News
TGNYES 2017 Exposes Youths to Business Opportunities, Others Receive IT Training

By peter oluka
The Generation Next Youth Empowerment Summit 2017 (TGNYES) has spurred young people to innovate and put on their thinking cap.
The Summit, an initiative of Elbativeni Foundation and Elbativeni Impressions and Consult invested with the Project’s mission to build youth leaders and empower them with right resources, world class speakers, job opportunities, grants, loan facilities, entrepreneurship ideas and available physical gifts and tools to enhance their lives and held in Abuja recently, was attended by notable dignitaries and speakers including, His Excellency, Ambassador Leopoldo Rovayo Verdesoto, of the Embassy of the Federal Republic of Ecuador to Nigeria, and Nigerian Communications Commission’s Executive Vice Chairman’s (EVC) Senior representative, Ms Olawaiye Olasumbo.
Others were: MD of Nanet group, Mr Ini Akpabio; Nigeria’s Former Minister of information, Mr Frank Nweke Jnr.; CEO of Elbativeni Foundation and Elbativeni Impresions and Consult, Ms Destiny Ruth Obiakoeze; CEO of O&S Services, Mr Oba Boniface, CEO of Media Range Ltd, Mr Hassan Abdul; Flex NG’s Mr Kabir Bayo Shittu; Ocean Hill’s Mr Chinonso Opurum; Speaker Arnold Pms Arnold Ayomide Afolayan amongst others.
Nigeria’s former minister of information, Mr Frank Nweke Jr. who was the edition’s “Success Icon” appreciated the team for the vision and seeing themselves as partners in Nigeria’s development emphasized: “I say this because more often than not, we find many people who believe that they have no role to play in national development. So when I meet young people like Destiny and her team who envision this kind of empowerment programmes and it has encouraged others on what must be done; one must duff his hats, one must respect them. So I pay my due respect to them”.
He spurred on participants to ask themselves hard questions and stressed on the need for passion and drive and the desire to push against all odds noting that he had faced challenges over the course of 7 years, implementing an idea that would employ over 15000 people.
The Ambassador of the Republic of Ecuador to Nigeria, H.E Leopoldo R Verdesoto shared varied experiences both as a diplomat, professionally and personally.
According to him, “I have served abroad in three different places, all of them nice from my point of view but they were considered not easy. One of the fact that I carry my career and I am very proud of it is some people didn’t want to go to the places that they had offered me to go but I say okay because for me, it’s a privilege to serve my country and I go! No Wahala on it”.

Nigeria’s Former Minister of information, Mr Frank Nweke Jnr. (m) flanked by CEO of Elbativeni Foundation and Elbativeni Impresions and Consult, Ms Destiny Ruth Obiakoeze; CEO of O&S Services, Mr Oba Boniface, CEO of Media Range Ltd, Mr Hassan Abdul; Flex NG’s Mr Kabir Bayo Shittu; Ocean Hill’s Mr Chinonso Opurum; Speaker Arnold Pms Arnold Ayomide Afolayan
He recounted his diplomatic experiences and the importance of relations to the diaspora citing shared similarities and values of Ecuador and Nigeria including economic.
The Ambassador advised that “youths and young people must be interested in what is going on in their country and their region, their…and make the compromise to go into politics and activism; not to take advantage of managing public funds but to serve their people and their country”.
The Managing Director of Nanet Group and Nanet Hotels, Mr Ini Akpabio, success Icon of the maiden edition and patron of the Summit spoke on “The roles of youths in a united Nigeria”. He raised salient issues of unity stressing that Nigeria had lots of things threatening to divide her.
He noted that the world boasts of youths as Presidents – the 31 year old President of Austria and 39 year old President of France.
He noted that there was need for less discrimination, Full rights of residence in any part of the country, and political and economic emancipation amongst others; mentioning that schemes such as the federal govt colleges, the National Youth Service Corps were great initiatives and were targeted at the unity of the country.
Speaking on some of the take home for youths at the Summit Mr Ini Akpabio said “The Youths are very powerful so the first thing they must do is to recognize their power. The youths don’t know how powerful they are. In exercising their power, they will be able to make changes. The changes I have been advocating are those that can be embedded in our constitution. We should have a percentage set aside…maybe like 25%, and say that at all levels of governance, that 25% must go to the youths; defined as people between the ages of 15 to 35.
Earlier in her welcome address, the CEO of Elbativeni Foundation and Elbativeni Impressions And Consult the hosting organizations of the youth Summit, Ms Destiny Ruth Obiakoeze, explained that the youth Summit was to bring people of different sectors and proffer ideas and actions capable of helping the young people move forward.
She said the idea of the summit remains to fire youths up from the inside to the outside and help them to realize that the things that they want is inside of “them”, that they can make things happen for themselves regardless of the economy, the circumstances of life and that they can do what they want to do to become the leader that they want. She added that the summit was paramount to give hope to youths who did not have hope and give assistance to youths who did not have the right resources to help themselves and empower them with available opportunities.
Nigerian Communication Commission’s Executive Vice Chairman (EVC) who was represented by the Principal Manager in the public affairs department, Ms Olasumbo Olawaiye said that since the youths make up a huge percentage of the telecom consumers ‘the Generation Next Youth Empowerment Summit’ was indeed a great platform to enlighten them on the various telecom issues.
The Commission had earlier in March 2017 flagged off the ‘year of the Telecom Consumer Campaign’ focused on the needs and satisfaction of the Nigerian Telecom Consumer of which part of its purpose is to inform and educate the consumer with the sole intent of protecting and empowering them to make the right decisions and from unfair practices of network operators.
The Commission in its eight point agenda with two being to improve the quality of service and a sixth which is to protect and empower consumers specifically addressed… Key components of the campaign in the year of the Telecom Consumers Include: Creation of great awareness of quality of service; research based fact on electromagnetic field radiation; The do-not-disturb code,2442 and the NCC toll free 622 line.
Noting that information was very important for the youths and users of telecom services to be properly aware in their consumer experiences, she said the, “Do-Not-Disturb code 2442 is a dedicated command short code which will enable consumers to stop unsolicited text messages, including voice and take informed and independent decision of what messages to receive from the network and protect themselves from the nuisance of unsolicited messages and take it as a direct response to the yearning of subscribers.
During the Entrepreneurship session, Mr Oba Boniface who facilitated the session said that the difference between a successful entrepreneurs and the unsuccessful entrepreneurs were their abilities to bring out revenue out of rubbish, see prosperity out of problems, and cash out of crisis.
According to him, there was need for youths to see entrepreneurship as a great option and see the business in problem. They need to see opportunities in problems.
They need to think of how to add value to others and increase their integrity since innovation in a better way to solving people’s problems. They need to be ready to invest in their own businesses and ideas and not just expecting others to invest in them.
The Summit also hosted an innovative mind teaser session hosted by the Technical Director of the Nigerian Scrabble federation, Mr Farouk Babaina.
In a session on Brand Power, the CEO of Media Range Ltd, Mr Hassan Abdul taught that there were series of things that were important to becoming more marketable as personal and business brands and it is indeed important to increase performances in them. Attributes that differentiate individuals and business in the industry must be developed and improved.

Cross section of guests and speakers at the Summit
According Mr Hassan Abdul, Personal branding can accelerate communications strategy, ease career transitions, increases long term career and business objectives as well as expected outcomes.
He spoke on the essence of communications and branding to individuals and business and how to leverage its capacities in life and business.
Mr. Peter Oluka, IT Correspondent with the Nigerian Communications Week coordinated the ‘opportunities Panel‘ with CEO of MicroFlex,-Mr Kabil Shittu; CoFounder of Ocean Hill, Mr Nonso Oprum; Representative of Elbativeni Foundation, Ms Biodun Ogundipe where opportunities for soft loans, Business support services and ICT Training for women were offered participants.
The last session was the Google Digital Skills for Africa session facilitated by the CEO of the hosting company and foundation- Elbativeni Impressions and Consult and Elbativeni Foundation., Ms Destiny Ruth Obiakoeze.
The session highlighted the need for an online presence, the opportunities available through online presence and possible career opportunities that youths could leverage to earn money.
Given Google’s target to train 10 million African’s especially youths, the session explored digitals skills, the need to be digitally savvy and increase the use of technology online and in businesses.
According to Destiny, the future of technology would considerably progress and will continue to be profitable considering the principles of the digital world.
However she noted that youths have incredible opportunities with the advent of technology and the digital world than ever before.
Some of the success stories of the year’s event was achievements of the free admission for participants at the summit, exposure to world class resources, facilitators and speakers including:
Ten (10) Start Up Business winning FREE Business Support services; 20 Ladies selected from participants to attend FREE SIX MONTHS ICT training from February 2018 to July 2018; Soft Loans; Job Opportunities for select participants and Free Summit shirts won by raffle.
According to The Generation Next Youth Empowerment Summit’s Convener, Ms Destiny Ruth Obiakoeze, Now, we are looking forward to 2018.
News
AI-Driven Memory Chip Fuels Global Phone Price Surge

Global technology markets are entering a new phase of strain as surging memory chip prices intensify the ongoing semiconductor shortage. For Nigeria, the ripple effects could translate into a 15 – 20 per cent increase in phone price levels if supply pressures persist into the next quarter.

While attention has largely focused on advanced AI processors, the sharpest escalation is occurring in memory chips, specifically DRAM (Dynamic Random Access Memory) and NAND (Flash Memory), which are essential to smartphones, PCs, and vehicles.
According to Bloomberg data, spot prices for DRAM have surged more than 600 percent in recent months. NAND prices have also climbed as artificial intelligence infrastructure expands global storage demand.
This shift reflects a structural realignment rather than a short-term disruption.
Massive AI infrastructure investments led by hyperscalers such as Amazon have redirected fabrication capacity toward high-bandwidth memory (HBM), a critical component for AI accelerators. This shift has tightened supply for conventional memory used in consumer devices.
Market analysts now describe the situation as a memory “supercycle,” breaking the industry’s traditional boom-and-bust pattern. Historically, memory cycles lasted three to four years. According to Jian Shi Cortesi of GAM Investment Management, the current cycle has already exceeded previous ones “both in length and magnitude,” with little evidence of demand momentum softening.
Financial markets reflect the divide. A Bloomberg gauge of global consumer electronics makers has fallen roughly 10 per cent since late September, while a basket of memory manufacturers has surged about 160 per cent over the same period. Shares of SK Hynix, a key high-bandwidth memory supplier to Nvidia, have climbed more than 150 per cent.
By contrast, downstream manufacturers reliant on affordable memory supplies are under pressure. Nintendo has warned of margin compression linked to shortages. Qualcomm shares declined after signaling memory constraints that could limit phone production. PC makers such as Lenovo and Dell have also retreated from recent peaks amid concerns that rising chip costs could dampen demand.
The divergence underscores a widening gap between component producers and device assemblers.
Memory is central to modern smartphone performance. Higher DRAM and NAND capacities power AI-enabled features, high-resolution imaging, and multitasking capabilities. Rising memory costs, therefore, feed directly into the bill of materials.
Even in a moderate demand environment, a constrained memory supply can limit production volumes. Qualcomm’s recent indication that memory shortages may restrict handset output highlights the risk of scarcity extending beyond price increases into availability challenges.
Compounding the issue, a foundry such as TSMC is prioritising higher-margin AI-related contracts at advanced nodes. Combined with the reallocation of capacity toward high-bandwidth memory, this limits flexibility in supplying traditional mobile processors and storage components.
For Nigeria, the likely outcome is not immediate widespread stockouts, but gradual upward revisions in retail pricing.
Nigeria’s electronics market remains heavily import-dependent, with minimal semiconductor manufacturing capacity. Retailers are therefore exposed to global cost shifts and supply volatility.
Distributors in major commercial hubs such as Lagos’ Computer Village are closely monitoring global trends. Some are securing inventory ahead of anticipated adjustments, while others are maintaining leaner procurement cycles to manage uncertainty.
Duration risk remains a key concern. Fidelity International’s Vivian Pai recently observed that while markets may be pricing in normalization within one to two quarters, industry tightness could persist through the rest of the year. If that proves accurate, manufacturers will have limited room to absorb higher component costs without passing them through to consumers.
Mid-tier smartphones, especially those balancing affordability with competitive performance, are likely to face the greatest pressure. Manufacturers may respond by offering lower base storage variants, delaying feature upgrades, or raising prices incrementally across product lines.
Parallel imports could increase if global scarcity intensifies, potentially raising concerns about warranty coverage and after-sales support.
Globally, firms are attempting to mitigate exposure by locking in long-term supply contracts, raising product prices, or redesigning devices to use less memory. However, semiconductor fabrication is capital-intensive and slow to scale. New fabrication plants require years to build, and expanding high-bandwidth memory output involves complex processes that cannot be rapidly accelerated.
For Nigeria, the episode underscores the importance of strengthening digital resilience. While domestic chip fabrication remains unlikely in the near term, expanding local device assembly, promoting repair ecosystems, and supporting component recycling could help cushion future supply shocks.
If projections hold, Nigerian buyers may begin seeing incremental price adjustments within weeks. Mid-range Android devices are likely to record the most noticeable changes, while premium models, already positioned at higher price points, may see more measured increases.
As it stands, AI’s explosive growth is reshaping semiconductor allocation patterns, and memory, once viewed as a product with prices that rise and fall in cycles, is behaving like a sustained constraint.
The widening gap between stock market winners and losers reflects the magnitude of this transition. As AI infrastructure spending accelerates globally, consumer electronics markets, including Nigeria’s, must adjust to a new cost environment.
Whether the squeeze proves temporary or evolves into a prolonged recalibration will depend on how quickly semiconductor capacity expands. For now, the trajectory suggests continued upward pressure on global electronics pricing, and Nigeria’s phone price expectations may have to adjust accordingly.
News
INTERPOL Arrests 651, Recovers $4.3m from Cybercrime in Nigeria, Others

African law enforcement agencies arrested 651 suspects and recovered over $4.3 million in a joint operation targeting investment fraud, mobile money scams, and fake loan applications.

As INTERPOL revealed on Wednesday, Operation Red Card 2.0 identified 1,247 victims between December 8 and January 30 while targeting cybercrime operations linked to over $45 million in financial losses.
Authorities across 16 countries also seized 2,341 devices and took down 1,442 malicious websites, domains, and servers during this joint action coordinated by the African Joint Operation against Cybercrime (AFJOC).
In Nigeria, police officers dismantled an investment fraud ring that was recruiting young people to run phishing, identity theft, and fake investment schemes, taking down over 1,000 fraudulent social media accounts in the process.
They also arrested six members of a Nigerian cybercrime gang that used stolen employee credentials to breach a major telecom provider.
Kenyan investigators also apprehended 27 suspects while investigating fraud networks that used social media and messaging platforms to lure victims into fake investment schemes.
In Côte d’Ivoire, 58 suspects were arrested as part of a crackdown on predatory mobile loan apps that targeted victims with hidden fees and abusive debt-collection practices.
“These organized cybercriminal syndicates inflict devastating financial and psychological harm on individuals, businesses and entire communities with their false promises,” said Neal Jetton, the head of INTERPOL’s Cybercrime Directorate.
“Operation Red Card highlights the importance of collaboration when combatting transnational cybercrime. I encourage all victims of cybercrime to reach out to law enforcement for help.”
One year ago, African law enforcement arrested another 306 suspects in the first stage of this INTERPOL-led operation targeting cross-border cybercriminal networks.
This is the latest INTERPOL operation targeting African cybercrime, with thousands of arrests and multiple multimillion-dollar operations disrupted or dismantled in recent years, following Operation Serengeti and Operation Africa Cyber Surge.
News
Lagos Begins 5 Percent Withholding Tax on Gaming Winnings

Lagos State Government has commenced the implementation of a 5% Withholding Tax (WHT) deduction on gaming winnings, in line with applicable Nigerian tax laws and regulatory directives governing the gaming industry.

The deduction applies to net winnings from licensed gaming platforms operating within Lagos State and is deducted at the point of payout. All licensed gaming operators in Lagos have been directed to comply immediately with the framework.
Under the new arrangement, 5% of qualifying gaming winnings will be automatically deducted before payment is made to players and remitted to the Lagos State Internal Revenue Service (LIRS) as the statutory tax authority.
According to the State Government, the measure forms part of Lagos’ broader drive to strengthen tax compliance, transparency, and accountability in the rapidly expanding gaming sector.
Players are required to provide their National Identification Number (NIN) in compliance with KYC (know your customer) rules, while all deductions and remittances will be handled by licensed operators in line with regulatory requirements.
Players will receive their winnings net of the statutory deduction, with proper records maintained for transparency. The WHT deducted also serves as a tax credit to the player.
All licensed gaming operators in Lagos State have now been formally directed to commence the deductions with immediate effect.
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