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NITDA to Showcase Six ICT Innovation Startups @ GITEX 2018
National Information Technology Development Agency (NITDA), in its continuous efforts to foster the growth of the technology ecosystem, plans to showcase the country’s ICT innovation at this year’s Gulf Information Technology Exhibition (GITEX 2018).
GITEX is an annual Information and Communication Technology trade show, exhibition, and conference that takes place at the Dubai World Trade Centre, Dubai, United Arab Emirates.
In a statement released on Thursday by Mrs Hadiza Umar, head, Corporate Affairs and External Relations, National Information Technology Development Agency, stated that the agency’s aim at this year’s GITEX is to showcase the global technological advancements and innovations in the domain of consumer electronics.
According to her, “The event provides a platform for accelerating investment-ready startups; expose them to international investors, networking opportunities, partnerships and access to witness emerging technologies that are changing the world.
“Previous attendance has recorded several successes with Nigerian startups coming top in pitching sessions and winning cash prizes as well as acceleration opportunities.
“Generally, startups have reported encouraging feedback on the effect of GITEX to their businesses.
The statement further states that “NITDA’s subsidiary, the Office for ICT Innovation and Entrepreneurship (OIIE), coordinates startups’ participation at the event.
“This year, the process started with a call for pitch deck submission from technology and technology enabled startups on 24th July 2018 through our websites, social media platforms, tech and traditional media, broadcast messages and emails to all attendees of previous NITDAs events.
“Due to the wide reach of the call for application, over 500 submissions were received.
“The rigorous selection was carried out in three stages with judges drawn from Government MDAs, Technology Hubs, academia, investors, professional associations and the ICT industry.
In the first stage, idea stage startups were disqualified, resulting into the short listing of 143 startups with technology products or technology enabled enterprisers for the second stage.
The second stage of the selection was a critical review of the successful stage one pitch decks based on criteria such as innovativeness, the startup is solving a real life problem, business model, traction, competitive advantage and team structure.
In the third and final stage, online pitching was conducted for two (2) startups from each region and the best six (6) startups emerged and represent the 6 geopolitical regions.
The successful startups are:
- Arone(SE) -A technology, transport and logistics company to solve the problem of lack of accessibility to medical supplies.
- Beepower (NE) – The product allows the use of one single source to power up multiple devices with different power requirements.
- Domenium (SS)- A solution designed to help police obtain evidence for crimes.
- Max (SW) – A technology, transport and logistics company that makes moto-taxis safe, efficient, and accessible to users in West Africa.
- Off-k.com(NW) –An online platform that helps students conveniently locate and securely pay for accommodation off campus.
- Wattlinq (NC) – A power technology with a website which provides services that monitors and manages energy availability and usage in homes.
Startups will undergo a one week bootcamp with seasoned resource persons in the ecosystem to equip them with state of the art skills to get the best of GITEX.
To ensure continuous support of the ecosystem, the story for startups who did not make the GITEX list does not end there, 10 startups from the GITEX submission were selected to participate in Startup Friday, Abuja, which will take place on 30th October 2018.
Twenty (20) more were selected for eNigeria, scheduled for 5-7thNovember, 2018.
Both events will also provide startups opportunities to pitch to investors, sponsorship for incubation, training on key entrepreneurship skills, access to network and a cash prize for the best startups.
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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