News
SMEs Urged to Shun Bank Loans, Seek Angel Investors’ Funding

Budding entrepreneurs who attended the first edition of the Nigerian Small Business Summit on held in Lagos recently were warned to stay away from bank loans at the start of their businesses.
Mr. Kushal Dutta, managing director of Africa’s number one hotel booking portal Jumia Travel Nigeria, gave the warning during a panel discussion on the science of SME’s success in Nigeria.
Dutta said seeking for Angel investors to sponsor start-up businesses and provide needed capital is a better alternative to approaching banks for loans, in view of the usual banks’ high interest rate and short repayment period which might kill the business at birth.
He also mentioned that approaching companies that might be interested in investing in scalable businesses is also plausible, citing MTN’s investment in the Jumia group’s business as an example.
On the viability of copying a successful business model, Dutta was of the opinion that it is absolutely not wrong to do so but the new business must ensure it is offering a proposition that the existing businesses are not already offering. This way, he said, “you can stay on top of your game and only expect that customers will come chasing after you.”
Amongst other practical business advices the Jumia Travel Nigeria MD gave, was a reiteration on the danger of expanding a business when customers’ demands cannot be met. “If you know you cannot meet customers’ demand, do not expand because one happy customer will tell three people about your great product and customer service. But one unhappy customer will tell 50 other people about his dissatisfaction,” he added.
Other discussants on the panel included Rajiv Das, category global marketing director, Africa Region for Unilever; Chizor Malize, Managing Partner, Brandzone Consulting; and Abasiama Idaresit, CEO of Wildfusion.
The Nigerian Small Business Summit is a gathering of business experts sharing successful examples (mostly from India and local examples), to set up learnings and energize Nigerian SMEs to create the needed jobs and provide stability at this period of economic downturn. The event is put together by Gemciti, a brainchild of David Okeme, President of Advertisers Association of Nigeria.
News
LIRS to Invoke NTAA to Recover Unpaid Taxes from Bank Accounts, Others

Lagos Internal Revenue Service (LIRS) pursuant to Section 60 of the Nigeria Tax Administration Act (NTAA), plans to ask Nigerian banks to debit bank accounts of employers who failed to remit tax liability.

This was disclosed in a recent notice on Sunday.
LIRS stressed that the move was in line with the implementation of the country’s NTAA and other new tax laws, which took effect on January 1, 2026.
“Where a taxpayer fails, neglects, or refuses to settle any established outstanding tax liability when due, LIRS may exercise its power under Section 60 to direct any of the following persons to pay the amount owed by the taxpayer:
“Banks and other financial institutions; Employers; tenants, debtors, or customers of the taxpayer; Agents, business partners, and any person holding money on behalf of the taxpayer; Any person owing money to the taxpayer, whether presently due or accruing. Once a substitution notice is issued, the person served is statutorily required to remit to LIRS the amount. Specified in the notice from funds belonging to, or payable to, the defaulting taxpayer,” the LIRS notice partly read.
Meanwhile, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, weeks ago ruled out claims that the government would debit personal accounts over tax remittances.
News
Anambra Cuts Monday Pay to Kill Sit-at-Home

Anambra State will implement pro-rata salary payments for civil servants starting February 2026, targeting chronic Monday absenteeism from the long-running sit-at-home order, Information Commissioner Dr. Law Mefor announced Saturday.

Soludo
Speaking at an Awka briefing after the Executive Council’s end-of-tenure retreat, Mefor said improved security and transport have eliminated excuses for the four-year disruption, which cost the state trillions in lost revenue. “Workers enjoyed full pay despite staying away; now, no work means no pay for that day, calculated over 24 working days,” he stated.
Compliance measures include mandatory Monday clock-in forms, with markets urged to reopen fully amid bolstered security. This builds on a January 22 executive order docking 20% pay from teachers absent on Mondays.
Mefor warned that lost Mondays cripple revenue collection and productivity, rejecting alternatives like Saturday shifts as capitulation to agitators.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
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