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High Net Worth Nigerians Should Invest in IT Startups-Mba-Uzoukwu

Chinenye Mba-Uzoukwu, an IT entrepreneur and vice chairman of Demo Africa 2015 edition, has urged high net-worth individuals [HNIs] in Nigeria to start investing in technology startups, arguing that returns on investment (RoI) in technology businesses has proven to be one of the most attractive in the world.
Chinenye Mba-Uzoukwu, who is also the managing director/CEO of InfoGraphics Nigeria, noted that most studies have shown that rapid growth start-ups generate the most new jobs in an economy and require the highest amount of equity risk capital.
He quoted Craig Mullett from the Branison Group as stating that a 2005 study of 37 countries showed that out of various sources of funding including debt, private equity, venture capital and angel investor capital, “only angel investor capital significantly positively influenced the propensity to be entrepreneurs”.
While all successful entrepreneurial hubs such as Silicon Valley, Boston, New York, Tel Aiv, Bangalore and Warsaw all have developed angel investor networks, which incubated start-ups rely for financing, contacts and strategy advice, Nigerian HNIs are slow in stepping up to create the platforms and enterprises of tomorrow.
He said: “Interestingly Nigeria HNIs appear unaware of, disbelieving of, and/or uninterested in the latent potential of local technopreneurs despite the relatively low entry barriers to investors and a burgeoning start-up community. We recognize that the tech industry is still in early stage development.”
He added, however, that “we must be intentional and aggressively so in looking inwards if we are to find sustainable and uniquely suited solutions to the challenges facing our country in the context of a 21st century global economy. Demo Africa is a great step and a new class of indigenous Nigerian investors must rise up and be counted because technology offers the most realistic stairway to a brighter future for Africa.”
While informing that Demo Africa connects African startups to the global ecosystem, he said the initiative “is the place where the most innovative companies from African countries get a platform to launch their products and announce to Africa and the world what they have developed.”
A successful entrepreneur with proven capability, Mba-Uzoukwu explained that several options are available to potential investors under engagement models, which range from business angels to venture capital and private equity, for funding technology startups.
“Whether it is purely a financial investment or a business decision to diversify business portfolio or an eagerness to join the next big game-changer, it seems pretty obvious that every savvy investor should have a technology company in his portfolio. Local investors who shun technology businesses today will definitely see the earliest pickings taken by their Western counterparts at ridiculously low valuations despite the apparent high risk,” he warned.
While describing technology as the fourth wave that should not be missed if Africa would hope for economic transformation, he likened the likes of Konga and Paga as signposts of things to come with Nigerian entrepreneurs requiring an infusion of foreign blood in order to scale in the absence of local HNI interest.
He explained that investing in start-ups would soon be a serious investment option from banks to corporate organisations and individual investors.
“By simple logic, if you have cash and have already made investments in real-estate, shares, other financial instruments, gold and possibly your own enterprise too, what can you do with any residual cash that you have? Invest in a start-up stands out as a good option – given that Nigeria is now a fertile ground for ideas and innovation, and being an entrepreneur is cool. And if you are wondering if any have been successful, just look at Interswitch, Hotelsng, M-Tech, IrokoTV, and Jobberman”.
According to him, the technology start-up industry has never been more vibrant with ideas and willingness to tread the uncharted waters and a burning desire to bring change to the communities in which they exist.
“There is a smoldering fire in the eyes of Nigerian youths that view technology as a means of self-expression, actualization and a driver for creating the Nigeria of their dreams.
He opined that Nigerian youths are “socially-committed, deeply convicted and determined to see the fullest expression of their values and ideas in the markets they have in focus. They want the double-impact – to make it big and to make it happen.
“High net worth Nigerians should support them. Look around you – there will be an entrepreneur near you and that is the exciting thing about Nigeria. Therefore, if you don’t have the next big idea or experience or inclination to start your own venture, you can play a part in the start-up community by funding them”, he said.
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Lagos Targets Vulnerable Residents in Expanded Social Register

Lagos State Government has intensified efforts to strengthen its social protection framework with a fresh push to update the state’s Single Social Register.

Babajide Sanwo-Olu, Governor, Lagos
This was contained in a press statement on the government’s Facebook page on Wednesday.
The initiative, led by the Lagos State Ministry of Economic Planning and Budget, formed the focus of a strategic engagement held on Monday with Community-Based Targeting teams, local government coordinators and field enumerators across the state’s 57 Local Government Areas and Local Council Development Areas.
The meeting, themed “Closing the Gap: Accelerating Lagos State Single Social Register Update,” took place at the Radio Lagos Multipurpose Hall in Agidingbi, Ikeja.
Officials said the exercise is aimed at improving the accuracy and reach of the register, which serves as a critical tool for planning and delivering targeted social interventions, including financial support, healthcare and education services.
Speaking at the session, Ope George, commissioner for Economic Planning and Budget, commended field workers for their commitment while urging them to scale up their efforts.
He called on participants to be “more intentional by intensifying their commitment,” reaffirming the government’s resolve to “continuously strengthen and refine the Register to reflect evolving realities.”
Also speaking, Olayinka Ojo, permanent secretary in the ministry, described the register as central to effective governance and service delivery.
She said “it remains a cornerstone for effective planning and delivery of social intervention programmes,” adding that the ongoing update is designed to “further enhance data reliability, coordination, and service delivery outcomes.”
Ojo noted that sensitisation efforts would be expanded across all councils to ensure wider inclusion of residents, stating that “the advocacy and sensitisation will scale throughout the 57 LGAs and LCDA to give more to Lagos residents.”
According to the government, the updated register is expected to expand access to social protection programmes and improve the targeting of interventions for the most vulnerable populations.
The engagement also provided a platform for stakeholders to strengthen collaboration, improve data quality and reinforce transparency in grassroots data collection.
The state government reiterated its commitment to leveraging accurate data and partnerships to drive inclusive development, reduce vulnerability and improve living standards across Lagos.
News
Study Shows 38% of Northern Women Lack Access to Financial Services

A new study by Bayero University, Kano, has found that 38 per cent of women in Northern Nigeria do not have access to financial services.

The study, carried out by the Aminu Kano Centre for Democratic Studies of the university, was supported by the Gates Foundation. It examined how social norms and behavioural factors influence financial inclusion across the 19 Northern states.
The report, titled “Understanding Influence and Behaviour in Northern Nigeria” and unveiled in Abuja on Wednesday, stated that while 52 per cent of women are financially served, only 45 per cent access formal financial services through deposit money banks, merchant banks, interest-free banks and microfinance institutions.
It stated that “38 per cent of women across the region lack access to financial services. “52 per cent of women are financially served, while 45 per cent access formal financial services through Deposit Money Banks, merchant banks, interest-free banks and microfinance institutions. An additional seven per cent utilise other formal non-bank financial products, including insurance services. ”
Speaking at the unveiling, the Director of Academic Planning at Bayero University, Prof. Yusuf Garba, who represented the Vice Chancellor, Prof. Haurna Musa said the research was designed to uncover why the region lags in financial access.
“This study, which started in 2024, aims to examine how social norms influence attitudes and behaviour of various groups across Northern Nigeria, particularly to find out why states in the region fall behind in access and use of financial services,” he said.
Garba explained that the research, conducted over 18 months, produced two volumes detailing how influence structures, trust hierarchies, gender norms, and religious considerations shape decisions around finance, health and education.
He added, “The report is structured into volumes to provide a unified explanation of how social norms, authority structure, and trust shape financial behaviour across Northern Nigeria.”
On the findings, the Principal Investigator, Prof. Ismael Zango, said the data aligns with figures from the National Bureau of Statistics, particularly on poverty and unemployment.
According to him, “unemployment in the region stands at about 37 per cent,” while “poverty levels average about 80 per cent across Northern Nigeria, with Sokoto State recording the highest rate at over 80 per cent.”
Zango stressed that addressing financial exclusion requires more than temporary interventions.
“Economic empowerment must go beyond token financial support,” he said, adding that “sustainable development requires equipping women and youths with relevant, market-driven skills.”
He cited women-led initiatives such as groundnut processing groups in Kebbi State and the Women in Agriculture programme in Kano State as practical models.
“These initiatives should be scaled up to bring more people into productive economic activities and reduce poverty,” he said.
In her remarks, the Chief Executive Officer of Enhancing Financial Inclusion and Advancement, Mrs. Foyinsolami Akinjayeju, described financial inclusion as both an ethical and economic imperative.
Akinjayeju called for stronger collaboration among stakeholders, including government, financial institutions and development partners, as well as policy reforms to address existing gaps.
“Everyone has a role to play, but commitment must come from the top,” she said.
The findings come amid growing concerns over low financial inclusion rates in Northern Nigeria, driven by poverty, unemployment, and entrenched social norms that limit women’s economic participation.
News
CISA Asks NDPC, Police to Act on Alleged Data Breach by NIPSS

Citizens Initiative for Safety Awareness (CISA), advocacy group focused on security, data protection, and counter-terrorism, has urged the Nigeria Data Protection Commission (NDPC) to provide an update on a petition alleging a cybersecurity breach and unlawful access to private communications involving officials of the National Institute for Policy and Strategic Studies (NIPSS).

Mr Chidi Omeje, national coordinator, in a letter dated April 10, 2026, observed no response from the commission so far.
Filed on July 1, 2025, by Mr Yushau A. Shuaib, the petition claims unauthorised access, interception, and use of private digital correspondence belonging to him and PRNigeria, his company.
The complaint named Barrister Nima Salman Mann, Rear Admiral Abubakar Abdullahi Mustapha, and Professor Elias Wahab concerning the alleged breach. Such incidents are outlined in the Nigeria Data Protection Act (NDPA) 2023, regarding data privacy, cybersecurity safeguards, and the protection of sensitive information.
CISA said if confirmed, the alleged actions contravene Nigeria’s data protection framework, with implications for data governance, safety of confidential media sources, and public trust in institutions.
It requests the NDPC to clarify the status of the probe, disclose any interim findings, and cite measures to prevent similar breaches.
The organisation believes the matter has evolved beyond an individual complaint, describing it as a test of the government’s commitment to enforcing its data protection laws, especially within ministries, departments, and agencies.
CISA also appealed to Tunji Disu, inspector general of Police, to order an investigation into the alleged cybercrime.
In a statement, Omeje criticised the “prolonged delay” by the Force Criminal Investigation Department (FCID) in acting on a petition submitted since June 2025.
The group said, despite “credible evidence,” the police had yet to invite or question the individuals mentioned. Pointing out that two of the officials share membership in the National Institute (mni) with the former DIG at the FCID, CISA raised concerns about a possible conflict of interest.
Omeje clarified that the petition was different from the civil suit at the Federal High Court over Mr Shuaib’s withdrawal from the NIPSS programme.
“An elementary legal principle holds that a civil suit cannot be a bar to criminal investigation or prosecution,” he noted.
CISA called on the police to act in accordance with due process, advising the authorities to uphold the rule of law and restore public confidence.
It contends that failure to act decisively could erode trust in law enforcement and reinforce perceptions of a two-tier justice system.
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