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NITEC & Tech Start-up Financing for National Development

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!
News
Court Declares Keystone Bank Staff Wanted over Alleged N35m Fraud

A Federal High Court, Lagos has declared Mrs. Ebele Okpala, a female banker with Keystone Bank, wanted over alleged N35 million fraud.

Apart from declaring the banker who is said to be outside the country wanted, Justice deinde Dipeolu, trial judge in the matter, also directed the Department of State Security (DSS), Nigerian Immigration Service (NIS), and Nigeria Customs Service (NCS), to arrest her upon arriving the country.
Justice Dipeolu made the above order while granting a motion ex-parte marked FHC/L/530C/2024, filed and moved by M. Bello, on behalf of the Nigeria Police.
In the motion, Ebele Okpala and one Perpetual Onyeto, also a banker were listed as first and second defendants/respondents in the suit, while DSS, NIS and NCS were listed as cited parties/respondents.
In urging the court to make the above orders, Bello, informed the court that the application was pursuant to several sections of the Administration of Criminal Justice Act (ACJA) 2015, and under the court’s inherent jurisdiction. Adding that the application was supported by an affidavit deposed to by Inspector Tope Akerele of the Force Criminal Investigation Department (FCID), Special Fraud Unit (SFU), Ikoyi, Lagos.
In granting the application, Justice Dipeolu held, “After considering the application and the supporting affidavit, the request had merit and granted all the reliefs sought by the prosecution.
“That an order is hereby made that the 1st defendant/despondent be declared wanted and placed on the wanted list of the Nigeria Police Special Fraud Unit, 13, Milverton Road, Ikoyi, Lagos until she is arrested.
“That an order is hereby made compelling cited parties/respondents to assist in apprehending 1st defendant/Respondent once he enters into the country.
“That an order is hereby made permitting the Publication of the name of the 1st defendant/despondent in the National Daily Newspapers and Social Media handles by the Nigeria Police Special Fraud Unity Ikoyi, Lagos for the purpose of fulfilling the requirement of the Order 1 above.”
Recall that both the wanted banker and the second defendant/respondent were previously arraigned before the court by the operatives of the police Special Fraud Unit, PSFU.
Specifically, the two bankers were arraigned before the court sometimes in September 2024, on alleged conspiracy, theft, money laundering, fraudulent lift of lien placed on bank’s customer’s account and obtaining the sum of N35 million by false presence.
News
UK Deepens Digital Partnership with Nigeria to Drive Inclusive Growth

The United Kingdom has announced expanded collaboration with Nigeria to accelerate the country’s digital economy through a package of initiatives delivered under the UK’s Digital Access Programme.

At the heart of this partnership is the State-level Policy, Regulatory and Institutional Reforms Enabling Digital Transformation (SPRIRET) initiative which was announced during the June visit of the UK Minister for Africa and International Development, Baroness Chapman MP.
The SPRIRET Project is designed to support reforms across five states: Abia, Edo, Ekiti, Enugu and Niger, and to reduce regulatory barriers and unlock greater investment and innovation in broadband, digital services, and emerging technologies. The UK will look to support more states in future iterations of the project.
SPRIRET will work with Initiative for Digital Inclusion to strengthen state-level policies, governance systems, digital infrastructure and human capacity to improve service delivery, increase transparency, and expand citizen access and participation in the digital economy.
The project is designed as a scalable model for nationwide replication, enabling states to generate new economic opportunities and support inclusive digital transformation at scale.
British Deputy High Commissioner, Mr. Jonny Baxter said: “The UK is proud to partner with Nigeria to drive an inclusive and innovative digital economy. Through initiatives like SPRIRET, we are supporting practical reforms that will unlock investment, strengthen institutions, and expand digital access, creating opportunities for businesses and citizens alike. This partnership reflects our shared ambition to harness technology for sustainable growth.”
Prof. Chidiebere Onyia, Secretary to the State Government, Enugu State said: “We wish to express our sincere appreciation to the British Deputy High Commission and the Foreign, Commonwealth and Development Office (FCDO) for the sustained interest in Enugu State’s development agenda and for the initiative in co-designing the SPRIRET project in response to the State’s priorities.
“We are satisfied that the SPRIRET project addresses a critical gap at the level of policy, regulatory, and institutional reform – areas that are foundational to giving lasting direction and effectiveness to all current and future digital investments in the State. We look forward to a productive and impactful partnership that will significantly advance Enugu State’s vision of an inclusive digital economy.”
Alongside SPRIRET, the UK is supporting targeted interventions to strengthen Nigeria’s wider digital ecosystem. A Technical Assistance Facility will enhance the performance of the Universal Service Provision Fund, improving its systems, institutional capacity and delivery to ensure more inclusive and sustainable digital access outcomes.
In parallel, the Safeguarding Trust, Digital Rights, Inclusion and Data Ethics (STRIDE Nigeria) Project will promote responsible data governance by raising awareness of rights under the Nigeria Data Protection Act, strengthening institutional compliance, and building a pipeline of skilled professionals.
Through a nationwide “Own Your Data” campaign and targeted fellowships, the initiative will equip citizens and businesses with the knowledge and tools to participate safely and confidently in the digital economy.
Together, these initiatives demonstrate the UK’s continued commitment to supporting Nigeria in building a more inclusive, secure and dynamic digital economy – unlocking growth, strengthening institutions, and empowering citizens.
News
Army Says Terrorists Now Recruiting, Raising Funds Online

Nigerian Army has warned that terrorist and criminal groups were increasingly exploiting cyberspace to recruit members, raise funds, coordinate attacks and spread propaganda, describing the trend as a growing threat to Nigeria’s national security.

Lt.-Gen. Waidi Shaibu, chief of Army Staff (COAS), raised the alarm on Tuesday at the 2026 Nigerian Army Cyber Warfare School Seminar in Abuja.
Represented by Maj.-Gen. Jeremiah Manjang, deputy chief of Special Services and Programmes, the Army Chief said cyberspace has evolved into a strategic battlefield where both state and non-state actors operate with unprecedented speed, making security threats more complex and difficult to counter.
He noted that hostile actors no longer require physical presence to disrupt critical infrastructure, compromise sensitive information, manipulate public opinion or undermine national security through anonymous cyber attacks.
According to him, terrorism, insurgency, banditry, kidnapping, separatist agitations, organised crime, misinformation and disinformation are increasingly being enabled, coordinated and amplified through digital platforms and cyber networks.
“The reality is that terrorist and criminal groups now exploit cyberspace for recruitment, propaganda, fundraising, intelligence gathering, attack coordination and concealment of illicit financial transactions. This demands a proactive and coordinated national response,” he said.
Shaibu said the changing nature of security threats had compelled the Nigerian Army to strengthen its cyber capabilities to effectively address complex, asymmetric and technology-driven challenges.
He called for stronger cyber intelligence capabilities driven by artificial intelligence (AI), machine learning and advanced data analytics to improve early warning systems, threat detection and predictive security analysis.
The COAS also advocated deeper collaboration among government institutions, the military, law enforcement agencies, academia and the private sector, stressing that cybersecurity can no longer be handled by a single institution.
He emphasised the need for sustained investment in indigenous cyber capabilities, research, technological innovation and human capacity development to protect Nigeria’s digital sovereignty and enhance national resilience against emerging threats.
Shaibu further stated that integrating cyber capabilities into conventional military operations would strengthen surveillance, intelligence gathering, geospatial analysis, command-and-control systems, situational awareness and overall operational effectiveness.
Earlier, Brig.-Gen. Jacob Bawa, commandant of the Nigerian Army Cyber Warfare School, said the seminar was organised to deepen cybersecurity awareness, strengthen cyber resilience and promote collaboration among security stakeholders.
Bawa noted that Nigeria’s increasing reliance on digital technologies has exposed critical infrastructure, including telecommunications, power systems, financial institutions and government databases, to cybercriminals, terrorists and hostile state actors.
He said the Cyber Warfare School was established as a centre of excellence for cyber warfare training, education and research.
According to him, participants at the seminar would examine cyber resilience, threat intelligence, incident response, cyber warfare and emerging technologies with a view to developing practical recommendations for strengthening Nigeria’s cybersecurity architecture.
Also speaking, Abdulhakeem Ajijola, cybersecurity expert, warned that national security now depends significantly on the protection of digital systems, noting that artificial intelligence is transforming military operations, command structures and the protection of critical infrastructure.
Ajijola urged Nigeria to develop sovereign cyber capabilities, warning that excessive dependence on foreign-controlled software, platforms and artificial intelligence systems could undermine national resilience, operational continuity and independent decision-making during periods of crisis.
He stressed that while technology should be deployed to strengthen national sovereignty, responsibility for operational decisions must remain with human commanders.
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