News
FG to Grant Technology Start-ups Tax Holidays

Vice-President Yemi Osinbajo has said the Federal Government is including technology start-ups and businesses in the list of businesses eligible for tax holidays.
Osinbajo spoke in Lagos while inaugurating Vibranium Valley, a hub for technology and innovation start-ups described as the largest in sub-Saharan Africa.
The Vice President said Vibranium Valley, established by Venture Garden Group, could become Nigeria’s next innovation cluster housing tech firms devoted to talent, data and entrepreneurship.
Vibranium Valley, located within the expansive grounds of the former Concord Newspaper Headquarters in Ikeja, consists of “world-class office spaces” fully furnished to meet the needs of up to 50 tech start-ups.
According to Bunmi Akinyemiju, the firm’s Chief Executive Officer (CEO) and its Executive Director Kunmi Demuren, the “Campus” already houses “over 20 tech-driven companies.”
The Vice President, who delivered a keynote address on ‘The role of technology and entrepreneurship in nation building’, praised tech innovators for providing “technology-driven solutions to some of the most difficult development problems confronting us today.”
Osinbajo said: “Today’s event is devoted to talent, data and entrepreneurship. These three things represent the Vibranium of Africa.
“Vibranium Valley, similar to Yaba, could be the next innovation cluster where mature tech companies can be housed, to drive the industrial revolution, and exports of ‘innovation’ for the country.
“On the part of government, we are putting our money where our mouth is. We believe it is our role to provide the environment where innovation can thrive, so, we are including technology start-ups and businesses in our list of businesses eligible for pioneer status and that means tax holidays.
“Also both the Central Bank and the Bank of Industry are working on intervention funds and loans for technology start-ups, while we have till date opened about three state-of-the art technology hubs. These are government-supported technology hubs.”
The hubs include the Northeast humanitarian technology hub in Yola, Adamawa State, which specialises in innovation for victims of conflict. The South-south innovation hub in Benin, Edo State and the climate change technology hub to be launched at the Pan African University, Lagos.
Akinyemiju, who described Vibranium Valley as the “Campus”, said it would serve as a hub for tech start-ups which “will build an entrepreneur ecosystem, where people can be inspired to create companies and ultimately be able to create employment.
“Nigeria needs to take disruptive approaches to development challenges in infrastructure, financial inclusion and education to become the Africa’s first ‘start-up nation.’
News
SEC Urges State Governments to Explore Investment Opportunities in Capital Market

As part of strategies to harness the potentials inherent within the various states for wealth creation, the Securities and Exchange Commission (SEC) is to embark on investor education for state governments across the country.
Dr. Emomotimi Agama, the Director General of SEC, disclosed this during a meeting with a team from the World Bank Group and the International Finance Corporation (IFC) in Abuja.
He stated that the Commission would approach the state governments to help them understand the many opportunities in the capital market, and strive to enhance their understanding of financial markets, investment strategies, and regulatory frameworks.
According to him, “Imagine setting up factories that will produce goods that can be exported and earning foreign exchange. A lot of Nigerians would be employed and that would lead to wealth creation and economic development.
“That is why the Commission will continue to emphasize education, because if they do not know, there is little they can do until they know. Sometimes it is not because they don’t want to do it, it is just because they don’t know and it is our responsibility to give this vital knowledge for wealth creation.There are some states in the country that are so rich but nothing is happening there. All of their wealth is in the ground.”
He added that the strategic approach will commence soon with the Executive Council of a state in northern Nigeria, to speak to them about the opportunities in the capital market.
“We will create guides, reports, and policy briefs that explain capital market opportunities for state governments, we will translate complex financial concepts into simple, actionable insights and we will use case studies from Nigerian states that have successfully raised capital through bonds or attracted investments in the capital market.
“We believe strongly that if we go out and speak to these people, get them into understanding exactly the benefits and how it is important, get them to manage their own assets meaningfully well, and harness them for greater economic growth for the states, things will begin to change, it is our responsibility to change the narratives and we will keep at it,” he said.
Speaking earlier, Mr. Tom Ceusters, Director, Treasury Market Operation IFC, said the delegation of the World Bank Group and IFC were on a two weeks mission to Nigeria to have deep conversations with regulators and organisations in the financial sector with a view to coming up with plans to help their endeavours.
News
Meta to Begin Layoffs Across All Operations from Today

Meta Platforms, the parent company of Facebook, Instagram, and WhatsApp, is set to implement company-wide layoffs starting Monday, February 10, 2025.
Notifications will begin at 5 a.m. local time in most countries, including the United States.
However, due to local regulations, employees in Germany, France, Italy, and the Netherlands will be exempt from these cuts.
Staff in over a dozen countries across Europe, Asia, and Africa will receive their notifications between February 11 and February 18.
The layoffs are expected to affect approximately 5% of Meta’s workforce.
They will target the company’s lowest performers in what is termed “performance terminations.”
This move is part of Meta’s broader strategy to streamline operations and focus on key areas of growth.
Concurrently, Meta is expediting the hiring of machine learning engineers and other essential engineering roles.
The hiring process is scheduled to take place between February 11 and March 13, aligning with Meta’s strategic priorities for 2025.
Unlike previous company-wide layoffs, Meta plans to keep its offices open on Monday and will not issue any additional updates regarding the decisions.
The company has declined to comment further on the internal memos detailing these plans
News
NEMSA, NAICOM Sign Agreement to Boost Electrical Safety, Insurance

The Nigerian Electricity Management Services Agency has signed a Memorandum of Understanding with the National Insurance Commission to enhance electrical safety compliance in residential, commercial, and industrial buildings, as well as ensure adherence to insurance policy requirements for these structures.
A statement issued by Ama Umoren, NEMSA’s Head of Communications and Protocol Unit, on Sunday in Abuja, stated that the MoU establishes a collaborative framework between NEMSA and NAICOM to ensure that as a pre-condition, all electrical installations in residential, commercial, industrial premises, hazardous locations, industries and factories are duly certified by NEMSA before the Insurance Policy is processed by all Insurance Companies.
It stated further that the partnership between NEMSA and NAICOM aligned with the Federal Government’s commitment to strengthening the reliability and safety of Nigeria’s electricity sector.
The NEMSA’s Managing Director/Chief Executive Officer, Engr. Aliyu Tukur Tahir, while speaking during the signing ceremony, emphasised the importance of this collaboration in mitigating risks associated with electrical accidents and infrastructure failures.
“This partnership with NAICOM is a significant step towards ensuring that all electricity consumers, operators, and investors adhere to the highest safety and risk management standards.
”By integrating insurance compliance into electrical safety enforcement, we are safeguarding lives, investments, and the overall integrity of the power sector,” he stated.
Tukur, who is also the Chief Electrical Inspector of the Federation, said going forward, ‘’It will also be a requirement by NEMSA that all Facility Applicants of its statutory inspection, testing and certification, should ensure that their Facilities are insured with Insurance Companies, for safety and mitigation of risk.”
On his part, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, reiterated NAICOM’s commitment to ensuring that all power sector players embrace insurance as a critical risk management tool.
“Insurance plays a crucial role in cushioning the effects of electrical hazards and infrastructure-related incidents. Through this MoU, we will work closely with NEMSA to enforce compliance with relevant insurance policies, ensuring that the power sector operates with adequate risk mitigation mechanisms in place,” he said.
The collaboration will involve joint awareness campaigns, regulatory enforcement, and information-sharing initiatives to promote electrical safety and insurance adoption across the power sector.
This strategic partnership marks a milestone in the drive to enhance safety, reliability, and sustainability within Nigeria’s electricity industry and the country at large.
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