News
Eko Atlantic City: The Making of a Smart City

Technology is changing the way humans live and interact with things around them. However, cities have also adopted technology in the provision of infrastructure making them smart.

A smart city is an urban area that uses different types of electronic methods and sensors to collect data. Insights gained from that data are used to manage assets, resources and services efficiently; in return, that data is used to improve the operations across the city.
This represents what Eko Atlantic city stands for compared to other emerging cities in Nigeria. Eko Atlantic is located in Victoria Island at the side of reclaimed land of Atlantic Ocean.
David Frame, managing director, Eko Atlantic recently gave insight on the infrastructure provided at the city that makes is different from other cities in the country and compared to cities alike in Dubia and United States.
Reacting to issues around its status as wholly smart city, Frame said: “What we have installed on all the walk ways on either sides of the road is a network of ducts where we are installing fiber optic cable. What has been happening in the last five years in Lagos is where people are digging trenches and putting cables. We have fore seen that need and from the beginning when we were developing this infrastructure we were installing those ducts.
“On the main roads we have ducts of nine pipes 10cm down pipes you can put all telecommunications fibre optic cables within those ducts to connect every building to the network.
“That provides many opportunities to develop smart engineering especially for security. We have been in discussion with two major international companies that provide these kinds of facilities to their clients and these people have designed. For example, the smart network in Dubia, Singapore, various governments in Europe and United States. These are the calibre of people we are talking to.
“Once you have these fibre optic cables in place, there are mirage of opportunities to utilize those cables to create smart city concept. The more you talk to people the more magnetic concept they can come forward with, for the fact that we already have those cables in place what I called the infrastructure for the smart city concept there is no limit to what they can do.

All those cables are installed below ground, they are not above ground where they could be affected by storms, vandalism you name it. They are secured and fibre optic cables have a huge capacity for transmitting data, this is full proof system for development of smart city concept for many decades to come. David spoke further on some areas of concern to prospective investors in Eko Atlantic city:
The Possibility of Earthquake Occurring
We engaged with international consultants and there is one thing in particular that will never occur in West Africa and that is tsunami. If you study the concept of Tsunami you will be told about Pacific Rim.
Tsunami occurs in the pacific, 98 per cent of tsunami is generated in that region; you do not have tsunami at the Atlantic Ocean. And that is what we have out there and there has never been Tsunami in West Africa to eliminate any thought you may have on Tsunami.
In a similar way, earthquakes occur where you have what they called unstable taconic place which in turns generate Tsunami waves. There is no record of earthquakes occurring in West Africa and it is not likely to happen.
Deployment of Infrastructure at Eko Atlantic
The bulk of the work is done in installation of the facility in the first place; maintenance is a minor issue, once you have put in place a well -built system. From maintenance point of view, we have no issues. We have developed up to 50 per cent of the infrastructure for the entire city. We have completed roads or walk- ways, all those utility services are in-place already even now that development of the place is coming up.
Since the beginning of this year we have been witnessing increased interest from developers to physically come in to develop their lands. That is very encouraging. To develop a city of this nature takes a long time. Eko Atlantic is not a sprint; it is a marathon.
To develop a city of this size of 10 square kilometer of land which is 1 ½ times the size of Victoria Island is not easy. You don’t develop something of the nature in few minutes. We are still working through because we have a good financial model and have that commitment to finish this project.
A lot of the buildings under construction will be coming on stream by the end of this year. The Azuri project towers will be finished by the end of this year. We have couple of towers that are together; two of the towers have been completed and occupied. We have office towers the first building to be finished in Eko Atlantic, which is coming up to six years since completed. Things are happening in the City.
Distortions in the Master plan
We don’t permit any kind of distortion of the Master plan. We have developed planning regulations which are in-line with international standards. We looked at planning regulations from New York, Los Angeles, Sydney in Australia, UK and Singapore. And we put those ideas together and designed a well standard planning regulation, we then discussed it with ministry of Physical planning in Lagos state, and they have accepted the standard that we are imposing in the regulations which is even more conservative than their own.
They are happy with those regulations that we imposed. When those regulations are applied strictly, every development is built to international standard as well as designed to international standard, which is how we control the development.
We have business district known as Eko Bully bared which is the main street of the financial business district, it is equivalent of 5th Avenue in New York, it has five wider walk-ways than we have in 5th Avenue, on the other side, we are expecting structures of 30-35 storey buildings.
Eko Atlantic is designed to accommodate 300,000 permanent residents and 250,000 visitors. We have largest shopping hall project in sub-Saharan Africa. We have tree nursing in Lekki that can accommodate 250,000 trees; we grow them till they are 3 to 4 years old when we bring them and plant at the City. All the trees you see here were planted four years ago.
We have canal channelled into the city which made it possible for water transport system in the city. There are more than 100,000 people using Lagos state water taxi scheme and it is expanding.
One thing about this location which is unique is that there is no landmass between Eko Atlantic city and Argentina which means there is no human living there, there is no pollution. This is clean fresh ozone reach air coming out from the sea. You can feel that breeze 24/7, 365 days a year. Any pollution in the air is blow away.
People who are living in the city of Eko Atlantic today who regularly walk around will tell you after a number of months sleeping here that they appreciate the clean fresh air.
Building in Eko Atlantic Compared to Banana Island
Development of residential towers in Banana Island for instance, a 12 storey building requires piling down to 58 meters, this is because Victoria Island and Ikoyi are reclaimed lands on swamp, and swampy material is the worst material for foundation.
In Eko Atlantic a 32 storey building requires 34 meters of pile; the saving in the pilling alone in Eko Atlantic is enough to compensate the difference in the cost of the land. We need to take those things into consideration.
The other thing is developing in Ikoyi and Victoria Island, you need standby generator, Bore hole, water treatment plant, septic tank all those cost don’t apply at Eko Atlantic.
We have what we call connect and play as we have a chamber where you can connect your cable, we have a chamber where you can connect for your water supply, we have another chamber where you can connect your swage another one for the storm drainage among others.
Your Fibre optic cable is all there at the edge of your block. You need to look at the big picture. The difference in the cost of acquiring land is only part of the equation you have to look at the other factors involved. When you factor all these add-on cost you have to pay in Victoria Island and Ikoyi, you actually find that cost of development in Eko Atlantic is actually cheap.
All the utilities you have to provide are already here, apart from the fact that your planning cost alone is considerable savings. 58 meters with 12 story building and 34 meters for 32 story building.
Electricity
At the moment we are working on a scheme that we are bringing power in through a power station at Lekki. More so, we have a license from Nigerian Electricity Regulatory Commission (NERC) to generate power and a license to distribute power within the city, so we are working on that also.
At the moment we are working on small generators when SAT comes into place we will have access to 75MW of electricity. The eventual plan is that at the end of the project in phase six we will have our own generating plant that is going to generate 750 mega watts or more that’s when the city is substantially developed.
News
InsomniaQ Spotlights African Creativity in Lagos

Quickteller successfully hosted the maiden edition of InsomniaQ recently in Lagos, delivering a 12-hour non-stop celebration of African music, culture, and creativity.

A statement from the firm on Sunday stated that the event attracted a diverse audience of music lovers, culture enthusiasts, and festive diaspora returnees, marking a strong debut for what organisers described as a potential signature December event.
InsomniaQ featured a dynamic mix of live performances and DJ sets, showcasing Africa’s rich musical diversity and creative depth. From soulful sounds to high-energy performances, the festival offered a thoughtfully curated journey designed to follow the natural rhythm of its audience’s circadian cycle, sustaining energy, connection, and excitement throughout the night.
Beyond the performances, InsomniaQ emerged as a platform for shared cultural expression, creating space for celebration, discovery, and community. The experience reinforced Lagos’ position as the heartbeat of Africa’s December entertainment season and highlighted the growing appetite for premium, culturally grounded experiences.
Commenting on the success of the event, the Executive Vice President, Group Marketing and Communications, Interswitch Group, Cherry Eromosele, described InsomniaQ as an organic extension of Quickteller’s place in everyday moments of connection, culture, and celebration.
“InsomniaQ was created as a space to celebrate African creativity in its full expression, the music, the energy, and the people who make our culture so powerful.
“Seeing that vision come to life, with thousands of people connecting through sound, movement, and shared experience, has been truly rewarding. This debut edition reinforces our belief in creating platforms that bring people together and spotlights the richness of African talent in meaningful ways,” Eromosele said.
The success of InsomniaQ, according to the organisers, reflects a broader commitment within the Interswitch ecosystem to support experiences that extend beyond transactions into everyday life. By championing platforms that blend culture, innovation, and community, Interswitch continues to shape how people connect, celebrate, and experience Africa’s evolving creative economy.
With its strong debut, InsomniaQ has set the tone for future editions and established itself as a new fixture in Africa’s December calendar, celebrating culture, driving connection, and creating memorable experiences.
News
How Moniepoint’s Founders, Tosin Eniolorunda and Felix Ike are Redefining African Tech and Finance

In an era where global tech giants dominate headlines, two Nigerian entrepreneurs are quietly revolutionizing financial services across Africa, proving that world-class innovation can emerge from homegrown talent and local institutions.

Tosin Eniolorunda and Felix Ike, co-founders of Moniepoint Inc, have built one of Africa’s fastest-growing fintech companies, not despite their exclusively Nigerian education, but in many ways, because of it.
Their journey from the lecture halls of Obafemi Awolowo University and the University of Lagos to the TIME100 Most Influential Companies list stands as a powerful testament to the caliber of talent nurtured within Nigerian universities and the transformative potential of locally-rooted vision.
Tosin Eniolorunda’s path exemplifies how Nigerian educational institutions can cultivate entrepreneurial excellence. After earning his degree in Mechanical Engineering from Obafemi Awolowo University, he didn’t follow the well-trodden path abroad but instead chose to build solutions for Nigerian challenges within Nigeria itself. This decision proved prescient.
Understanding the unique financial ecosystem and infrastructure gaps firsthand from the work at TeamApt Ltd where they were building from majority of the country’s banks, Tosin pioneered several industry firsts: introducing instant POS transfers to Nigeria, launching the country’s first virtual account services, and constructing a vertically integrated payments processing switch with full switching and processing licenses.
These feats and technological achievements must be viewed from the prism that these were deeply contextual innovations born from intimate knowledge of local needs, the kind of understanding that comes from being educated and embedded in the communities one serves.
Felix Ike’s contribution complements this vision with technical brilliance equally rooted in Nigerian educational excellence. Graduating with first-class honors in Computer Science from the University of Lagos, Felix brought to Moniepoint the kind of engineering rigor required to build mission-critical financial infrastructure.
As Chief Technology Officer, he has architected systems that are not just functional but scalable, resilient, and secure enough to serve over 10 million businesses and individuals across Nigeria and Africa. His work demonstrates that Nigerian universities are producing software engineering leaders capable of building world-class technology that can compete on the global stage with technology that processes millions of transactions daily and underpins the financial dreams of an entire continent.
Since its founding in 2015, Moniepoint has evolved into Africa’s largest distributor of financial services in Nigeria, with presence across all 774 local government areas. The company’s all-in-one financial ecosystem offering seamless payments, banking, credit, and business management solutions reflects a sophisticated understanding of what African businesses and individuals actually need to thrive.
The accolades have followed: recognition by TIME as one of the 100 Most Influential Companies in 2025, listing among CNBC’s top UK fintech firms, and ranking in the Financial Times’ Africa’s Fastest-Growing Companies for three consecutive years.
The Moniepoint story as an indigenously rooted but globally compliant player challenges prevailing narratives about where innovation must originate and what credentials are necessary for building transformative companies. Tosin and Felix’s success illustrates that Nigerian universities, when their graduates are empowered with vision, opportunity, and determination, can produce founders who don’t just participate in the global economy but reshape it.
News
FIRS Declares NIN, CAC Numbers as Tax IDs from 2026

Federal Inland Revenue Service (FIRS) has announced that the National Identification Number (NIN) issued by the National Identity Management Commission (NIMC) will automatically serve as the Tax Identification Number (Tax ID) for all Nigerian citizens, while registered businesses will use their Corporate Affairs Commission (CAC) registration numbers.

FIRS
The disclosure was made during a public awareness campaign on the new tax laws posted on X (formerly Twitter) on Monday.
According to the Service, the Nigeria Tax Administration Act (NTAA), which comes into force in January 2026, mandates the use of Tax IDs for certain financial and commercial transactions, including bank account ownership.
FIRS explained that the measure is part of efforts to unify all previously issued Tax Identification Numbers (TINs) by both the federal and state revenue services into a single identifier.
“For individuals, your NIN automatically serves as your Tax ID, while for registered companies, your CAC RC number is used. You do not need a physical card; the Tax ID is a unique number linked directly to your identity,” the Service stated.
The agency noted that the requirement has been in place since the Finance Act of 2019 but has now been strengthened under the NTAA to ensure compliance and ease of administration.
Officials emphasized that the reform would simplify tax processes, reduce duplication, and improve transparency in Nigeria’s tax system.
The Service added that the integration of NIN and CAC numbers into the tax framework would also enhance data accuracy, curb tax evasion, and streamline the monitoring of taxable activities across the country.
Tax experts have described the development as a significant step toward modernizing Nigeria’s revenue administration, noting that it aligns with global best practices where national identity systems are linked to tax compliance.
The FIRS urged Nigerians to ensure that their NINs and CAC registration details are up-to-date, stressing that the identifiers would be required for transactions such as property purchases, contract awards, and access to certain financial services once the NTAA takes effect
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