General News
CBO Prioritises SMEs Funding For Nigeria’s IT Growth- Nwawudu
Bex Nwawudu, managing partner and co-founder, CBO investment management, has nearly two decades of experience in private equity, investment banking, proprietary trading, and principal investing with a focus on mezzanine products.
Nwawudu possesses over fifteen years experience in Investment Banking and Trading working for ING Barings, and BGC as a senior principal. As debt and mezzanine finance specialist, he previously headed the Fixed Income Division at First City Monument Bank where he oversaw the development of the FGN Bond trading business, and raised over $500 million of debt and equity for Nigerian Companies.
Nwawudu holds an MA in Economics from St John’s College, Cambridge University, and an MBA from London Business School.
He spoke to peter ugwu on the need to funds to support SMEs growth in the sector.
CBO’s Concerns about Investments in the Nigerian IT SMEs Level
Information communications technology sector is one of the drives of any economy. The technology is one of the most important things you can participate in.
Everything we use around us involves technology. Technology has changed the landscape of so many things in the economy.
That is why we deemed it as an area for the development of Nigeria and where we should invest.
It is an area we are highly confident and truly believe that Nigerians can have real impact; we have a sort of mindset that enable us think differently, be creative, but sometimes have not been under-utilized or misapplied.
However, technology is an avenue for those creative thinkers to apply their thoughts and do so in a productive manner.
Assisting the Unstructured SMEs
The Small and Medium Enterprises (SMEs) provide the uplift for a greater impact on the economy. For instance, WasApp that was bought for $19 billion, but it had about 35 employees, are we to regard that as an SME? To us, there are some that will never be structured, while others gain structure.
Meanwhile, if we take the Nigerian commercial banks as another example, some are structured more than others. And those that are structure that will do well, grow, employ and provide impact for growth.
Such are entrepreneurs we are looking for; they will stand, but currently requiring avenues to get structured, partnership and growth.
CBO’s Investment Models to Avoid Mismanagement of Funds by SMEs
Investment models depend more on your opportunities. In some cases, we like to control the funds. There are cases we might want to occupy a position in the corporate governance such as being in the Board, be the financial director or any other strategic role in the organization.
The essence is to help them decide on best ways to manage the funds. We spend a lot of times developing opportunities, traveling globally to find partners or opportunities for these companies in other emerging markets and the developed markets.
So, they join the platform they are exposed to trends in US, Europe, Middle East, Asia and the rest of Africa.
Assessment of Government’s Policies on Funds for SMEs
We regard the Federal Ministry of Communication Technology initiative to an office on the local content development as instructive and a new dawn.
It means we are focusing on local content in the sector. We have seen the success of local content development in the oil & gas sector. It is great to see in the ICT that government has started thinking along that path. It may take some time, but we will get to the destination where the sector will make more impact on the economy. In terms of funding, government has set up a number of funds.
Nevertheless, every government has its priorities. For instance, agriculture has over N100billion intervention fund, CBN mapped out N300 billion intervention fund for the aviation sector, the entertainment (Nollywood) industry also received some interventions, likewise the energy sector.
SURE-P is doing some interventions in several sectors; the call today is that, maybe, the government should add ICT to that list and set aside a fund to be managed by professional fund managers or create multiple sub-funds that will be managed by sub-managers to create competition and growth in that sector.
So, government can set aside N50 billion fund which could be broken down into smaller bits. Thus, each fund manager will raise its fund and manages it; investing it in the sector to develop people.
Investing on ICT Education Space
Education is the key to whatever we are doing. The investments on start-ups, SMEs or interventions should not neglect the importance of the education sector to galvanizing the process.
I have visited few universities in Nigeria, meeting students, deans and other key administrators.
Our universities are generating young people who are excited about life, energetic and intelligent, but they need direction and opportunities so they can understand how their ‘energy’ should be spent during adult life.
You need to work in a firm to understand what work is; you can code or develop software, but if you do not know that somebody can pay you on that ‘little’ code that does a magic, how will you know that you should be working on that code. That is what we are crying to do.
We also want to see that the Office for National Content Development (ONC) brings the Nigerian education-universities, polytechnics and colleges, to now become accredited members, pass through internship that the private sector can give to the candidates. It is important to tie everything together.
CBO’s Assessment of Software Development Community in Nigeria
We are very excited by the commitment, enthusiasms and high-spirited interests shown by these developers. The young coders are building brilliant stuffs. It is a reflection of happening in the Silicon Valley except they do not have the money.
That is what we are driving at. We have seen young graduates who need to pursue their ideas; they need access to the market, mentoring, and those that will show them how it should be done.
Personally, I see it as a commitment that CBO is making; we are not here just to make money. In as much as we want to make profits and make returns to our investors, same time, we want to make major impacts domestically. By creating jobs you are giving peace opportunity to reign.
We cannot have idle Nigerians, watching at others developing their countries. It is high time we created a balance, fair and developed society, intellectually and otherwise.
Other CBO’s Targets in the Market
At the moment, we are assisting in the establishment of infrastructure. We want to support that market. Should investors register, what do they get?
How do we train the students? It means the education establishments have to register before the students can get international grants to get exposed to certain modern trends. Actually, the opportunities are endless, because IT permeates every sector.
What sector does not use technology? In the health, agriculture, manufacturing, aviation, etc., technology does it all. Talking about education, In Brazil today, the internet is used to teach thousands of students.
How about roads and infrastructure? Maybe we still construct roads for the sake of have accessible roads, but modern roads are pathways to several aspects of economic development.
For instance, new roads go with fiber cable dots. Thus, we need to develop our understanding of construction in that way to maximize the roads.
How Young Graduates Can Raise Capitals for Business Development
First of all, the young Nigerian graduates should see themselves bankrolled without applicable ideas. When you are a young person, you need guidance.
Those who have gotten the experiences should be your first chase. Actually, it is a challenge to the society. As time goes on, there should be funds for that class of citizens.
Example, in the UK, there is a Petty Trust. It is a trust you can raise $20,000 to set-up a business. But the key thing for us is, such young person, first goes into the market place, finds a kind of work or labour that enables them to learn.
The truth is that many entrepreneurs first work under successful entrepreneurs to get the out-side school skills. I envisage a time when most of the people working with us would come up with great individual ideas and can raise funds through us to kick-off a business. The whole concept is that the young shall grow.
Plans for Companies in R&D
Research and development (R&D) is very important in Nigeria. It hangs on intellectual property. I know the Office for National Content Development (ONC) is looking at developing a register of national IT property.
For instance, if you look at Facebook, it does not own buildings, it thrives on intellectual property and network. It is protected because of that.
Most of the links between IT companies are patents; they are not even physical. Nigerian banks cannot lend to you on that.
They do not know how to interpret the patent. So, they will be an evolution in the market where we will understand the patents and companies will know where they belong.
The lawyers will have to stand in the law court to protect people. Then, the companies will have room for growth: gain capital in a typical ways through equity and strengthen the case base of the companies.
It will come and this is the first step to it: you need an industry that understands it characteristics.
Justice Yellim Bogoro of the Federal High Court in Lagos has declared the N60 billion fine imposed by the Advertising Regulatory Council of Nigeria (ARCON) on Facebook Nigeria Operations Limited Illegal.
Justice Bogoro stated that ARCON regulator exceeded its legal authority and breached the company’s constitutional right to a fair hearing.
He, who made the declaration while delivering judgment in Suit marked, FHC/L/CS/2205/2024, declared ARCON’s Notice of Violation/Demand for Compliance dated 21 October 2024, unconstitutional, unlawful, null, and void, and barred the agency from taking further steps to enforce it.
The judge also held that ARCON lacked the statutory power to impose fines for alleged criminal violations under the Advertising Regulatory Council of Nigeria Act, 2022, without first obtaining a conviction from a court or other competent tribunal.
The dispute arose from ARCON’s claim that Facebook Nigeria displayed advertisements on Facebook and Instagram to Nigerian audiences without prior approval from the Advertising Standards Panel, contrary to provisions of the ARCON Act and the Nigerian Code of Advertising.
Following these alleged breaches, the regulator ordered the company to cease displaying the advertisements and imposed an N60 billion penalty.
Apparently dissatisfied with the development, Facebook Nigeria, through Mofesomo Tayo-Oyetibo (SAN), its lawyer, challenged the action, arguing that ARCON lacked the legal authority to determine criminal liability or impose punitive sanctions via an administrative notice without allowing the company to defend itself.
The company also argued that it does not own or operate Facebook or Instagram, claiming both platforms are owned and controlled by Meta Platforms Inc., a separate foreign entity.
But ARCON, represented by Akinlolu Kehinde (SAN), contended that Facebook Nigeria acts as Meta’s operation in Nigeria and should therefore be held responsible for regulatory violations related to advertisements on the platforms.
The regulator further argued that the notice was simply a compliance directive, allowing the company the option to comply, pay the specified violation fee, or face prosecution.
However, Justice Bogoro dismissed the regulator’s arguments.
The judge stated that Facebook Nigeria is a distinct legal entity from Meta Platforms Inc. and that ARCON failed to present credible evidence showing that the Nigerian company owns, operates, or controls Facebook or Instagram.
The court maintained that the argument that Facebook Nigeria represents Meta’s interests in Nigeria was insufficient to establish liability for the alleged advertising infractions.
Regarding fair hearing, the court ruled that ARCON violated Section 36 of the Constitution by accusing the company of misconduct and imposing a N60 billion fine without first hearing its defence.
Justice Bogoro also held that Section 57(4) of the ARCON Act explicitly requires the regulator to provide a fair hearing before imposing any penalty.
The court further found that the alleged violations were criminal because Section 34 of the ARCON Act designates the unlawful exposure of advertisements as an offence.
The judge also held that, since the Act stated that punishment can only be imposed “upon conviction,” ARCON had no authority to impose the N60 billion fine through an administrative process.
He insisted that, regardless of what ARCON called it, the demand was a fine that could only be imposed by a court following proper judicial procedures.
As a result, the court invalidated the Notice of Violation/Demand for Compliance.
It declared ARCON lacked authority to impose fines for breaches of Sections 34(3), 54, or other criminal provisions of the ARCON Act.
Justice Bogoro also issued a perpetual injunction preventing ARCON, its officers, agents, and associates from enforcing the October 21, 2024 notice against Facebook Nigeria.
Abia State has inaugurated of the country’s first Manufacturing Technology University Innovation Pod (Manu-Tech UniPod) at the Michael Okpara University of Agriculture, Umudike (MOUAU).
Dr. Maruf Olatunji Alausa, minister of Education and Governor Alex Chioma Otti at the event
The inauguration marks a significant milestone in efforts to promote innovation, research commercialisation, and industrial development.
The landmark facility, established through a partnership between the federal government of Nigeria, the United Nations Development Programme (UNDP), the Tertiary Education Trust Fund (TETFund) and the Abia State Government under the National Innovation and Digital Transformation Partnership Programme (NIDTPP), is designed to transform academic research into commercially viable products, foster entrepreneurship, promote industrial competitiveness and create sustainable jobs.
Representing Senator Kashim Shettima, Vice President, Dr. Maruf Olatunji Alausa, minister of Education, described the project as a strategic investment in Nigeria’s future, saying it reinforces the Federal Government’s commitment to repositioning higher education as a catalyst for innovation, research commercialisation, entrepreneurship and job creation.
He stressed that Nigerian universities must evolve beyond conventional teaching and research to become centres for enterprise development, technology transfer and industrial competitiveness.
Speaking at the inauguration, Governor Alex Chioma Otti, declared that Abia is entering a new era where science, innovation and enterprise will power economic prosperity and position the state as Nigeria’s leading hub for manufacturing and technological advancement.
Delivering his keynote address titled “Science Meets Enterprise,” Governor Otti described the UniPod as a transformational investment that bridges the gap between academia and industry, noting that development flourishes through purposeful partnerships.
He said the decision of the Federal Government and the UNDP to site Nigeria’s first Manu-Tech UniPod in Abia reflects the confidence they have in the state’s enormous economic potential.
“The siting of the Manu-Tech UniPod in Abia speaks eloquently to the institutional faith the UNDP and the Federal Government of Nigeria have reposed in our dear State and the potential it holds as an engine of growth and economic prosperity in the region,” the Governor stated.
Governor Otti explained that the innovation facility will accelerate product development, industrial-scale manufacturing, renewable energy integration and entrepreneurship while equipping more than 500,000 students and researchers with technological and innovation skills over the coming years.
He expressed optimism that the project would unlock unprecedented opportunities for Aba’s renowned manufacturing ecosystem by improving product quality, branding, competitiveness and access to regional and global markets.
According to him, the UniPod will redirect research in tertiary institutions from theoretical publications to practical solutions capable of addressing everyday challenges in agriculture, healthcare, manufacturing and other productive sectors.
“The expectation is that research efforts henceforth will be directed at answering questions with practical, everyday applications,”
Governor Otti said, adding that improved research outcomes would reduce the mortality rate of Micro, Small and Medium Enterprises (MSMEs), strengthen investor confidence and stimulate sustainable economic growth across Abia and the South-East.
The Governor reaffirmed his administration’s commitment to innovation-driven development, stating that government fully supported the project because it aligns perfectly with its economic transformation agenda built on quality infrastructure, security, skilled manpower and strategic partnerships.
He also announced that the operationalisation of the UniPod would accelerate the implementation of other joint initiatives with the UNDP, including the expansion of the Jubilee Fellows Programme, the Aba Export Growth Lab, energy investment initiatives, industrial competitiveness programmes and the establishment of community innovation centres across the state.
Highlighting the opportunities presented by the African Continental Free Trade Area (AfCFTA), Governor Otti noted that businesses in Abia now have access to a market of over 1.4 billion consumers across Africa.
“The hour of big dreams and great ambitions has arrived. If we fully harness the potential of this Manu-Tech University Innovation Pod, our challenge will no longer be finding markets but building the capacity to serve customers across Africa and the world,” he declared.
In her remarks, Ms. Ahunna Eziakonwa, United Nations assistant secretary-general and UNDP regional director for Africa, commenced her official mission to Nigeria with the inauguration of the facility, underscoring the importance of strategic partnerships in driving inclusive and sustainable development.
Also speaking, Ms. Elsie Attafuah, UNDP resident representative in Nigeria, described the UniPod as part of a broader national innovation ecosystem designed to connect education, research, enterprise and manufacturing while enabling universities to become drivers of economic growth and global competitiveness.
She commended President Bola Ahmed Tinubu, Vice President Kashim Shettima, the Federal Ministry of Education, TETFund and the Abia State Government for their commitment to innovation-led development, while particularly praising Governor Otti for his vision of transforming Abia into Nigeria’s foremost manufacturing and industrial innovation hub.
Earlier, Professor Ursula Ngozi Akanwa, vice-chancellor of Michael Okpara University of Agriculture, Umudike, described the inauguration as a defining moment in the institution’s history, saying the project fulfils the University’s mandate of deploying science, technology and innovation to advance agriculture, manufacturing and enterprise.
She expressed appreciation to the Federal Government, the Federal Ministry of Education, UNDP, TETFund and the Abia State Government for selecting MOUAU to host Nigeria’s first Manufacturing Technology University Innovation Pod.
The inauguration attracted top government officials, development partners, academia and industry stakeholders, including: Dr. Emmanuel Meribeole, secretary to the State Government; Pastor Caleb Ajagba, chief of Staff to the Governor, members of the State Executive Council, traditional rulers and other dignitaries.
The Manu-Tech UniPod is expected to provide students, researchers and entrepreneurs with access to advanced manufacturing technologies, prototyping facilities, business incubation support and industry mentorship, enabling innovative ideas to be transformed into market-ready products and positioning Abia at the forefront of Nigeria’s industrial revolution.
General News
KPMG Urges Africa’s Most Innovative Tech Entrepreneurs to Enter the Global Tech Innovator 2026 Competition
KPMG Private Enterprise is inviting Africa’s most promising technology companies to apply for the KPMG Private Enterprise Global Tech Innovator 2026 competition. This competition offers innovators the opportunity to represent the continent on the global stage in Lisbon, Portugal.
Now in its sixth year, the competition brings together some of the brightest minds in technology innovation. If you are ready to demonstrate how your technology can make a difference in the world, this could be your moment to challenge the status quo, introduce transformative solutions through your unique lens, and help shape the future.
Eligible businesses from the 13 One Africa member firm countries across Southern Africa, East Africa, and West Africa are encouraged to submit their applications before Sunday, 2 August 2026.
Participants will compete through national and regional rounds, with winners advancing to the global stage where they will pitch alongside some of the world’s most innovative technology companies. Applications will be assessed on innovation, entrepreneurial spirit, growth potential, customer focus, and risk awareness by a panel of industry experts from within and outside KPMG.
Sandeep Main, Partner, Tax & Regulatory Services and Africa Head of Private Enterprise, said, “Africa continues to produce remarkable entrepreneurs who are solving complex challenges through innovation and technology.
“The Global Tech Innovator competition provides these businesses with a unique opportunity to showcase their solutions, build valuable connections, and gain exposure to investors, industry leaders, and potential partners on a global stage.
“We encourage eligible startups and scaleups from across Africa to enter and demonstrate the incredible innovation emerging from our continent.”
Beyond the competition itself, finalists will gain valuable exposure to business leaders, investors, industry experts, and fellow innovators from around the world. The overall winner will earn the title of KPMG Private Enterprise Global Tech Innovator 2026.
Applications are now open and close on 2 August 2026. To learn more about the competition, eligibility requirements, and how to apply, visit the KPMG Private Enterprise Global Tech Innovator competition webpage.
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