News
Founder Institute Lagos Partners ǼLEX to Support Early-Stage Startups

The Founder Institute, world’s largest pre-seed startup accelerator, and ǼLEX an innovative full-service law firm have agreed to collaborate in helping early-stage startups currently enrolled at the Founder Institute Lagos.
“ǼLEX believes that startups play a very vital role in the economic growth of any society, by spurring innovation and injecting competition, thereby making a positive investment.
In the words of one of ǼLEX’s Partners, Perenami Momodu, “a lot of startups have challenges selecting the right legal partner to assist them with protecting their intellectual property, registering their businesses, protecting their business interests and navigating through the tortuous regulatory landscape.
“Our collaboration with the Founder Institute Lagos, therefore, comes out of the need to provide the necessary legal tools that the innovators at the Institute require to make them investment ready to scale.”
Founder Institute Lagos and ǼLEX will collaborate to support and provide resources for the 40+ startups joining each cohort of the navy-seal programme.
In addition to supporting startup founders throughout Lagos, a goal of this initiative will be to limit risk exposure at the critical early stage, facilitate regulatory compliance and ensure good corporate governance, thereby increasing the success potentials of investors and founders alike, and generally enhancing the growth of the local startup ecosystem.
According to Ifedy Eze, director, Founder Institute, said “access to legal advisory and support is one key factor critical to the success of a startup, especially at the pre-seed stage when founders are bootstrapping and not able to afford the high-cost professional services.
“This partnership offers founders in the programme access to quality legal advisory and a robust bouquet of legal services ring-fenced within a deferred payment plan that ensures that they are not asphyxiated by the usually capital intensive legal demands of building a technology enterprise.
“ǼLEX has a demonstrated history of providing cutting-edge legal services that empowers their clients to win many times over, and that is the magic we are excited to bring to the table via this partnership.”
For early-stage founders and teams up to the challenge, the Founder Institute’s comprehensive step-by-step program provides the structure, mentor support, and global network of entrepreneurs needed to start an enduring company.
The Founder Institute is the only program of its kind that focuses on people versus ideas, accepts founders with day jobs, and shares equity with all participants.
Speaking further about the partnership Chukwuemeka Fred Agbata Jnr, regional director for Africa, Founder Institute, said ‘this collaboration with a reputable law firm such as ǼLEX is indeed one of the ways FI is contributing to building a more sustainable ecosystem’.
Founder Institute Lagos Cohort III commences on the 19th of August, 2020, with 40 enrolled founders.
News
Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte Ayodeji
Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.
Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.
His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.
Sunday Dare, special adviser on Media and Public Communication to President Tinubu, celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.
“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”
Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”
News
FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

Mr. Joseph Tegbe, minister of Power
The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.
He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.
According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.
News
AfCFTA Urges Africa to Stop Exporting Raw Materials

Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.
According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.
She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.
Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.
“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.
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