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NGX to Launch USSD Integrated Payment System

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Mr. Temi Popoola, the chief executive officer, Nigerian Exchange Limited (NGX), has disclosed the Exchange plan to launch an Unstructured Supplementary Service Data (USSD) to unlock Africa’s capital markets payment system through collaboration with telecommunication companies and banks.

Speaking at a virtual event with theme: the 2022 Market Recap and 2023 Outlook, Popoola said the adoption of USSD will further simplify the continent’s capital markets through integration with Afreximbank’s Pan African payment settlement system.

He added that the Exchange is targeting the development of new products aimed at attracting the lower rung of the Nigerian demography.

According to him, “NGX is also focused on increasing youth participation with the creation of digital asset products powered by Blockchain technology, non-depository receipts and overall increasing the pool of available liquidity in the market.

“On strategic partnerships, we will be forging more with development finance institutions, and banks, both local and international to further develop the market. We aim to do more on trading where we improve data dissemination to attract a more extensive investor base, especially from the retail side.

“We will be using listings as a vehicle for meeting strategic aspirations as the new dispensation come in through increased advocacy and engagements.

“NGX sees sustainability as not just important but also a profitable frontier of its business. Work is ongoing on developing a framework for certifications in carbon credits trading, pending regulatory approval.

“Altogether, 2023 is likely to be a new dawn for the market and the Nigerian economy as significant events take shape in the macroeconomic and political environments.”

On the 2022 market recap, he noted that the bullish run witnessed in the year might have been partly induced by the N4.3trillion in listings recorded by NGX across equities and fixed-income markets.

He added that the raising of N2.54trillion of bond listings for the Federal Government of Nigeria, as well as equity listings totaling N1.35trillion from companies such as BUA Foods Plc and Geregu Power Plc had a significant impact on the overall market performance.

The NGX boss emphasised that the value of the listings showed the local bourse’s commitment to positioning itself as a premier location for raising capital and its ability to facilitate a wide range of transactions and attract a diverse range of businesses demonstrated its position as a leader in financial market innovation and progress on the African continent.

According to Popoola, NGX would take a flexible approach to strategy execution in 2023, doubling down on its 2022 achievements and expanding on several levers.

“As you know, the NGX Technology Board Listing Rules were approved by the apex regulator, the Securities and Exchange Commission in December 2022.

“With this, we aim to drive more technology companies to the Exchange and deepen capital formation in the technology sector. We are currently in consultations with stakeholders in the sector and are confident of securing a few big names within the year.”

He said further that “In 2022, the equities market performance was evidenced by the 19.98 per cent increase in the NGX All-Share Index, which rose from 40270.72 to 51,251.06 just as the market capitalisation also closed at a high of N27.92trillion, up from N21.06trillion the previous year. The total turnover of trades in 2022 improved by 27per cent from N916bn to N1.16trillion year-on-year from 2021.

“Market participation was heavily skewed to the domestic investors. The Fixed Income market saw a slight uptick in turnover to N3.89billion in 2022 from N3.53billion recorded in 2021. This represents a 10.20per cent YoY increase.

“The Exchange Traded Funds market capitalisation increased from N7.35billion in 2021 to N8.42billion in 2022, representing a 14.56 per cent increase in the market capitalisation. Stanbic IBTC ETF 30 which tracks the performance of NGX 30 index was the best performing ETF in 2022, having began the year at N68.5 and closed at N245, reflective of 257.66 per cent  returns. ETF transactions fell from N34.22billion in 2021 to N211.02million in 2022. This represents a 99.38 per cent decline in ETF turnover”.

“Altogether, this signalled a good year for the Exchange despite global macroeconomic headwinds.”


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Nigeria’s Digital Economy Sector Attracts $191m FDI

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Bosun Tijani, Minister of Communications, Innovations and Digital Economy
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Dr. Bosun Tijjani, minister of Communications, Innovation, and Digital Economy,has said that Nigeria’s Communications and Digital Economy sector attracted $191 million in foreign direct investment (FDI) in the first quarter of 2024, a ninefold increase from $22 million in the first quarter of 2023.

Nigeria’s Digital Economy Sector Attracts $191m FDI

Bosun Tijani, Minister of Communications, Innovations and Digital Economy

Speaking on the massive growth the sector has witnessed under the administration of President Bola Ahmed Tinubu, Dr Tijjani revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, beginning from the fourth quarter of 2025.

The Minister disclosed these during an interview for an upcoming State House documentary marking President Tinubu’s second anniversary.

Dr Tijani, who also highlighted the sector’s workforce development, driven by the 3 Million Technical Talent (3MTT) programme, revealed plans for a $2 billion initiative to deploy 90,000 kilometres of fibre optic infrastructure nationwide, starting in Q4 2025.

“These foundational reforms, coupled with advancements in Artificial Intelligence (AI) and the startup ecosystem, have positioned Nigeria as a global leader in the digital economy,” Tijani stated.

Comparing FDI inflows, Dr Tijjani said, “In Q1 2023, the sector had about $22 million; by Q1 2024, with this administration well underway, we reached $191 million. The trend continued in Q2, increasing from $25 million in 2023 to $114 million in 2024.”

According to the Minister, the 3MTT programme, launched in October 2023 to create a tech-savvy workforce, has already trained over 117,000 Nigerians in digital skills, surpassing its initial target of 30,000.

“By last year, we had already moved that to over 117,000. With an additional 35,000 in training, the programme is nearing 10% of its 3 million goal. And in the rest of the time in office, we hope to reach the 3 million,” he said.

A statement issued by Mr. Bayo Onanuga, special adviser to the President, on the soon to be aired interviewed with Dr. Tijjani conveyed the Minister’s celebrations of Nigeria’s ranking among the world’s top 60 countries for AI readiness and developing a homegrown large language model (LLM).

He also highlighted the launch of the AI Collective platform, supported by leading partners including Pierre Omidyar, Google, and Microsoft, to foster collaboration and innovation in artificial intelligence.

For the first time in the country, the ministry has funded 55 academic researchers to explore technology applications in agriculture, healthcare, and education.

In addition, ₦300 million was invested in 10 startups using AI and blockchain to enhance agricultural productivity.

On the Nigeria Startup House in San Francisco—an initiative targeting $5 billion in startup funding—Dr. Tijani said, “Our goal is to attract $5 billion in investments for Nigerian startups, supported by the Startup Pact and Trade Desk initiatives, which will connect local tech firms to global opportunities and government procurement.”

Tijani revealed that over 500 government technologists have been trained in AI and Digital Public Infrastructure (DPI), and the groundbreaking Digital Economy Bill has passed its first reading in the National Assembly.

To bridge rural connectivity gaps, the Minister projected that 7,000 telecom towers would be deployed, targeting 98% nationwide coverage, adding that the Federal Executive Council had already approved the project.

He described the progress on Right-of-Way issues as a game-changer for the country, revealing that 12 states in the federation have adopted zero-rated Right-of-Way policies.

According to him, these efforts will support the National Broadband Plan’s goal of achieving 90% penetration by 2025, up from 48% in 2024.

He projected the sector’s GDP contribution to rise from 16% to 22%, stating: “If a sector can increase its contribution by three to four per cent to the GDP, we’re about to see the economic growth we’ve not seen it before. Technology allows us to bridge the gap between governments and the people.”

Dr Tijani emphasised that the government is not chasing quick wins, hence its desire for long lasting reforms that will transform the nation’s economy for generations to come.


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Falana vs Zinox, 12 Others: Again, Attorney General withdraws Fiat from Falana

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Femi Falana and Leo Stan Ekeh
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For the second time, the Office of the Attorney General of the Federation (AGF) and Minister of Justice has withdrawn the fiat donated to Femi Falana SAN, purporting to prosecute a case against Mr. Leo Stan Ekeh, Chairman of Zinox Technologies, and 12 others.

Femi Falana SAN,

The case, which has dragged on for many years, arose from a transaction about 13 years ago between Citadel Oracle Concept Limited, an Ibadan-based computer firm owned by an Enugu state indigene, Mr. Benjamin Joseph, and Technology Distributions Limited over the supply of computers to the Federal Inland Revenue Service (FIRS), a project in which Technology Distributions fully extended credit to Citadel and which has no bearing whatsoever with Zinox and its promoter, Mr. Leo Stan Ekeh.

In the latest development, the current AGF, Mr. Lateef Fagbemi SAN, in a letter dated 2nd May 2025, addressed to The Principal Partner, Falana and Falana Chambers, and signed by Mr. M. B. Abubakar, Director, Public Prosecutions of the Federation, directed Falana to withdraw Charge No: FCT/HC/CR/985/2024 (FRN. v. Leo Stan and 12 others), in the interest of justice; signifying that the fiat ought not to have been donated to him in the first place.

The letter titled: Withdrawal of Authorization Under Section 174 of the Constitution of the Federal Republic of Nigeria, 1999 as Amended, reads: “I am directed to write in reference to the above caption and to inform you that the Honourable Attorney General of the Federation and Minister of Justice in exercise of the power conferred upon him by section 174 of the Constitution of the Federal Republic of Nigeria, 1999, as amended and section 106 of the Administration of Criminal Justice Act, 2015, has withdrawn the fiat earlier granted to you dated 20th December 2023 to prosecute the case mentioned below at the expense of the nominal complainant Mr. Joseph Benjamin: FRG V. Chris Eze Ozims and 6 others, Charge No: CR/827/2013.

“You are, accordingly, requested to withdraw Charge No: FCT/HC/CR/985/2024 between FRN v. Leo Stan Ekeh and 12 others in the interest of justice.”

The Director, Public Prosecutions of the Federation, conveyed the message of the withdrawal to the chamber of Matthew Burkka & Co., chief counsel to the defendants, via a letter dated 6th May 2025. The letter read inter alia: “You may wish to refer to the above-mentioned subject matter and be informed that the office of the Honourable Attorney General of the Federation is in receipt of your letters dated 24th December, 2024, 27th March 2025 and 10th April 2025 respectively, requesting for the withdrawal of the fiat donated to Messrs. Femi Falana SAN dated  20th December 2023.

“I am to inform you that after a consideration of your request, the facts and circumstances of the case, the Honourable Attorney General of the Federation has withdrawn the fiat donated to Messrs. Femi Falana SAN, dated 20th December 2023 vide a letter dated 2nd May, 2025.”

It would be recalled that the former AGF and Minister of Justice, Mr. Abubakar Malami SAN, had in a letter dated 28th October 2022, withdrawn a similar fiat that was donated to Femi Falana, upon his own application, on the same set of facts and allegations. Based on the withdrawal, the charges filed by Falana, pursuant to the fiat, were struck out by two justices of the FCT High Court, Abuja (Honourable Justice Christopher O. Oba, and Honourable Justice Ade. S. Adepoju)

However, upon the appointment of the current AGF and Minister of Justice, Femi Falana, again applied and got a fiat with which he filed a new case: Charge No: FCT/HC/CR/985/2024 between FRN.v. Leo Stan and 12 others, still on the same set of facts and allegations. But upon a further review of the file at the Ministry of Justice, the AGF and Minister of Justice came to the conclusion that “in the interest of justice” the fiat and the Charges filed pursuant to it should be withdrawn.

Recall that this case and its adjunct suits had been dismissed three times by three different courts. The latest dismissal was on 20th March 2025 by Justice Akpan Okon Ebong of the FCT High Court who struck out the case filed by Mr. Femi Falana SAN, against the Chairman of Zinox Technologies, Mr. Leo Stan Ekeh, and 12 others, based on the fiat (that has now been withdrawn from him.)

The other defendants, who were discharged and acquitted upon the dismissal of the Charges by the courts, are Mr. Chris Eze Ozims, Oyebode Folashade, Charles Adigwe, Obilo Onuoha, Agartha Ukoha, Anya O. Anya, Femi Dosumu, Nnenna Kalu, Admas Digital Technologies Limited, Technology Distributions Limited and Zinox Technologies Limited.

The suit No. FCT/HC/CR/985/24 filed in November 2024 by Falana on behalf of his client, Benjamin Joseph, before the Federal High Court in Abuja for the same alleged diversion of N162,247,513.80 being payment for laptop supply contract at FIRS Headquarters was dismissed.

In the certified true copy of the judgment dated 20th March, 2025, Justice Ebong ruled as follows: “It is my conclusion based on the foregoing that this charge (No. FCT/HC/CR/985/2024, Federal Republic of Nigeria v Leo Stan Ekeh and 12 ORS) constitutes a gross abuse of court process and is liable to dismissal. I accordingly hereby dismiss it.”

Justice Ebong averred: “One intriguing aspect of this matter is that none of the law enforcement agencies involved in the investigation of the nominal complainant’s (Mr. Joseph) numerous petitions has found merit in any of his allegations against the defendants. When called upon before Senchi J. (Justice Danlami Z. Senchi) to prove his said allegations to the court, he failed to turn up in court. One then wonders on what premise he wants to maintain this campaign of persecution against the defendants.”

Previous judgments on the matter had established that rather than being the culprit, Ekeh and the 12 others were actually the victims of a failed money diversion scheme plotted by Mr. Joseph and Citadel.

The most recent charges filed by Falana on the basis of a fiat from the Attorney General was the third in a row as Mr. Joseph had earlier filed charge no.CR/469/2022, which was struck out by Honorable Justice Christopher O. Oba of the FCT High Court, by an order dated 8th November 2022.

Justice Oba ruled: “Upon hearing the counsel for both the Prosecution and the Defendants in court, the basis for which the law firm of Femi Falana filed the present charge is the authority gotten from the Attorney General of the Federation. The said authority has been withdrawn, there is legally no basis for the present charge before this court. Therefore, this charge is hereby struck out.”

Determined to push through his case, Mr Joseph  filed the same charges before Honorable Justice Ade S. Adepoju of the FCT High Court, and the charges were, once again, struck out by the Honorable Court on 19th March 2024, with Honorable Justice Adepoju holding that: “This matter was brought in dead, extinct and should be confined into the dustbin of history…I hold that the instant suit is an abuse of the process of court and it is hereby struck out accordingly.”

It will be recalled that in his petition to the police in 2013, it was discovered by police authorities that Mr. Joseph provided false information to the police, prompting the Inspector General of Police to charge him for false information in charge no.CR/216/16.

In another case filed by the EFCC, at his instance against his partner, Princess Kama, in charge no. FCT/HC/CR/244/2018,  Honorable Justice Danlami Z. Senchi of the FCT High Court (as he then was), dismissed as false all the allegations made by Benjamin Joseph, and imposed the sum of N20 million as damages against him for false petitioning in relation to these same allegations.


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Nigerian Judges Pledge to Uphold Global Digital Rights Standards in Ikot Ekpene Declaration

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Judges of the Federal High Court and National Industrial Court in Nigeria have committed to upholding global digital rights standards by endorsing the Ikot Ekpene Declaration.

The move, aimed at strengthening justice in the digital age, was announced following a workshop on digital rights and cyber governance held in Akwa Ibom.

The workshop, titled “Upholding Justice in the Digital Age: Strengthening Judicial Capacity on Digital Rights and Cyber Governance,” was organized by Paradigm Initiative with support from the Kingdom of the Netherlands under the STANDS Project.

It brought together judicial leaders, officials from the National Human Rights Commission, and the National Judicial Institute to address legal gaps and enforcement challenges in the digital space.

Speaking at the event, Justice Salisu Garba Abdullahi, Administrator of the National Judicial Institute, emphasized the need for the judiciary to adapt to the evolving digital landscape while maintaining constitutional principles.

‘Gbenga Sesan, Executive Director of Paradigm Initiative, underscored the judiciary’s critical role in digital governance, noting that “the marriage between digital opportunities and economies is strengthened by judicial oversight.” He called on judges to recognize emerging digital challenges as technology advances.

Senior Officer for Anglophone West Africa, Khadijah El-Usman, also highlighted the importance of judicial engagement in digital rights protection, commending the Netherlands Embassy for supporting the initiative.

The Ikot Ekpene Declaration outlines key recommendations for judicial officers, including ensuring clarity in judicial reasoning, upholding human rights principles, expanding access to justice for vulnerable groups, and advancing the digitalization of the judiciary.

With growing concerns over privacy, cyber regulations, and digital manipulation, Nigerian judges are stepping up efforts to align justice delivery with global best practices, ensuring that digital rights remain protected within the framework of the law.


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