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Lagos Empowers Tech Start-ups, Innovators with N100m Innovation Grant
The Lagos State Government has awarded grants to start-ups and science research initiatives from various universities within the state.
The total grant of N100 million is part of the six pillars of the development agenda of the Babajide Sanwo-Olu administration which includes fuelling technology-driven innovations to transform Lagos into a 21st century digital economy and Smart City.
During the maiden edition of Art of Technology (AOT Lagos 1.0) on 5th December 2019, Mr. Governor announced a N250 million grant for science and technology-related ideas and initiatives; today, it is a reality.
The beneficiaries of LASRIC Grant are innovating and solving problems in the area of food security, manufacturing, health management and COVID-19 alleviation, and they are the first set to be picked to benefit from the N250 million seed fund earmarked, last year, as Research and Innovation Fund by the state government.
Lagos State Governor, Mr. BabajideSanwo-Olu (3rd right); Lagos State Deputy Governor, Dr. Obafemi Hamzat (2nd left); Special Adviser to the Governor on SDG & Lagos Global, Mrs. Solape Hammond (left); Honorable Commissioner, Ministry of Science and Technology, Hakeem Fahm (2nd right) and Special Adviser to the Governor on Innovation and Technology, Olatubosun Alake (right) at the Lagos State Science Research and Innovation Council (LASRIC) Grant Award Ceremony held recently
The fund is under the care of the Lagos State Science Research and Innovation Council (LASRIC), an agency established with the mandate to facilitate and encourage the development of innovative solutions to solve local problems, using cutting-edge technology. The fund is specifically set up to resource innovation, science and technology ecosystem.
Congratulating the recipients of the grant, Babajide Sanwo-Olu, Governor of Lagos State said the initiative aligns with his administration’s vision in turning the state into a technology hub and therefore urged the recipients to use the grant judiciously.
“In December 2019seven months into the tenure of this administration, we inaugurated the Lagos State Science Research and Innovation Council (LASRIC) with a seed fund of 250 million naira, in demonstration of our commitment to develop Lagos into a 21st century digital economy and Smart City.
“You are all aware of the T.H.E.M.E.S agenda of our administration, which sets out the vision for the work that this administration has been elected to do on behalf of the people of Lagos State. The first ‘E’, and the ‘M’ represent ‘Education and Technology’, and ‘Making Lagos a 21st Century Economy’, the twin elements that underpin the work of the Lagos State Research and Innovation Council,” he stated.
He added that science and technology remain key enablers to transform the socio-economic and his administration is on course to delivering good governance and bettering live of Lagosians.
“Here in Lagos State, we are on the journey of properly identifying, resourcing, enabling and building the great human potential of Lagos State. Flagship projects such as the Metro fibre and the Smart City initiative are key enablers for achieving this. We are also working to transforming our Civil Service by encouraging innovative thinking and deploying technology tools and processes. LASRIC, and all of you its beneficiaries, are positioned to be a vital part of this important journey,” he pointed.
Meanwhile, he urged unsuccessful applicants not to lose hope, charging them to re-apply for the grant in the next round of selection. He said the state government would be increasing the grant to accommodate more innovators in the subsequent application.
Explaining how transparent the judging process was, Olatunbosun Alake, Special Adviser to the Governor on Innovation and Technology said it was highly competitive and out of hundreds of applications, 23 were selected to advance the cause of innovation and science research. Some of the notable innovation beneficiaries were “PricePally” a food aggregating platform, “DoCi-HealthCare”, “GiVo”, a circular economy company that offers recycling solutions on IOT devices. Research initiatives included; “Bioprospecting for anti COVID-19 remedies from indigenous medicinal plants” led by Abimbola Sowemimo at The African Centreof Excellence for Drug Research;“Development of Hydrogen Peroxide Biosensors for Detecting Post Harvest Deterioration and Preparation of Chitosan-Derived Materials for Cassava Shelf-life Elongation” led by Wesley Okiel at the University of Lagos and “The Production of Fortified Municipal Solid Waste Derived Compost (MSW-C) for Amending Soil to Improve Nutrient Release and Plant Growth” led by Akeem Abayomi at UNILAG. (Full list of beneficiaries available at lasric.lagosstate.gov.ng)
“These recipients today represent key research initiatives and innovative start-ups ready and qualified to be resourced for the development of Lagos, and indeed the world. Let us have no doubt that this event today is the first in many of this administration’s support and development of the science and technology ecosystem. In understanding and harnessing our environment, in solving our problems, in lifting people out of poverty, in advancing in knowledge, let us understand that today marks another milestone in the journey of a thousand miles. This here is tangible development,” he explained.
Similarly, Professor Oluwatoyin Ogundipe, chairman, LASRIC noted that the event is a testimony of Mr. Governor’s commitment to the development of innovative thinking to solve our everyday problems. He added that the event also shows that there is ingenuity among Lagosians when provided the opportunity.
The high point of the event was the presentation of cheques to the awardees by the governor. The beneficiaries could not hide their joy, as they were full of praises to the government.
Cross section of guests and grant beneficiaries at the Lagos State Science Research and Innovation Council (LASRIC) Grant Award Ceremony held recently.
Aisha Raheem, co-founder, Farmz2U, a farm management platform, who received 5 million naira grant said “The process was rigorous, insightful. We went through interview process with Mrs. Solape, Mr. Tomi Davies and other mentors.
“It is great to have emerged a winner. It just gives me hope that there is more that can be achieved in Lagos State. I do hope that this is something that exponents across the country because truly innovation is how countries speed-track their developments. And I am confident that Lagos State is on track to achieve that.”
In the same vein, Luther Lawoyin, Founder/CEO at Pricepally.com; a digital food corporative platform who also received 5million naira grant said “It feels good to be part of this process.
“It is a fund for us to continue what we are doing. Importantly, it speaks to the fact that the state government recognizes the place of technology in tackling the numerous challenges in the society. Encouraging people in the technology circle means a lot and I hope they do more because funding is a big deal in this ecosystem. This kind of gesture from the government will have ripple effects.”
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
News
IHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
Communications infrastructure company, IHS Nigeria, has donated business support equipment to empower people with disabilities within the Karonmajiji community in the Federal Capital Territory, Abuja. This is part of the company’s commitment to drive inclusive community development and sustainable livelihood support under its Project Empower initiative.
The equipment was distributed to beneficiaries during a ceremony held in the community on Monday, July 27. The initiative was conceived following a community needs assessment and is designed to empower active traders by providing them with business tools rather than cash grants, thereby strengthening their businesses and ensuring long-term economic impact and accountability.
Speaking at the event, Director, Sustainability, IHS Nigeria, Titilope Oguntuga, described the initiative as a reflection of the company’s commitment to advancing inclusive development by equipping persons with disabilities with the tools and opportunities needed to build resilient livelihoods.
She explained that rather than providing short-term financial assistance, IHS Nigeria adopted an asset-based approach by donating 50 pieces of business support equipment, including sewing machines, freezers, generators and hairdressing kits, to the selected beneficiaries.
According to her, the intervention is designed to create lasting value by supporting entrepreneurship, promoting self-reliance and strengthening household incomes, while contributing to the achievement of the United Nations Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).
In his opening remarks, the Chief of the Karonmajiji Disabled Community, Alhaji Sulaiman Muhammed Katsina, represented by the Secretary of the Community, Alhaji Mohammed Dantani commended IHS Nigeria for its commitment to empowering persons with disabilities through practical and sustainable interventions.
He described the initiative as a demonstration of genuine partnership with the community and expressed appreciation for the company’s continued engagement with the Association, noting that the donation of the equipment was a significant investment in improving the livelihoods of persons with disabilities and would create meaningful economic opportunities for the beneficiaries and their families.
The event brought together traditional rulers, government representatives, leaders and members of the Karonmajiji Disabled Community Association, implementing partners, including Field of Skills and Dreams Vocational Technical and Entrepreneurship (FSD VTE) Training Institute and other community stakeholders, reaffirming a shared commitment to promoting inclusion and sustainable community development.
Project Empower reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote economic inclusion, strengthen community resilience and create opportunities for underserved communities.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
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