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ICT Stakeholders List Ways to Creating Billion Dollar Firms in Nigeria
In a bid aimed at supporting the government and leaders in technology in their efforts at driving the change needed to be seen in the Nigerian technology industry, various key Stakeholders in the nation’s ICT sector recently met in Abuja and identified interventions required to create billion dollar companies in Nigeria.
At the first Digital Africa Leadership Series, with the theme: “Generating Laws and Policies for Creating Local $Billion Tech Companies – How do we get there?,” which held on the 20th of April, 2017 at the Shehu Musa Yar’adua Centre, Abuja, participants which included the Honourable Minister of Communications Technology, Barrister Adebayo Shittu; the Director General of the National Information Technology Development Agency, NITDA, Dr. Isa Ali Pantami; Executive Vice Chairman of the Nigerian Communications Commission, NCC, Prof. Umar Garba Danbatta, members of the civil society organisations, entrepreneurs, government functionaries and CEOs of top ICT firms came up with far-reaching decisions.
In a communiqué at the end of the one-day event, participants noted that there is an established correlation between the number of $billion tech companies in a country and the size and level of development of their economy. Therefore, there is a need for the country to consciously think of the policies and legal framework needed to build the Nigerian Tech companies that would achieve multi $billion status. This also means that Nigerian companies should always see the whole world as its market.
Stakeholders at the event noted that Nigeria with a population of about 200million people is supposed to play a leading role in Africa, especially in the innovation and diffusion of ICTs. Whereas this is the case, other countries like Kenya and Rwanda seem to be bettering Nigeria’s efforts. It was, therefore, agreed that greater effort should be put in the country to ensure that she meticulously executes her National ICT policies or Road Map.
Participants agreed that the Minister and the leadership of other ICT agencies should inspire and drive a new vision for Nigeria’s ICT industry through their public engagement and use of the social media.
It noted that the country has developed several ICT strategy documents, roadmaps, national ICT blueprints and master-plans, and bemoaned the seeming confusion as to which is the driving document for the country. It therefore, called for a need for harmonisation and/or communication of the right document, as stakeholders desire to know which one of them is the driving plan for the industry.
The stakeholders noted the assurance of the Honourable Minister that the Federal Executive Council will soon approve the National ICT Roadmap document as well as the National e-Governance Masterplan document. Accordingly, they advised that when approved, the same documents should be widely circulated.
Stakeholders noted the existence of Local Content Office under the National Information Technology Development Agency and the Federal Ministry of Communications Technology and advocated for a target percentage of local ICT contracts to be awarded to Nigerian businesses, advising that where no Nigerian company is qualified, such Nigerian company should understudy the expatriate company in order to ensure transfer of knowledge within a specified period.
The Stakeholders further noted the inadequacy of the current intellectual property and copyright protection laws in Nigeria and advocated for the laws to be updated to provide sufficient protection for Nigerian businesses.
It was noted that the quality of ICT education from Primary, Secondary and especially the tertiary levels are weak when compared to what is obtainable from other parts of the world. It is, therefore, important for the government to create the enabling policies, laws and infrastructural environment needed to greatly enhance the quality of ICT education in Nigeria, adding that Government’s direct intervention to hasten the size and variety of capacity in ICT for the country is highly desirable.
Participants at the one-day forum noted that despite the two decades of efforts at enhancing relative ICT infrastructure in the country with regards to electricity, telecommunications network and computer hardware availability, the level, size, number and quality of infrastructure in the country are still insufficient, thereby impinging on the ability of the country to properly participate in the coming 4th Industrial Revolution. They, therefore, advised that the government must take urgent action to provide the country with a befitting infrastructure in readiness for the 4th Industrial Revolution.
The forum also noted that many infrastructural projects in the country are poorly supervised and built with substandard materials. Therefore, Government should ensure that an effective quality system is introduced and that projects are undertaken to specification, cost and agreed timeline.
It further noted that there is a need to ensure that various ICT policies from the different ICT Regulatory Agencies in the country are appropriately communicated to all relevant stakeholders such as trade unions, individuals, organisations and sectoral regulators.
Stakeholders observed and noted that most organisations that are calling themselves Incubators are actually playing the role of Accelerators and that there is a dearth of knowledge in Incubation Hubs Management, and therefore, advised that the Government should create special facilities for training Nigerians on the development and running of Incubation Hubs.
With regards to investment in all sectors of ICT, it was noted that if the enabling environment is there as well as the right kind of incentives, not just local investors but even international investors and capital will move in. Similarly, it was noted that in order to enhance capacity for the industry, Government should encourage organisations that train people for various ICT skills with incentives such as Tax Breaks. This according to the forum, will encourage numerous organisations to train graduates bearing in mind that they will only be able to keep a few while the rest will go into the industry to enhance capacity.
The Communiqué commended the Minister on the plan for the proposed transformation of NIPOST to amongst other things, provide electronic banking services, e-commerce services, banking and finance services, transportation and logistics services, property development services, etc. It noted with excitement that the NIPOST reform package will soon be launched and therefore, encouraged the Minister to see to the successful and timely implementation of same.
The forum noted that in order for the Government to catalyse the Nigerian ICT industry, and because of the general recession in the country, government should in addition to setting up the necessary enabling environment, provide funding for startup businesses, and provide the needed funding for entrepreneurs under an appropriate arrangement without having to be in business itself.
The stakeholders acknowledged with commendation, the fact that the Federal Government has decided to build a National ICT Park. They suggested that in addition to this, a minimum of 30 Techshops should be built across the country. The Techshops will provide implements or building materials, i.e. both process and product technologies with which to fabricate whatever innovative ideas Nigerians may have using all possible fabrication materials like iron, steel, wood, plastics, etc. In other words, the Techshops will provide centres with all the necessary building tools for the trialling and fabrication of different innovative ideas.
Stakeholders in the Information and Communication Technology (ICT) sector have identified agricultural technology (AgriTech) and open data platforms as essential tools for advancing Nigeria’s digital economy, particularly in promoting inclusion and improving rural development.
Speaking at the session titled “Design Workshops Building Productive Sectors: Investing in the Digital Economy” during the 31st Nigerian Economic Summit (NESG) in Abuja,
Toluwaleke Adenmosun, senior partner at Verraki, said agriculture offers an opportunity for digital transformation.
“Some groups proposed open data platforms to improve the sourcing of agricultural commodities, while others emphasized the use of AgriTech to simplify and formalize the agricultural value chain,” she said.
Adenmosun also raised concerns about the lack of transparency in tax and levy structures affecting businesses. She called for digital tools to streamline compliance.
“Industry players face challenges not only with formal taxes but also with various levies and charges. A simple platform that outlines required payments and confirms when they are made can be implemented quickly and would address this,” she said.
She added that successful implementation requires clear leadership, whether from the public or private sector.
“It’s not solely a government responsibility. Someone must take ownership, drive execution, and raise awareness among farmers and stakeholders,” she said.
Participants also noted the need for awareness campaigns, as many farmers remain unaware of digital tools that can boost productivity and improve market access.
Olabode Ojo, vice president of Global Independent Connect Limited (GICL), a subsidiary of IHS Towers Nigeria, reaffirmed the company’s commitment to expanding digital infrastructure in underserved areas.
“At GICL and IHS, our goal is to provide the infrastructure to support Nigeria’s digital economy,” said Ojo.
He noted that the company has deployed over 600 rural connectivity sites across 26 states and installed more than 16,000 kilometers of fiber optic cables, supporting mobile technologies such as 2G, 3G, and 4G.
“People in these areas now have access to education, healthcare, and digital financial services,” he said. “This supports broader development.”
Ojo also referenced government plans led by the Federal Ministry of Communications, Innovation and Digital Economy to deploy 90,000 kilometers of fiber optic infrastructure and establish 7,000 rural telephony sites.
“These plans are ambitious but achievable,” he said. “We are ready to collaborate with the government to help make them a reality.”
While agriculture is not GICL’s core focus, Ojo acknowledged its role in the digital economy and the importance of infrastructure in enabling farmers’ access to data.
“These goals are within reach with collaboration from all stakeholders,” he said. “We must stay focused and work together to achieve them.”
With continued investment from both public and private sectors, stakeholders agreed that AgriTech, open data, and rural connectivity are vital to building a more inclusive digital economy in Nigeria.
May Agbamuche-Mbu, a National Commissioner at the Independent National Electoral Commission (INEC), has assumed office as the acting Chairman of the Commission following the formal handover by Professor Mahmood Yakubu, who is proceeding on terminal leave.
The transition was announced during a stakeholders’ meeting with Resident Electoral Commissioners held on Tuesday at the INEC headquarters in Abuja.
Speaking at the meeting, Yakubu explained that he was stepping down in accordance with Section 306, Subsections 1 and 2 of the 1999 Constitution (as amended), having served the Commission for nearly a decade.
“In recognition of the significant challenges ahead, and having had the honour of serving the Commission for the past 10 years, with only a few weeks remaining in my tenure, I have made a decision,” Yakubu said.
“In the interim, I am handing over to one of the most senior national commissioners by date of appointment. Following consultation with other national commissioners, May Agbamuche-Mbu will serve in an acting capacity pending the appointment of a substantive chairman of the Commission.”
He expressed hope that the transition would afford the appointing authorities adequate time to name a new chairman and allow the incoming leadership to settle quickly into the task of conducting elections and electoral activities in what he described as Africa’s most demographically and logistically complex environment.
Reflecting on his tenure, Yakubu noted that since 2015, he had worked with 24 national commissioners and 67 resident electoral commissioners, as well as thousands of staff across the country.
He expressed deep appreciation for their support and acknowledged the contributions of civil society groups, development partners, and Nigerians at large.
He also praised members of the National Youth Service Corps, calling them “among the most educated, most patriotic, and most knowledgeable election officials I have worked with.”
“Above all, I thank Nigerians for their comments as well as criticisms, which encouraged rather than discouraged us to persevere,” he added.
As part of his farewell, Yakubu presented two publications documenting the Commission’s work during his tenure: Election Management in Nigeria 2015–2025 and Innovations in Electoral Technology 2015–2025.
He concluded his remarks with a prayer for the continued progress of Nigeria’s democracy.
“It is now my pleasure to sign my official handing over notes and present the same to Agbamuche-Mbu. And from that point, I will take my exit,” he said.
Before stepping down, Yakubu outlined INEC’s preparations for several upcoming elections, including the Anambra State governorship election next month, the Area Council election in the Federal Capital Territory in February 2026, the Ekiti State governorship election in June 2026, and the Osun governorship election in August 2026.
He also confirmed that INEC had already begun preparations for the 2027 general elections, while awaiting the passage of a new Electoral Act currently before the National Assembly.
Yakubu highlighted the need to further clean up the voters’ register, review polling unit locations, and manage party primaries effectively.
He acknowledged the logistical challenges of election management in Nigeria, citing insecurity, natural disasters such as floods, and the need to update frameworks for internally displaced persons’ voting.
He also listed several innovations introduced under his leadership, including the consolidation of the biometric register of voters, the digitization of manual processes, technologies for locating election facilities, virtual training platforms, systems for managing political party finances, and the Election Monitoring and Support Centre.
“Indeed, we have made tremendous progress, but a lot more needs to be done,” he said.
Born in May 1962, Yakubu previously served as Executive Secretary of the Education Trust Fund before his appointment as INEC Chairman by former President Muhammadu Buhari on October 21, 2015.
He assumed office on November 9, 2015, succeeding Professor Attahiru Jega. In 2020, he was reappointed for a second five-year term, becoming the first INEC chairman in Nigeria’s democratic history to be reappointed and confirmed by the Senate.
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PalmPay Honoured as Consumer-Friendly Business of the Year 2025 @ Lagos State Consumer Protection Agency Awards
PalmPay, Nigeria’s leading digital banking platform, has been recognised with the prestigious Consumer-Friendly Business of the Year 2025 Award at the Lagos State Consumer Protection Agency’s (LASCOPA) annual Consumer Service Week and Awards Ceremony, held on Tuesday, September 30, 2025, at Adeyemi Bero Hall, The Secretariat, Alausa, Ikeja, Lagos.
The event, organised by the Lagos State Consumer Protection Agency (LASCOPA), celebrated businesses and organisations that demonstrate exceptional commitment to consumer rights, service excellence, and customer satisfaction.
PalmPay’s recognition underscores its dedication to delivering secure, reliable, and inclusive financial services to millions of Nigerians. With a focus on transparency, innovation, and customer-centricity, PalmPay continues to empower consumers by offering secure transactions, fraud protection, convenient payment solutions, and exceptional customer support.
Commenting on the award, Opara Onyinyechi, Senior Regulatory Compliance Specialist, PalmPay, said: “We are deeply honoured to receive the Consumer-Friendly Business of the Year Award from LASCOPA.
This recognition reaffirms our commitment to putting our customers at the heart of everything we do. At PalmPay, we will continue to champion trust, accessibility, and innovation in financial services, ensuring that every user experiences safe and seamless banking.”
The Consumer Service Week and Awards are part of a global initiative that highlights the importance of consumer protection and celebrates organisations that prioritise consumer welfare. By honouring PalmPay, LASCOPA have reinforced PalmPay’s role as a trusted partner in Nigeria’s financial ecosystem.
PalmPay is a leading digital banking platform driving financial inclusion and economic empowerment in underserved emerging markets. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay empowers individuals and businesses with tools to manage and grow their money.
PalmPay offers a comprehensive range of products, including mobile payments, savings, and micro-insurance via its app and mobile money agent network.
Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to over 35 million app users and processes up to 15 million transactions daily. PalmPay has operations in Nigeria, Ghana, Tanzania, and Bangladesh.
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