General News
GITEX: NITDA Prefers Investment To Importation, Laments N720b Yearly Losses

By peter oluka
As this year’s Gulf Information Technology Exhibition going on at the Dubai World Trade Centre, United Arabs Emirates (UAE) entered second day, Dr. Isa Pantami, the director general of the National Information Technology Development Agency (NITDA), has said that the agency was set to reduce $2 billion (about N720 billion) being lost by the Nigerian economy as capital flight as a result wanton importation of foreign technologies into the country.
Pantami made the disclosure during a media interaction just at the where, where government officials across diverse agencies, IT companies, 10 Nigerian tech startups area participating.
This is coming just as the Nigerian lawmakers, participating at the regional event said they would ensure that the startup, who are being presented for global pitch at in Dubai have access reasonable years of tax holiday.
The startups at this year’s 37th GITEX include Coudiora, Nicademia, Beat Drone, Accounteer, Dropque, MTK e-Learning Portal, My Padi, Ward Monitor, Tattara and Six Internet of Things (IoT).
They are to compete with hundreds of tech startups from across the world to be able to win a $30,000 million (about N10.8 million) investment towards developing their solution in a more commercially viable way.
According to NITDA DG, there is a need for Nigeria to promote local technology solutions developed Nigerians with specific reference to the 10 startups in order to truly catapult Nigerian into becoming one of the countries to be reckoned with in on the global ICT map.
Pantami said NITDA has realised that “developing our ICT ecosystem but for the indigenous IT companies and for startup by offering them an enabling environment in terms of policy and laws to operate is one of the ways Nigeria can adopt to curb annual $2 billion (N720 billion) to capital flight.”
Explaining the seven areas NITDA is focusing on at this year’s IT exhibition towards developing the country’s ICT ecosystem, Pantami said the agency has come with seven agenda designed to develop Nigeria’s IT industry and curb the huge annual capital flight.
“These include promoting IT regulations in Nigeria, IT development and promotions, striking partnership on how to better secure Nigerian cyberspace, capacity building, promotion of e-government in Nigeria, showcasing indigenous tech innovations as well as looking for investors, who will assist in supporting local development of Nigeria’s IT industry,” he said.
He also added that NITDA is working with Economic and Financial Crimes Commission to ensure that the annual estimated N37.8 billion wasted on frivolous ICT projects, especially when they abandon local IT companies and go abroad or their IT procurements, is curbed through enforcing NITDA Act that says all MDAs must get clearance from NITDA for any IT project they want to embark upon to ensure those projects are implementable.
He noted that a NITDA screen of one of an MDA’s IT project conducted recently resulted in saving government N500 million. This is saved from a single IT project and you can now imagine how much we would be saving government as an agency if thorough screening of all MDAs’ IT projects are carried out in the country.
Meanwhile, Senator Abdul Fatai Buhari, chairman, Senate Committee on ICT and Cybersecurity and his counterparts in Nigeria’s House of Representatives, Hon. Onawo Muhammed Ogoshi, who joined the NITDA management to undertake a tour of the solutions being showcased by the 10 startups.
The impressed lawmakers, who took a great deal of time, listening to the 10 startups to explain their tech solutions to them at the instance of Pantami, who led the tour, promised to implement tax holidays for the 10 startups.
“This is how Microsoft, Google, Facebook and several other of such IT companies started and as lawmakers, our mandate is to always enact laws that would support local innovations,” Senator Buhari said.
Other dignitaries, who joined the NITDA DG during the tour included President of Nigerian Computer Society (NCS), Prof Prof Adesola Aderounmu; Director General of National Automotive Design and Development Agency (NADDC), Mr. Jelani Aliyu; Chief Executive Officer of Pinnacle International Consulting, USA, Mr. Akande Ojo and the Chief Executive Officer, Know-How Media International Limited, the local partner to Pinnacle, Mr. Segun Oruame, among others.
Overall, Pantami said NITDA is focusing on mobilising global attention on the investment potential of Nigeria’s IT sector and promotion of local tech-entrepreneurs at this year’s GITEX 2017 at an African Investment Forum for all participants at the going GITEX on tomorrow (Wednesday).
This year’s GITEX, a five-day regional conference, opened on Sunday as the premier technology event in the Middle East, Asia and Africa , hosting 185, 000 visitors from more than 140 countries.
General News
OSGOF, NASRDA Partner to Boost Geospatial Data, Others

Office of the Surveyor General of the Federation (OSGOF) and the National Space Research and Development Agency (NASRDA) have pledged to deepen collaboration in key national development areas, including geospatial data infrastructure, satellite technology, communication sector regulation, and population census operations.
This was the outcome of a high-level meeting held on Tuesday at the headquarters of OSGOF in Abuja, where Abudulganiyu Adeyemi Adebomehin, surveyor General of the Federation, received Dr. Matthew Adepoju, director general of NASRDA, and his management team.
This was disclosed in a statement issued on Wednesday by Henry David, head, Information and Public Relations, Office of the Surveyor General of the Federation, titled ‘SGOF Pledges To Support NASRDA For Optimal Performance.’
According to the statement, the discussions at the meeting focused on the impact of upstream and downstream operations in Nigeria’s communication sector, challenges of mast proliferation near residential areas, and the broader implications for public health. Both agencies expressed concern over the unregulated installation of communication infrastructure and its potential link to rising cancer rates.
“The downstream sector of communication companies involves placing signal-receiving stations within living communities, which poses significant health risks due to radiation,” the two agencies said in a joint position. “Co-location of infrastructure, as practised in developed countries like the UK and US, should be adopted here to reduce radiation exposure.”
The two agencies called for stronger regulation of telecommunication operators, noting that television and radio signal disruptions—commonplace in Nigeria—are largely due to a lack of oversight, a situation that does not persist in countries with stringent telecom regulations.
Addressing issues of national data management, the agencies stressed the critical need for collaboration with the National Population Commission (NPC) in the upcoming national census. “Without the input of NASRDA and OSGOF, the census will remain speculative,” they jointly noted.
On geospatial data, both parties resolved to work together to strengthen the National Geospatial Data Infrastructure, which they described as vital for national planning and development.
In his remarks, Surveyor General Adebomehin expressed firm support for NASRDA’s initiatives. “I will defend NASRDA to the best of my ability. If you need software engineers, we have capable hands here,” he said. “Keep encouraging your staff. Behind every successful organisation in the world, you will find Nigerians. We are in full support of your mission.”
Adebomehin urged NASRDA to engage the Presidency directly in acquiring high-precision satellite systems. “You need a satellite that can deliver accuracy of less than 10 centimetres,” he said. “This will reduce the government’s losses from MDAs sourcing satellite services externally.”
Duniya Magaji Joseph, director of Geodesy at OSGOF, called for improved inter-agency collaboration, especially with the military. “Anytime the military collaborates with OSGOF, the outcome is always better,” he said. “We need to overcome the tendency to work in silos driven by funding concerns and instead focus on joint advantages.”
NASRDA’s DG, Dr. Matthew Adepoju, said his agency is working with the Ministry of Steel Development on mineral exploration projects, including the identification of new sites for raw materials such as steel and limestone. He stressed the importance of OSGOF’s technical input in these initiatives.
“We’ve agreed to support the Ministry of Steel Development in identifying new resource locations,” Adepoju said. “But I don’t want NASRDA to go it alone. We want OSGOF fully involved so that roles are clearly defined, and the synergy is more impactful.”
To mark the visit, NASRDA presented symbolic gifts, including a plaque and a vest, to the Surveyor General in appreciation of OSGOF’s commitment to partnership.
The meeting, held in Abuja, concluded with both agencies reaffirming their shared mandate to support national development through technology, data integration, and inter-agency cooperation.
General News
SEC Insists CBEX Ponzi Remains Banned in Nigeria

The Securities and Exchange Commission (SEC) has warned investors that Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, remains banned in Nigeria, insisting that it has not been registered by the commission.
SEC’s position followed reports that traders on the controversial CBEX platform are now back and able to access their accounts and trade, with renewed assurance after the digital platform abruptly shut down in April, thereby trapping investors’ funds in excess of N1 trillion.
In a public notice issued on Wednesday, SEC advised the public to refrain from patronising or transacting any investment-related business with CBEX.
However, the commission was silent on what steps it would take against the trading platform and its promoters, having earlier declared that CBEX was not registered or authorised by it to embark on offer investment-related services to the Nigerian public.
The notice read: “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.
“According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000, and $100 from those with less than $1,000 balances before withdrawals can be processed.”
The commission stated unequivocally that neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with it or authorized to offer investment-related services to the Nigerian public.
“As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorized investment activities and the commission is collaborating with relevant law enforcement agencies to properly investigate CBEX/ST Technologies International Ltd and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.
“The Nigerian public is accordingly advised to refrain from patronising or transacting with CBEX /ST Technologies International Ltd (Smart Treasure or Super Technology) as they risk losing their funds,” it said.
It, therefore, advised the public to verify the registration status of investment platforms via the commission’s dedicated portal before transacting, adding that it remains committed to protecting investors and maintaining market integrity.
General News
Union Bank’s alpher Initiative Empowers SMEs, Strengthens Nigerian Economy

Union Bank of Nigeria has reiterated its commitment to entrepreneurship and women’s empowerment through its alpher initiative by sponsoring the Nigerian British Chamber of Commerce (NBCC) Women and Youth Entrepreneurship Development Centre (WYEDC) Cohort 2 Programme, which has graduated 125 entrepreneurs who have benefited from firsthand entrepreneurship training and business grants.
Small and medium-sized enterprises (SMEs) in Nigeria account for more than 50% of industrial employment and contribute approximately 48% to the country’s GDP.
This makes entrepreneurship one of the economy’s building blocks and is a testament to Union Bank’s unwavering dedication to national development in partnership with NBCC.
In her welcome speech, the Director General of NBCC, Dr. Ebere Njoku, reiterated NBCC’s commitment to supporting entrepreneurship, women’s empowerment, and youth empowerment, citing these as catalysts for economic development and sustainability.
She appreciated the sponsors, partners and facilitators who devoted their resources and time to upskilling the participants.
The entrepreneurship initiative stemmed from the visionary goal of Mr. Ray Atelly, President and Chairman of the Council, NBCC, FRPA, to provide entrepreneurship and grant opportunities to Nigerian women and youths.
Mr. Atelly told the graduates in his speech, “This is your chance, make sure you take it. Don’t let any obstacle stop you because there will be many; if you let it stop you, your dreams are not strong enough. You need to keep pushing, someday you will sit at the top of a conglomerate and people will aspire to be like you.”
Also in attendance was the NBCC’s Patron, Senator Akin Odunsi, FRPA, who congratulated the Cohort 2 graduates.
He said, “I encourage all of you not to take the training you have received for granted. Use it as a landmark opportunity to be a beacon of hope to others who look up to you.”
He also urged the Chamber to provide internship opportunities after the six-month entrepreneurship training in organisations for the incoming Cohort 3 and beyond.
He added that the internship experience will give trainees the unique chance to practice what they learned and, in return, benefit the organisations from their acquired skills.
The goodwill message at the graduation ceremony was delivered on behalf of Mrs. Yetunde Oni, Managing Director and Chief Executive Officer of Union Bank of Nigeria, by Mrs. Vivian Imoh-Ita, the Bank’s Head of Retail and SME Business, who appreciated NBCC for the life-transforming training they are providing to the youth and women entrepreneurs.
She further stated, “As a Bank, we understand that when we invest in women and youth entrepreneurs, we are investing in the most powerful catalysts of economic transformation. Through the Bank’s alpher initiative, we have enabled success for women-led businesses. In a volatile economy like Nigeria, the challenges facing entrepreneurs are dynamic and significant. As a Bank, we intend to prove that these barriers are not unconquerable and are growth opportunities.”
Three entrepreneurs, namely Evelyn Ekene Ani of Evani.Ng (First place), Martha Padonu of Beyond Photography (Second place), and Therietta Vershima of La Teriz (Third place) were declared winners of the Union Bank Business Pitch competition held during the graduation ceremony and were rewarded with funding for their businesses.
The Bank’s sponsorship of the training demonstrates its commitment to fostering a vibrant, innovative, and inclusive entrepreneurial ecosystem for women and all individuals.
- Telecom2 days ago
Telcos Hit by Major Outages across Lagos, Enugu, Others
- E-Business2 days ago
Human Hacking: When Cyber Criminals Target You
- News2 days ago
Beware!, Fraudsters Using our Name to Defraud Investors- NNPCL
- E-Financial2 days ago
AGF Drops Charges Against Fidelity Bank MD, Cites Lack of Direct Involvement
- E-Financial2 days ago
FIRS Launches Revised SOP to Streamline Tax Payment
- E-Financial2 days ago
Confidence in Nigerian Economy Grows as Forex Inflows Reach $5.96Bn
- News2 days ago
FG Plans AgriConnect Initiative Pilot
- News2 days ago
AAAN Congratulates Steve Babaeko, X3M Ideas on Financial Times Recognition