E-Business
JUMIA Gathers Industry Heavyweights to Discuss e-Commerce in Nigeria
Mrs. Omobola Johnson, minister for Communications Technology has addressed the possibilities that lay in the new technological developments and said that eCommerce and ICT are the engine of growth.
Johnson, was special guest at JUMIA, Nigeria’s number one retailer’s, first e-commerce conference that gathered influencers and decision makers, to discuss the opportunities that e-commerce embraces for the Nigerian retail market at the weekend.
She said that “First i will like to applaud Jumia.com for a well-organized event (the 1st eCommerce conference in Nigeria). The ICT industry is the primary driver of growth in the Nigeria economy thanks to companies like Jumia.com who have not only pioneered online retail trade in Nigeria, but also showed Nigerians worldwide that running such a business model within our shores is possible.
“E-commerce has opened doors for the upcoming generation of young Nigerian entrepreneurs, and especially enterprises like Jumia.com have provided a platform for these young Nigerians to express their creativity while acting as a job creation engine engine to hundreds of young Nigerians. Further, these are the companies that have attracted important investors and have a great impact on Nigeria as a country as well as a market place. In line with plans of government at the federal level our country needs companies that know how to make use of these developments to help reshape Nigeria’s economy.” The minister also said.
Other speakers at the event were Randy Buday (MD of DHL Nigeria), Tayo Oviosu (CEO of Pagatech), Titilola Shogaolu (Chief payment& Value added Services Officer, Interswitch), Rolayo Akhigbe (Divisional Head, Transaction branding, First City Monument Bank), Ekundare Olubunmi (Country Manager, Intel West Africa), Tunde Kehinde (MD/Co-founder Jumia.com) and Raphael Afaedor (MD/Co-founder Jumia.com).
Partners at the conference included First City Monument Bank, DHL, Interswitch, Intel, PAGA, Zenith Bank, GT Bank and Sleek.
Speaking also, Tunde Kehinde and Raphael Afaedor, MD/Co-founders of Jumia.com, “We pioneered the online retail market in Nigeria and it is great to see what significant impact this has brought to the nation’s economy as mentioned by our keynote speaker the Honorable minister of Communications Technology. We have shown it is possible and thought it was time to get various stakeholders on board discuss issues and ways forward for eCommerce in this market.”
Nigeria, one of the upcoming emerging markets in recent years continues to grow and attract foreign investors for the retail market.
According to a study from the renowned institute euromonitor, Nigeria’s GDP based on power increased by 21,67% in the last 4 years. In same period, Internet users grew by 46% in the country.
Africa Jeremy Hodara and Sacha Poignonnec, Rocket Internet co-CEOs said : “E-commerce has opened doors for the upcoming generation of talented and young Nigerians. We have seen numerous talent and aspirations in hundreds of young Nigerians and using our platform assist these individuals in fulfilling these ambitions and ultimately contributing to the nations growth technologically, economically and socially. JUMIA became the number one retailer in Nigeria within one year, with the same passion we will continue to raise the bar with a promise to remain Nigeria’s number 1 shopping destination.”
E-Business
FG Mulls Fibre Optic Layout to Bridge Internet Gaps

President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.
His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.
He said the fibre optic layout is part of other projects being embarked on.
“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.
“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.
He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.
In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.
The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.
Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.
It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.
E-Business
African Startups Raised $345m in Funding in May

African startups raised more than $345 million across 65 deals in May, more than double the amount raised in the same period of last year, according to a report by Briter, a research and business intelligence firm.
The report disclosed that both the number of deals and participating companies declined, confirming a growing trend of fewer companies raising funds in larger sizes.
It said fintech attracted the highest share of funding in May, accounting for 34 percent of the total, while cleantech followed closely, driven by a debt deal from Sun King. The company raised $80 million (in local currency) to expand clean energy access in Nigeria.
“Equity remains the primary instrument in terms of total value. There’s no doubt about it; in fact, equity deals with disclosed amounts captured more than half of the total funding volume in May.
“However, debt financing is increasingly proving its weight. Although it accounted for only 8 percent of all deals, it represented 32 percent of the total funding, highlighting the typically larger size of debt transactions. With the rise of specialised vehicles targeting early-stage businesses, debt is becoming an increasingly important part of Africa’s innovation funding landscape,” it said.
Briter’s report added that grants continued to play a vital role in early-stage support, especially in the education technology (EdTech) sector. The Mastercard Foundation led the pack in grant activity, funding a new cohort of EdTech innovators in Nigeria and Kenya. Each selected startup is set to receive $100,000 in grant funding, in addition to mentorship and business development support.
Multilaterals also made a strong showing in May, it said. The Multilateral Investment Guarantee Agency (MIGA), a World Bank Group member, issued a $179.6 million guarantee to CleanTech firm KOKO Networks. The support will help scale its clean energy solutions across Kenya.
“This deal not only demonstrates growing international confidence in African climate ventures but also signals a promising pathway for other asset-intensive startups in clean cooking, agriculture, and renewable energy,” the report said.
From a geographic perspective, Egypt emerged as the continent’s fundraising powerhouse for the month, contributing 51 percent of all funding raised. The country recorded 12 deals across equity, debt, and bond instruments. Notably, FinTech platform MNT-Halan raised $50 million through a bond issuance, further illustrating the diversification of capital-raising mechanisms in the region.
Outside Egypt, funding was distributed across Africa’s three other key markets, which are Egypt, Nigeria, and Kenya, with limited activity recorded in countries such as Ghana, Tunisia, Morocco, and Uganda, each registering between one and three deals.
In terms of exits, the African tech landscape continues to mature. Three companies—Baobab+, Qardy, and Shopa—were acquired in May, bringing the total number of exits this year to 22. This already surpasses last year’s count for the same period. Qardy was acquired by Catalyst Partners Middle East (CPME) in a disclosed deal valued at $23 million, the report added.
E-Business
Human Hacking: When Cyber Criminals Target You

By Nancy Werteen
When you get anti-hacking advice, you’ve probably heard “Don’t use a simple password,” or “Don’t plug in that USB you found on the ground.”
But there’s one form of hacking that doesn’t always require a computer, and it costs businesses about 4.88 million dollars a year.
Modern hackers aren’t trying to get into your computer; they’re trying to get into you.
“They’ll try to learn about you a little bit, and they’ll try to use that information against you to try to get you to complete some action, maybe to send somebody some money,” said Kevin Moran, PhD, Assistant Professor of Computer Science, Cyber Security and Privacy Cluster, University of Central Florida.
IBM calls this human hacking, because it exploits human error instead of system error.
“With people just being busy and maybe not very carefully checking some of the emails or the phone calls that they get, can be something unfortunately that people can fall victim to,” said Moran.
Also known as social engineering, this often takes the form of phishing, where the hacker tries to “fish” the information out of you by impersonating family, friends, or even your bank.
There’s also baiting, where the hacker baits you with something of value. Remember the Nigerian prince scam?
That’s a famous example of baiting. There’s also pretexting, where the hacker will claim the victim has already been hacked, and that the hacker can fix it if you just send over your passwords. So, what can you do?
“Just as a rule of thumb, instead of clicking on links and emails, just go to the website yourself. And that will prevent, a lot of these types of attacks from happening,” explained Moran.
Phishing can take many forms.
Spear phishing targets people with access to confidential information, often to get access into an entire business, and whale phishing targets CEOs or political figures.
Search engine phishing is when hackers create fake websites promising services or goods you’ll never receive.
Angler phishing is when hackers create fake social media accounts impersonating famous people or companies.
Finally, vishing and smishing is phishing done through phone calls and texts respectively.
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