Nigeria yet to fully harness tech innovations to address fraud in real estate, business sector — Expert

An information technology (IT) expert and team lead of the TechSummit Ogun 2022, Olaniyi Ayoola, has noted that the country is yet to fully harness technological innovations in addressing the challenges of fraud in the business sector.

Ayoola, who is Chief Executive Officer of VerveTree hub, who spoke at a press conference heralding the 5th edition of the annual summit said technology, if fully harnessed, would curb fraud in the real estate sector and improve the nation’s democracy.

He noted that Minister of Communications and Digital Economy, Ali Isa Pantami, would address the summit tagged “Disruptive Innovation: Production and Distribution of Creative Content” as a keynote speaker.

Nigerian Tribune had earlier reported that the summit scheduled for February 16 and 17, 2022 would attract no fewer than 2000 tech enthusiasts and innovators across the country.

He further stated that internet fraudsters popularly called yahoo boys are tech-savvy Nigerians whose energy and intelligence can be harnessed to develop the country.

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“Check all these small (tech) companies coming up, they are owned by young people. It is the same amount of time that they use in making legal money in tech that those making illegal money also use,” he said.

Ayoola further said that technology can improve and grow the nation’s Gross Domestic Product (GDP), while attributing the failure to fully harness its advantages to fear or insecurity of government in implementing tech-focussed policies.

“For instance, Digital Addressing Platform (DAP), is being worked on and if this is properly integrated, it is going to solve a lot of problems and increase the GDP as a nation, but some elements are trying to frustrate that process because if it is implemented, it will bring transparency into almost everything we do as a nation. It will tell you where everybody lives, what they do and their environment because it is going to link addresses with mobile numbers now that mobile numbers have been linked to NIN; NIN linked to BVN, etc.

“So, there is no way you can thrive as a fraudster or a corrupt citizen if digital addressing is properly implemented. Why is Nigeria not looking at such innovations in addressing real estate, businesses, etc? You will find out that, people are not sincere in taking advantage of technology in improving their livelihood.

“With the platform, we don’t need census officially, because if it is properly administered, it will improve everything including our electoral system, health system, security, etc. And will also block all loopholes in governance and processes,” he said.