General News
FG Slashes Business Registration Cost for SMEs by 60%

Federal government has reduced the costs of registering Small and Medium Scale Enterprises (SMEs) with the Corporate Affairs Commission by 60 per cent.
Olusegun Aganga, minister of Industry, Trade and Investment, stated this while speaking at the 8th annual Micro, Small and Medium Enterprises finance conference.
The conference with theme ‘MSME financing in Nigeria: Past, present and future’ was conceptualised to look at the MSME finance sub-sector from a holistic perspective.
Aganga said the directive for the reduction of the business registration costs was given by President Goodluck Jonathan, adding that the development underscored the importance of the sector to poverty reduction, job creation and inclusive growth.
He said since SMEs account for about 80 per cent of businesses registered with the CAC as well as about 50 per cent of the country’s Gross Domestic Product, there was need to remove all factors that would impede their development to nation building.
He said, “The administration of Mr President has made it a matter of importance to support MSME in certain key areas-access to affordable finance which we are doing here today, access to markets, formalization of businesses, skill acquisition, provision of infrastructure to reduce the cost of businesses for SMEs.
“Already, the president has approved a reduction in the cost of setting up SMEs by 60 per cent and the idea is to reduce the cost of doing business.
“So today if you are going to CAC to set up a company, then know that the costs have been reduced by 60 per cent already.”
He said the N220bn facility whose disbursement was flagged off at the event by Jonathan would help not only to empower SMEs, but address the access to financing needs of the sector in an efficient and sustainable manner.
Jonathan while speaking at the event commended the CBN for providing the fund for the development of the sector at an interest rate of nine per cent.
He added that the decision of the apex bank to set aside 60 per cent of the fund for women was in line with his administration’s commitment to women empowerment.
The president said MSMEs have been recognized globally as the engine of growth in any development-oriented economy.
He added that due to their inherent labour intensive production processes, they also provide a veritable platform for job creation.
He said, “All over the developed world, the contribution of MSME to GDP is on the average of about 47 per cent, this shows clearly how important the MSME are to us.
“With about 17.3 million SMEs in Nigeria, there is need for more concrete and concerted efforts to expand the activities of MSMEs in our country.”
He said the focus of this year’s conference which is geared towards enhancing access to finance was appropriate noting that a vibrant MSME sub sector was indispensable to achieving sustainable transformation in the Nigerian economy.
Jonathan said as Africa’s largest economy with excellent prospects of becoming one of the 20 largest economy in the world in the nearest future, it is imperative that the challenges confronting MSMEs are addressed “frontally at this time.”
The President said his administration had already instituted a number of reforms to improve the business environment and build strong institutions that would fast track the growth and progress of MSMEs.
He said, “Given that the structural transformation of the economy remains our core priority, we are investing heavily in critical infrastructure to promote job creation and inclusive growth.
“We are aware that inadequate infrastructure increase the cost of production by estimated 30 per cent making Nigerian goods under-competitive and we need to improve on that.
“The federal government believes that stable power supply is the bedrock of our industrial development. It will not only reduce the cost of manufacturing and services significantly, it will also engender investments and create jobs.”
He also said as part of measures to enhance the contribution of MSMEs to economic growth, the Federal Government will establish a wholesale development finance institution, which would provide long term funds of up to 15 years for industrial development.
He added that existing DFIs would be restructured for better performance and improved access to finance by the MSMEs.
He said the enormity of the task ahead requires immediate and dedicated action adding that this underscores the need to effectively disburse the N220bn MSME fund.
In his keynote address delivered at the event, Mr Godwin Emefiele, CBN governor, said the MSME financial gap, which is estimated at N9.6tr was one of the major reason why the apex bank intervened in the sector.
He said in view of the fact that cost and access to credit had continued to be an inhibiting factor to the survival and growth of many MSMEs in the country, the apex bank would be working with relevant stakeholders to establish a Secured Transaction and National Collateral Registry to facilitate the registration and acceptability of movable property as loan collateral.
He added that the bank would also encourage venture capital companies to fund MSMEs, as well as set up a National Credit Scoring System to improve access to information on borrowers to positively influence credit decisions,
“We would also enhance the operations of Credit Reference Bureaus. We believe that these efforts would improve the information available to potential lenders on persons seeking loans and therefore, help to isolate bad borrowers from credible ones,” he said.
He said going forward, the CBN’s focus would remain on sectors that can create jobs on a mass scale as well as reduce the country’s import bill and conserve the country’s foreign exchange.
For example, he said the bank would maintain a keen interest in supporting the creation of an enabling environment to trigger private sector investment to curb the growing trend of medical tourism, which has depleted the nation’s foreign reserves.
In the power sector, he said 36 power projects have received N115.73bn from the Power and Aviation Intervention Fund noting the apex bank would also carefully consider funding viable gas to power projects.
He said, “In fact, we are currently collaborating with the Ministries of Power and Petroleum Resources, the Nigerian Electricity Regulatory Commission and all relevant stakeholders to find innovative ways of dealing with the legacy gas to power debt.
“This is to ensure that the international oil companies and other producers of gas can significantly increase the production and supply of gas to power plants across the country.”
At the event, Union Bank of Nigeria Plc with a total loan exposure of N4.17bn for 14,752 projects was decorated by the president as the best performing bank in the Agricultural Credit Guarantee Scheme.
Similarly, Sterling Bank Plc, with a total exposure of N6.16m in nine projects won the best performing bank in Commercial Agriculture Credit Scheme.
Based on the guidelines of the MSME fund, each state of the federation would be able to access the sum of N2bn which would be administered to beneficiaries at an interest rate of nine per cent.
Already, the apex bank had signed Memorandum of Understanding with governors from Delta, Akwa Ibom, Osun, Oyo, Bayelsa, Gombe, Zamfara, Enugu, Ondo and Benue state to access the fund.
Also, two per cent of the fund would be made available for economically active physically challenged entrepreneurs.
General News
Konga Launches Tech Month Campaign with Exclusive Offers

Nigeria’s leading composite e-commerce platform, Konga, has officially announced the launch of its highly anticipated Konga Tech Month. Konga Tech Month is a month-long campaign dedicated to delivering exceptional value across the technology category.

Konga Tech Month Campaign
It runs from May 1 to May 31, 2026, and presents one of the most compelling opportunities for consumers, SMEs and corporates to acquire premium technology products at jaw-dropping discounts of up to 50% across a wide range of products.
Tech Month is designed to meet the growing demand for genuine, reliable, high-performance technology solutions in Nigeria’s rapidly evolving digital economy. Through strategic collaborations with global technology leaders such as Samsung, LG, ASUS, HP, and Starlink, Konga is reinforcing its commitment to technological democratization as the global economy increasingly pivots toward a digital-first future.
From smartphones and laptops to televisions, refrigerators, and cutting-edge accessories, the campaign delivers a comprehensive suite of technology solutions tailored to both personal and professional needs. Whether consumers are upgrading their home entertainment systems or equipping their workspaces for enhanced productivity, Konga Tech Month provides a one-stop destination for quality, affordability, and convenience.
A key highlight of this year’s campaign is the prominent participation of Starlink as a focal partner. In a significant development for Nigeria’s connectivity landscape, Starlink has designated Konga as its authorized support centre, enabling customers to access in-person assistance at select Konga retail stores nationwide.
This means that beyond enjoying exclusive discounts on Starlink kits during special campaign phases, customers can now receive expert guidance on purchase decisions, installation, and troubleshooting, bridging the gap between advanced global technology and local accessibility. This initiative reinforces Konga’s commitment to delivering not just products, but end-to-end customer experience and support.
Konga Tech Month is further enhanced by a range of value-driven incentives designed to improve convenience and drive customer satisfaction. Shoppers who purchase from the official stores of Samsung and LG on Konga will enjoy free delivery, reinforcing the platform’s promise of affordability without hidden costs.
In addition, Konga’s same-day delivery service, KongaNow, ensures that customers can receive their orders within hours, eliminating the delays typically associated with e-commerce transactions. This capability is particularly beneficial for urgent purchases, enabling users to access essential tech products exactly when they need them.
To maximise the benefits of the campaign, customers are encouraged to download the Konga mobile app, available on both the Google Play Store and Apple App Store. App users gain access to exclusive app-only deals, including free shipping on select offers, as well as early notifications on flash sales and limited-time promotions.
Beyond the immediate consumer benefits, Konga Tech Month plays a strategic role in advancing digital adoption across Nigeria. As businesses and individuals increasingly rely on technology for communication, education, and productivity, access to affordable and reliable devices becomes essential.
By partnering directly with original equipment manufacturers (OEMs), Konga ensures that customers receive 100% authentic products, eliminating concerns around quality and reliability. This direct sourcing model not only strengthens consumer trust but also supports long-term brand loyalty.
Furthermore, the campaign aligns with broader economic goals by facilitating access to tools that drive efficiency, innovation, and competitiveness in various sectors. From small businesses seeking to digitise operations to students investing in learning tools, Tech Month provides practical solutions that empower users to thrive in a technology-driven world.
To fully capitalise on the opportunities presented by Konga Tech Month, customers are advised to stay actively engaged with the platform. Following Konga’s official social media channels and enabling notifications ensures real-time access to flash sales and exclusive discount phases.
As the campaign unfolds throughout May, shoppers can expect continuous updates, surprise deals, and enhanced offerings designed to deliver maximum value.
Konga Tech Month is more than a promotional event; it is a strategic initiative that underscores Konga’s leadership in Nigeria’s e-commerce and technology retail space. By combining competitive pricing, global brand partnerships, seamless logistics, and customer-centric innovations, Konga continues to redefine how Nigerians access and experience technology.
As the digital economy expands, initiatives like Tech Month serve as critical enablers, ensuring that consumers are not only connected but also equipped with the tools needed to succeed.
For shoppers across the country, the message is clear: this May, the smartest way to upgrade your digital life is through Konga Tech Month.
General News
UBA Debunks Viral Divorce Claim against Elumelus, Suspects in Custody

United Bank for Africa (UBA) Group has dismissed as false and malicious reports circulating on social media alleging that Mr Tony Elumelu, its croup chairman, has divorced his wife, describing the claims as defamatory and deliberately fabricated to tarnish his reputation.

UBA
In a formal notice issued on Sunday, the bank said the publication and similar related content were entirely baseless, reckless, and designed to mislead the public while causing reputational damage to Elumelu and the UBA brand.
According to the statement signed by Mrs Alero Ladipo, Group Head, Brand, Marketing and Corporate Communication, the matter has been reported to relevant law enforcement authorities, which have already commenced investigations into the source and spread of the claims.
The bank disclosed that three individuals allegedly linked to the creation and dissemination of the publication had been arrested. They were identified as Mr Kingsley Akunemeihe, also known as @Directorkem; Mr Chigozie Success Ihebom; and Mr John Surpruchi Nwanorue, known on social media as @problemchimky.
UBA said investigations were ongoing and could result in additional arrests and prosecutions of other individuals connected to originating, amplifying, or sustaining the false publication.
The financial institution issued a cease-and-desist notice to all persons, platforms, and entities involved in publishing or reposting the claims, directing them to immediately remove the content from all platforms and refrain from further dissemination.
It also instructed all affected parties to preserve records, including digital footprints, communications, and metadata linked to the creation and spread of the publication, pending possible legal action.
The bank warned that failure to comply with the directive would lead to legal proceedings, including defamation suits, claims for damages, injunctive relief, and other remedies available under applicable laws.
“UBA Group is resolute in protecting the reputation, privacy, and integrity of our brand and that of Mr Elumelu, and will pursue all necessary legal avenues, civil and criminal, to ensure all responsible parties are identified and held accountable,” the statement said.
The bank urged the public to disregard the false reports and rely only on verified information from official channels.
General News
NITDA Partners Galaxy Backbone to Deliver Subsidised Cloud Services to Startups

National Information Technology Development Agency (NITDA), through its Office for Nigerian Digital Innovation (ONDI), has entered into a strategic partnership with Galaxy Backbone Limited (GBB) to provide subsidised sovereign cloud services for startups participating in the iHatch programme.

NITDA
The collaboration is aimed at strengthening Nigeria’s digital ecosystem by improving access to critical digital infrastructure, promoting indigenous innovation, supporting data sovereignty and expanding digital inclusion.
The development was disclosed in separate statements issued by NITDA and Galaxy Backbone.
Under the arrangement, startups enrolled in the iHatch programme will be onboarded onto the Galaxy Cloud Platform (GxCP), GBB’s sovereign cloud infrastructure built on Uptime-certified Tier III and Tier IV data centres, a nationwide fibre network and advanced cybersecurity architecture.
According to the agencies, the initiative is designed to reduce infrastructure barriers facing early-stage businesses by providing access to secure enterprise-grade cloud resources at subsidised rates.
Director-General of NITDA, Mr Kashifu Inuwa Abdullahi, described the partnership as a strategic intervention to strengthen the resilience and global competitiveness of Nigeria’s startup ecosystem.
Abdullahi said access to reliable digital infrastructure remained one of the most critical enablers for startups seeking to innovate, scale and compete internationally.
He noted that the collaboration aligns with NITDA’s broader digital economy agenda, particularly in building local technology capacity and reducing dependence on foreign infrastructure.
“This partnership reinforces our commitment to nurturing a resilient and globally competitive startup ecosystem by ensuring innovators have access to the infrastructure required to build sustainable businesses,” he said.
Managing Director and Chief Executive Officer of Galaxy Backbone, Prof. Ibrahim Adeyanju, said the initiative would empower startups with access to secure, enterprise-grade cloud infrastructure while enabling them to host their data locally within Nigeria.
According to him, hosting data locally is critical to strengthening Nigeria’s digital sovereignty, improving compliance and enhancing economic resilience.
Adeyanju explained that to ensure sustainability and long-term impact, GBB would deploy a tiered, milestone-based support model aligned with the development stages of startups.
He said cloud credits would be released in phases across three stages of startup growth — Build, Validate and Scale.
The credits, he said, would remain valid for 12 months, after which beneficiaries would transition to either standard subscription plans or pay-as-you-go billing options.
“This model ensures startups receive support at the stages where they need it most, while also encouraging efficient resource management and long-term business sustainability,” he said.
Adeyanju added that Galaxy Backbone would establish a dedicated Startup Success Team to guide participating startups through onboarding and encourage platform adoption.
He said the initiative would also include automated usage monitoring and alerts to help startups optimise resource utilisation and avoid operational inefficiencies.
In a move aimed at protecting startups from exchange rate volatility, he disclosed that all post-credit billing under the scheme would be denominated in naira.
General Manager, Strategic Partnerships at GBB, Mr Abdul Malik Suleiman, described the partnership as a deliberate intervention to bridge the infrastructure gap confronting Nigerian innovators.
Suleiman said making world-class cloud services more accessible to local startups would significantly lower entry barriers for innovation-driven businesses.
Also speaking, National Coordinator of ONDI, Ms Victoria Fabunmi, said integrating Galaxy Backbone’s sovereign cloud platform into the iHatch programme would strengthen startups’ ability to transition from ideation to commercial scale.
Fabunmi noted that access to the right digital tools and infrastructure was crucial to helping startups compete effectively in both local and global markets.
She said the iHatch programme, which is supported by NITDA through ONDI, had already trained over 160 startups across 37 hub partners nationwide.
According to her, the partnership with GBB is expected to deepen the programme’s impact by accelerating innovation, enabling startup growth and strengthening Nigeria’s broader digital economy.
Industry stakeholders say the initiative reflects growing efforts by government institutions to provide local alternatives to foreign digital infrastructure while reducing operational costs for Nigerian startups.
They also note that the partnership could improve confidence among innovators and investors by strengthening Nigeria’s cloud ecosystem and encouraging local data hosting.
The agencies expressed optimism that the collaboration would unlock new growth opportunities for startups and further position Nigeria as a leading innovation hub on the continent.
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