News
MIT’s Legatum Centre to Support Africa Techpreneurship via DEMO Africa

DEMO Africa 2015 has attracted the attention of the US-based Legatum Centre for Development and Entrepreneurship at the Massachusetts Institute of Technology (MIT).
The Legatum Centre at MIT has now confirmed its sponsorship for the Pan African event to further its mission of catalyzing entrepreneurship for broad-based prosperity in low-income countries.
This thumb stamps the Centre’s commitment to promote and shape the discourse on bottom-up development.
Commenting on the move, Kwadwo Poku, recruitment and alumni manager stated that the move was informed by the shared vision of both organisations.
“The Legatum Centre is sponsoring DEMO Africa because both organisations are committed to unlocking the potential of individuals and economies.”
Mbugua Njihia, DEMO Africa event’s director, welcomed the Legatum Centre’s move stating that both players are committed to ensuring that the entrepreneurs are armed with the right tools to understand the local and global needs and tailor solutions for them.
“With entrepreneurs needing to fully understand the situation before they can settle to work, having partners that pass this knowledge is a key component of success. I commend the Legatum Center’s efforts in playing their role effectively.”
The Legatum Centre at MIT administers programmes and convenes events that promote and shape the discourse on bottom-up development.
The Centre is popular for its renowned fellowship—the Legatum Fellowship at MIT for incoming and current MIT students committed to developing for-profit enterprises in developing countries.
While the Center has had Fellows from around the globe, the Center has contributed to the entrepreneurship eco-system in Africa by supporting enterprising MIT students who are working on innovative ventures across the continent.
Some of these ventures include a mobile survey technology company that provides data solutions, a waste management enterprise that is solving sanitation challenges in urban slums, and a recycling firm improving the environment and livelihoods of the residents of a major African city.
The Legatum Centre has further delivered on its commitment to entrepreneurship in Africa by launching the Zambezi Prize.
The Zambezi Prize raises awareness for entrepreneurship and financial inclusion, encouraging a wide spectrum of financial inclusion ventures to participate in the competition.
Applicants from a total of seven countries submitted entries in its inaugural year 2014-2015to compete for the Grand Prize of US $100,000 for the winner, with an additional US $100,000 divided among first and second runners up and other finalists.
The DEMO Africa holds on 24th and 25th of September at the Eko Hotels and Suites in Lagos, Nigeria. This year, DEMO Africa introduces knowledge streams to delve into critical topics including Business Modelling, Scaling Businesses, Creating an Unfair Advantage, and Raising Capital.
Other notable activities at the 2015 DEMO Africa event include an investor roundtable forum and the LIONS@FRICA Summit, with the uptake of Africa-generated technology being expected to dominate the conversations.
The event will be co-hosted by DEMO Africa, the Nigerian Ministry of Communication Technology and the National Information Technology Agency-Nigeria, in collaboration with LIONS@FRICA and VC4Africa.
News
Ogbaga, Abuja Lawyer to Sue Telcos, DStv over Alleged Unfair Practices

Ogba Ogbaga, an Abuja-based lawyer, has said that he has been instructed to institute legal proceedings against MTN Nigeria, Airtel Nigeria, Globacom, 9mobile and MultiChoice Nigeria, operators of DStv, over what he described as unfair consumer practices relating to expiring data bundles and television subscriptions.

In a statement posted on Facebook, Ogbaga said his law firm, GIMBG Legals, received instructions from its client, KAA, also known as KaaTruths, to challenge the companies’ subscription policies in court.
According to him, the proposed suit will question whether telecom operators and DStv’s subscription models comply with provisions of the Federal Competition and Consumer Protection Act (FCCPA) 2018 and other applicable laws.
Ogbaga alleged that telecom providers operate internet data services that are unfair to consumers, claiming subscribers sometimes do not receive the services they paid for but still lose their subscriptions once the validity period expires.
He also criticised DStv’s subscription model, arguing that consumers lose paid viewing time due to factors such as power outages, adverse weather conditions and service interruptions, while subscriptions continue to count down regardless.
“Our clients have complained that MTN data services are unduly one-sided,” Ogbaga said, adding that the legal action would also extend to other telecommunications providers and DStv.
He said the court action would seek judicial determination on whether the companies’ subscription practices comply with consumer protection laws.
The lawyer also invited interested legal practitioners to collaborate on the case, saying his firm would provide updates as the matter progresses.
In a separate Facebook post on Wednesday, Ogbaga said previous policy discussions, town hall meetings and debates at the National Assembly had failed to address the concerns raised by consumers.
He argued that telecom operators regularly carry out maintenance and network upgrades that temporarily disrupt services without extending customers’ subscription periods, while DStv subscribers also lose viewing time because of electricity outages and weather-related disruptions.
News
NAICOM Issues New Licences to 43 Recapitalized Insurers

The National Insurance Commission (NAICOM) has commenced the issuance of new licence certificates to insurance companies that successfully met the industry’s new minimum capital requirements, marking the formal beginning of a new regulatory era aimed at strengthening the financial capacity, governance and global competitiveness of Nigeria’s insurance sector.

At a ceremony held at the Commission’s headquarters in Abuja, the Commissioner for Insurance, Olusegun Ayo Omosehin, presented the new licence certificates to compliant operators, describing the exercise as a major milestone in the industry’s recapitalisation programme.
According to the Commission, a total of 43 insurance companies declared compliant with the new capital requirements are expected to receive the new licence certificates in phases.
Omosehin congratulated the successful companies, saying the issuance of the new licences signals the beginning of a stronger regulatory framework anchored on improved capitalisation, sound corporate governance, innovation and sustainable growth.
He urged operators to leverage their enhanced capital base to develop innovative insurance products, improve operational efficiency and deepen insurance penetration across the country.
The Commissioner said the Commission expects the recapitalised companies to deliver stronger financial performance while maintaining high standards of professionalism and customer service.
He also announced that NAICOM’s next major regulatory initiative would be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels would be aligned with the risks inherent in their respective business portfolios.
According to him, the new framework will further strengthen the industry’s resilience by ensuring that insurers maintain capital commensurate with the risks they underwrite, thereby enhancing policyholder protection and boosting market confidence.
Omosehin reaffirmed the Commission’s commitment to removing regulatory impediments where necessary while maintaining effective oversight to safeguard policyholders and strengthen confidence in the insurance market.
The issuance of the new licence certificates marks the commencement of a phased transition to higher capital standards aimed at improving the financial capacity, solvency and claims-paying ability of insurance companies operating in Nigeria.
News
Nigeria CommunicationsWeek Retracts Story on Pan African Towers Litigation

Management of Nigeria CommunicationsWeek Media has withdrawn its publication titled “Adefolarin Ogunsanya and the Allegations of Shareholder Interference and Self-Dealing at Pan African Towers,” which was published on its platform.

The decision to retract the story follows an editorial review to ensure that the platform maintains the highest standards of accuracy, fairness and responsible journalism in reporting matters that are the subject of ongoing judicial proceedings.
Nigeria CommunicationsWeek acknowledges that the issues raised in the publication remain before the courts and have not been finally determined.
Accordingly, the organisation has decided to remove the article from its platforms pending the conclusion of the legal processes or the availability of additional verified information.
The publication regrets any inconvenience or misunderstanding the report may have caused to readers or any individuals or organisations mentioned in the story.
Nigeria CommunicationsWeek remains committed to the principles of balanced, factual and ethical journalism and will continue to uphold professional standards in its coverage of judicial and corporate governance matters.
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