General News
NCC, Zoho, Digital Encode, Galaxy Backbone, others for AfriTECH 2.0

Stakeholders will gather in Lagos, Nigeria, on 09 November 2022 for another edition of Africa Tech Alliance Forum (AfriTECH 2.0) sponsored by Zoho Corporation, Digital Encode, Galaxy Backbone Limited, ESET, Layer3Cloud; including partners drawn from the Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), Nigeria Computer Society (NCS), and InnovationBed.Africa.
Taking place both virtually and (physically) at Oriental Hotel, Lekki Road, this year’s theme is: ‘Sustainability and the Company of the Future’ and will convene an array of industry leaders, and tech-entrepreneurs, decision-makers, and tech ecosystem players from across the continent.
Delegates can expect two days of expert panel discussions, keynote addresses, case studies, live-demo experiences, and networking with leaders in the private sector, government, civil society, investors, and academia – all with their unique insights around ‘Harnessing Digital Identity for Digital Economy Agenda’; ‘Creating Sustainable Future through Connectivity’; ‘Blockchain & Cryptocurrency – The Future of Money’; and ‘Cloud Computing in 5G Era – Everything-As-A-Service’.
Chike Onwuegbuchi, Co-Founder of TechCastle Foundation says: “Africa Tech Alliance Forum, now in its second year, is an annual event that brings together stakeholders from different sectors of Nigeria’s economy to share ideas, trends, opportunities around technology, innovation and entrepreneurship development in Nigeria and Africa at large.
“The Forum promotes the need for Africa to become more innovative and apply technology to drive her economic growth and sustainable development using emerging technologies and trends, research, development, entrepreneurship, commercialization and investments as key drivers. AfriTECH also creates awareness and encourages innovation in the private and public sectors”.
He expressed excitement about the Forum, adding that it will culminate in an awards ceremony which aims to celebrate and reward companies and individuals on the African continent that have demonstrated excellence in the areas of innovative product/service development, policy/regulations, amongst other areas.
He said that attendees can look forward to a robust presentation by the Professor Umar Danbatta, the Executive Vice Chairman of the Nigerian Communications Commission (NCC) and a keynote address by Mr. James Agada, the Immediate Past CEO of CWG PLC and Founder of IxzdoreLab, as well as an in-depth discussions by Malam Kashifu Inuwa, Director General, National Information Technology Agency (NITDA); Professor Muhammad Abubakar, MD/CEO, Galaxy Backbone Limited; Kehinde Ogundare, Country Manager for Zoho Technologies Nigeria; Dr. Adewale Peter Obadare, Co-Founder/Chief Visionary Officer of Digital Encode Limited; Dr. Oluseyi Akindeinde, Co-Founder/CTO of Digital Encode Limited; Professor Adesina Sodiya, President, Nigeria Computer Society (NCS).
The keynote speaker, James Agada, is notable for solving technical challenges. Helping customers use technology to solve their problems and grow is the ultimate icing on the cake for him. Agada inspires youth and others to do a lot better than they think possible.
Before establishing Ixzdore Laboratories he was the CEO, CWG PLC., where he played majors in developing the company’s growth and sustainability plan. Agada’s rise to a top chief executive followed years of hardwork, resilience and demonstration of understanding of the business climate in Nigeria, Africa and the world at large.
Meanwhile, a session will be dedicated to Innovators for the UN World Summit Awards 2022 led by the Programos Foundation. Mr. Emmanuel Amos will also enlighten the Forum participants on the World Summit on Information Society process towards 2025.
Commenting on the importance of AfriTECH 2.0, Peter Oluka, the Editor of TechEconomy, says: “AfriTECH2.0 will delve into the nitty-gritty of ‘Sustainability and The Company Of The Future’; adding that top on the list of lessons from COVID-19 pandemic is ‘build back better’, where businesses and governments must reflect on what to do differently and what to stop doing altogether’ to move the economy forward.
AfriTECH 2.0 is also supported by media partners; Nigeria CommunicationsWeek, TechTrends.Africa, TechBuild.Africa, ITPulse.com.ng, TechnologyMirror, Ravenewsonline.com, DigitalTimesng.com, ITRealms.com.ng, ITNewsNigeria.ng, DigiVation Network, TechandBiz and GrassRoots.ng.
Participation in AfriTECH 2.0 is FREE but you need to register ahead of the date; 09 November 2022, using the link here. https://africatechallianceforum.africa/index.html
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General News
MTN Nigeria’s AGM Highlights Strong Q1 2025 Performance and Future Growth

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.
General News
NITDA Inaugurates Start-up Consultative Forum

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.
General News
NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams

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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