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FG Lauds Shittu, Pantami as 81Techpreneurs Get N756.3m
Federal government has applauded the roles played by Adebayo Shittu, minister of Communications and Dr. Isa Pantami, director general of National Information Technology Development Agency (NITDA) for their roles during the Aso Villa Demo Day (AVDD) 2016.
Similarly, the FG disclosed the approval of N756.3 million for disbursement to 81 young Nigerian innovators as part of the government’s economic empowerment initiatives.
Professor Yemi Osibanjo, Vice President of Nigeria, disclosed this during the grant award ceremony on Tuesday in Abuja, stated that the journey of the empowerment initiative started last year as part of government efforts to positioning Nigeria and Nigerians to take advantage of the opportunities in Technology to provide local solutions to local problems.
He noted that, “today with the injection of over N750 million naira into 81 Tech SMEs in the country, I want to thank the Minister of Trade and Investment for his support and provision of these funds via the GEM project domiciled in his ministry”.
“I also want to thank the Minister of Communications for the role he played, and the leadership he provided through the National Information Technology Development Agency (NITDA) during the Aso Villa Demo Day (AVDD) 2016.”
The Vice President stated that the participants at the AVDD have shown that the future is bright for Nigerian technology.
“One of the participants, Ifedayo Oladapo, is the founder of Grit Systems, an internet-enabled technology that offers a simple way to quantify power consumption from multiple power sources, letting Nigerians make informed data driven decisions about power consumption.
Another participant, Dimgba Kalu, a 28-year old Nigerian, runs a venture that trains software engineers and deploys them to businesses. These are clear indications that we are on the right path” he said.
Osibanjo stated that at the AVDD finale, Mr President welcomed the top 30 participants in the State House.
“I also attended the ceremony thereafter in the company of the Facebook CEO Mark Zuckerberg. At that event, we listened to Iyin Aboyeji’s take on growing local Tech companies, Iyin is one of Nigeria’s shining stars and the founder of Andela – a Tech Training firm and Mark Zuckerberg’s first big investment in Africa with an investment of $24 million by the Mark Zuckerberg and Priscilla Chan Foundation”.
“Today, with government’s first major investment in Technology Start-Up companies, I am confident that we have started the journey to building many more Andelas, Yusufs and Venture Garden Groups. Congratulations to all the grantees and I wish you the best in your endeavors.”
According to the Vice President, “The GEM-AVDD partnership demonstrates Government commitment to celebrate and empower the most promising and highly scalable indigenous technology start-ups who are providing innovative solutions to local challenges in Nigeria” he stated.
On his part, Okechukwu Enelamah, minister of Industry, Trade and Investment, stated that the grant is made possible through the Growth and Employment Project (GEM) financed by the World Bank IDA Credit.
He noted that the young innovators were selected following a rigorous technological innovation competition organized by the Presidency called Aso Villa Demo Day, which targets young Nigerian entrepreneurs with innovative business models that could contribute to the growth of the economy.
According to him, “having awarded grants to the best three innovators that emerged winners from the 2016 AVDD national competition, the Presidency engaged GEM to scale up the programme for wider impact”.
“GEM-AVDD Project invited business plan submissions from 289 shortlisted candidates that participated in the regional AVDD pitch screening events that took place in Lagos, Port-Harcourt and Abuja in 2016. After a rigorous evaluation process, 81 of these candidates met all required eligibility and selection criteria and were selected as beneficiaries” Enalamah said.
The Minister said the beneficiaries were drawn from the six geo-political zones based on registrations to date on GEM’s Business Innovation and Growth (BIG) portal and the grants will be disbursed in two separate tranches, after the grant award.
“GEM is about igniting businesses and building their capacity to grow and employ Nigerians. Above all, it helps solve the problem of funding faced by many of our MSMEs” Enelamah noted.
Andrew Gartside, representing the World Bank country Director to Nigeria, said that the country needed to create jobs through the Small and Medium Enterprises as way of ensuring inclusive economic growth.
“If the economy of Nigeria is to grow and the desired diversification of the FG must succeed, the SMEs will have to grow and succeed to harness the economy” he noted.
The GEM Project is a $160m World Bank IDA Credit with a Project Implementation Unit at the Federal Ministry of Industry, Trade and Investment. The Project Development Objective is to increase growth and employment in participating firms in Nigeria through provision of technical assistance and grants to qualified existing firms/businesses across Nigeria, operating in five high growth sectors namely: Information and Communication Technology (ICT), Hospitality, Entertainment, Light Manufacturing, and Construction.
Over the life of the grant, the GEM Project would verify the achievement of set milestones by beneficiaries and monitor project progress as condition for the second disbursement. Impact evaluation surveys would also be conducted subsequently.
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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