General News
Trashverse Recycling Technology Emerges Winner as MTN’s The Gathering on 100 Pitchathon Concludes with N5m Awarded in Aba
MTN Nigeria has successfully concluded the Aba leg of its youth cultural and creative movement, The Gathering on 100. The 18-hour event marks a significant milestone for entrepreneurship in Eastern Nigeria.
The event, which took place at the Prime Time Event Centre in Osisioma from June 14 to 15, 2026, transformed the venue into a tech hub for young innovators in Aba.
The Pitchathon had 10 standout startups compete for a total prize pool of ₦5 million. The competition showcased the immense potential of Aba’s youth, encouraging them to live life to the fullest through technological and creative excellence.
The participating startups, representing a cross-section of Aba’s burgeoning innovation ecosystem, impressed judges with solutions ranging from logistics to artisanal tech. Among the finalists were Trashverse Recycling Technology Limited founded by Charles Ikechukwu, Yadah Food, founded by Deborah Enyinnaya and Utytrends Global Ventures led by Utibe Akwa.
After a rigorous evaluation by judges Chiemela Anosike, Dr. Chime Chimezie-Uche, and Justina Nwokedi, the winners were officially announced. Trashverse Recycling Technology Limited, led by Charles Ikechukwu, claimed the first-place prize of ₦2.5 million.
Ikechukwu, founder of Trashverse Recycling Technology Limited, shared his excitement “Winning this pitchathon is a dream come true for our team. The support from The Gathering on 100 and MTN validates our vision and provides the financial backing we need to scale our production and serve more customers in Aba and the global stage.”
Utytrends Global Ventures secured the second-place prize of ₦1.5 million, while Yadah Food took home ₦1 million. These founders showcased solutions that blended local ingenuity with scalable technological frameworks, reinforcing Aba’s reputation as a powerhouse of Nigerian manufacturing and entrepreneurial spirit.
The Gathering on 100’s Pitchathon provided a platform for these early-stage founders to validate their business ideas before an audience of investors and industry stakeholders. For the winners, the funding serves as a catalyst to scale their operations and fulfill market demands, effectively bridging the gap between innovative concepts and industrial-scale production.
Reflecting on the Pitchathon, the Regional Manager, Operations, Southern Region, MTN Nigeria, Ifeanyichukwu Odom, said “Aba has always been a city of creators, innovators, and dreamers. Today, we witnessed young people expressing their passions across business, creativity, culture, and technology. The Gathering is about giving them a platform to be seen, heard, and celebrated.”
She noted that the Pitchathon had showcased the depth of talent and innovation emerging from the region, with participants presenting solutions capable of creating meaningful impact in their communities. “The Pitchathon winners made one thing clear, the Eastern Nigeria startup ecosystem is not waiting to be discovered. It is already forming, and it is ready when structure and support meet ambition. Through the power of connectivity and digital innovation, MTN remains committed to helping young Nigerians unlock their potential and Live It 100.”
This Aba edition built on the momentum of the Lagos edition held at the National Stadium, Surulere, in April, where eight startups received ₦45 million in funding. With its Aba execution, MTN has deepened access to opportunity and visibility for the next generation of business leaders.
Dangote Petroleum Refinery is reportedly nearing completion of a $2.5 billion private placement that values the company at about $40 billion ahead of its planned public listing.
Private placement is the direct sale of company shares or bonds to pre-selected investors instead of the general public and it is used to raise money quickly while avoiding strict public reporting rules.
People familiar with the transaction said investors acquired as much as 6 per cent of the refinery, according to a BusinessDay report.
The reported terms would value the business at approximately $40 billion.
Neither Dangote Group nor the refinery has publicly announced the final amount raised, the identities of most subscribers or the precise percentage sold.
The figures should therefore be treated as transaction details supplied by unnamed sources rather than confirmed company disclosures.
The reported $2.5 billion total is nevertheless significant as it indicates strong demand for exposure to a privately controlled refinery that has rapidly become central to Nigeria’s fuel supply and an increasingly important exporter of petroleum products.
The placement was said to have attracted more demand than the available shares, allowing the company to secure substantially more than the amount initially associated with the fundraising exercise.
Femi Otedola, chairman, First HoldCo, is the only major participant publicly identified in the report.
He reportedly committed $100 million to the transaction and sold his investment in Geregu Power Plc to finance the acquisition.
Nigeria’s pension industry was also reportedly cleared to participate.
Access to more than $17 billion in retirement assets would broaden the refinery’s potential investor base beyond wealthy individuals and conventional institutional buyers.
Participation by Pension Fund Administrators would, however, require careful attention to valuation, liquidity and portfolio-concentration limits.
Retirement funds must balance the attraction of a large Nigerian industrial asset against their responsibility to protect contributors’ savings.
The implied $40 billion valuation represents investor expectations about the refinery’s future earnings rather than only the physical cost of constructing the facility.
Its ability to process 650,000 barrels of crude daily gives it a central role in supplying Nigeria and other markets, but its commercial performance remains connected to crude availability, product prices, exchange rates and regulation.
The refinery has struggled to obtain all the Nigerian crude it requires under the government’s naira-for-crude arrangement.
It has consequently purchased some feedstock internationally and recently moved local petroleum-product pricing into dollars to align sales revenue more closely with its foreign-currency expenses.
Those constraints will be important during any public offering.
Prospective shareholders will want greater clarity on crude-supply contracts, debt, operating margins, export revenue and the company’s relationship with Nigerian regulators.
It is also unclear whether the private placement involved newly issued shares, a sale by existing owners or a combination of both.
That distinction determines whether the reported $2.5 billion becomes fresh capital for the refinery or proceeds received by selling shareholders.
The transaction could provide a useful price reference for the planned initial public offering.
Federal government will next month launch Nigeria’s first national organized crime strategy to strengthen the country’s response to terrorism, cybercrime, human and drug trafficking, kidnapping, illicit financial flows, and other forms of organized crime.
Major General Adamu Laka, national coordinator of the National Counter Terrorism Centre under the Office of the National Security Adviser, disclosed this in Abuja during the validation of the strategy document.
He said the strategy provides a coordinated national framework for tackling organized crime through improved intelligence sharing, stronger collaboration among security agencies, and closer cooperation with the criminal justice system, civil society organizations, and international partners.
Major General Laka explained that the document was developed through a partnership involving the Federal Government, the United Nations Office on Drugs and Crime (UNODC), the United States Government, and other stakeholders.
Speaking at the event, Cheikh Toure, UNODC representative, said the strategy would strengthen Nigeria’s capacity to combat transnational crimes, including drug trafficking, cybercrime, human trafficking, kidnapping, and illicit financial flows.
Also speaking, Douglas Grane, acting director of the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs, reaffirmed the U.S. government’s support for Nigeria’s efforts to tackle organized crime through stronger inter-agency and international cooperation.
Representatives of the National Institute for Strategic Studies, the Nigeria Financial Intelligence Unit, and the National Cyber Security Centre also endorsed the initiative, describing it as a major step towards improving Nigeria’s fight against organized crime.
FATE Foundation, with funding from the Citi Foundation, has launched the Youth Entrepreneurship Incubation Programme to equip young people in Nigeria with financial literacy and entrepreneurship skills.
Delivered through free, safe, and accessible platforms, the programme supports the incubation and scaling of youth-led enterprises, enabling income generation and job creation.
In October 2025, FATE Foundation was selected as a recipient of Citi Foundation’s 2025 Global Innovation Challenge to Accelerate Youth Employability. Joining the cohort of 50 organisations globally, the Foundation will receive $500,000 over two years to advance its youth employability initiative.
“We are excited to be selected for Citi Foundation’s 2025 Global Innovation Challenge,” said Ayomide Akindolie-Igwe, Executive Director of FATE Foundation.
“This support enables us to equip young entrepreneurs in Nigeria with the financial literacy and skills needed to build and scale sustainable businesses.”
The programme addresses youth employability by tackling Africa’s growing jobs crisis. By 2030, the African continent will be home to 40% of the world’s youth, and with one in three under 35 already unemployed, this initiative will support Nigerian youth with a two-phase approach. It begins with financial literacy training before progressing to entrepreneurship development, incubation support, and access to tools needed to build viable, job-creating businesses.
“Through this innovative initiative, FATE Foundation is supporting low-income Nigerian youth to develop essential financial and entrepreneurial skills using accessible platforms.
“This support is not just helping individuals to succeed; it is building a solid foundation for sustainable enterprises that will drive job creation and contribute significantly to our nation’s economic vitality. This initiative is empowering and investing in the future of Nigeria, one youth at a time,” said Nneka Enwereji, MD/CEO Citibank Nigeria Limited.
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