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IFC Invests in Lagos Free Zone to Support Industrial Growth and Economic Diversification

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IFC has announced an equity investment of up to $50 million in Lagos Free Zone Company to support the development and expansion of Nigeria’s first deep-sea port-based, private special economic zone, the Lagos Free Zone.

This investment is designed to address critical infrastructure gaps, attract local and global businesses, and contribute to Nigeria’s economic diversification agenda.

The funds will support the first phase of the 860-hectare Lagos Free Zone, focusing on land development, industrial facilities, and logistics infrastructure.

Owned by Singapore based Tolaram,a diversified multinational group with operations across Africa, Asia, and Europe, Lagos Free Zone strategically integrated with the Lekki Deep Sea Port and will provide an integrated industrial ecosystem for efficient import and export operations, serving as a gateway for Nigeria’s integration into global value chains.

With Nigeria’s economy projected to grow by 3.7% by 2026, investments in infrastructure are vital to ensuring sustainable growth. When fully occupied, Lagos Free Zone is expected to create approximately 30,000 direct, indirect, and induced jobs, while contributing significantly to Nigeria’s GDP upon completion.

“This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.

“We are proud to partner with Lagos Free Zone  in building the infrastructure necessary to attract global and local businesses, enabling Nigeria to achieve its full economic potential.” said, Dahlia Khalifa, IFC Regional Director, Central Africa and Anglophone West Africa.

The investment in Lagos Free Zone also reflects IFC’s commitment to sustainable development, with a focus on green infrastructure. Approximately 15% of the investment is earmarked for climate-related initiatives, including Excellence in Design for Greater Efficiencies (EDGE)-certified buildings and climate-resilient infrastructure.

“IFC’s support represents a significant and positive recognition of our vision to establish  Lagos Free Zone as a world-class industrial hub. This investment allows us to scale up the existing infrastructure to attract more foreign and local tenants while promoting sustainability and creating economic opportunities for Nigeria.

“Lagos Free Zone, integrated with Lekki Deep Sea Port, facilitates ease of doing business in Nigeria and supports the Federal Government of Nigeria’s drive for economic diversification and infrastructure development.

“We look forward to driving growth and delivering lasting impact through this transformative collaboration with the IFC”. Added, Adesuwa Ladoja, MD/CEO at Lagos Free Zone Company

Lagos Free Zone is already home to several manufacturing brands like Kellogg’s, Dano Milk, Colgate, BASF, ADM, and Tata International.

This investment aligns with Nigeria’s ongoing economic reforms and IFC’s strategic frameworks, including the World Bank Group’s Nigeria Country Partnership Framework (2021–2025) and its 2015 Climate Action Plan, both of which prioritize economic diversification, the development of competitive clusters, and investments in climate-resilient infrastructure.

By addressing infrastructure bottlenecks and enhancing connectivity, IFC’s investment in Lagos Free Zone will unlock new opportunities for businesses and strengthen Nigeria’s position as a regional economic leader.


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Simba Infrastructure, Galaxy Backbone Partner to Deliver Hosted Unified Communications and Call Centre Solutions Across Nigeria

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Aminu Usman, Profit Centre Head, SIMBA, Dr. Abdul-Malik Suleiman, GM Strategic Partnerships & Regions, Galaxy Backbone Ravi Bajaj, GM Sales SIMBA and Ramatu Buhari, GM Sales, Galaxy Backbone Limited
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Simba Infrastructure Limited, a leading provider of customer experience and communications technology, has entered into a strategic partnership with Galaxy Backbone Limited (GBB), the Federal Government of Nigeria’s ICT infrastructure and shared services provider, to deliver Hosted Unified Communications (UC) and Hosted Call Centre Solutions to organisations across both the public and private sectors.

This collaboration brings together Simba Infrastructure’s deep expertise in converged communication technologies, systems integration, and private-sector engagement with Galaxy Backbone’s trusted government relationships, world-class Tier III and Tier IV data centre infrastructure, and an extensive fibre-optic network spanning 30 states and the Federal Capital Territory.

Together, both organisations will deliver secure, scalable, and cost-effective communication solutions designed to transform how businesses and government institutions engage with customers and citizens.

Under this this partnership, Simba Infrastructure will lead business development efforts within the private sector, delivering tailored Unified Communications and Call Centre solutions aligned with the unique needs of enterprises. Galaxy Backbone, on the other hand, will drive adoption within the public sector, providing secure, locally hosted data centre services that ensure compliance, reliability, and operational efficiency.

Commenting on the partnership, Sanjay Vaswani, Director at Simba Infrastructure said: ”Simba is pleased to mark this first phase of collaboration, with a long-term vision of deploying fully localized, AI-driven technologies that enable developers to build and scale using Naira-based solutions.

“While Aminu Usman, Profit Centre Head at Simba Infrastructure tressed on the fact that partnering with Galaxy Backbone will marks a significant milestone in our mission to deliver innovative, cloud-based communication solutions to Nigerian organizations.

“By combining Galaxy Backbone’s robust infrastructure and strong public sector presence with Simba’s customer-centric approach and technological expertise, we are creating a powerful platform to drive digital transformation and business growth.”

Also speaking, the GM Strategic Partnerships & Regional Business, Galaxy Backbone Limited,  Abdul-Malik Suleiman noted; “Galaxy Backbone remains committed to advancing digital inclusion, secure communication, and reliable ICT services across Nigeria. Our partnership with Simba Infrastructure strengthens our ability to deliver innovative, locally hosted Unified Communications and Call Centre solutions that will benefit both public and private sector organisations.”

This partnership underscores a shared commitment to advancing Nigeria’s digital transformation agenda by equipping organisations with the tools to enhance collaboration, streamline communication, and improve customer experience—while ensuring that critical data remains securely hosted within Nigeria.

 


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NITDA Raises Alarm over Fake ‘CPM’ Platform Extorting Victims Using Agency’s Name

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National Information Technology Development Agency (NITDA) has raised the alarm over a fraudulent online marketing and earning platform known as “CPM,” which is currently extorting scammed subscribers under the false pretense of collaborating with the government agency.

NITDA Raises Alarm over Fake 'CPM' Platform Extorting Victims Using Agency's Name

The platform operators, after allegedly freezing or stealing investments from users, claimed their systems were “hacked” and are now demanding additional payments from desperate subscribers to “recover” their lost funds, using NITDA’s name as a regulatory shield.

In an official public disclaimer released on Monday and signed by Mrs. Hadiza Umar, director of Corporate Communications and Media Relations Department, NITDA categorically dissociated itself from the scheme, labeling the operation a dangerous social engineering trap.

After the platform crashed or restricted withdrawals, the administrators designed a secondary extortion scheme.

They informed panicked subscribers that NITDA had stepped in to help resolve the technical glitch and hack, but mandated that users must pay extra fees to facilitate the emergency recovery process.

Disowning the claims, the regulatory body maintained that it has no hand in the operations of the platform, nor does it charge citizens for security interventions.

“NITDA wishes to categorically state that these claims are false and misleading,” the statement read. “As a government agency and Nigeria’s Information Technology regulator, NITDA does not request or collect money from citizens to provide incident response support, recover funds, or assist private entities in resolving cybersecurity incidents.”

Members of the public are therefore strongly advised to exercise caution and avoid making any additional payments to any individual, group, or platform claiming that such payments are required by or connected to NITDA.

The agency warned that the entire incident follows a classic double-extortion pattern often deployed by internet fraudsters to further exploit vulnerable victims who are already desperate to recoup their trapped investments.

To prevent further financial damage to unsuspecting Nigerians, NITDA urged the public to immediately cease all financial engagements with the platform’s handlers. The agency outlined several critical cybersecurity safety measures, advising citizens to:

“Exercise extreme caution when dealing with high-yield online investment and trading applications,” it said.

“Completely avoid sending additional funds or ‘activation fees’ in an attempt to recover previous losses.

“Verify any claims of government involvement directly through verified official channels rather than third-party statements.

“Refrain from sharing sensitive personal identifier numbers, bank details, or financial information with unverified entities.

“Immediately report suspicious cyber-related operations and fraudulent financial schemes to law enforcement authorities.”

Mrs. Umar reiterated that NITDA remains heavily committed to promoting cybersecurity awareness across the country and will continue to track and expose cyber-enabled fraud and deceptive online cartels targeting Nigerian citizens.

 

 


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Moniepoint Group Commits to Boost Hands-on, Entrepreneurship in Three Nigerian Universities with ₦3B Innovation Hubs

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L-r: Deputy Vice-Chancellor, Academics, University of Nigeria, Nsukka (UNN), Prof. Kamoru Usman; Vice President, People Operations, Moniepoint, Chinaza Nduka-Dike; Vice-Chancellor, Obafemi Awolowo University (OAU), Prof. Adebayo Simeon Bamire; Co-founder and Group CEO, Moniepoint, Tosin Eniolorunda, and Deputy Vice-Chancellor, Advancement, Innovation & Research, Ahmadu Bello University (ABU), Prof Aliyu Sanusi, during the launch of N3billion Moniepoint Innovation Hubs for UNN, OAU and ABU at OAU Campus, Ile-Ife, Osun State yesterday
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Moniepoint Inc, has signed a landmark ₦3 billion commitment to establish three Innovation Hubs across some of Nigeria’s most prestigious federal universities over the next three years. The initiative represents one of the most significant private-sector investments in Nigerian higher education in recent memory.

The Moniepoint Innovations Hubs will be built at Obafemi Awolowo University (OAU), the University of Nigeria, Nsukka (UNN), and Ahmadu Bello University (ABU). The three institutions were strategically selected to scale the impact of the interventions across Nigeria’s geographic regions and to reflect a commitment to ensuring that opportunity is not concentrated in a single city or region but is proportionally distributed across the country, in line with Nigeria’s diversity and potential.

Each hub will serve as a permanent centre for hands-on training in software engineering, data science, and artificial intelligence; design; robotics; product development; and entrepreneurship.

Open to students across all faculties, the programme will guide participants from curiosity to career readiness through structured, cohort-based learning, mentorship, and real-world project execution.

The initiative was formally announced today at Obafemi Awolowo University, Ile-ife in a ceremony attended by the Vice-Chancellors of all three universities, senior leaders from academia and industry, student representatives, alumni, and members of Nigeria’s broader innovation ecosystem.

Speaking on the initiative, co-founder and Chief Executive Officer, Moniepoint Group, Tosin Eniolorunda said, “When you look at the success of companies like Moniepoint, it’s easy to forget that it all started with the foundational training we received right here in Nigerian universities.

This initiative is about paying that trust forward. Nigeria’s digital economy cannot run on potential alone; it requires immense, localized talent density. By launching these Innovation Hubs beginning with OAU, UNN, and ABU Zaria, we are intentionally anchoring world-class technical skills across the country.

And this is just the first step as we look across other tertiary institutions. Before we built anything, universities like UNILAG and OAU built people like Felix and I, giving us our first formal training in the disciplines that became our careers.”

Furthermore, Eniolorunda continued, “Nigeria’s future will to a very large extent be built by Nigerians trained in Nigerian institutions. These three Hubs are my contribution to making that future credible by creating a solid pipeline for the emergence of great products and ideas.

“To truly scale our digital economy, we need high-density, industry-ready tech talent as a bulwark. We are investing these billions of Naira to ensure our tech ecosystem is powered by sustainable, homegrown excellence.”

Also speaking at the announcement ceremony, the Vice Chancellor, Obafemi Awolowo University, Professor Adebayo Simeon Bamire, stated, “Obafemi Awolowo University has always stood for excellence, and for the belief that knowledge must serve society. This partnership with Moniepoint Group is a powerful affirmation of that conviction.

“The Moniepoint Innovation Hub will not only expand what our students can learn but also transform what they believe is possible. We are grateful to Moniepoint for choosing to root this investment in our institutions, and we are committed to ensuring that every naira translates into opportunity for our students and for Nigeria.”

Beyond financial support, Moniepoint Inc will contribute deep industry expertise through curriculum development, mentorship, internship pathways, and expert-led learning experiences. The company’s engineering, product, and business teams will collaborate directly with each hub to ensure that training is not only globally relevant but also firmly grounded in the realities and demands of the modern African technology ecosystem.

The hubs are designed to be living institutions, not lecture halls, but launchpads of Nigerian excellence. Students will complete structured cohort programmes, work on live projects, and benefit from direct connections to Moniepoint’s network of engineers, investors, and industry leaders. The goal is not simply to teach skills, but to produce the builders and problem-solvers who will shape the next chapter of Africa’s digital economy.

The ceremony which attracted dignitaries from within and outside the University included Deputy Vice Chancellor, Academics, Professor G.A Aderounmu, Dean, Faculty of Technology, OAU, Professor L. E. Umoru, Dean of the Faculty of Science, OAU, Professor O.A Adesina, DVC Academic of UNN, Professor Kamoru O Usman, DVC, Advancement, Research & Innovation”, ABU, Professor Aliyu Sanusi, Former Head of Department, Mechanical Engineering, Prof. Obayopo, VP, People Operations, Moniepoint, Chinaza Nduka-Dike, SVP, Enterprise Network Sales, Ifeanyi Duru amongst others.

It will be recalled that Moniepoint Innovation Hubs builds on earlier investments by the Tosin Eniolorunda STEM Foundation in building a CAD/CAM laboratory at the Department of Mechanical Engineering, OAU valued at over 100m naira and the HatchDev Program at the University of Lagos championed by Moniepoint’s co-founder & Chief Technology Officer, Felix Ike in partnership with NiITHub innovation centre where about 500 young developers are trained annually.

The initiative reinforces Moniepoint’s broader mission to create financial happiness for every African, everywhere, a mission that, the company believes, requires investing not only in financial infrastructure, but in the institutions and talent pipelines that will drive Africa’s future prosperity.


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