E-Business
Signal Alliance Unveils Business Plan
Signal Alliance, a technology company, which started business in 1996, is set to unveil plans that will further give boost to cloud computing practice in Nigeria, ahead of its 25 years anniversary, which comes up later this year.
Coming into the cloud market and information technology (IT) industry at the time it did was a great decision given that it gave an opportunity to get into a market that has come to be a major contributor to the Nigerian economy.
The company is on the verge of completing a holding company (holdco) structure that will see it become a bigger player in the IT sector.
The proposed holdco structure will have three subsidiaries – one focused on cloud business, another on technology consulting while the third, Sasware, which is already operating as a venturing company, will harmonise current investments and further invest in tech start-ups and tech-enabled businesses.
“Signal Alliance is set to make history in the tech ecosystem in Nigeria, at a time when foreign investors have dominated the venture space in Nigeria and Africa and are increasing their positions in the Nigerian tech market.
“Last year, Stripe, the second-largest payment company in the world, acquired Nigerian-based payment gateway company, Paystack,” a statement explained.
Nigerian startups also dominated the venture capital activities in Africa in 2019 only to fall behind South Africa in 2020 due to the impact of the COVID-19 pandemic.
There are also local venture capital firms and equity funds that are springing up and positioning for the market.
In January, Iyinoluwa Aboyeji, founder and CEO of Future Africa, a new venture capital that launched in 2020, said it had returned $3.7 million to some of the firm’s limited partners and invested over $1 million in 16 start-ups.
Speaking about his plans, Mr. Collins Onuegbu, executive vice chairman of Signal Alliance, said: “There is a need to consolidate and grow our investments in technology-enabled start-ups. Diversification of our business portfolio is imperative, and we believe that these activities, in line with our medium to long term strategy, will produce compelling returns. Size and efficiency are key factors for our new outlook.”
Onuegbu who believes the tech market in Nigeria was still evolving despite the strides it has made in recent years, is of the view that there is still a lot of room for growth and the company is being positioned to be part of that growth process.
“In the coming months, it will be looking to either acquire a majority stake in promising ventures or minority interest.
“There is no more sitting on the fence while the good deals get done. We need to gain a foothold in the tech space venturing in Nigeria and we are targeting 50 tech and tech-enabled companies within a 3-year horizon,” Onuegbu said.
Onuegbu who is also a director at the Lagos Angels Network, a group of well-connected individuals who invest in early-stage entrepreneurs, said Signal Alliance would also be looking to grow its cloud market position, adding that it is a market Signal Alliance knows very well, given its partnership with Microsoft, being a a Gold LSP Partner of Microsoft and among the other three partners in Nigeria.
“Despite handling much of Microsoft’s Azure cloud business in Nigeria, we are determined to grow the cloud business significantly, extending outside the shores of Nigeria,” Onuegbu said.
Beyond venture capital and cloud, Signal Alliance is also eyeing the intellectual property market, IT security, and managed services. The third subsidiary of Signal Alliance will focus on these segments. Its future trajectory is to grow technology and technology-enabled businesses, taking advantage of opportunities in the diversifying Nigerian economy.
E-Business
US Supreme Court Upholds Law Banning TikTok
The United States Supreme Court has upheld a law seeking to ban TikTok in the United States.
The court ruled that the law does not infringe upon free speech rights, citing the US government’s legitimate national security concerns about the Chinese ownership of the app.
Last week, the Supreme Court listened to the arguments from ByteDance, TikTok’s parent company, claiming the law violated free speech.
“There is no doubt that TikTok provides a unique platform for expression, engagement, and community to over 170 million Americans,” the justices stated.
With this decision, the ban set for Sunday remains in place, despite calls from lawmakers and officials across the political spectrum for a delay.
Last year, Congress passed a law requiring ByteDance to sell TikTok or shut it down in the US by January 19, reflecting widespread concerns in Washington that the app could be exploited by China for espionage or propaganda.
On Friday, White House officials informed the media that the ban would not be enforced, leaving the final decision to President-elect Donald Trump, who assumes office the next day.
In December 2024, TikTok asked the US Supreme Court to temporarily block a law that would force its Chinese owner to sell the popular video-sharing platform or shut it down by January 19.
The appeal came the same day TikTok, Shou Zi Chew, CEO, met with US President-elect Donald Trump.
E-Business
FG Says NINs will Facilitate Cash Transfers to 18.1m People
Federal government has plans to expand the national social register to 18.1 million names and to reach at least 70 million poor households across the country by the end of this year, according to Prof Nentawe Goshwe Yilwatda, minister, Humanitarian Affairs, Disaster Management and Social Development (FMHADMSD).
Federal government has been distributing cash assistance to poor citizens through a program that requires verification using the National Identification Number (NIN).
The rate of poverty in the country is alarming, the minister said in an interview with Arise News, reason why the federal government plans to extend the humanitarian outreach program to target more homes. Each household receives the sum of N75,000 ($45).
Giving update on the payments, the minister said the first tranche of the conditional cash transfers were paid to five million households between October and December 2024, while the second and third tranches were paid to 2.8 million households.
“The president has directed, based on CBN’s new regulations, that before any payment is made to an individual or household, they must have a digital identity we can trace. That is the NIN number,” the Yilwatda told Arise News.
The cash transfer enabled by digital ID was launched in 2023, and last year, the federal government said around 25 million Nigerians had already benefitted from the scheme.
E-Business
NIMC Grants NCoS Licence to Register Inmates for NIN
National Identity Management Commission (NIMC) has granted licence for the Nigerian Correctional Service, (NCoS) to register inmates in the over 252 custodial centres across the country for National Identity Numbers, (NIN).
The approval followed the request made by Sylvester Nwakuche, acting controller general of the NCoS, who paid a visit to Engr Abisoye Coker-Odusote, director general/chief executive Officer of NIMC, in her office.
The acting controller-general, said the licence to carry out registration of inmates for NIN would eliminate exclusion of inmates from the country’s National Development plans, ensure their safety and security and facilitate their smooth recapture in times of jailbreaks.
The NCoS boss said the visit to the headquarters of NIMC was in search of collaboration that would enable the Service carry out its mandate seamlessly following on going reforms of the Correctional Service system.
According to Nwakuche, there are lots of socio-economic developments within the Correctional Service systems which had led to a number of inmates obtaining University degrees, Masters Degrees and Doctor of Philosophy (PhD) in various fields.
He said such inmates should not be excluded from the national development plans of the country as they should be integrated into the society to become useful for their families and the country.
Nwakuche said inside the Correctional centres are those awaiting trials whose innocence and otherwise has to be decided by the Courts, but argued that in times of National planning, census and other critical national development issues, they should not be disallowed from participating.
Coker-Odusote who granted the licence said NIN has become critical and essential to the country’s national development plans, stressing that NIMC has gone far with the private sector, especially the banks and the Central Bank of Nigeria (CBN) as all banks accounts are now linked with the NIN.
Coker-Odusote said the Eight points Agenda of President Bola Tinubu are also anchored on the Country’s digital identity or National identity Number, stressing that for instance NIN was tied to students loans to eradicate duplicity and prevent ghost beneficiaries.
Coker-Odusote expressed delight in the partnership with the NCoS, saying that the Commission had already entered into partnership with the Nigeria Immigration Service, NIS and other agencies in order to facilitate the smooth delivery of their constitutional mandates.
She commended Dr Olubunmi Tunji-Ojo, minister of Interior, for his dynamic leadership and role in ensuring the delivery of dividends of democracy to Nigeria through various reforms.
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