General News
Experts Call for More Collaboration within Startup Ecosystem at ThriveAgric’s Abuja Tech Converge
Agricultural technology company, ThriveAgric, has concluded the debut edition of the ‘Abuja Tech Converge – TechXcelerate’ conference held in partnership with OCP Africa, a subsidiary of OCP Group, championing sustainable farming in Africa.
The 2-day event brought together some of Nigeria’s most influential players in technology including startup founders, policy makers, ecosystem enablers and high-powered government officials, to discuss the challenges, innovations and opportunities for technology in the region.
Hosted at the Peachvine Marquee, Abuja, with more than 500 people in total attendance, industry experts discussed collaborative technology for community impact, sustainable technology and impact investing, as well as Talents: nurturing the next generation of innovators, among other content tracks.
Notable thought leaders including Akintunde Akinwande; Head, Business Development & Digital Projects for Nigeria, OCP Africa, Oluwatomi Ayorinde; CEO, Payforce by FairMoney & Cynthia E. Chisom; VP, Ecosystem & Venture Labs, Spark Africa HQ, set the ball rolling in an engaging panel on the need for collaboration in the ecosystem.
Other highlights of the 2-day event were keynotes, breakout sessions, product showcases and a techathon where young tech talents walked away with prizes.
In his opening keynote address, Senator Isa Yuguda, former governor of Bauchi State called on the government to channel more investment into the agriculture sector in areas like technology and infrastructure to address the problem of food insecurity and hunger.
He further stated that the revitalisation of the country’s river basins and construction of more dams will immensely drive this.
Echoing the ex-governor’s position on the role of technology, Akintunde Akinwade, Head, Business Development and Digital Projects of OCP Africa, said, the Abuja Tech Converge will showcase the potential of technology in reshaping the future of agriculture which will engender sustainable communities.
Delivering his welcome address that set the tone for the day, Uka Eje, CEO, ThriveAgric and conveners of the Abuja Tech Converge said, “The aim of this conference is to demystify the agriculture sector as a legitimate, inclusive and viable economic sector and to trigger a movement of new recruits and believers.
“We want to make the sector more attractive and champion a different system of collaborative agriculture that actively embraces different groups of people – rural and urban youths, technology enthusiasts and innovators, local investors, regulators and all levels of government so we can build the country of our dreams.”
Also at the event, ThriveAgric unveiled the first set of graduating interns in their Tech-Talent Accelerated Programme (TAP). The six-month programme launched in May this year, is designed to support young tech enthusiasts looking to achieve their dreams in the ever-evolving world of technology.
Over 4000 applications were received however only 20 candidates were admitted into the intensive programme where the successful participants were upskilled in core technical areas including frontend development, backend development, and product (UI/UX) design.
The closing activity was a techathon sponsored by OCP Africa whereby a cash prize of two million naira was awarded to a group of 4 interns who designed a healthcare solution capable of providing personalised healthcare services to patients.
The runner up groups walked away with one million naira and 500,000 naira each for building a recruitment solution and a customised learning solution respectively. Other winners from this year’s TAP cohort are Aneminyene John-Prince, Caleb Owatah and Caleb Ali who emerged overall best students winning N500,000, N300,000 and 200,000 naira respectively.
Speaking on the goal behind the Tech-Talent Accelerated Programme (TAP), Favour Eze, Head of People and Culture at ThriveAgric, said, “The growing demand for tech talents in the ecosystem has led ThriveAgric to build a specialised program that fosters a diverse pool of talented professionals prepared to tackle key industry challenges both within the agri-tech industry and other sectors.
“Our biggest impact is that we’ve transformed participating interns into skilled professionals.
This new level of expertise has resulted in 7 of the 20 participants being offered employment opportunities both internally and with our program partners, as well as another 5 graduated interns who are currently undergoing recruitment processes by other organisations. This is a step in empowering African youth to achieve their career dreams.”
According to African Development Bank, if youth unemployment rates remain unchanged, nearly 50% of young people (excluding students) will be unemployed, or economically inactive by 2025.
Equally, the United Nations has estimated that digital technology will account for over 90 percent of available global jobs by 2030.
By training and upskilling local tech talent with essential tools to kick start their careers via TAP, ThriveAgric is addressing the existing skills gap within the technology industry in Africa while building a pipeline of quality talents for the global market.
This is aligned with events like Abuja Tech Converge where ThriveAgric is driving knowledge exchange between industry leaders, investors, mentors, and other stakeholders within the startup sector, while also creating an ideal opportunity for young tech talents to interact and connect with industry professionals towards building a sustainable economic future for the continent.
MTN Nigeria Communications Plc held its 2025 Annual General Meeting (AGM) in Lagos today, where shareholders reviewed the company’s full-year financial performance and endorsed its strategic priorities for the future.
The AGM came on the heels of a strong first quarter in 2025, during which MTN Nigeria invested a record ₦202.4 billion in capital expenditures and posted ₦133.7 billion in profit after tax, marking a major turnaround from a ₦392.7 billion loss in Q1 2024.
This 159% year-on-year surge in Q1 CAPEX—the company’s highest-ever quarterly investment—has gone into expanding network capacity, boosting data speeds, and enhancing service quality nationwide, in response to rising demand for digital services.
The Chairman of the Board, Dr. Ernest Ndukwe (OFR), addressed shareholders, saying: “On behalf of the MTN Nigeria family, I am proud to affirm that our business remains deeply rooted in strength and resilience.
“Our foundation remains solid, and our role within the broader economic landscape is unwavering, even amidst the challenges we encountered over the past year.
“As we reflect on this journey, I am inspired by the resilience of the Board, management, and staff of our Company, backed by the unwavering confidence of our shareholders, the valued support of our customers, and the immense potential of our nation, Nigeria.”
Dr. Karl Toriola, chief executive officer stated: “The year 2024 undoubtedly tested our resilience as we navigated a challenging operating environment marked by severe macroeconomic conditions.
“At MTN Nigeria, we viewed these challenges as catalysts for innovation and decisive action.
“We focused on what mattered most, strengthening the resilience of our network, prioritising customer experience, and accelerating the growth of our commercial operations through our customer value management initiatives.”
However, the company reported a ₦400.4 billion net loss for the year, largely due to ₦740.4 billion in foreign exchange losses from the devaluation of the naira, alongside elevated operating costs, and higher interest expenses. Due to negative retained earnings, the Board was unable to recommend a final dividend for FY 2024, consistent with regulatory requirements.
Looking ahead, MTN Nigeria remains optimistic, citing tariff increases, currency stabilisation, and easing inflation as key factors that will support the company’s return to positive equity in 2025.
Chief Financial Officer, MTN Nigeria, Modupe Kadri, commenting on this optimism said, “Our Q1 2025 results reflect strong operational execution and financial discipline, with service revenue up 40.5% and EBITDA growing by 65.9%.
“We delivered N133.7 billion in profit after tax, marking a significant turnaround from the prior year, while maintaining a healthy cash position and robust balance sheet metrics.”
During the AGM, all resolutions were passed by shareholders, including the adoption of the 2024 financial statements, the re-election of directors, and approval of remuneration policies.
The Q1 2025 report shows the company has returned to profitability and remains committed to strengthening network investments, accelerating digital inclusion, and delivering sustained value to its customers and shareholders.
Nigeria has taken a bold step toward deepening its innovation ecosystem with the official launch of the Start-up Consultative Forum, an initiative designed to accelerate the implementation of the Nigeria Start-up Act (NSA) and strengthen the country’s tech startup ecosystem.
While addressing the forum, NITDA’s Director General, Kashifu Inuwa CCIE, who was represented by Barrister Emmanuel Edet, the Ag. Director, Regulation and Compliance described the platform as more than just a stakeholder meeting.
“It is a commitment to building a stronger tech ecosystem through collaboration, inclusion, and data-driven governance, marking a new phase in the implementation of the Nigeria Startup Act,” he said.
He noted that the Nigeria Startup Act is more than legislation—it is a framework for national development. “Startups are not fringe players. They are central to Nigeria’s economic future,” he asserted.
Inuwa further mentioned that over the past eight months, NITDA has driven key activities under the Act. These include stakeholder workshops across 10 states, roadshows at tech events like Lagos Tech Week, the Omniverse Summit, Moonlight Conference and the Akwa Ibom Tech Week, and awareness campaigns through digital and direct engagement.
The forum, according to Inuwa, will serve as a feedback engine, spotlighting regulatory gaps, guiding policy improvements, and shaping a startup-friendly environment.
Under the Renewed Hope Agenda and the guidance of the Federal Ministry of Communications, Innovation and Digital Economy, NITDA continues to support startups through initiatives like the Startup Portal, tech infrastructure deployment, and digital skill training across the country.
The DG emphasised that for startups to thrive, policies must be inclusive and responsive. “Inclusion is not charity. It is a strategy,” he said, calling for equal representation across gender, region, and sector.
While inaugurating the members if the Conservative Forum on behalf of the Director-General, the Director of IT Infrastructure Solutions, Oladejo Olawunmi, ignited the forum with a call to action, envisioning it as a vital nexus for collaborative breakthroughs.
He inspired the members, saying, “We remain deeply committed to nurturing a space where innovation can flourish, and I call upon each of us to embrace the task ahead by shaping ideas into concrete policy and outcomes that leave a lasting impact.”
Earlier, Victoria Fabunmi, National Coordinator of the Office for Nigerian Digital Innovation (ONDI), in her opening address called the Forum, a “structured dialogue between those building the future and those enabling it.”
She outlined five key pillars for success: access to funding, capacity building, supportive policy, inclusive innovation, and global competitiveness.
She urged startups to speak boldly, private sector players to offer more than capital, development partners to scale what works, and government to harmonize efforts. “This Forum must be a problem-solving platform, not another talk shop,” she concluded.
With the Startup Consultative Forum now launched, NITDA aims to turn policy into action, ensuring startups are no longer on the sidelines, but at the center of Nigeria’s innovation journey.
The virtual event was attended by private sector players, development agencies, verified Ecosystem Support Organisations (ESOs), angel investors, venture capital firms, and labelled startups from across the country.
The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly in digital assets, agriculture, and real estate.
These sophisticated scams, often disguised under appealing brand names, promise unrealistically high returns, exploiting vulnerable citizens facing economic hardship between 2022 and 2025.
Digital asset scams, like Crypto Bridge Exchange (CBEX) and Chinmark Group, leverage cryptocurrencies’ anonymity and limited regulation. CBEX, promising 100% returns in 30 days, collapsed with over ₦1.3 trillion in losses, using blockchain to obscure funds.
Chinmark, posing as a conglomerate, defrauded investors of over ₦10 billion via social media and religious endorsements. “We are committed to saving Nigerians from the troubles associated with Ponzi schemes,” the NFIU stated, pledging to pursue major actors.
Agricultural Ponzi schemes, such as Farmforte Ltd and Green Eagles Agribusiness, promise unsustainable farming returns, with one Lagos operator collapsing after processing ₦400 million with 16% monthly return pledges. Red flags include guaranteed high returns, unlicensed operations, and reliance on referrals.
The Investment and Securities Act (ISA) 2025 imposes fines of ₦20 million and up to 10 years’ imprisonment for promoting Ponzi schemes, empowering the Securities and Exchange Commission (SEC) to regulate digital assets. The NFIU urged licensing for Virtual Asset Service Providers, advanced fraud detection, and stronger KYC/AML compliance by financial institutions.
It advised the public to verify platforms with the SEC, question return mechanisms, and report suspicious schemes promptly.
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