News
1st Nigeria’s Venture Capital Summit Holds in June

The Venture Capital Advocacy Summit, the first of its kind in Nigeria that will bring together all the critical elements that could facilitate the entrenchment of the Venture Capital Culture in the country will hold between 28th and 30th June, 2016 at the Eko Hotel, Victoria Island, Lagos.
The Summit being organised by Alfe City Company Limited with the support of the Senate Committee on Trade & Investment and the House Committee on Commerce will feature the maiden introduction of the concept of venture capital and provide an opportunity for interaction with international experts and seasoned investors.
According to Mr Soji Adeleye, chief executive officer, Alfe City Company Limited, the organisers, “To say that Nigeria needs a thorough re-engineering at the moment would be an understatement. The total collapse of the crude oil sector in recent months is a reminder if we need one that the over-reliance on that sector was short-sighted in the extreme. Investment in the people on the other hand is the only risk free investment as they will always be there hence organic growth of the people’s sector – the private sector provides an insurance for the future. The bottom-up growth –invention, innovation, imagination, creativity; attributes Nigerians are renowned for.
“Venture Capitalism offers Nigeria and its universally acclaimed entrepreneurial people a new vehicle that could turn that creativity into economic power.”
He said the endorsement of the summit by the National Assembly was crucial as the entrenchment of the Venture Capital culture in Nigeria would require legislative underpinning to guarantee the safety of investment of investors.
In the Senate endorsement of the summit, Senator Fatimat Raji Rasaki, chairman Senate Committee on Trade and Investment said, “We share the principle and objectives behind this very laudable program and commend it to all stakeholders across the country.
“We hereby convey our commitment to work with you and other stakeholders for the success of the summit and subsequently perform our legislative responsibility to ensure a successful entrenchment of venture capitalism culture in Nigeria.”
Similarly, Rt Hon Sylvester Ogbaga, chairman, House of Representatives Committee on Commerce, said the committee considered the summit’s objectives as very laudable.’
“I wish to therefore convey the decision of the committee to collaborate with Alfe City Company Limited in that regard,” he said.
On the participation of the state governments, the Alfe City boss said, “For the economic growth of a federation like Nigeria to be successful and sustainable, federating unit’s governments must be seen as caterers for the Oasis that must converge for the national economy to prosper.
“State governments must necessarily pursue economic policies that are conducive for private sector investment. Universities and Colleges of Technology environments must essentially be supported to breed entrepreneurs that could rely on venture capital to translate their inventions and creativity into economic power.”
On why has Nigeria been missing from the Venture Capital space over the years, he said, “There are limited private equity activities in the financial sector of the country primarily geared towards established entities that are seeking foreign investment. It is a niche service whose clientèle is so defined. To a considerable degree Nigeria’s absence from the global venture capital space is directly a consequence of the instability of the economy. For instance the unpredictable nature of our foreign exchange regime means that dealing with serious international investors is a considerable.
“The United States of America is the predominant exponent of venture capitalism in the world. As matter of fact, it is impossible to imagine the American economy without venture capital. Most of the global brands like Google, Intel, Microsoft and lately Uber all owe their emergence to venture capital. It is that initial fund that turns an idea, a dream to products and services that we all now recognise.
“According to the US National Venture Capital Association, 11% of private sector jobs in the USA come from Venture-backed companies and venture-backed revenue accounts for 21% of US $18 Trillion GDP (2015).”
On the expected benefits of the Venture capital/summit to Nigeria, he said it will open up a new avenue for turning ideas to products.
“The Venture Capital ecosystem will create jobs, know-how that at the moment does not exist because it will be a new beginning for a lot of people and a lot entities,” he said.
“On the whole, the summit itself would be unique in setting and result as the event would mark the onset of an advocacy that promises to transform the entrepreneurial landscape of Nigeria forever.”
The summit objectives include to Advocate and spearhead the culture of venture capitalism in Nigeria; Open an avenue for translating Nigerians’ legendary creativity and entrepreneurship to vital economic power; Bring all stakeholders together to highlight how venture capital could be the missing link in Nigeria’s struggle to build a diverse and sustainable economy; Establish a Register for practicing and prospective venture capital operators in Nigeria; Create the machinery for an annual venture capital event as a vehicle for entrenching the culture of venture capitalism in Nigeria.
News
Nigeria Spends $470m on AI-powered Surveillance Devices- Report

Nigeria has emerged as the largest investor in artificial intelligence-driven surveillance systems on the continent, committing over $470 million to advanced monitoring technologies, according to a new report.

Pic credit…bokysee.com
The study found that Nigeria, alongside 10 other African countries, has collectively spent no less than $2.1 billion on AI-powered surveillance infrastructure.
AI-powered surveillance devices represent a significant shift from passive recording to active, real-time monitoring and threat detection
The study, described as the most comprehensive account of smart city surveillance in Africa, examined deployments in Algeria, Egypt, Kenya, Mauritius, Mozambique, Nigeria, Rwanda, Senegal, Uganda, Zambia and Zimbabwe.
These investments include facial recognition systems and automatic number plate recognition tools aimed at strengthening security and urban monitoring.
The report, titled “Smart City Surveillance in Africa: Mapping Chinese AI Surveillance Across 11 Countries,” was produced by the Institute of Development Studies and released in March 2026.
It highlights Nigeria’s position at the forefront of adopting smart surveillance technologies, reflecting a broader trend across Africa where governments are increasingly turning to AI solutions to address security challenges and improve urban management.
“This level of expenditure translates into an average spend in the region of $240m per country.
“Nigeria alone has documented public expenditure of $470m AI-enabled facial recognition and ANPR, making it the continent’s largest buyer of smart city surveillance technologies,” the report stated.
“In all cases, we know that the real total is significantly higher because surveillance spending is often secret; no figures were available for two of the 11 countries studied; the public accounts for the other nine countries were incomplete; and this study included only 11 of Africa’s 55 countries,” the researchers noted.
The report said most of the surveillance infrastructure deployed across the countries was supplied by Chinese firms and financed through soft loans from Chinese banks.
“The Chinese safe city surveillance package is typically financed by soft loans from Chinese banks.
“A typical package involves a loan of $250m from Eximbank tied to the purchase of surveillance cameras from Hikvision and a command and control centre built and serviced by Huawei or ZTE,” it said.
The report explained that the packages usually include thousands of smart closed-circuit television cameras capable of transmitting geo-located facial recognition and vehicle number plate data in real time.
“The Chinese safe city package typically includes installing thousands of smart CCTV surveillance cameras, which transmit geo-located facial recognition and car number plate data in real time for analysis using artificial intelligence at dedicated data centres that serve as command and control facilities for police and security operatives,” the report added.
The study further revealed that China supplied smart city surveillance technologies to all 11 countries reviewed, while South Korea and Russia supplied three countries each, and the United Arab Emirates supplied two.
It added that the actual spending across the region could be significantly higher due to secrecy around surveillance budgets and incomplete public financial records.
News
Metaverse Collapses, Horizon Worlds Shuts Down on Quest

The metaverse, championed by Meta (formerly Facebook) in 2021, has largely collapsed due to low user adoption, technical limitations, and massive financial losses exceeding $80 billion.

Mark Zuckerberg
Meta is shutting down its flagship VR platform, Horizon Worlds, in June 2026, marking a major shift toward AI and mobile-first strategies.
The app will be removed from the Quest store on March 31 and discontinued in VR by June 15, continuing only as a mobile service.
Horizon Worlds, launched in 2021, was central to Meta’s rebranding from Facebook and its vision of a fully immersive virtual environment.
Despite billions in investment and high-profile partnerships, the platform failed to attract a large user base and struggled with design limitations and weak engagement.
Reality Labs, the division behind the metaverse push, has accumulated nearly$80 billion in losses since 2020, including more than$6 billion in a single quarter.
Recent layoffs affecting around 10 percent of the VR workforce, along with the shutdown of related projects, underscore a broader pullback.
Competition and shifting priorities have accelerated the decline.
Rival platforms such as VRChat maintained stronger communities, while Meta increasingly redirected resources toward AI and hardware, including its Ray-Ban smart glasses.
Although Meta says it remains committed to VR, the closure of Horizon Worlds signals a strategic reset.
The company is repositioning its future around AI-driven products, marking a decisive shift away from its earlier metaverse vision.
News
FG Plans New HIV Prevention Injection in 8 States, FCT

Federal government has commenced is to roll out a new long-acting HIV prevention drug, Lenacapavir, in selected states as part of efforts to reduce new infections and end AIDS as a public health threat by 2030.

Dr Iziaq Salako, minister of State for Health and Social Welfare, who disclosed this during a media briefing in Abuja, on Monday said the injectable drug will be deployed in eight states and the FCT.
The states are Anambra, Ebonyi, Gombe, Kwara, Akwa Ibom, Cross River and Benue.
Lenacapavir, a twice-yearly injectable pre-exposure prophylaxis (PrEP), is designed for HIV-negative individuals at substantial risk of infection.
Dr Salako said its introduction marks a significant shift from daily oral prevention options, particularly for individuals who struggle with adherence.
The Minister explained that Nigeria’s adoption of the drug followed its selection by the Global Fund as one of nine early adopter countries, after expressing interest in 2025.
He further said about 52,000 doses have already been secured to support the initial phase, with the first batch delivered and preparations underway for facility-level deployment.
He, however, stressed that the drug is strictly preventive and not a treatment for people living with HIV, warning against misconceptions that could encourage risky behaviour.
“This is not a cure or a licence for unsafe practices. It is an additional layer of protection for those at higher risk,” he said.
The minister explained that the rollout would begin on a controlled scale to allow close monitoring of safety outcomes and effectiveness before expanding nationwide.
He noted that implementation would be guided by the National Pre-Exposure Prophylaxis Implementation Plan covering 2025 to 2028, with focus on service delivery, supply chain management, financing and community engagement.
Adebobola Bashorun, national coordinator of the National AIDS, Viral Hepatitis and Sexually Transmitted Infections Control Programme, said the rollout strategy was informed by data and stakeholder collaboration.
He added that the injectable would complement, not replace, existing prevention methods such as oral PrEP and other long-acting options.
According to him, early observations show minimal side effects, mostly mild pain at the injection site.
Dr Temitope Ilori, director-general, National Agency for the Control of AIDS, described the development as a major boost to HIV prevention strategy, especially among high-risk populations.
She cautioned that the drug does not protect against other sexually transmitted infections or unintended pregnancies and is not recommended for pregnant women.
Similarly, Charles Nzelu, director of Public Health, said the innovation could significantly improve adherence to prevention programmes, given its twice-yearly dosage, but emphasised the need to sustain other preventive measures.
International partners also expressed support for the initiative while Josephine Aseme, chairperson of the Nigeria Key Population Health and Rights Network, described the injectable as long-awaited and potentially transformative for vulnerable groups.
E-Financial2 days agoCBN Wins Central Bank of the Year Title @13th Global Awards
General News2 days agoTech Firms Sack over 45,000 so Far in 2026
E-Financial23 hours agoDLM SPV PLC Lists ₦9.00bn AAA-Rated Medium-Term Notes on FMDQ Exchange, Sets Benchmark in Corporate Bond Market
News2 days agoMorney Launches in Nigeria as E-invoicing Drives Finance Digitisation
General News2 days agoJury Finds Elon Musk Liable for Misleading Twitter Investors
Telecom2 days agoFG Taps Quest Merchant Bank for Advisory on 90,000km Fibre Project
General News2 days agoRockefeller, Global Energy Alliance Cross $100 million Mark in Africa Electrification Push
News2 days agoDr Krishnan Ranganath to Lead UniCloud Africa in Continental Digital Infrastructure Push













