General News
AfriLabs Celebrates 10 Years of Empowering a Thriving Innovation Economy in Africa
Pan-African network organisation, AfriLabs, is commemorating 10 years of empowering and inspiring a thriving innovation economy in Africa.
For the past decade, AfriLabs has stayed true to its goal of supporting the growth of technology hubs and their community to raise high potential entrepreneurs that will stimulate economic growth and social development in Africa.
Founded in 2011 with 5 hubs across 4 African countries, AfriLabs has grown exponentially in the last 10 years, and the organization currently stands at over 300 member hubs across 119 cities in 50 African countries.
AfriLabs has been at the forefront of enabling innovation in Africa for the past decade, serving as a nexus point for innovation hubs across the continent, providing support to the community of rapidly evolving technology hubs through financing, mentoring, networking opportunities, and other capacity-building initiatives, to produce high-potential entrepreneurs that will positively impact the continent’s socio-economic status. Some of the key milestones recorded by the organisation in its 2020 impact report include:
- 1 million+ large community of hubs and start-ups in the African Tech Ecosystem reached and engaged in AfriLabs programmes and activities
- Influencing policy in 5 African countries
- 2,000+ members of the innovation enablers community in 56 countries and the 5 regions of Africa have been trained on how they can better support start-ups
- 1200+ stakeholders have been engaged through the Virtual Meetup Grants and 58% of these stakeholders are females
- 279,000 Euros in grants given to community members in 2020
- 212 start-ups have been supported through business development support, mentoring, funding & 78% of these start-ups are female-led
Speaking on the milestone, Anna Ekeledo, Executive Director, AfriLabs, said “The African tech ecosystem has witnessed increased levels of growth in the past few years and this growth did not happen in a vacuum.
It is largely attributed to the innovation ecosystem, particularly support systems via tech/innovation communities like AfriLabs who have played a crucial role in nurturing startups and entrepreneurs.
“We are proud to celebrate this monumental milestone and we also use this opportunity to thank our team, partners, community members and all stakeholders who have supported our vision of building a thriving innovation economy in Africa.
“As we ring in the next decade, we are excited about the future and ready to continue the work of accelerating innovation across the continent through our impactful programmes and initiatives.”
The organisation is also set to host its 2021 Annual Gathering conference, the largest convention of brilliant African innovation hub leaders and ecosystem builders on the continent.
The theme for this year’s gathering is “AfriLabs at 10: A Decade of Empowering and Inspiring Innovation across Africa” and is scheduled to hold in Abuja, Nigeria from 25th – 27th October 2021.
The event will provide a unique opportunity for players in the innovation community – ranging from hubs, start-ups, academia, investors, corporate organizations, and development agencies – to convene, network, and share knowledge on driving innovation across the continent.
“The 2021 AfriLabs Annual Gathering is special to us as it coincides with AfriLabs 10th anniversary. Looking back at all we have accomplished in this past decade, we are so proud of our contributions to the development of the Innovation Ecosystem in Africa, and this edition provides an opportunity to spotlight the remarkable growth the African Ecosystem has witnessed over the years,” added Anna Ekeledo.
Towards the 2021 Annual Gathering, AfriLabs has also partnered with organizations that share a combined vision to propel the African innovation ecosystem including GIZ Make-IT, Mozilla, Honoris United University, and Liquid Intelligent Technologies.
Due to Covid-19 restrictions across the globe, the AfriLabs Annual Gathering will be a hybrid event and interested participants can register here.
Nigeria Customs Service (NCS) is set to introduce an electronic declaration system to streamline and enhance compliance for travelers carrying cash into or out of Nigeria.
Speaking in an interview with the News Agency of Nigeria (NAN) in Abuja, Abdullahi Maiwada, NCS spokesperson, emphasized that the initiative aligns with efforts to strengthen Nigeria’s anti-money laundering framework and reinforce financial regulations.
“The Nigeria Customs Service (NCS) has announced the deployment of an Electronic-Currency (E-Currency) declaration form as part of its anti-money laundering measures for travelers carrying cash into and out of Nigeria,” NAN reported. The system will require travelers carrying amounts exceeding the legal threshold to declare them before arrival or departure.
Maiwada further explained the process, stating, “We have developed a system where, even before leaving your point of origin, you can scan a QR code, access the form, fill it out, and we will be able to see it from here.”
He noted that the initiative, set for rollout soon, will enhance monitoring and facilitate information sharing with relevant authorities.
Under the Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the NCS Act 2023, travelers carrying over $10,000 (about N15.4 million) or its equivalent in negotiable instruments must declare the funds to Customs authorities.
To boost awareness, the NCS is working with airline operators to inform travelers through onboard announcements and plans to reinstate signage at airports and border points in English and French.
The move comes as part of broader efforts to tighten financial controls following a recent case at the Murtala Muhammed International Airport (MMIA), where Customs officials seized $578,000 from a passenger attempting to evade currency declaration regulations.
General News
Aquaterra Energy Secures Multi-million-dollar well Intervention Contract with Intrepid Energy in Nigeria
Aquaterra Energy, a leader in offshore engineering solutions, has secured a multi-million-dollar, multi-year contract with Intrepid Energy Limited (IEL) to deliver a bespoke subsea well intervention equipment package for a project in Nigeria.
Aquaterra Energy’s turnkey well access package will enable IEL to conduct intervention operations across multiple mature oil wells in the region, supporting enhanced reservoir production.
The contract includes the supply of a complete seabed-to-surface intervention system and package, spanning from the subsea tree to surface intervention equipment.
Key components include Aquaterra Energy’s TRT tieback tooling, which provides production bore and annular access, a lightweight well pressure control system, and an ISO 13628-7 qualified open water intervention riser with an integrated tensioning system. In addition to equipment provision, Aquaterra Energy will also deliver ongoing offshore engineering support throughout the project.
The 7- 3/8” lightweight well access solution, has been specifically engineered for deployment from jack-ups and lift boats. This innovative approach offers a cost-effective and operationally efficient alternative to floating vessels, reducing intervention costs while maintaining high safety and performance standards.
Andrew McDowell, Delivery Director at Aquaterra Energy comments: “Our expertise in offshore engineering allows us to develop tailored intervention solutions that address the operational challenges of subsea well access.
This system has been engineered for efficiency, ease of deployment, and safety, helping IEL optimise intervention activities across Nigeria while reducing costs. By delivering a complete, integrated package, we are simplifying complex operations and enabling operators to maximise production potential.”
Engr Seun Alonge, CEO at Intrepid Energy Limited adds: “Working with Aquaterra Energy marks a significant step forward for our intervention operations in Nigeria. Their specialised technology enhances our ability to execute intervention programmes efficiently, maximising performance across our assets.
By combining Aquaterra’s technical expertise with our deep understanding of the local operating environment, we’re confident this collaboration will enhance production outcomes and create lasting value for our operations in the region.”
The project is set to support intervention operations over multiple years, with Aquaterra Energy providing ongoing technical expertise, with a dedicated team of engineers providing ongoing service support throughout the project.
George Morrison, CEO at Aquaterra Energy: “Delivering reliable and efficient well access solutions for shallow water subsea operations is central to how we support offshore operators.
This collaboration with IEL reinforces our commitment to providing cutting-edge engineering solutions that enhance efficiency and reduce operational costs. With West Africa playing an important role in the global energy sector, we’re proud to continue supporting its offshore industry with our expertise and innovative technologies.”
Federal government has temporarily suspended the controversial annual dues imposed on public interest enterprises by the Financial Reporting Council (FRC) after fierce opposition from businesses.
Jumoke Oduwole, minister, Industry, Trade, and Investment, announced the decision during a Ministerial Consultative Meeting in Abuja on Wednesday.
The move follows mounting pressure from private sector groups, including the Nigeria Employers’ Consultative Association (NECA) and the Manufacturers Association of Nigeria (MAN), who slammed the Financial Reporting Council (Amendment) Act 2023 for burdening companies with excessive fees.
The Act mandates cumulative annual charges for non-listed entities and imposes a harsh 10% monthly penalty on unpaid dues, compounding until full payment, a provision that sparked widespread backlash.
At the meeting, major industry players like NECA, MAN, the Nigerian Association of Chambers of Commerce (NACCIMA), oil producers, and telecom operators warned that the fees would cripple businesses already struggling in a tough economy.
Oduwole clarified the suspension, stating, “The government has decided to direct the Financial Reporting Council to pause in the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today.”
She assured stakeholders that the halt would last no longer than 60 days, with a technical working group—including FRC officials and private sector representatives—set up to reassess the policy.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate. We are going to set up a technical working group comprised of the FRC and the organised private sector who have formally written in, and this will be reviewed,” Oduwole emphasized.
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