Jobs/Appointments
Interswitch Addresses Nigerian ‘Brain-Drain’ Narrative
The exodus of talent from developing economies known as the ‘brain-drain’ syndrome remains a critical issue of concern, affecting not only the human resource development index of these economies but also cascading into numerous additional multiplier effects that militate against socio-economic growth and development.
It appears the trend of highly-skilled Nigerian professionals from diverse fields, notably in sectors like health, technology and education, leaving the shores of the country for Europe, America and Canada in search of greener pasture is accentuating almost on daily basis.
Companies in the technology innovation space in Nigeria, especially fintechs and banks are witnessing an increasing trend in which the prime of our software engineering talent are being head-hunted and recruited by the best companies in the world, then herded off to North America, Middle East, Western and Eastern Europe, with attractive and widely unmatchable employment offers. Ironically, the bulk of these young men and women attended Nigerian universities and have been nurtured by local fintechs to the level where they’re able to comfortably compete with the best from anywhere in the world, and as such appear attractive to these foreign technology enterprises.
According to a recent feature published by Quartz Africa, the exodus follows a decade of triumphs for the ecosystem which has recorded several startup and tech hub launches and attracted hundreds of millions of dollars in investment. The report interestingly highlights that while Lagos is the most valuable of Africa’s biggest tech ecosystems, it is also the least lucrative for software engineers, drawing comparisons between earnings of developers in Lagos against elsewhere and estimating that software engineers in Lagos earn around $5,000 less annually – a shortfall which is very likely causing many to seek higher-paying opportunities elsewhere.
For the Interswitch Group, it has become a case of seeing the glass as half-full, rather than being despondent, as far as the situation is concerned. With a view to not only promote the study of STEM (Science, Technology, Engineering and Mathematics) in Nigeria, but also to consciously re-frame the narrative around the issue of brain-drain of talented Nigerians to other markets, Interswitch recently recruited a number of Software Engineers to participate in a six-month internship programme at the organization. According to the company, this vision draws analogies from the renaissance that Nigeria has witnessed, notably in the entertainment sector (i.e. music and movies), which have boomed in recent years on the strength of the sheer resilience and sprit of enterprise of Nigerians, without a necessary dependence on government intervention.
These young Nigerians, who are currently being trained under the Interswitch Internship Programme, were selected through a careful process after a widespread call was made for newly graduated software engineers to apply. The six-month intensive training will be focused on teaching the graduates basic engineering theories as well as real – life application and is designed to be an ongoing effort.
Founder and Group Chief Executive Officer at Interswitch, Mr Mitchell Elegbe, shed light on the company’s determination to ensure that these graduates develop into great engineers who can not only contribute to the growth of the local economy but can also go on to compete in the global tech marketplace, with potential benefits that would accrue to Nigeria, their home country.
He said, “At Interswitch, we have a maxim that speaks to the capacity to ‘see beyond the big picture’, and that is exactly what we have chosen to do, against the backdrop of the seemingly negative sentiment around what appears to be the exacerbating loss of valuable talent to foreign markets. Instead of complaining about the problem, we are taking the “bull by the horns” and challenging the prevalent mindset.
“We strongly believe that Interswitch is well positioned to contribute to re-writing the narrative around the issue of brain-drain from Africa.
“The reality is that whilst we may not be able to contain the exodus in the short term, the onus lies on tech firms like ours to aggressively raise a new generation of talent not just to meet our own recruitment requirements, but to replenish the talent pipeline for the local industry.
“Our view is that we are in a position to champion this cause by grooming technology talent who are not only relevant within the local context but essentially also able to compete in a globalized world in which talent is in geographical flux”.
Mr Elegbe further elucidated that Interswitch recognizes fintech talent export as a trend that can positively impact the economy and indeed the future of Nigeria.
He highlights that “Many years ago, we witnessed the remarkable growth of nascent industries such as what we call ‘Nollywood’ and of course, the music industry, into what today are significant economic and reputational capital contributors capable of contributing to the nation’s economy, harnessing local skills and technologies”.
Besides being trained by the experts at Interswitch, he adds that some of the graduate interns who excel during the programme will be considered for subsequent full-time employment at Interswitch. While the others would be prepped to add value to the burgeoning wider technology and entrepreneurship landscape in Nigeria, others may be inclined to choose to expose themselves to opportunities on the global scene.
These opportunities offer some latent, currently overlooked but highly feasible benefits to the Nigerian economy, including a potential to boost the trend of international remittances into the country with obvious positive economic impact.
Interswitch interestingly takes a view that the “brain drain” trend should not be an indicator of doom as the world is invariably starting to recognize that Nigeria has a talent pool of tech-savvy workforce who can contribute to this fast evolving and growing global economy.
Commenting on the academy and internship programme, Babafemi Ogungbamila, Group Chief Information Officer at Interswitch further volunteers that “At Interswitch we believe that the exposure that these young men and women will have would augment their commendable effort at self-investment, with a view to becoming best-in-class developers and architects.
“These young people will represent the next generation of fintech entrepreneurs who after their stints abroad/ or during their stints abroad will build the next amazon, google or whatever will change the world 3-5 years from now. We have a unique opportunity to globally brand Nigeria as the source of uniquely qualified computing expertise and with time, the home of technological ingenuity.”
Babafemi further said, “The interns will spend the first three months with Interswitch, learning the theoretical application of software engineering. This will be more of a classroom arrangement, but the next three months after that will be spent gaining hands-on work experience in engineering and software development.
“In line with our company culture, we do not just want to train young people, but we want to equip them with those skills and experiences that will make them software engineers who can compete favourably with their counterparts globally.
“Our Human Resources department, together with the Technology group, are working hard to ensure these fresh graduates are developed not only to become great engineers but also to integrate relevant work-place readiness skills that are critical in the dynamic contemporary context of the world we currently live in, and this is going to be an ongoing initiative.”
For Interswitch Group, the leading Pan-African digital payment solutions providers, the internship programme is geared at creating a positive net-effect by training more individuals in software engineering, thereby helping to stabilize talent locally in fintech (in view of the exodus to other markets), thereby driving national development.
This is one of the ways the organization hopes to contribute to the reduction of the high rate of unemployment in the country, having consistently embarked on sustainable social responsibility projects; a case in point being the ongoing InterswitchSPAK which is geared towards the promotion of interest in STEM studies for senior secondary students in Nigeria.
By Adedapo Adesanya
The Central Securities Clearing System Plc (CSCS) has announced the appointment of Mr Shehu Yahaya Shantali as its new Chief Executive Officer (CEO), effective January 1, 2026, subject to regulatory approval.
Mr Shantali will succeed Mr Haruna Jalo-Waziri, who will step down after an eight-year tenure, where he contributed significantly to advancing Nigeria’s capital market infrastructure.
During his tenure, Mr Jalo-Waziri provided visionary and results-driven leadership that delivered sustained growth and far-reaching transformation across the organisation.
He led the successful execution of critical strategic initiatives, strengthened governance and operational effectiveness, and modernised the company’s systems and processes, positioning the organisation for long-term resilience and competitiveness.
His leadership significantly enhanced stakeholder confidence, deepened the organisation’s market relevance both domestically and internationally, and established a strong, future-ready foundation for continued success.
Commenting on the appointment, the Chairman of the CSCS board, Mr Temi Popoola, said: “On behalf of the Board, I would like to express our profound appreciation to Haruna Jalo-Waziri for his outstanding service to CSCS. Under his leadership, the company recorded notable milestones and built an impressive legacy of operational excellence, innovation, and stakeholder confidence. We thank him sincerely for his dedication and impact.
“We are equally delighted to welcome Shehu Shantali as the new Chief Executive Officer of CSCS. He brings a wealth of experience, deep industry knowledge, and a strong strategic vision. The Board is confident that he will build on the solid foundation laid by his predecessor and lead the Company into its next phase of growth.”
Mr Shehu Yahaya Shantali holds a Bachelor of Science degree in Accounting from Ahmadu Bello University, Zaria, and an Executive MBA from Kingston Business School. He has over two decades of experience in accounting, finance, and financial services across Nigeria and the United Kingdom, with expertise spanning investment and asset management, financial advisory, and International Financial Reporting Standards (IFRS).
His career cuts across capital markets, investment banking, real estate, and financial services, and is underpinned by a decade at the Securities and Exchange Commission (SEC) Nigeria, where he championed the migration of publicly listed and significant public interest entities from Nigerian GAAP to IFRS and led the Commission’s transition to the contributory pension scheme in 2012.
Mr Shantali has built deep experience in financial inclusion, digital financial infrastructure, and the development of scalable, market-wide platforms that expand access to regulated financial services. As Managing Director and Chief Executive Officer of Apricot Investments Limited, he led the development of the MicroWorld platform, enabling the distribution of structured financial products, including micro-health, micro-pension, micro-housing, micro-insurance, and micro-investment solutions.
Earlier in his career, his team developed Nigeria’s first contactless payment solution, and he played a pioneering role in POS-based agency banking and early mobile-money interoperability on the NIBSS NIP platform, supporting efficient payments, settlement, and system-wide connectivity.
Reflecting on his tenure, the outgoing CEO, Mr Jalo-Waziri, stated: “It has been an honour to serve as the Chief Executive Officer of CSCS. I am proud of what we have achieved together as a team and grateful for the support of the Board, management, regulators, and all our stakeholders. I am confident that CSCS is well-positioned for the future, and I wish my successor every success as he takes the company forward.
In his remarks, the incoming CEO, Mr Shantali, said: “I am deeply honoured by the confidence the Board has placed in me with this appointment. CSCS plays a critical role in Nigeria’s capital market ecosystem, and I look forward to working with the Board, management, staff, regulators, and market participants to strengthen the Company’s leadership position further, deliver value to stakeholders, and support the continued growth and stability of the capital market.”
In a statement, CSCS Plc commended Mr Jalo-Waziri for his contributions to enhancing the company’s operational capabilities and fostering market development during his tenure with the organisation.
The company reaffirmed its commitment to upholding the highest standards of corporate governance, operational excellence, and stakeholder engagement as it continues to support the Nigerian capital market.
By Adedapo Adesanya
President Bola Tinubu has approved the reconstitution of the board of the Nigerian Electricity Regulatory Commission (NERC), following the Senate’s confirmation of its members on December 16.
This was disclosed in a statement released by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
He noted that the board is chaired by Mr Musiliu Olalekan Oseni, who started his service as a Commissioner in January 2017. He was subsequently appointed Vice Chairman of the commission.
His appointment as Chairman took effect from December 1, 2025, and shall subsist until the completion of his ten-year tenure at the commission, in accordance with the provisions of the Electricity Act, 2023.
Mr Yusuf Ali is now the Vice Chairman. He was first appointed as a Commissioner in February 2022. His designation as Vice Chairman took effect on 1 December 2025 and shall remain in effect until the completion of his first term.
The others are; Mr Nathan Rogers Shatti — Commissioner. He is serving a second term as commissioner. He was first appointed in January 2017.
Mr Dafe Akpeneye — Commissioner. He is serving a second term, having been first appointed as a Commissioner in January 2017.
Mrs Aisha Mahmud Kanti Bello — Commissioner. She is serving her second term, having been first appointed as a Commissioner in December 2020.
Mr Chidi Ike, PhD— Commissioner. He is serving his first term, having been first appointed as a Commissioner in February 2022.
Mr Fouad Animashaun, PhD — Commissioner. He is serving his first term, effective December 2025. He is an energy economist with extensive experience in the Nigerian power sector and most recently served as Executive Commissioner and Chief Executive Officer of the Lagos State Electricity Regulatory Commission.
President Tinubu charged the board members of NERC to deepen and consolidate the ongoing transformation of Nigeria’s power sector, in strict alignment with the letter and spirit of the Electricity Act, 2023.
By Adedapo Adesanya
The chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, has resigned alongside his counterpart at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe.
Based on the development, President Bola Tinubu has asked the Senate to confirm new chief executives for the two agencies.
The President’s request was contained in separate letters to the Senate on Wednesday, according to a statement signed by Mr Bayo Onanuga, the Special Adviser to the President on Information and Strategy, late on Wednesday.
Both officials were appointed in 2021 by former President Muhammadu Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).
To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Mrs Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Mr Saidu Aliyu Mohammed as CEO of NMDPRA.
Mr Ahmed’s resignation comes amid a high-profile conflict with businessman, Mr Aliko Dangote, who alleged that the NMDPRA chief and his family were living beyond their legitimate means, citing millions of Dollars allegedly spent on overseas schooling for his four children.
Mr Eyesan, a graduate of Economics from the University of Benin, spent nearly 33 years with the NNPC and its subsidiaries. She retired as Executive Vice President, Upstream (2023–2024), and previously served as Group General Manager, Corporate Planning and Strategy at NNPC from 2019 to 2023.
Mr Mohammed, born in 1957 in Gombe, graduated from Ahmadu Bello University in 1981 with a Bachelor’s in Chemical Engineering. He was announced today as an independent non-executive director at Seplat Energy.
His prior roles include Managing Director of Kaduna Refining and Petrochemical Company and Nigerian Gas Company, as well as Chair of the boards of West African Gas Pipeline Company, Nigeria LNG subsidiaries, and NNPC Retail.
He also served as Group Executive Director/Chief Operating Officer, Gas & Power Directorate, where he provided strategic leadership for major gas projects and policy frameworks, including the Gas Masterplan, Gas Network Code, and contributions to the Petroleum Industry Act (PIA).
He played a pivotal role in delivering key projects such as the Escravos–Lagos Pipeline Expansion, the Ajaokuta–Kaduna–Kano (AKK) Gas Pipeline, and Nigeria LNG Train.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn