Connect with us

News

AfDB Partners Nigeria to Bridge $3trn Infrastructure Gap

Published

on

Kindly share this post

The African Development Bank (AfDB) said it would assist the Nigerian government to bridge its infrastructure gap estimated to cost about 3 trillion dollars in the next 26 years.

Mr Ebrima Faal, Senior Director, AfDB Nigeria, said this at the Africa Investment Forum (AIF) Road show on Tuesday in Abuja.

Faal said the AIF idea came from the reality that the government alone could not finance the infrastructure gap in the country which made it difficult to achieve sustainable development.

“Indeed, over the last decade, and despite impressive growth rates in most of the continent, Africa’s infrastructure needs remain formidable with annual financing gap between 130 and 107 billion dollars annually.

“Nigeria’s infrastructure cumulative financing needs are estimated to reach 3 trillion dollars by 2044 or about 100 billion dollars annually.

“This is all happening at a time when public sector finances are extremely pressured.

“There is therefore a critical need to change the current funding mix and create partnerships to finance infrastructure and other projects in Africa,” he said.

To this end, Faal said the AfDB planned to assist Nigeria put together a pipeline of bankable projects ahead of the Africa Investment Forum coming up in November 7 to 9 in Johannesburg, South Africa.

He said the bank, working with multilateral institutions and the private sector, would help Nigeria to develop investment-ready projects for investors, fund managers and others at the forum in South Africa.

“The African Development Bank is committed to the development of effective public-private-partnerships and has been developing new innovative financing programmes, instruments and partnerships.

“This is to facilitate the financing and construction of critical infrastructure on the continent.

“The AIF is an investment market place that aims to showcase key projects currently under development and assess how those projects will be financed, operated and delivered successfully to maximise efficiency and project success,” he said.

Also, Ms Stella Kilonzo, a Senior Director at the AfDB in charge of the African Investment Forum, said through the forum the bank aimed to de-risk investments in Africa.

She said at the moment, Nigeria and Africa at large, struggled to attract significant capital due to poor preparation and packaging of project proposals, limited availability of tools for credit enhancement and risk coverage among others.

She said in Nigeria, the bank would fast track the Sustainable Development Goals by developing bankable projects in the agricultural, energy and infrastructure sectors, among others.

Meanwhile, the Co-ordinator, Economic Recovery and Growth Plan (ERGP) Mr Folarin Alayande, said the Federal Government had identified key priority projects that would spur sustainable growth in the country.

He said to deliver fast results on mobilising private investments and job creation, the investment focus of the country was in the areas of agriculture and transportation, manufacturing and processing, power and gas supply.

To this end, he said Nigeria would require about 22.5 billion dollars of investment commitments by year 2020 to cover 164 projects, spread over six geo political zones.


Kindly share this post

Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

News

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

Published

on

Kindly share this post

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.


Kindly share this post
Continue Reading

News

Firms Commit to Boost African Robotics Market

Published

on

Kindly share this post

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.”

 


Kindly share this post
Continue Reading

News

Subair: LIRS Won’t Raid Accounts – Unless You’ve Lost Every Court Battle

Published

on

Kindly share this post

Lagos State Internal Revenue Service Executive Chairman Ayodele Subair Tuesday demolished online panic over alleged bank account raids, insisting the agency’s “Power of Substitution” targets only hardcore tax dodgers who have exhausted every appeal from tribunals to the Supreme Court over half a decade of disputes.

Subair: LIRS Won't Raid Accounts – Unless You've Lost Every Court Battle

Ayodele Subair

Subair, speaking on Arise TV, shredded viral fears that LIRS would swoop on residents’ savings without warning, clarifying the mechanism under Section 60 of the Nigeria Tax Administration Act 2025 kicks in solely after assessments spark objections, reconciliations, demand notices, and a gruelling courtroom odyssey through High Court, Court of Appeal, and apex rulings.

The LIRS weekend notice had ignited fury by announcing enforcement via third parties – banks, employers, tenants, debtors – to claw back unpaid Personal Income Tax, Capital Gains Tax, Stamp Duties, and Withholding Tax from chronic defaulters holding funds or owing money to them, whether due now or accruing later.

Subair likened the process to a “long timeframe, not less than five years,” where recalcitrant bigwigs who stonewall every step become fair game, with LIRS directing agents like customers or partners to divert payments straight to the taxman in lawful settlement.

Far from arbitrary grabs, the chairman stressed it’s a final resort for “entirely recalcitrant” holdouts who ignore Notice of Refusal to Amend (NORA) and every olive branch, ensuring Lagos coffers snag rightful revenue fuelling the state’s bulging budget without shotgun raids on compliant payers.

As social media buzzes with defiance – “They can’t touch my account!” – Subair’s blueprint spotlights Nigeria’s tax evasion scourge starving subnationals of trillions yearly, with Lagos alone chasing billions in arrears amid federal revenue wars and economic headwinds squeezing the commercial capital’s 25 million souls.

Industry voices nod to the legality but plead for digital dashboards tracking disputes transparently, warning overzealous recovery could spook investors in Africa’s fintech and startup mecca already reeling from naira nosedives and grid glitches.

With LIRS poised to unleash the hammer on vetted violators, Subair’s clarion call aims to separate myth from muscle, bolstering Lagos’ IGR juggernaut that hit N815 billion last year while daring defaulters to test the full judicial gauntlet before crying foul.


Kindly share this post
Continue Reading

Trending