General News
Government, Tech Ecosystem Align to Boost Nigerian Economy
Breakthroughs in medicine, technology and science through innovations and innovative products has had significant impact in the economic advancement of the society by improving the lives of citizens and offering more opportunities which the government and the tech ecosystem can collectively leverage on.
This was made known by Prof. Isa Ali Ibrahim (Pantami), Minister of Communications and Digital Economy ministry, at the Co-Create 2022 International Tech Exhibition and Gage Awards.
The Honourable Minister who was ably represented by Kashifu Inuwa, Director General of the National Information Technology Development Agency (NITDA), expressed his utmost pleasure at the event which he delineated as being timely and strategic.
While describing the theme of the event ‘collaborative innovation for a better tomorrow’ as exciting, Pantami stated that the most important part of the innovative process is commercializing it.
He stated that “Innovation is a process of taking an idea from inception all the way to impact and while many people think innovation and invention mean the same thing, innovation is actually creating a market or democratizing access to your solution, product or services”
Underpinning his point with an illustration, the Minister cited that the telecommunications sector which was orchestrated by Mo Ibrahim in Africa about 20 years ago and which encountered so many challenges has now evolved into the biggest sector in Africa.
Giving assurances of the government’s support to Innovators in the country, he urged all players in the tech ecosystem to think and act like Mo Ibrahim with the mindset of creating solutions to solve the country’s problems.
“In Nigeria, we have many problems and we need more innovations to solve them. This kind of collaborations we are having here today can open doors for this because you cannot survive in isolation. Everything is about ecosystem”, he noted.
Buttressing his point further, the Minister holistically averred that the 5 critical stakeholders in an ecosystem are the Innovators otherwise known as the Entrepreneurs who start and grow businesses with ideas and solutions, the Human Capital Developers who discover talents and are the human components of technology, the Government who are the enablers of a level playing field for innovators, the Risk Capitals who invest money in startups and the Corporate Organizations who buy the products.
He further asserted that an effective collaboration of these 5 stakeholders in Nigeria will produce an excellent and viable ecosystem in the country. Emphasizing the present administration’s commitment to the implementation of the National Digital Economy Policy and Strategy (NDEPS) by effectively collaborating with innovators in the industry, Pantami disclosed that the Federal Executive Council has given approval for the Ministry and Agencies under its supervision to co-create solutions with the ecosystem in areas of procurement, IP & Patenting and giving Incentives to encourage the startups.
The Honorable Minister while giving further disclosure on how co-creating with the ecosystem can be achievable, highlighted that showing clarity on processes by all parties, unleashing energy, building trust, building stronger startups and devising policies to shape the future are key indices into establishing and sustaining a formidable ecosystem in the country.
“Whatever we do, we don’t do in isolation. We work with the ecosystem to co-create policies and co-create the regulations. Whatever we do, we do together. We believe that together, we can do greater things. That is why we are here to work with you and to co-create our future”, he concluded.
The technology exhibition, which was occasioned at the Landmark Centre, Lagos had in attendance, the Special Adviser to the Lagos State Governor on Science and Technology, Mr Olatunbosun Alake, the Chief Technical Officer of the African Data Centre, Dr. Krish Ranganath, 100 tech exhibitors and other key players in the tech ecosystem and was geared at showcasing innovative businesses locally and across the globe with a physical presence in Nigeria.
Present at exhibition to showcase their businesses are African Data Centre, Instincthub, Eskimi, Vantegral, Technext, Zummitafrica and many others.
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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