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Intel Restates Commitment to Nigeria
Intel has further emphasized the company’s commitment to Nigeria and Africa with its World Ahead Programme during an address to the media executives by Devan Naidoo, General Manager for Intel Africa at Lagos Sheraton Hotel & Towers. Devan Naidoo, who began his career as a systems engineer at IBM South Africa before being appointed as country manager: Network and Telecommunications talked on how Information Communications Technology (ICT) can be better deployed and be used for the betterment of the country even as he harped on the need for technology to enhance accessibility and mobility, in addition to stressing the importance of WiMAX development and implementation across Nigeria to aid the education system. He also discussed the latest product offering from Intel; Intel® Centrino® 2 Processor, powered by Intel Core™2 Duo processors. According to him, Centrino® technology focuses on providing increased performance standards and connectivity which is vital for Nigeria. He disclosed Intel’s expansion plans and highlighted 2008 as a landmark year for the company as it celebrates its 40th birthday. This visit came on the heels of a Nigeria tour conducted by Craig Barrett, chairman of Intel in 2007. "We, at Intel, believe in taking a holistic approach and are working with governments, telecom regulators, NGOs and market players to further develop the ICT landscape in Africa. Our aim in Nigeria is to help enhance the lives and opportunities of Nigerians who live in rural areas by delivering access to computers, the internet and providing them with the tools by which to further their education and access to the global online community," stated Naidoo. Nigeria has started laying the foundations for broadband solutions including the implementation of WiMAX technology, a standard that enables the delivery of wireless broadband services anytime, anywhere. The deployment of WiMAX is an important means of connecting people and enhancing access to education in developing markets – with particular regard to those that have a high rural population such as Nigeria . Furthermore Intel’s chairman has predicted WiMAX to connect over one billion people by 2012. Earlier in the year Intel had expanded its education offering in Nigeria through the Intel World Ahead Programme (IWAP) by supporting the deployment of Intel-powered classmate PCs for 200 schools Under the Education Trust Fund (ETF) and the Universal Provident Fund (USPF) scale out of the One-to-One learning program to 200 schools across the country. Intel said the programme is connecting the next billion people to uncompromised technology around the world. Intel also informed of its target to reach 16,000 teachers in Abuja in the next few months, as part of the Intel® Teach Programme, which has already trained 15,000 teachers in other African cities. To date, the Intel® Teach Programme has trained over 20,000 teachers in Nigeria and aims to reach 150,000 teachers by 2012. Intel is also pleased to note that the private sector schools are adopting this 21st century teaching and learning method thereby helping to shape an enhanced education system for future generations. "The knowledge economy is a reality and all countries, both developed and emerging, have recognized the long-term importance of innovation and the creation of critical thinkers within their youth," Naidoo concluded.
DataPro Rating Agency has upgraded the long-term credit rating of Dangote Cement Plc to AA+ from AA, citing the company’s strong financial performance, market leadership and ability to meet its financial obligations despite Nigeria’s challenging economic environment.
In its latest rating report, the technology-driven credit rating agency also affirmed Dangote Cement’s short-term rating at A1, with a Stable Outlook. The ratings are valid until June 16, 2027.
DataPro said the upgrade reflects the cement maker’s sustained financial strength, resilient operating performance and dominant position in Nigeria and across Africa.
According to the agency, the assessment followed a comprehensive review of the company’s capital base, earnings, liquidity, corporate governance, regulatory compliance and the sustainability of its financial performance over the medium to long term.
It noted that Dangote Cement’s strong brand, leading market share, solid earnings, robust asset base and experienced management continue to strengthen its ability to meet financial commitments on time.
The agency also highlighted the company’s outstanding financial performance in 2025.
According to the report, Dangote Cement posted N4.31 trillion in revenue during the year, representing a 20 per cent increase from the previous year. Profit before tax more than doubled, rising 109 per cent to N1.53 trillion, driven by higher sales, improved operating efficiency, lower finance costs and a stronger capital structure.
DataPro said the AA+ long-term rating indicates low credit risk and reflects excellent financial strength, business profile and operating performance relative to its rating benchmarks.
It added that the A1 short-term rating signifies good credit quality and shows that the company has a strong capacity to meet its short-term financial obligations as they fall due.
The rating agency, however, noted that the credit rating has a maximum shelf life of 12 calendar months in line with international best practice and should be used only as a reference, not as an offer to trade in securities or as a substitute for investors’ independent judgement.
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
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