Some Nigerian Youths See Betting As a Form of Investment—Statisence CEO

By Aduragbemi Omiyale

The chief executive of Statisense, Mr Femi Bejide, has pointed out that some Nigerian youths see betting as a form of investment and are deterred from entering the capital market due to its elitist disposition and tedious onboarding process.

Speaking at an event organised by the Nigerian Exchange (NGX) Limited, he tasked regulatory agencies to design a framework to enable banks, and fintech firms to allow trading on their platforms.

“We need to get Ada and Adamu on the street into the capital market. There are about 50 million of them. This is one of the biggest ways to boost the market.

“I feel that the information coming out of the capital market is bulky, elitist and we have to transition to something granular. Using a combination of AI and other platforms, we can simplify and ensure the onboarding process is easier,” he stated.

“We need to open up the market because there are a lot of platforms and those things are already happening with no regulations. The USSD launched a few weeks ago is important and we need to take the market to them. The market is big but it can be bigger,” Mr Bejide added.

Also, speaking, the founder of AI In Nigeria, Mr Dotun Adeoye, warned that Artificial Intelligence was not a magic bullet to solve all problems as it needed to be localised for better results.

“AI is not a magic bullet. The NGX is not going to be the first at AI adoption, so there are lessons to be learnt. We will need to localise AI for use in Nigeria,” he posited.

On his part, the Chief Digital Officer of the NGX, Mr Olufemi Oyenuga, agreed that stakeholders across the technology sector and capital market should collaborate on how to foster growth in the market with the use of AI and analytics tools.

He said the bourse was exploring the applications of AI and the Big Data landscape to “reposition the capital market as a driver of sustainable economic growth for Nigeria.”

On her part, the Divisional Head of Business Support Services and General Counsel at NGX, Ms Irene Robinson-Ayanwale, stated that, “At NGX, our unwavering commitment to investing in state-of-the-art technology is driving us forward.

“We are catalysing the big data and AI revolution, adapting to the fast-changing landscape, and ensuring that technology is not just a tool but a catalyst for progress.”

In his presentation the chief executive of Intelligent Interactive Limited, Mr Temilouwa Sobowale, emphasised the importance of tracking a company’s performance on the capital market to identify the drivers, thus equipping the firm to be able to replicate a winning formula.

“If your brand does well on Mondays, you need to find out what led to the increase in share price, so you can recreate it,” he said.