News
FG to Grant Technology Start-ups Tax Holidays
Vice-President Yemi Osinbajo has said the Federal Government is including technology start-ups and businesses in the list of businesses eligible for tax holidays.
Osinbajo spoke in Lagos while inaugurating Vibranium Valley, a hub for technology and innovation start-ups described as the largest in sub-Saharan Africa.
The Vice President said Vibranium Valley, established by Venture Garden Group, could become Nigeria’s next innovation cluster housing tech firms devoted to talent, data and entrepreneurship.
Vibranium Valley, located within the expansive grounds of the former Concord Newspaper Headquarters in Ikeja, consists of “world-class office spaces” fully furnished to meet the needs of up to 50 tech start-ups.
According to Bunmi Akinyemiju, the firm’s Chief Executive Officer (CEO) and its Executive Director Kunmi Demuren, the “Campus” already houses “over 20 tech-driven companies.”
The Vice President, who delivered a keynote address on ‘The role of technology and entrepreneurship in nation building’, praised tech innovators for providing “technology-driven solutions to some of the most difficult development problems confronting us today.”
Osinbajo said: “Today’s event is devoted to talent, data and entrepreneurship. These three things represent the Vibranium of Africa.
“Vibranium Valley, similar to Yaba, could be the next innovation cluster where mature tech companies can be housed, to drive the industrial revolution, and exports of ‘innovation’ for the country.
“On the part of government, we are putting our money where our mouth is. We believe it is our role to provide the environment where innovation can thrive, so, we are including technology start-ups and businesses in our list of businesses eligible for pioneer status and that means tax holidays.
“Also both the Central Bank and the Bank of Industry are working on intervention funds and loans for technology start-ups, while we have till date opened about three state-of-the art technology hubs. These are government-supported technology hubs.”
The hubs include the Northeast humanitarian technology hub in Yola, Adamawa State, which specialises in innovation for victims of conflict. The South-south innovation hub in Benin, Edo State and the climate change technology hub to be launched at the Pan African University, Lagos.
Akinyemiju, who described Vibranium Valley as the “Campus”, said it would serve as a hub for tech start-ups which “will build an entrepreneur ecosystem, where people can be inspired to create companies and ultimately be able to create employment.
“Nigeria needs to take disruptive approaches to development challenges in infrastructure, financial inclusion and education to become the Africa’s first ‘start-up nation.’
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NITDA DG Inaugurates Startup Labelling Committee for Implementation of Nigeria Startup Act
The National Information Technology Development Agency (NITDA) has taken a significant step towards driving the implementation of the Nigeria Startup Act (NSA) with the inauguration of a Startup Labelling Committee.
The committee, inaugurated by Kashifu Inuwa CCIE, Director-General of NITDA, comprises representatives from both the public and private sectors.
The NSA, enacted on October 19th, 2022, established a legal and institutional framework to foster the development and growth of Nigerian startups. A critical provision within the Act is the Startup Label. This label recognizes eligible startups, granting them access to the various benefits outlined in the NSA.
The issuance of the Startup Label hinges on a thorough assessment and validation process to ensure a startup meets the eligibility criteria as defined by the Act. The newly formed committee will play a pivotal role in overseeing this process.
In his address at the inauguration ceremony, Inuwa emphazised on President Bola Ahmed Tinubu’s administration’s unwavering dedication to fostering an environment conducive to the growth and success of young Nigerian innovators.
He acknowledged the pivotal role startups will play in propelling the nation’s economic development, and the significance of the committee’s work in nurturing and supporting these enterprises.
He elaborated on the various initiatives and support mechanisms the government plans to implement, aimed at reducing hurdles and providing financial assistance and mentorship opportunities to young entrepreneurs.
Inuwa expressed optimism about the future, asserting that with the right support, these budding innovators could transform their ideas into thriving enterprises, thus contributing significantly to job creation and the overall economic prosperity of Nigeria in line with President Tinubu’s priority area to “reform the economy to deliver sustained inclusive growth.”
He urged stakeholders to join hands in creating a robust ecosystem that would empower the next generation of entrepreneurs to flourish and contribute to the country’s progress.
Inuwa added that the committee will be instrumental in establishing a robust legal and institutional framework for the successful implementation of the Startup Act. Their collaborative efforts will ensure a participatory approach that benefits all stakeholders within the Nigerian startup ecosystem.
“The composition of the committee reflects the emphasis on collaboration. Representatives from government agencies, industry experts, investors, and startup founders will bring their diverse perspectives and experiences to the table.
“This collaborative approach is expected to lead to a more efficient and effective labelling process, ultimately benefiting the growth of Nigerian startups,” he stated.
Speaking on the roles and responsibilities of Committee, the National Coordinator, Office for Nigeria Digital Innovation, Victoria Fabunmi, listed the terms of reference for the advisory committee which include the following:
Review and evaluate start-ups’ applications for label based on criteria defined in the Act and any additional criteria that may ensure quality for the label; Periodically review and update additional labelling criteria to ensure alignment with industry trends; Conduct an impartial evaluation of submitted applications for Startup Label.
Furthermore, the Committee will Recommend on issuance or otherwise of Startup Label based on defined criteria; Provide feedback/comments/recommendations on areas of improvement where a start-up’s application is rejected; Where necessary, dedicate time to further engage startups for more clarity/details on information provided.
It will also periodically review its previous activities and data on labelling, to identify/recommend opportunities and gaps (e.g. DEI, sectors, capacity etc.) that policymakers may need to place added emphasis on; Periodically review workload capacity and recommend a fair ceiling for the number of applications to be considered per period.
This is in consideration of the fact that the Committee is not a full-time position; and Members shall be subject to a Code of Conduct and must duly sign this prior to commencement of duties.
She also stated that the Labelling Committee comprises Nine (9) members from the following: Four (4) Representatives of Incubators (ISN Rep, North and South); Two (2) Representatives of the Public Sector (NITDA, NSIA); Two (2) Representative of the Civil Society’ and Portal Coordinator – to serve as Secretary.
The inauguration of the Startup Labelling Committee marks a significant milestone in the implementation of the Nigeria Startup Act. With a multi-stakeholder committee guiding the process, the Act has the potential to unlock the immense potential of Nigeria’s startup ecosystem and contribute significantly to the nation’s economic development.
News
Nigeria Has Strong Evidence against Binance- Idris
Mohammed Idris, minister of Information and National Orientation, has said that due processes are being applied in all stages of the trial by the laws of the Federal Republic of Nigeria.
This is coming against the backdrop of continuing interest in the ongoing trial of Binance, crypto platform, and its executives.
Idris said that “At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered.
“Binance will have every opportunity to defend itself in court against these severe charges of financial crimes against the Federal Republic of Nigeria. The next hearing is on June 20, 2024,” he said.
The minister explained that Binance, the defendant, has received consular access and all due care, following normal diplomatic protocols and the rule of law, adding that the judge in the case has sufficiently posited that bail was denied because of the flight risk after a co-accused, now the subject of an Interpol warrant, illegally absconded.
It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.
In addition, it is not registered in Nigeria and neither has it ever paid any taxes within the Nigerian jurisdiction, having all the while operated without oversight or any of the normal guardrails to flag criminal activity.
Idris said Binance is an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia in recent years.
“Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is currently serving a four-month prison sentence in the United States after being found guilty of money laundering, while Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and in aiding and abetting paedophile gangs.
“Law enforcement agencies believe Binance operations in Nigeria are part of a broader international pattern. It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris said.
News
Experts Say GMO Poses Food Sovereignty Risk
Global Prolife Alliance (GPA), a global health organization has again warned that genetically modified organisms (GMO) foods are unsafe for human consumption.
GPA also claimed that the promoters of such items have a sinister motive to, ultimately, destroy Nigeria’s food security
Global Prolife Alliance chaired by Dr. Philip Njemanze, has been advocating for the ban of cultivation and distribution of GMO seeds in Nigeria.
In a series of letters to President Bola Tinubu and the National Assembly, Global Prolife Alliance disclosed that some foreign interests acquired a private army to train mercenaries hired from Africa and beyond to disguise as herdsmen, bandits and insurgents to kill farmers, who are the natural seed growers.
The GPA said, sometime ago, natural seed growers were tracked through technology and killed because natural seed growers were seen as competitors of biotech companies providing GMO foods.
The group said the latest system being advocated by some interested parties “is designed to track the identity and financial records of every Nigerian, to track and kill the most economically viable Nigerians, leaving in the country a people in abject poverty that could easily be controlled.
“The overall strategy is to capture the food security of Nigeria.”
It said some interests had intervened with deceptive programmes, leading to the death of many seed grower-farmers in Nigeria.
The group further said: “Our agricultural productivity has plummeted. Farmers cannot go to the farm for fear of being killed in their farms. Nigeria is now a nation in hunger, worse than a decade ago before the nefarious activities began.”
The group added that “GMO seeds deceptively called high-yield improved seeds do not replicate themselves; hence they are called ‘suicide seeds,’ that is, once planted and it grows, you cannot replant the next generation. The farmers have to go to the promoters every planting season to collect new seeds.”
The GPA said that it is at that “point that the promoters intend to dictate their terms to allow Nigerian people to feed on the toxic GMOs. “Meanwhile, because the GMO seeds are planted alongside the natural crops, the cross-pollination would make the natural seed also carry the GMO seed genes rendering them also GMO crops. This has a serious implication: for example, a 1% contamination of the natural crops would make them be classified as GMO; hence they will remain banned from European, Russian, American, and Asian markets.
“Agriculture in Nigeria would stop being a foreign currency earning sector of the economy. The foreigners are killing the Nigerian farmers, not Islamic extremists.”
The GPA said that since 2009, terrorists have been sponsored and branded Boko Haram, bandits and herdsmen to carry out genocide of farmers in Nigeria to capture Nigeria’s food security.
“Consider this, from 2015-2018, 37,500 farmers were killed, 32,000 were Muslims, and 5,500 were Christians. Despite the fact that 85% of the victims were Muslims, the international and local press propaganda mercenary branded it ‘Islamic terrorism.’
“Any attempt to uncover the truth is met by another orchestrated kidnapping of school children for ransom to depict it as criminal activity rather than well coordinated operations of the sponsors and their biotech accomplices. A corrupt set of people within the Nigerian government collaborated with the foreigners’ agenda, committing treason against their motherland. The time to end this is now!
“We urge the National Assembly and FG to ban all GMO seed cultivation and distribution in Nigeria.
“Amend the National Biosafety Management Agency Act 2015 to be based on precautionary principles in the Cartagena protocol.
“Repeal the National Health Act 2014 that authorizes collection of gametes and organs without consent. “Commence NASS hearings on the national security threat posed by biotech companies and their affiliates in Nigeria.”
The group also noted that GMO foods are banned in Europe.
Mr Nnamdi Cos-Ukwuoma, an agripreneur, posited that GMO is an evil wind and a conspiracy.
He said: “Genetically Modified Organism (GMO) technology seems to defy nature. Nature renews itself. When this natural order is altered through scientific or laboratory-controlled genetic engineering or modification to introduce new traits into an organism (plant or animal) the effect can be catastrophic to humans and the ecology. GMO technology purports to create disease/pest resistant seed varieties and increase yield.
“It is natural that the farmer goes into the farm with seeds that will yield him a bumper harvest for consumption and more than enough for planting in the next farming season. But it is not so with most GMO seeds which never reproduce themselves and make the farmer dependent on the particular source of supply (patent owner and suppliers) year in, year out.
“Despite efforts by the new world order and developers of GMO to adduce seemingly convincing arguments to convince the agri-preneurs that their seeds which have been biochemically altered at the molecular level for their own interest and for reasons only known to them farmers have bluntly resisted accepting their seeds and their baits.
“Reasons include that GMO seeds deny farmers the natural privilege of re-using seeds from their farms or to sell to maximize profit. For instance, cassava stems harvested from some GMO cassava are sterile and cannot be used again. Farmers need to contact the developers for fresh order.
“As a biotechnology product, the development and use of GMO seeds are regulated by various government agencies and international organizations to ensure safety and environmental sustainability.”
He acknowledged that some sources insist that GMO seeds are inherently unstable and have the propensity of causing cancer, reproductive problems, organ damage, allergic reactions, immunosuppression and antibiotics resistance, etc.
Cos-Ukwuoma further said: “In deference to nature, in recent times, farmers have begun to embrace farming practices that support life and the environment. Organic farming is becoming popular among farmers. “But GMO and its protocols contradict practical organic farming and are highly dependent on chemicals for pest control and boosting yield.
“In the opinion of farmers and other major stakeholders, GMO is a conspiracy because its proponents are not seen as transparent in all matters relating to their activities and campaigns. In all, it is shrouded in secrecy.
“Purportedly powered by the new world order, it seems driven by the science of quick, certain and compulsive need for bountiful yields and immediate gratification.
“As a farmer, I shun GMO seeds and all their attractions because to me, they defy the natural order of multiplying seeds and boosting food production as against purely organic farming protocols.
“However, there is no compulsion or force on farmers to embrace GMO seeds. One needs to satisfy himself of his reason to go for these new seed varieties. Natural or organic seeds remain a rational preferred option for farmers.”
Interestingly, Pastor Chris Oyakhilome, founder of LoveWorld Incorporated better known as Christ Embassy, has claimed that GMO corns cause hypertension hence it should be avoided.
In a live broadcast during a church programme, Oyakhilome said: “I’m sure many of you who don’t have an idea of organic corn. What it is. Don’t think of the one you’ve been buying in the market, in your local market I mean. Don’t think that one is really organic.
“Most countries don’t have the original corn anymore. It’s one of the earliest genetically modified crops, so most of what you’ve been eating is modified a long time ago.
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