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NITEC & Tech Start-up Financing for National Development

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An inspired Facebook post by Chukwuemeka Fred Agbata jr. (CFA) recently got me thinking. He said, “We will keep playing our role for a better Nigeria…. Entertainment, Music, Fashion and Sports does not build a Nation. There is an over emphasis on them and corporate Nigeria is most guilty”.

As a tech-activist CFA is, I dare to say he felt like being in a wilderness owing to the insignificant support technologies companies, mostly, startups get from multinationals. The conspiracy might have been induced by fears of the unknown: if we support or invest on them, they might grow big and send us packing. But, whether we like it or not, technology is winning.

Essentially, we must not hide under the undeniable fact that the success of an entrepreneur`s search for capital depends partly on the nature and mix of the operational and capital needs of the firm relative to the investment preferences of venture capitalist or fund providers, then, we can’t continue to dole out millions of dollars, sponsoring ‘anyhow’ ‘emotional inducing’ events while our supposed blue-chip companies in making are sulking!

Suffice to say, we are quick to recognise the critical roles entrepreneurs play in the development of economy, but few are committed to the task to understanding what constrains them from taking effective entrepreneurship and investment decisions.

Virtually every government/ dispensation in Nigeria takes the forefront efforts to modernise and improve the ailing economy through a “focus on macroeconomic stabilisation, and the pursuance of a massive trade and investment liberalisation programme to encourage foreign direct investment in the country”.  (Un)interestingly, the country usually pursue this agenda by relaxing most restrictions on current and capital transfers, introduced tax relief for those multi-nationals willing to invest in the country, and improved access to foreign exchange at near market rates, while the start-ups are left with like children in the street with bowls to beg for arms. Yes, billions of naira, at one time or the others, were ‘stacked’ in CBN for SMEs in Nigeria (generally to referred to firms with less than 250 employees) to access and grow their fortunes, but with strictest conditions.

Even, a recent study by the Federal Office of Statistics shows that 97% of businesses in Nigeria employ less than 100 employees.

By implication, 97% of all businesses in Nigeria are, to use the umbrella term, “small businesses”, which no government can afford to ignore such a high contributor to the economy.

 Thus, the Entertainment, Music, Fashion and Sports ‘gems’ CFA was referring, seemingly, fall under the SMEs. Nevertheless, the penchant for technology SMEs cannot be over emphasized. They are the builders of disruptive technologies that spark creativity in other industries. The longevity of an innovation relies on the superiority of technology behind it.

Both the International Data Corporation (IDC), Gartner, Microsoft and other research consultancies, are projecting that worldwide spending on public cloud services (alone) will grow at a 19.4% compound annual growth rate (CAGR) from nearly $70B in 2015 to more than $141B in 2019. Today, the global video gaming revenue is worth $101.62. While the world are still at awe over the driverless cars, ‘gas-free’ cars are on the verge. What is Nigeria and Africa in general doing to be part of the Internet of Things (IoTs)? Shall we continue to applaud and savoury the juicy, infiltrations of Silicon Valley applications, that capitals flights abound…technology startups must say, God forbid! A stitch in time can only save nine when you recognize that global village appreciates only continents and countries alike with fondness for productivity. Less stress less of download and start uploading.  

What is needed? A platform for both parties: startups and investors to bare, share ideas and arrive at workable indices. Permit me to say, we have several fora meshed with inspiring discussions.  However, it’s high time we embraced a paradigm shift from tiger-paper & conference communiques to hands-on template, which Nigeria International Technology Exhibition & Conference (www.nitec.com.ng) entails. NITEC wants to teach people the flexible, easy-going and ‘economic-friendly’ ways to finance technology startup. You may wish to call it, Start-Up Financing With Tears.

It is actually going to be a win-win for intending technology investors and start-ups, especially with the later sharing in the blames aforementioned. How? Our start-ups need to sharpen their marketing and presentation skills. There are many talents, chasing few ‘dollars’, in the pocket of the investor.

Therefore, NITEC 2016 and forward, will serve as a catalyst to achieve this goal. This is why the slogan for what will become an annual conference and exhibition is “Trending Technologies”, a slogan that will ensure each year’s edition captures all the trending issues in technology around the world.

To this end, NITEC 2016 is positioned to bridge the gap between the private and public sectors and the international technology community in re-engineering the African technological ecosystem for greater impact on the continent’s GDP.

Top reasons to exhibit at NITEC 2016 include exposure of products & services to thousands of attendees; exhibition booth (2 days); placement of brand logo on event brochure and website; complimentary wifi, place web banners and share branded gifts at booths. See you there!

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

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Socio-Economic Rights and Accountability Project (SERAP) has dragged the Independent National Electoral Commission (INEC) to court over the alleged failure to account for ₦55.9 billion reportedly meant for the procurement of election materials for the 2019 general elections.

SERAP Sues INEC Over Alleged ₦55.9Bn Election Funds Diversion

The grave allegations are documented in the latest annual report published by the Auditor-General on 9 September 2025.

In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP is seeking: “an order of mandamus to direct and compel INEC to account for the missing or diverted N55.9 billion meant to buy smart card readers, ballot papers, and other election materials for the 2019 general elections.”

SERAP is also seeking: “an order of mandamus to direct and compel INEC to disclose the names of all contractors paid the N55.9 billion for the procurement of smart card readers, ballot papers, result sheets, and other election materials for the 2019 general elections, including the names of their directors and shareholders.”

In the suit, SERAP is arguing that: “INEC must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”

SERAP is also arguing that, “INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered.”

According to SERAP, “INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.”

SERAP is also arguing that, “These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law.”

SERAP also said, “Allegations of corruption in the supply of smart card readers, ballot papers, result sheets and other election materials directly undermine Nigerians’ right to participate in elections that are free, fair, transparent, and credible.”

The lawsuit filed on behalf of SERAP by its lawyers, Kolawole Oluwadare, Kehinde Oyewumi, and Andrew Nwankwo, read in part: “These grim allegations by the Auditor-General suggest a grave violation of the public trust, the Nigerian Constitution 1999 [as amended] and international anticorruption standards.”

“According to the recently published 2022 audited report by the Auditor General of the Federation (AGF), the Independent National Electoral Commission (INEC) ‘irregularly paid’ over N5.3 billion [N5,312,238,499.39] ‘to a contractor for the supply of Smart Card Readers for the 2019 general elections’.

“The contract was awarded without prior approval from the Bureau of Public Procurement (BPP) and the Federal Executive Council. The payment was also ‘made without any document. There was no evidence of supplies to the commission.’”


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FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

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Federal government has inaugurated a ₦40 billion closed-circuit television (CCTV) control centre for the Third Mainland Bridge in Lagos.

FG Inaugurates N40Bn CCTV Control Centre for Third Mainland Bridge

Speaking at the inauguration on Sunday, David Umahi, minister of Works, said the project followed extensive rehabilitation works carried out on the bridge after the current administration took office in 2023.

“When we came on board in 2023, we met a very terrible Third Mainland Bridge,” Umahi said, adding that the structure, along with Carter and Iddo bridges, required comprehensive re-evaluation and repairs both above and below water level.

He said President Bola Tinubu approved the total rehabilitation of the bridge, including replacement of expansion joints, noting that the completed work had improved driving conditions and extended the bridge’s lifespan.

Umahi said the CCTV system, first announced in 2025, was designed to curb dangerous driving, prevent suicide attempts and strengthen security.

He added that security personnel would monitor live footage from the control centre and enforce speed limits on the bridge.

The minister commended the China Civil Engineering Construction Corporation (CCECC), which executed the project, for what he described as high-quality delivery. He said the contract also included a surveillance boat and two Hilux vans, which would be handed over to the police to support monitoring and rapid response.

“The idea is that we can see everything that is happening on the bridge,” Umahi said, expressing concern over excessive speeding and urging motorists to comply with traffic regulations.

Earlier, Olufemi Dare, federal controller of works in Lagos, said the facility was the first of its kind on any bridge in Nigeria.

He said the system allows real-time monitoring of activities on the bridge and surrounding waters.

Dare said the project includes 240 solar panels, 10 inverters, a 300 KVA transformer, a standby generator, multiple monitoring screens and full air-conditioning for the control centre.

He added that the contract also covers 1,268 solar-powered street lights and a borehole facility.

According to Dare, the project was awarded at a cost of ₦40.17 billion, with about ₦36 billion paid so far to the contractor. He said the current inauguration marked the first phase, with additional commissioning planned once work on the bridge’s extension is completed.

He thanked the president for approving the project and praised Umahi for ensuring due process during its execution.


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AI Founders and Developers to Converge in Lagos for AI in Action 2026 conference

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Debola Ibiyode, Convener of AI in Action 2026 and CEO of Carbon AI,
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As Africa stands at the threshold of a digital revolution, Carbon AI has officially announced the AI in Action 2026 conference, scheduled for January 22, 2026, at the Lagos Oriental Hotel.

In a statement in Lagos, Debola Ibiyode, Convener of AI in Action 2026 and CEO of Carbon AI, disclosed that the AI in Action 2026 conference aims to move beyond the typical industry hype to focus on practical, homegrown innovation under the theme: “Driving Productivity, Innovation, and Sustainability—Building the Future in AI Together.”

“AI in Action 2026 is designed as a high-impact platform where deep-tech innovation meets real-world application. The conference will specifically explore how Large Language Models (LLMs), Agentic AI Frameworks, and Generative AI can be harnessed to power Africa’s transformation,” she noted in the statement.

Debola also emphasizes that the time for mere discussion has passed, stressing that AI in Action 2026 is for people who want to do more than just talk about AI; it’s for those ready to build, apply, and lead.

“We aren’t chasing hype or funding; we are chasing real impact. Our mission is to empower budding founders to turn ideas into deployable solutions while championing responsible AI adoption that creates measurable social and economic change across the continent,” she added.

The statement explains that the conference features a curated experience designed to foster genuine collaboration. It includes keynote speeches and panels that offer deep dives into Generative AI, Agentic Frameworks, and their intersection with global sustainability.

Attendees can participate in practical workshops with hands-on sessions focused on building, deploying, and scaling AI tools. The event also features a startup and product showcase that highlights cutting-edge, African-built AI solutions.

Additionally, dedicated mentorship and networking sessions will connect early-stage founders with seasoned practitioners and industry leaders.

The event is a call to action for a diverse cross-section of the ecosystem, including Software and AI Engineers, Data Scientists, Business Leaders, Educators, Policymakers, Students, and ICT Infrastructure companies, enabling AI deployment, including datacenter providers. By bringing these groups together, the conference seeks to ensure the AI revolution is inclusive, ethical, and sustainable.

AI in Action 2026 Now offers tiered sponsorship packages for organizations looking to position themselves at the forefront of Africa’s technological future. Sponsors will gain direct access to a unique demographic of decision-makers and the next generation of AI talent.

“Africa’s digital revolution must be homegrown. Whether you’re building solutions, shaping policy, or mentoring young innovators, this is your platform. Together, we’re not just discussing the future, we’re building it,” she concluded.


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