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FG Sets January 2016 Date for New ICT Blue-Print

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Mr. Adebayo Shittu, minister of Communications
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The Federal government will on January 2016 unveil a new national blue-print for the Information Communication Technology (ICT) industry, according to Adebayo Shittu, ‎minister of Communications.
 
Industry watchers have argued that since Nigeria experienced change of government which ushered in President Muhammadu Buhari; the federal government is yet to come up with a national policy that will reflect the focal goals of the ruling government for the $32billion dollar valued ICT industry and this does not in any way an open door for investors.
 
Nigeria has in the last years being a destination for foreign investors who are really looking into Africa to invest and Nigeria has always been eye catching and the sector is therefore projected to double its $32billion valued ICT sector if opened to more foreign direct investments
 
On the national level the sector expected to increase and compete for a top spot in terms of sectors contribution to the nation’s Gross Domestic Product (GDP).
 
But, last-week the Minister said thus far work has been underway in the bid to get it right from the start saying “By third week of January 2016, we will officially introduce a new blue-print for the ICT” urging stakeholders and Nigerians to really exercise patience but raising hope for a new dawn in the industry.‎
 
“That new government is now on board with a change agenda which will not exempt the ICT industry is certain and that there will be a clear cut guild which will be introduced soon.”
 
Though stakeholders have been setting agenda for the industry since the new minister resumes office which has given the erudite barrister ample opportunity to be abreast with the technology driven industry as the federal government is being urged to focus on ICT to diversify the economy.
 
Meanwhile, various advocacy and professional groups in the industry including indigenous (Original Equipment Manufacturers (OEMS) and trade partners have been calling for more patronage of local investors thereby calling for the implementation of local content policy as a way forward.

Nigeria Computer Society (NCS), one of the advocacy and professional bodies in the IT industry recent made some recommendations for the new government in power stating that government should give priority to registered local IT professionals and registered companies to execute IT jobs.

The topmost umbrella group also recommends that the federal government should appoint seasoned IT professionals on the board of Ministries, Departments and Agencies (MDAs) so as to maximize and deepen the benefits of e-governance and digital transformation for the country.

Succint to note that the National Information Technology Development Agency (NITDA) which has been championing the course of ensuring the implementation of local content in the executions of multinational and national companies in the sector still have work to do inspite landmark efforts.

NITDA recently asked that all companies operating within the ICT sector to have and submit a local content development plan to the NITDA/NCC for job creation, development of human capital, recruitment of local engineers and value creation but this has not does been effectively admistered.

Recall that the guidelines require multinational companies (MNCs) to register their entities with the Corporate Affairs Commission (CAC) and carry on value adding services that promote local content value creation.

In addition, the regulatory instructions also mandate all multinational companies to submit details of their Nigeria content programs from the inception of the rules not later but years after the policy was not sustained.

But, industry watcher and the entire stakeholder are expecting that when the federal government finally release the blue-print in January it would restructure and develop a strong indigenous ICT industry by addressing three core areas of driving indigenous innovation; establishing intellectual property regulation and protection standards and developing the local ICT industr‎y.


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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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