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1st Nigeria’s Venture Capital Summit Holds in June

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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.


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Okonjo-Iweala Urges Nigeria to Shift from Importing Tech to Local Manufacturing

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Dr. Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation, WTO, has urged Nigeria to move decisively beyond importing technology to manufacturing it locally, warning that sustained dependence on foreign technology weakens the country’s industrial base and constrains job creation in the digital economy.

Speaking at Ahmadu Bello University, ABU, Zaria, Okonjo-Iweala said the current disruption of the global order, driven by technology, geopolitics and climate pressures, presents both serious risks and unprecedented opportunities for Nigeria and Africa, if they are prepared to act strategically.

“It is always a pleasure to come home to Nigeria, but it is particularly special to be here at one of the country’s most important seats of learning,” she said, stressing that universities such as ABU must remain central to Africa’s technological, industrial and economic transformation.

Tracing Nigeria’s post-independence journey, Okonjo-Iweala recalled that at independence in 1960, the country had only one degree-awarding institution, making the rapid expansion of universities a critical pillar of nation-building.

She noted that institutions such as ABU laid the foundation for Nigeria’s scientific, technological and entrepreneurial capacity.

Founded in 1962 as the University of Northern Nigeria, ABU has evolved into a multidisciplinary institution producing graduates across engineering, medicine, sciences, ICT, public administration and the humanities.

“Research conducted here has advanced the frontier of knowledge and offered practical solutions to real-world problems, from animal feed innovations during dry seasons to wind power generation in rural areas,” she said.

Turning to global trends, the WTO chief identified technology, particularly the internet and artificial intelligence, AI, as one of the most disruptive forces reshaping trade, production and employment worldwide.

“The technological shift we are experiencing has made it easier to communicate, produce and trade, but not everyone has shared equally in the gains,” she said, warning that automation and AI could deepen inequality if not properly managed.

She stressed that multilateral institutions and global trade rules must evolve to respond to emerging technologies such as AI and quantum computing.

“We need a new kind of multilateralism, one that is nimble, responsive and capable of addressing new global opportunities,” she said.

Okonjo-Iweala said Africa stands to benefit from what the WTO now describes as “re-globalisation”, the diversification of global supply chains away from over-dependence on a few countries.

She identified opportunities in labour-intensive manufacturing, critical minerals processing, renewable energy technology, pharmaceuticals, agro-processing and electric vehicle, EV, supply chains.

“Africa has the capacity to process its critical minerals all the way to EV battery manufacturing,” she said, pointing to Nigeria’s emerging lithium processing investments and vast renewable energy potential.

Reinforcing her call for local technology production, she said Nigeria must stop importing technologies it can manufacture domestically.

“Instead of importing solar panels, we should be manufacturing them here. That is how we create jobs, build resilience and grow our economy,” she said.

Okonjo-Iweala warned that Nigeria’s projected economic growth of 4.4 percent remains insufficient once population growth is factored in, calling for sustained growth of 6 to 7 per cent driven by productivity, technology and value addition.

She said achieving this would require strong digital infrastructure, skills development and innovation-friendly policies, alongside full implementation of the African Continental Free Trade Agreement, AfCFTA.

“Technology-enabled trade and deeper regional integration could increase intra-African trade by up to 45 per cent and lift millions of people out of poverty,” she said.

With Africa projected to account for about 25 per cent of the global working-age population by 2050, Okonjo-Iweala described Nigeria’s young population as one of its greatest technology assets.

“On an ageing planet, Africa’s youth represent the world’s future talent pool,” she said, urging universities, policymakers and the private sector to better align education, innovation and industrial strategy.

She, therefore, called for stronger collaboration between academia, industry and government to ensure Nigeria does not miss the opportunities created by global technological disruption.

“This country has what it takes. What we need is urgency, coordination and the courage to invest in our people and our ideas,” Okonjo-Iweala said.


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Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

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Stanley Amandi, veteran Nollywood actor and filmmaker, has been arrested by the Nigerian military over his alleged role in a foiled coup plot to overthrow President Bola Tinubu’s government, according to an exclusive report by Premium Times.

Stanley Amandi, Nollywood Actor Arrested over Alleged Coup Plot against Tinubu

Stanley Amandi, Nollywood Actor

The filmmaker, also a former chairman of the Actors Guild of Nigeria (AGN) Enugu State chapter, was reportedly detained in September 2025 alongside several military officers accused of planning a violent overthrow, including potential assassinations of top officials, according to the newspaper’s sources.

Reports indicated that the coup plotters planned to wholesale assassination of top government officials including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and Speaker of the House of Representatives Tajudeen Abbas, among others.

On Monday, the Defence Headquarters confirmed the plan to illegally oust the Tinubu administration, saying the indicted officers will be arraigned before military judicial panels.

In its statement, the Defence Headquarters said the investigation has been completed and forwarded to “appropriate superior authority in line with extant regulations.”

According to the military, the investigation was “comprehensive” and conducted in line with established procedures, examining “all circumstances surrounding the conduct of the affected personnel.”

The military disclosed that the findings identified “a number of the officers with allegations of plotting to overthrow the government,” describing such conduct as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”

Mr Amandi has featured in many Nollywood movies and is known for his work as an actor, production manager and director.

His notable works include “The Album,” where he served as director; “Tiger King,” where he also served as director and produced in 2008; “Cornerstone,” produced in 2019; and “Once Upon a Dream,” in which he appeared as an actor in 2024.

Mr Amandi’s last Instagram post was on 19 September 2025, shortly before his arrest.


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Firms Commit to Boost African Robotics Market

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AfricAI and Micropolis Robotics have signed a multi-year exclusive distribution and deployment agreement, which marks one of the continent’s most significant robotics market entries.

Micropolis AI Robotics is a United Arab Emirates-based robotics manufacturer operating in autonomous systems, while AfricAI is a company building practical, revenue-driven artificial intelligence (AI) systems for African businesses, governments, and global partners operating in emerging markets.

According to the agreement, Micropolis Robotics named AfricAI as its exclusive continental partner, prohibiting direct sales, alternative distributors, and third-party agents from operating in the territory.

The partnership establishes AfricAI as the primary execution, localisation, and go-to-market platform for intelligent robotics in Africa’s industrial, security, logistics, and infrastructure sectors.

AfricAI said this exclusive mandate positions the company as the gateway for advanced autonomous systems entering African markets, ensuring regulatory compliance, local capacity building, and sovereign control over deployment frameworks.

The partnership, according to the two parties, moves beyond software- based AI into the realm of physical AI — intelligent machines capable of operating in complex, real-world African environments.

“This is not a collaboration, it is a market-shaping mandate,” said Fareed Aljawhari, CEO of Micropolis Robotics. “AfricAI now represents the exclusive gateway through which Micropolis technologies enter Africa. Their sovereign AI vision, operational reach, and regulatory fluency make them the only partner capable of executing at a continental scale.

Furthermore, the agreement enables AfricAI to integrate Micropolis’ autonomous robotics systems with AfricAI’s sovereign AI stack, resulting in AI-powered security and surveillance platforms, robotics-enabled logistics and port operations, industrial automation, smart infrastructure, and municipal robotics tailored to African operating conditions.

Initial deployments will commence in security, smart infrastructure, and logistics, with phased expansion across multiple African states as part of AfricAI’s broader continental AI, data, and intelligent infrastructure strategy.

The agreement also includes long-term performance-linked expansion rights, automatic renewals, and a defined localisation framework to support robotics deployment, workforce training, and skills transfer across Africa.

Prince Malik Ado-Ibrahim, executive chairman of AfricAI, said: “Africa does not need imported automation — it needs sovereign, context-aware intelligent systems. This exclusive mandate allows AfricAI to industrialise robotics deployment at scale while retaining control, compliance, and value creation on the continent.”

 


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