News
AfDB Board Approves $170M for Investment in Nigeria’s Digital and Creative Start-ups
The Board of Directors of the African Development Bank has approved a loan of $170 million to finance a digital and creative enterprises program in Nigeria.
The investment in Digital and Creative Enterprises Program (i-DICE) is a Federal Government of Nigeria initiative promoting investment in digital and creative industries.
It is part of Nigeria’s efforts to build back better, greener, and more inclusively, to create more sustainable jobs for the teeming youthful population.
The program targets more than 68 million Nigerians aged 15 to 35 years who are recognized as leaders of innovative, early-stage, technology-enabled start-ups or as leaders of creative sector micro, small and medium sized enterprises.
The program is co-financed by the Agence Française de Développement (AFD) and the Islamic Development Bank (IsDB).
“Governments have a much greater role than just policy making. They need to be innovative and create an enabling environment that includes infrastructure and de-risking to harness private sector investments in key growth sectors,” said African Development Bank President Akinwumi A. Adesina.
The investment in Digital and Creative Enterprises Program will also support the leaders through enterprise support organizations – groups that support, train, and sometimes fund entrepreneurs – including innovation hubs, accelerators, venture capital and private equity firms.
Bank financing of i-DICE will help the Government initiative further consolidate Nigeria’s position as Africa’s leading start-up investment destination and as a youth entrepreneurship hub.
“This program is among the latest series of our operations meant to bolster the implementation of the Bank’s Jobs for Youth in Africa Strategy. Given that tech-enabled enterprises cut across all the economic growth sectors, the program’s focus on the digital sector will deepen Nigeria’s job creation efforts,” said Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.
The initiative will stimulate investments in 226 technology and creative start-ups and provide non-financial services to 451 digital technology and small and medium enterprises.
The program is expected to create 6.1 million direct and indirect jobs, of which the Bank’s financing will support the creation of about 850,000 jobs. The value added to the Nigerian economy connected to the program is estimated at $6.4 billion.
The program will boost Nigeria’s venture capital market through independently managed funds focusing on digital and creative enterprise. These funds aim to attract an initial capitalization of $433 million in private and public sector financing.
“This program will generate significant economic benefits to Nigeria,” said Lamin Barrow, Director General of the Bank’s Nigeria Country Department. “The program interventions will help respond to the challenges of youth employment in Nigeria, which could intensify without scalable interventions. I want to recognize the strong country ownership, under the leadership of Vice President Osinbajo,” he added.
The African Development Bank’s active portfolio in Nigeria comprises 57 operations across 30 public and 27 private sector operations, valued at about $4.61 billion. The i-DICE Program aligns well with the Bank’s strategic priority areas, better known as the High 5s – specifically, “Industrialize Africa,” “Improve the quality of life for the people of Africa,” and “Feed Africa.”
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
News
Egueke, Former Bank Manager Jailed for $46,900 Fraud
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
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