General News
FG Halts Controversial FRC Dues amid Industry Outcry
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.
Federal government has announced it will impose a new 5 percent refined fossil fuel tax from January.
The surcharge, which has been signed into law by President Bola Tinubu to encourage clean energy use, could raise more than half a billion dollars annually.
The fee will apply to petrol and diesel, while cooking gas and compressed natural gas — which the government has tried to promote — are exempted.
Nonprofit group ActionAid Nigeria said the policy will “disproportionately impact the poor” and deepen inequality, noting that Nigerians have not recovered from the inflationary effect of the removal of fuel subsidies in 2023.
General News
FintechNGR Announces DevTribe 2025, Focuses on Empowering Nigeria’s Software Developer Ecosystem
The Fintech Association of Nigeria (FintechNGR) has announced DevTribe 2025, its flagship software developer-focused conference, set to hold on Saturday, August 23, 2025, at The Zone, Gbagada, Lagos.
With the theme “Trends, Tools & Tech Stacks for Modern Developers,” the conference aims to convene Nigeria’s growing community of software developers, tech professionals, founders, and ecosystem enablers for a day of technical exchange, innovation, and collaboration.
DevTribe 2025 is part of FintechNGR’s broader strategy to strengthen the software development pipeline in Nigeria and bridge critical gaps in mentorship, tooling, and visibility for local tech talent. This year’s event promises an immersive and community-driven experience, with a strong emphasis on emerging technologies, practical skills, and inclusive opportunities for developers at all levels.
“The DevTribe platform reflects our commitment to supporting the people building Nigeria’s digital future not just by acknowledging their role, but by actively investing in their growth,” said the organisers. “We’re bringing the right people, tools, and ideas into one room to shape the next phase of innovation.”
The event will feature keynote addresses, lightning talks, community-led sessions, and a career fair designed to help software developers connect with hiring partners and growth opportunities. It also offers a space for collaboration among startups, corporates, regulators, and talent platforms working to drive inclusive digital transformation.
FintechNGR welcomes software developers, companies, and ecosystem partners to be a part of DevTribe 2025.
NBA Africa, the local affiliate of the NBA basketball brand in the US, has announced the second edition of Triple-Double: NBA Africa Start-up Accelerator, which aims to promote the continent’s technology ecosystem and the next generation of entrepreneurs.
The NBA Africa Startup Accelerator will strengthen Africa’s technology ecosystem by providing mentorship and investment to the next generation of African tech entrepreneurs.
The organisation announced the initiative would once again be administered by ALX Ventures, a technological incubator that equips the continent’s innovators in technology with the knowledge and tools they need to develop and scale their enterprises.
Furthermore, NBA Africa named ServiceNow, an AI platform for business transformation whose Now Assist and AI agents help organisations in delivering ‘faster and smarter experiences’ at scale, as an official program partner.
The organisation stated that startups can apply to participate at tripledoubleaccelerator.nba.com until Friday, August 29, following which the applications will be filtered down to a top 10 list.
The shortlisted startups will then participate in a 10-week mentorship program, where they will be paired with mentors from NBA Africa, ServiceNow, and ALX leadership, as well as other corporate stakeholders, who will advise the companies on product development, business growth, and go-to-market strategy.
The finalists will next present their technologies to international industry professionals at the program’s second Demo Day in December, when the top five prize-winning companies will be chosen to receive financial assistance and mentorship.
“Last year’s inaugural Triple-Double Accelerator program showed how much talent, passion and creativity there is among African entrepreneurs who are shaping the future of the continent’s rapidly growing sport and entertainment industries,” said NBA Africa CEO Clare Akamanzi. “We look forward to reviewing this year’s submissions and to helping another round of promising startups take the next step in their development.”
Last year, almost 700 early-stage African entrepreneurs applied to the program.
Ten finalists were then chosen to pitch their products to a panel of international industry leaders at the program’s first Demo Day, which took place at the NBA headquarters in New York City.
Four prize-winning companies – Festival Coins (Nigeria), Salubata (Nigeria), HustleSasa (Kenya), and UBR VR (Egypt) – were awarded financial support and mentorship.
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