Legal Drafting for lawyers and judges, hence improving their efficiency by making it easier for them to do more in less time than usual. I’ve been working with a team of bright minds to continuously improve the leading Electronic Law Reports platform; the only one with Legal Analytics, and most cited in courts by top lawyers, and judges of both the Court of Appeal and Supreme Court.

ii. Leading and mentoring at different times,  young and aspiring Product Managers and Software Engineers  to passionately seek to identify the pain points in our justice delivery system, and  proffer innovative solutions

What has been your biggest challenge in Legal Technology?

What I can consider as a challenge for me in legal technology is the huge amount of time, efforts and resources it has taken over the years to build and communicate the value of legal-tech solutions to the conservative legal industry; the sweet thing, however, is that this same industry is now embracing technology fully, and even asking for more

What motivates you to keep going?

The joy of facilitating an accelerated (albeit gradual) access to justice in Nigeria-  the possibility of having the practice of law and ultimately, the dispensation of justice continually become technologically improved for more efficiency and effectiveness.

Nankunda Katangaza , Co-founder, African Law & Tech Network (ALT Network)

Biggest Success in LegalTech

I guess my biggest success in legal technology was in following my hunch that there was a need and interest on the part of African legal professionals in technology and what it could do for the legal sector and creating the ALT Network to kick-start that conversation on the continent. The ALT Network has grown to over 150 individual and business members over the past two years and has a thriving community and activities across the continent which I could not have predicted when we set up the platform!

Engaging with the fast-growing African tech community has brought incredible insight into the legal and regulatory needs of tech disruptors across all sectors. I am delighted that the Network has quickly grown into a valued pan-African interlocutor in the discussion between lawyers, technologists, and regulators to build effective, responsive and progressive frameworks for tech growth in Africa.

What has been your biggest challenge in Legal Technology?

My biggest challenge is also one that can be described as a ‘first world problem’ in that it is the challenge of opportunity and time – so many opportunities, not enough time! In the short couple of years, it has been around, ALT has attracted a significant following and interest from across the African legal and tech sectors.

Law cuts across each and every area of personal, public and commercial life and as such, ALT and its membership have a role to play across the continent from influencing public policy to creating tools for delivering access to the law to all. Finding the time to explore and follow all the possibilities and requests alongside a full-time job does keep me up at night!

What motivates you to keep going?

I have to say that the energy and enthusiasm of the ALT members is more motivation than anyone could ask for! Each day brings a new member. Each week brings a new idea and opportunity in a different country from an existing member so there’s never a quiet moment.

But more than anything, the prospect of bringing together people and entities from across the continent who are all driven by the same thing – to create and build prosperity for all Africans through innovative tech use and creating an enabling legal environment for success. It has also been amazing to meet so many Africans working in different sectors and industries and to collaborate with some of them.

Our recent partnership with Africa Digital Heritage, for example, to explore the legal issues arising in tech and the preservation of African cultural heritage was eye-opening and inspirational. I look forward to ALT continuing to be at the heart of similar collaborations and conversations over the years.

Also Read: Women in Tech: Interview With Elaine Wang, Cloud and Software Solutions Director for Rectron

Odunoluwa Longe, Country Director, Acceleration (West Africa) at HiiL

Biggest Success in LegalTech

My greatest success is seeing the entrepreneurs succeed. Success here does not just entail in competitions but in the ecosystem as well.

What has been your biggest challenge in Legal Technology?

My biggest challenge has been finding businesses that are solving justice problems and are focused on doing the same. A lot of people do not realize that justice is beyond just legal tech, It should be more focused on people gaining access to services that actually help them solve their problems.

What motivates you to keep going?

I am motivated by the need to help entrepreneurs and see them succeed.

Please join Techlawyered to celebrate these Wonder Women of Legal Tech.

Article By: Kelechi Achinonu

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Education

African academics launch initiative to collate COVID-19 data across Africa, call for volunteers

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Dr Vukosi Marivate

Computational epidemiologist and Assistant Professor of Global Health at Boston University Dr Elaine Nsoesie and University of Pretoria Senior Lecturer in the Department of Computer Science Dr Vukosi Marivate have launched an initiative to collate Covid-19 data across Africa and are calling for volunteers to join the project.

The first confirmed case of COVID-19 in Africa was reported in Egypt on 14 February. The patient was a Chinese national who had recently arrived in Cairo. As of 27 March, more than 2,400 cases have been reported across Africa. South Africa, Egypt and Algeria have the highest number of cases – 927, 495, and 367 cases, respectively. Most African countries are reporting new cases every day.

Earlier this year, a group of epidemiologists led by Dr. Moritz Kraemer at Oxford University started collating data on the epidemic in China. This effort has grown to include contributions from around the world.

As part of this global effort, Dr Nsoesie and Dr Marivate have put together a team of more than twenty volunteers from across Africa to develop an open dataset of cases as they are reported.

Dr Elaine Nsoesie

The dataset includes patient demographics, date of diagnosis, location, symptoms, travel history, source of information and other necessary information. The location data is at the city, town or village level, and does not include household geographical coordinates so as to preserve individuals’ privacy.

The initiative obtains the data from official sources such as the World Health Organisation, Ministries of Health and Africa CDC, as well as unofficial sources like online news sites.

Also Read: Ensuring that Hunger does not Kill more people than COVID-19 in Africa

These data have many uses. It can help us understand the spread of the SARS-COV-2 in Africa, epidemiological characteristics of cases and how it compares to reports in other parts of the world. The data can also be used in models to study the impact of various interventions, such as social distancing and for making recommendations on resource allocation.

For example this dashboard developed by Dr Marivate and colleagues provides a picture of COVID-19 in South Africa, based on currently available data.

The data collation initiative is calling for more volunteers who can help in collating data. Data collation can be a tedious effort for a few people, but many contributors will make the task easier. Those interested in joining this effort can send an email to [email protected] and also look at Github Repo for additional instructions.

The initiative is also looking to support data collection efforts by Ministries of Health (MoH) in Africa by connecting them with volunteers in Africa. Volunteers with technical and public health expertise can support the collection, organisation, and visualisation of relevant data on MoH websites. The rapid increase in new cases is putting a significant burden on the health ministries and impacting the reporting of data. This is understandable because MoHs are addressing multiple challenges at this time – including tracking, testing, and quarantining cases – while implementing social distancing and other public health measures to control the local epidemics.

“We want to encourage everyone to follow the advice of public health experts and clinicians who are dedicating their time and lives to fighting this pandemic in Africa. Stay safe and healthy,” said Dr Nsoesie and Dr Marivate.

About Dr Elaine Nsoesie and Dr Vukosi Marivate

Elaine Nsoesie is a Computational Epidemiologist and Assistant Professor of Global Health at Boston University. She was born and raised in Cameroon. You can contact her by email at [email protected] or Twitter: @ensoesie.

Vukosi Marivate is the ABSA UP Chair of Data Science and a Senior Lecturer in the Department of Computer Science, University of Pretoria. He leads the Data Science for Social Impact research group. Vukosi is also a visiting Principal Data Scientist at Council for Scientific and Industrial Research, South Africa. You can contact him by email [email protected] or Twitter @vukosi.

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Health

Afya Rekod, Kenyan healthtech startup launching AI consumer data driven platform to curb Corona pandemic

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Afya Rekod Founder and CEO, John Kamara (Source: Afya Rekod) 

Afya Rekod, a Kenyan health tech startup is sprinting to launch its artificial intelligence (AI) and Blockchain built consumer driven health data platform amidst the corona virus pandemic in support of global efforts to curb the disease by providing a portal for people across the world to store their health data in real-time, with a special focus on Covid-19.

The advanced system, which was built to help users store their own health data, access health information and connect to health service providers, was set to launch at the end of July 2020.

Also Read: Women in Tech: Interview With Anna Collard, Founder Popcorn Training – A KnowBe4 Company

The founder and CEO of Afya Rekod John Kamara stated: “Afya Rekod is a medical data storage platform that allows patients to store their health records, the medication they take as well as keep journals of their statuses and that of their kids and families. The platform is AI driven and uses various AI modules to help detect abnormalities, detect early out breaks and monitor mobility and evolution of diseases via timely data analytics.”

“Africa and most of the third world countries have limited doctors and access to healthcare services. Lack of patient data in real-time makes the problem even more damaging to both patients and health-service providers across the continent. Over 65% of Africans live in rural communities that are not connected and are off-grid in terms of access to healthcare services. This is the problem we are trying to solve,” explained Kamara.

The ongoing Covid-19 pandemic has shown the world once again that centralised health management systems that rely solely on people walking into a health facility are not sufficient. The world also needs decentralised systems that enable people to update their own records anytime, anywhere in multi-formats.

One of the critical issues affecting the world during emergencies like this includes inefficiency that leads to untimely deaths due to lack of or limited data, scanty access to healthcare services, unverified information and delayed responses among other things.

“We are fast tracking to launch the platform four months ahead of its time to enable the world to capture real-time data that will heat-map areas where the Corona infections are growing and monitor the growth in real-time by collecting user-generated information from millions of users across multiple geographic locations to allow for sufficient data analysis in support of the global efforts to curb the disease,”

“Afya Rekod comes are a crucial time when the world is experiencing one of the biggest pandemics of its generations and we need to monitor the movement and evolution of the virus closely to determine the changing nature of symptoms among other things,” further stated Kamara.

The growing digitisation of healthcare at a time when the world is required to isolate provides an unprecedented opportunity for the world to come together and unite in efforts.

Afya Rekod is currently in discussions with various entities across governments and developing partners to explore how their efforts can be accelerated urgently for Covid-19.

The platform presents a unique ability to address critical emerging health needs as it has a differentiated product that is centred around the most important entity in a health equation – the individual or person – which presents a rapidly growing opportunity to launch an AI engine that solves and helps the world prevent the spread of global pandemics like Covid-19.

Visit: Afya Rekod

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