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FG Reaffirms Commitment to Driving Productivity with Technology & Innovation

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The Federal Government has affirmed its commitment to use Science, Technology and Innovation to drive productivity in all sectors of Nigerian economy.

Mr Bitrus Bako, Permanent Secretary, Federal Ministry of Science and Technology, made this known on Tuesday at the 16th meeting of the National Council on Science and Technology in Lafia.

The theme of the 2018 meeting is “Enhancing Nigeria’s Competitiveness in all Sectors of the Economy through Effective Development of Science, Technology and Innovation.“

Bako, in his opening address, said the decision was in line with the government policy thrust to move the economy of the nation from resource-based to a knowledge-based and innovation-driven economy.

According to him, the decision is enshrined in the Economy Recovery and Growth Plan (ERGP) 2017-2020.

“The Federal Ministry of Science and Technology (FMST), in line with the government desire, produced the National Science, Technology and Innovation Roadmap (NSTIR) 2017-2030 as a catalyst for Nigeria’s economic growth and competitiveness.

“The NSTIR 2017-2030 is a step taken by this administration to move the country in a new direction and designed to catalyse effective implementation of programmes and projects in the country.

“It covers the realities of Nigeria’s current short-term economic development as contained in the ERGP 2017-2020,” he said.

Bako also said that the administration of President Muhammadu Buhari was determined to create, through Science, Technology and Innovation, an enabling environment that would mobilise local investment and attract more foreign direct investment into the country.

According to him, it is also to empower Nigerians, both young and old, to participate actively in the management of the economy.

“The present administration has recognised the use of Science, Technology and Innovation as well as effective participation of our young people, professionals and indigenous contractors and consultants as indispensable, if our dear country, Nigeria, is to become a truly great nation.”

The permanent secretary said ERGP Plan 2017-2020 recognised that Science and Technology would drive productivity and activity in all sectors of the economy, hence the importance placed on it.

“Technology and Innovation have been recognised as occupying the central place for all economic activities in all sectors of the economy. This is a major achievement for our nation.

“What this means is that, there is now a significant change in the mental attitude that we have toward Science and Technology.

“People now recognise the central role of science and technology in the economic development of our country.”

Bako disclosed that Buhari signed the Presidential Executive Order 5 ‘For Planning and Execution of Projects.

He said it was also for the promotion of Nigerian Content in Contracts, Science, Engineering and Technology’ to realise the objective of using Science, Technology and Innovation drive productivity.

Bako said that the move would redirect the country economy from its old, unsustainable path of being resource based to a new, sustainable and inclusive path of being knowledge- based economy driven by Innovation.

According to him, the Executive Order No. 5 is also meant to promote patriotism, love of country and economic nationalism as potent tool for a new social engineering of our country.

He expressed optimism that it would certainly trigger a silent revolution “in how we think as a people and how we regard science and technology as the missing link in our quest to become a truly great nation.”

In his remarks, Prof. Jonathan Ayuba, Nasarawa State Commissioner for Special Education, Science and Technology, lauded the council for choosing Nasarawa state to hold its 16th meeting, adding that the state “is a science friendly state.“

“In the next couple of days, you will see the synergy between the Federal and the State, on how we try to use science and technology for the development of Nigeria.

“So, I wish you a deliberation that will be fruitful and move our nation forward,” he said.


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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