The median edition of Lagos Slush’D 2025, an innovation-driven, founder-focused startup conference begins today. The two-day event holding at The Podium, Lekki, Lagos, is part of the global Slush’D movement under the world-renowned Slush Helsinki brand.

Lagos Slush’D 2025 will showcase Nigeria’s fast-growing start-up ecosystem and spotlight the creativity, resilience, and ambition of Nigerian founders.

Mr. Kolawole Okuboyejo, Director, Lagos Slush’D, said the event will also connect local startups with global innovation networks, particularly the Nordics (Finland, Denmark, Sweden, Norway, and Iceland), known for world-leading innovation, sustainability, and impact entrepreneurship.

“It will facilitate meaningful partnerships between start-ups, investors, corporates, accelerators, and policymakers to drive funding, market access, and knowledge exchange.

“Promote inclusive and scalable innovation that tackles Africa’s biggest challenges — from food security and digital inclusion to climate adaptation and affordable healthcare. Strengthen the Nigeria-Nordics connection, building long-term bridges between ecosystems that believe in entrepreneurship as a driver of societal and economic progress.

“Lagos Slush’D is where ambition meets opportunity — a space for start-ups to pitch bold ideas, meet future partners, and accelerate their journey from local to global impact,” he said.

He noted that Lagos Slush’D place a special emphasis on the Nigeria-Nordics connection, drawing from the Nordics’ strengths in clean technologies, impact investing, sustainability, and start-up innovation, while tapping into Nigeria’s fast-growing, opportunity-rich market.

“Nigeria boasts a young, tech-savvy, urban population, a growing middle class, and rapidly expanding mobile and internet connectivity — all fueling digital innovation.

“Nigeria is home to Africa’s largest economy and most vibrant start-up scene. Over 600 active tech hubs across Africa. African start-ups raised over $5 billion in funding in 2023, with projections for a fivefold increase by 2030.

Africa’s combined GDP is projected to reach $3.2 trillion by 2030. The African Continental Free Trade Area (AfCFTA) will become the world’s largest free trade zone, unlocking massive cross-border opportunities.

Jumia, pan-African e-commerce platform, has announced the expansion of its logistics service, Jumia Delivery, to Nigeria. Building on its successful operations in Côte d’Ivoire, Jumia Delivery offers individuals and businesses a fast, secure, and cost-effective parcel delivery service across the country.

With one of the largest delivery fleets and a distribution network spanning over hundreds of cities, Jumia Delivery is set to revolutionize logistics and enhance shipping convenience for all. Customers can now send parcels with ease, benefiting from Jumia’s reliable logistics infrastructure and extensive partnerships with third-party logistics providers.

“Africa’s growing digital economy demands robust and efficient delivery services, and we are excited to introduce Jumia Delivery as a reliable solution to improve last-mile logistics. The introduction of Jumia Delivery in Nigeria, following our success in Côte d’Ivoire, is a major step forward in addressing logistics challenges and meeting the evolving needs of both individuals and businesses,” said Francis Dufay, CEO of Jumia.

Following its rollout in Nigeria, Jumia plans to expand Jumia Delivery to other key markets including Kenya, Ghana and Senegal, further extending its logistics capabilities across the continent.

With a customer-centric approach, Jumia continues to innovate and expand its logistics infrastructure, reinforcing its role as a key enabler of Africa’s e-commerce ecosystem.

Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development.

Aisha Abubakar, acting zonal director, Enugu Zonal Directorate and assistant commander of the EFCC, gave this charge  during the 2025 Annual Management Retreat of the Nigeria Security and Civil Defence Corps which was held at Jubilee Hall, Holy-ghost Cathedral, Ogbete, Enugu State.

Speaking on the topic, “Get-Rich-Quick Syndrome and the Youth Vulnerability: The Case Study of Ponzi scheme-The Role of Law Enforcement in Prevention and Disruption”, Abubakar said that the get-rich-quick syndrome has become a serious economic and security threat in Nigeria, with the youths bearing the brunt.

She said that the get-rich-quick syndrome is a mindset characterized by the desire to attain wealth without legitimate, gradual effort, adding that the craving is often fueled by social media portrayals of instant riches and social pressure.

“In Nigeria today, the aspiration for wealth has grown increasingly urgent among the youth, leading to vulnerability to financial frauds such as Ponzi schemes. They often fall victim to enticing schemes that offer double returns within short timeframes, despite the absence of legitimate business operations. The desperation to escape poverty and fund small projects pushes many into high-risk unregulated investments”, she said.

While citing the causes of get-rich-quick syndromes among the youths, Abubakar said that greed, financial illiteracy, peer pressure, social pressure, digital and technological exposure, drugs, disappearance of cherished family and societal values, extravagant lifestyle, depression, unproductive lodging in hotels, impatience, frustration with traditional systems and psychological factors are some of the things that cause many to fall prey to schemes “even when they suspect it’s too good to be true”.

“Notable examples in Nigeria include, MMM Nigeria, MBA Forex, Chinmark Group and CBEX. In April 2025, Nigeria witnessed one of its most devastating financial scams with the collapse of CBEX, a digital asset trading platform that operated as a Ponzi scheme. It promised investors a 100% return on investment within 30 days, leveraging on the allure of cryptocurrency trading and artificial intelligence-driven strategies”, she said.

Abubakar listed types of get-rich-quick syndromes which include advance fee fraud, fake jobs and scholarship schemes, online loan and grant scams, fake forex and crypto currency platforms, amongst others.

She said that cybercrimes, which she identified as an activity of get-rich-quick syndrome, have adverse effects on the country’s economy. She lamented that cybercrime has earned the nation a bad reputation in the global world, thereby reducing foreign investments in Nigeria, which has affected in totality, the growth of our economy.

She said that the reputational damage affects even individuals in Nigeria, as the global world has no confidence in Nigerians, within and outside the borders of the country.

“Cybercrime has created a market system where fraudsters obtain competitive advantage and drive out legitimate business. A lot of funds are lost to internet fraud, some of which are eventually used to fund organized crime groups and terrorism, potentially leading to further crime and terrorist attacks. I am sure you will agree with me that it has also undermined national defence and security in Nigeria and this has contributed to negative output in the economy”, she said.

She thereafter discussed the roles the Commission has played in the prevention and disruption of these schemes.

“Through roadshows, social media campaigns and partnerships with youth-focused institutions, the EFCC has raised awareness of fraudulent investment scheme. We partner with the Central Bank of Nigeria, the Security and Exchange Commission, Banks and global bodies like the INTERPOL to trace funds, monitor financial flows and disrupt scam networks”, she said.