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Nigerian Tech Entrepreneur, Mitchell Elegbe Joins Global Jury for Prestigious EY World Entrepreneur of the Year Awards in Monaco

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Mitchell Elegbe, the Founder and Group Managing Director of Interswitch Group has been appointed into the global jury of the Ernst & Young (EY) World Entrepreneur of The Year Awards, which takes place annually in June in Monte Carlo, Monaco, France.

According to EY, the World Entrepreneur of the Year Hall of Fame is an elite corps of men and women who have been recognized for their exceptional entrepreneurial achievements.

For 38 years, since 1986, EY has been celebrating ingenuity through the Entrepreneur of the Year program. The program has recognized more than 10,000 outstanding entrepreneurs for their vision, innovation, courage, and leadership in building and growing successful businesses — businesses that influence the way people live, the products and services we depend on, and the economic vibrancy of our local communities and global markets.

In June 2023, Elegbe, alongside 48 other accomplished entrepreneurs from 45 countries across the world were inducted into the 2023 WEOY Hall of Fame With Interswitch’s Elegbe holding the unique distinction of being the only black and African global finalist and inductee into the coveted hall of fame, as well as the only entrepreneur in the 38-year history of the awards to have won in both the emerging and master categories at various times in their region (West Africa).

For the 2024 edition, he was invited by EY’s global leadership to join the global jury being 1 of 9 former finalists who form the judging committee for the 2024 global awards of the initiative, holding this week in Monte Carlo, Monaco. The 2029 jury is made up of entrepreneurs drawn from Argentina, Australia, Belgium, India, Poland, Nigeria (Elegbe), The United Kingdom, The USA and South Korea.

Elegbe is widely regarded as one of the pivotal architects of Nigeria’s payment innovation revolution, and has gained acclaim globally for his contributions as an exceptional African entrepreneur, who has contributed in no small measure to the economic development of Nigeria and Africa as a whole, having distinguished himself in business leadership and technology development.

A multiple award-winning professional and a renowned business leader in the Information Technology and Financial Services industry, he has won several awards, some of which include Harvard Business School Association (Nigeria) Leadership Award in the General Management Category; African Banker Awards 2019 as the African Banker Icon; CNBC/Forbes All African Business Leader (AABLA) Awards for West Africa as well as Financial Technology (Fintech) Africa Awards, Payments and Transfer category in 2016, among other deserving recognitions.

He is also a Bishop Desmond Tutu Fellow of the African Leadership Institute, an Endeavor Entrepreneur and also a member of the Board of Endeavor in Nigeria.

Mitchell Elegbe founded Interswitch in 2002 to provide a solution to problems associated with payments in Nigeria and has since led the company to consolidated growth as a leading payment and digital commerce company that helps to build and manage payment infrastructure and provides robust technology-based solutions to individuals, financial institutions, and governments across Africa.


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E-Business

NDPC to Impose Heavy Fines on Defaulting Data Processors, Controllers this Year

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Nigeria Data Protection Commission (NDPC) has announced plans to significantly ramp up enforcement and impose substantial fines on data controllers and processors that violate the Nigeria Data Protection Act (NDPA) of 2023.

NDPC to Impose Heavy Fines on Defaulting Data Processors, Controllers this Year

Vincent Olatunji, national commissioner/CEO. NDPC

This was disclosed by Dr Vincent Olatunji, national commissioner/CEO of the Commission, in a video message outlining the Commission’s 2025 agenda, shared on the agency’s social media platforms.

A statement issued by the Communications Division of the Commission on Friday quoted Dr Olatunji as saying that, “For data controllers and processors, there is going to be massive enforcement. We have never really issued any fine, but going forward, you’ll hear us giving heavy penalties.”

He assured Nigerians that their data rights, as guaranteed by the NDPA, will be fully protected, and defaulting data controllers and processors will face strict consequences.

The Commissioner highlighted the NDPC’s extensive engagements with stakeholders across public and private sectors to promote awareness and compliance with the Commission’s mandate.

The efforts, he said, have resulted in the signing of Memorandums of Understanding (MOUs) with key organisations, including the National Insurance Commission (NAICOM), National Lottery Regulatory Commission (NLRC), the Data Privacy Office of Canada, and the Dubai International Financial Centre Authority (DIFC), among others.

Dr Olatunji also shared that the NDPC will advance to the second phase of its Strategic Roadmap and Action Plan (NDP-SRAP 2023-2027) in 2025.

This phase is expected to create job opportunities within Nigeria’s data protection and privacy ecosystem, particularly for young people.

The Commission has been actively training Nigerians in data protection and privacy, creating a pool of globally competitive experts within the data protection sector in 2025.

“There are a lot of data controllers and processors that are looking for people to work with them. Now those that we have trained in 2024, those we have certified, we are going to do more this year to actually launch them to the job market where they can really work with data controllers and processors,” he said.

Additionally, the NDPC will continue nationwide efforts to promote data protection awareness.

The Commission aims to educate citizens about their rights and the importance of data privacy while reminding data controllers and processors of their obligations under the NDP Act.

Dr Olatunji emphasised that these initiatives are part of the broader goal to embed a culture of data protection and privacy in Nigeria.

As part of its international engagement efforts, Nigeria will host the “Network of African Data Protection Authorities Conference” in May 2025, with over 40 nations with existing data protection laws expected to attend.

According to Dr Olatunji, this global event will position Nigeria as a leader in the data protection ecosystem, and bring significant economic benefits to the country.

The NDPC reiterated its commitment to ensuring data protection and privacy become integral to Nigeria’s digital landscape, building trust and fostering economic growth, the statement added.


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E-Business

NIPOST Reports 275 Percent Revenue Growth in 2024

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Nigeria Postal Service (NIPOST), achieved a 275 percent increase in revenue for the year 2024, according to Tola Odeyemi, postmaster general.

NIPOST Reports 275 Percent Revenue Growth in 2024

At the beginning of the year, NIPOST set an ambitious target of generating N10 billion in revenue.

Although specific figures for the end of the year were not disclosed, the reported increase suggests a significant recovery for the postal service, which had previously faced consistent decline.

Odeyemi, who made the disclosure while listing NIPOST’s achievements for the year recently, attributed the growth to a series of reforms aimed at enhancing service quality and eliminating revenue leakages

The NIPOST boss detailed the steps taken to boost revenue, noting the implementation of Point of Sale (PoS) terminals in high-transaction areas, which has streamlined payment processes and improved customer experience.

She said, “One of the major achievements for us in 2024 has been a 275% increase in revenue from 2023. We achieved this by plugging a lot of the revenue leakages that we have by deploying PoS terminals for payment in our high transaction areas, as well as ensuring that our quality of service goes up.”

Looking ahead, Odeyemi outlined NIPOST’s plans to sustain this growth trajectory.

She said the organisation has embarked on renovations and upgrades of key locations in Abuja, Lagos, and Kaduna, alongside enhancements to the Postal Institute, which is central to the agency’s change management initiatives.

Furthermore, she stated that NIPOST is gearing up for several major developments in 2025, including the rollout of a national addressing system and digital postcode services, specialised logistics for agriculture and healthcare, and a relaunch of its financial services.

“There will be infrastructure upgrades, which will take place across the Federation and there will be an increase in access to government services through your local NIPOST location,” she said.


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Firm Unveils Drop App to Revolutionize E-hailing in Nigeria

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Sure Switch Tech, a technology company, has unveiled the Drop App, a ground-breaking e-hailing platform designed to empower drivers and passengers in Nigeria.

The Co- Founder who doubled as the Chief Executive Officer of Sure Switch Tech, Ugbah Chukwuma, during the unveiling in Abuja, disclosed that Drop App is an innovative online motor park that connects drivers and passengers directly, allowing them to negotiate terms and travel with ease and confidence.

Chukwuma noted: “What sets the Drop App apart is its driver-first approach, which ensures that drivers keep more of their earnings, saying Drop App is built for convenience, affordability, and empowerment.  The app provides a low-cost, high-reward platform for drivers and a reliable and flexible service for passengers.”

According to him, “we understand the challenges that many Nigerian drivers face, and we designed the Drop App to provide real solutions. We are committed to driving innovation, empowering communities, and creating platforms that prioritise fairness and opportunity for all.

He further explained that Sure Switch Tech is a leading technology company dedicated to creating innovative solutions that empower communities and drive growth, stating.

“Today, we launched the Drop app, a platform that redefines e-hailing and transportation in Nigeria. At Trust Tech Limited, we are committed to creating technologies that address existing challenges and empower the communities we serve.

“The Drop app is more than just an e-hailing app; it’s an online motor park, a digital hub where drivers and passengers can connect directly, negotiate terms, and travel with ease and confidence.

“What sets Drop apart is its driver-first approach. We don’t refer to drivers as drivers; we call them our partners. We’ve chosen a different path, where no commissions are deducted from drivers’ earnings. Drivers get 100% of their earnings and pay only a flat rate of N500 for 24-hour service on our platform.

“Another key feature of Drop is the freedom for drivers and passengers to negotiate ride prices directly. We ensure transparency, fairness, and mutual agreement. The Drop app is built for convenience, affordability, and empowerment.

“It enables drivers to scale their business and support their families. For passengers, it’s a low-cost, high-reward platform that guarantees value for money. It’s a reliable, flexible service that accommodates their preferences and budget.”


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