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Pantami, NITDA DG, Others Meet Startups on Ecosystem Consolidation

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Professor Isa Pantami, the Minister of Communications and Digital Economy, has challenged startups and innovators in the Nigeria ecosystem to take ownership of existing policies to further consolidate and enhance the success of the ecosystem.

Pantami gave the charge when he met with indigenous innovators in Lagos, to explore avenues of developing the Ecosystem to further drive the digital economy agenda.

At the interactive session organised by the National Information Technology Development Agency (NITDA) was themed; Fostering an Enabling Environment for Start-up Growth, the Minister disclosed that the objective of the session was to understand first hand, what the ecosystem requires from the government in order to thrive.

“The importance of a vibrant, functional innovation ecosystem cannot be underscored and that is why we have taken deliberate steps to organise this interactive session specifically, to address certain pertinent issues.

Firstly, how to consolidate our ecosystem, secondly to understand the market and its challenges thirdly, to map our market and set targets, to strengthen our networking strategies and more importantly, collaborating and partnering with government.

This is key to the success of our ecosystem because government has a major role to play in providing an enabling environment”.

The Minister emphasized that the Federal Government is open and willing to suggestions on what it can do to further ensure the success of the ecosystem.

He said, “If there are challenges in implementing any of the policies we have put in place for the sector to thrive, please let us know”.

He cited the National Startup Bill, the National Council for Digital Innovation and Entrepreneurship, the National Policy for the Development of Indigenous Content in the Telecommunications Sector among others, as examples of government’s commitment to enact and implement policies that enable the ecosystem.

Pantami disclosed that incentives like grants, tax and fiscal incentives, startup labelling, seed funding for startups, tax holidays have been provided for, in the plan to provide the necessary support by government.

He noted that Nigeria as the largest digital economy in Africa which is in the process of deploying fifth generation networks (5G), the immense human potential and the necessary collaborations and partnerships between government and the ecosystem, the country will in no time take its pride of place as the continent’s technology giant.

Pantami mentioned that the presidency is ready to make sure the bill meets excellent execution. He commended, “the work of the startup ecosystem for pushing Nigeria to become the largest digital economy in Africa and it’s time to work closely together to achieve greater hallmark.”

Speaking on NITDA’s effort on addressing skills set in the country Inuwa Kashifu Abdullahi, director general, National Information Technology Development Agency (NITDA) said: “As honourable minister of Communications and Digital Economy normally used to say “we make skills not certificate” because we sponsor people abroad for MSc and PhD programmes, most of them refused to come back to the country, those that come back will be a liability to the country looking for jobs.

“Instead of that, why not build skills to create jobs? Then honourable minister directed we should come up with scheme called Technology Innovation and Entrepreneurship Support scheme. It is a scheme design to identify talented startups of youths with ideas, place them in developed hubs for training and incubation and at the end we have what we called startups Vouchers we give them that will help them as seed funding to develop their products and services.

“We started last year and we still have challenges and this is the reason why we are here today to talk with you to see how we can make it better.

“We have also conceptualised another idea called HiFiV which we want to go to universities, set up centres for excellence for entrepreneurial capacity building that will help develop entrepreneurship as well as help our students right from the universities to start thinking of starting their own business.

“We are partnering with Central Bank of Nigeria (CBN) on this and starting with six universities across the six geopolitical zones and we are talking with CBN to see if they can build a centre in each state that will help to address that.

“On funding, we realized that there are some many funding and incentives but mostly you don’t know them because there is a disconnection between the government and the ecosystem. So, we are working with Lagos Business School to develop all existing government incentives which we are going to socialised with you to see how you can benefit from it.”


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FG May Forfeits $4m from World Bank Loan over Audit Flop

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Federal government may lose $4 million from a World Bank loan after failing to get a pass mark on key audit standards in its revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

FG May Forfeits $4m from World Bank Loan over Audit Flop

This is according to a World Bank restructuring paper dated June 2025.

The amount, which is the equivalent of around N6.2 billion with an exchange rate of N1,568 per dollar, could have helped to address one of Nigeria’s infrastructural deficits.

The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.

Accordingly, the revenue assurance audit covering the FIRS and Customs for the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.

“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018–2021, with an allocation of $4m.

“These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”

Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds.

“The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.

Further analysis shows that $4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the development of a National Budget Portal.

According to the document, the Budget Office of the Federation, which was responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.


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CDCFIB Warns against Recruitment Racketeers

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Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned job seekers to be wary of fraudsters circulating inappropriate recruitment information.

CDCFIB Warns against Recruitment Racketeers

The warning came against the backdrop of social media publications that President Bola Tinubu has ordered massive recruitments into some government agencies.

The agencies listed in the report were the Nigeria Immigration Service (NIS); the Nigeria Security and Civil Defence Corps (NSCDC); the Nigeria Correctional Service (NCoS) and the Federal Fire Service (FFS)..

The agencies are all under the Ministry of Interior, headed by Dr Olubunmi Tunji-Ojo.

However, while responding to the reports, the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) cautioned Nigerians against falling into the traps of job racketeers.

The Board acknowledged a Presidential approval for the recruitment of personnel in the four (4) Paramilitary Services under its purview, but insisted that due process would be followed on the matter.

Major Gen. Abdulmalik Jibrin (rtd), board secretary, said in a statement that “there are series of processes which leads to the actual recruitment exercise.”

“The Board wishes to reiterate that for all its recruitment processes, appropriate notifications would be done via adverts in the national dailies and it would be carried out in a fair and transparent process devoid of payment of any fee.

“To this effect, members of the public should be weary of the activities of recruitment racketeers who may want to take advantage of unsuspecting job seekers to rob them of their hard-earned resources”, Gen Jibrin said.


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Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

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Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme, who voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) in April following a ruling by Justice Emeka Nwite of the Federal High Court in Abuja, is still languishing in the custody of the anti-corruption agency.

Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme,

Concerned Nigerians who have been following the matter have urged the EFCC to release him unconditionally since he honoured their invitation without being arrested.

The court had approved the EFCC’s request to arrest and detain six individuals connected to the scheme, including Abiodun.

Alongside Abiodun, five other individuals—Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme, which was valued at over $1 billion.

Fadila Yusuf, EFCC’s legal counsel, had submitted evidence that led to their public declaration as wanted individuals.

After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.

Babatunde Busari, his legal counsel, explained that Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.

Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about the EFCC’s high-handedness and rights abuse.

His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances since he submitted himself for investigation.

According to one of the family sources, “Keeping him in a cell for over one month would send a negative signal to other Nigerians who would be declared wanted by the EFCC in the future. It would discourage Nigerians who have clear cases from surrendering themselves voluntarily to security agencies if, at the end of the day, they don’t receive mutual respect for surrendering themselves.”

He added that CBEX is not a Ponzi scheme.

Reacting to the agitation by concerned Nigerians, Dele Oyewole , EFCC spokesman hinted that the agency obtained a remand order to keep him beyond 48 hours.

According to him, “Anybody that we are holding beyond 48 hours, be rest assured that we have a lawful remand order from the magistrate court to hold him beyond 48 hours.

“We are a law-abiding commission. Concerning that suspect, we are holding him on the basis of that remand order.”

 

 


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