REFLECTIONS- 28 FEBRUARY

THIS IS REFLECTIONS, our weekly roundup of events in the legal and technology sector, covering various topics and interesting learning points for today’s professionals.

If you couldn’t make an event, don’t worry, we probably made it and have all the juicy scoop for your reading pleasure and learning.

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ESG TRENDS IN AFRICA

Ernest Muller delivered an introduction on ESG, He stated that ESQ is a new phenomenon, he mentioned that some events have changed our perspective as business now focus on not just making profit but also on sustainability, it focuses on how resources such as humans and natural resources by a business must not just think about profit when engaging in activities, they must also think about the sustainability of the working environment.

DAYO ADU

On what ESG means and represents, he stated that ESG means Environmental social and Governance issues, he stated that it is relatively new in Nigeria and that the Nigerian government is committed to ensuring the environment is a safe place, he stated that CAMA has a provision stating that directors of every organization is responsible for the impact of the business in the environment where they work.

The speaker noted that the climate change act states that companies should provide and have environmental officers, and that it mandates organizations to ensure low carbon emission in their work environment.

On How corporate companies and startups can leverage ESG as tools, the speaker mentions that  angel investors are quite particular about  the policies of the startups they want to invest in.
He noted that there are always environment and sustainability issues looked into by investors and that Investors are keen on Esq. policies of startups.

ERNEST Muller

On current ESG trends in Africa.

He mentioned that ESG is the law of everything, he said that it’s a new paradigm that covers sustainability.

He noted that there are some specific push and pull factors that affects trains in Africa such as a litigation actions by stakeholders e.g. consumers, class action , competitors can also act against each other also public interest groups can take actions against companies that do not have good policies.
You know that in Europe the European Union impose an obligation on companies to have good environmental policies and also give good report on the situation concerning their policies.

OHHOGHO AGIMIEN

On recent trends noted that the clamor for ESG would intensify and that there are four key things that stand out.

• Increasing stakeholders expectations for responsible environmental practices.
• There will be demand and increasing obligations for ESG reports climate-related financial information.

• There will be increase in board conversations on ESG, boards will not really want to look into the impact their businesses have on the environment.
• General uptake in shareholders ESG activism.

FINTECH, BLOCKCHAIN & SMART CONTRACTS

TIME- 1pm

DATE-  3RD MARCH 2022

The first speaker, Victoria Walker, started off by giving insights into Industrial revolution, a period of major industrialization and innovation during the late 1700s and early 1800s. The Industrial Revolution began in Great Britain and quickly spread throughout the World.

The American Industrial Revolution, commonly referred to as the Second Industrial Revolution, started sometime in 1870s and 1930s was centered around Electrification, Industrialization, and Mass production of Assembly lines.

The third Industrial Revolution (Digital Revolution) started in 1970s- Present. There has been a shift to digital electronic automation, Internet mass communication and digital social system.

The fourth Industrial Revolution presently is centered around Digital technologies, interaction, cyber-physical systems, internet of things, cloud networks.

The Four Industrial Wave Technologies

IoT

The IoT greatly improves data collection and enriched human-computer interactions.

AR/VR

AR/VR technology offers new options and possibilities for content presentation and user interaction.

Cloud Computing & Storage

Cloud computing helps enterprises achieve a qualitative leap in data storage, management and calculation.

AI

Data perfection and evolution and popularization of algorithms make business intelligence possible, in turn leading to great changes in several aspects including production, circulation and use.

Big data

In the new retail ecosystem, data is a core resource. The development of big data equals data empowerment.

The world is at the cusp of the fourth industrial wave. When an individual understands the possibilities, opportunities can be maximized.

Block chain technology works like a community ledger as a record keeper and everyone’s trusted ledger man. It is a distributed ledger of the information held by the community (aka Wallet holders) every transaction in that block chain is recorded in the distributed ledger.

Problems- Transaction

Currently, most of the payments nearly every industry is made via a third-party financial institution. We have to trust these third party institutions to act in good faith and protect our wealth, money and assets. But in certain instances, we can fall victim to technical errors, hacking, fraud and loss because of this trust.

Solution- Secure peer-to-peer transactions

With block chain, it is possible to avoid middlemen in many cases. One can send their digital payments from their virtual wallet to a recipient’s virtual wallet with the help of a set of digital keys.

Transactions are quick, secure and irreversible which makes them more advanced than habitual bank transfers

Block chain Solutions- Supply Chain

Block chain technology is seen as one of the most promising technologies for supply-chain management. It can improve assets recording, tracking, assigning, linking and sharing greatly. Block chain can facilitate the efficiency of supply chains significantly because it offers excellent security and transparency of transactions. Block chain can help document the supply chain journey of every product for better protection and transparency of every step.

Problems-Governance

Currently, the standards of identity management and voting are different across the world. It makes the voting process long, inconvenient and vulnerable. A combination of biometric technology and block chain can replace the outdated voting system.  It will make participating in elections, receiving government benefits, traveling a lot easier.

In conclusion, Humanity is taking its final examination. We have come to an extraordinary moment when it doesn’t have you or me. There is enough for all. We need not operate competitively any longer. If we succeed, it will be because of youth, truth and love’’- Buckminster Fuller.

Speakers

Victoria Walker- Consultant at Block chain Solutions Architect

Chiagozie Iwu- Chief Executive Officer, Naija crypto

Marx Ikongbeh- Principal, Everlaw Associates

Adedayo Adebayo- Managing Director, Jelurida Africa

Senator Ihenyen- Lead Partner, Infusion Lawyers