Nigeria Innovation Summit (NIS) has announced the 9th edition of its annual event, slated to hold on Wednesday, October 2, 2024, at Muson Centre, Lagos.

This edition of the summit will focus on the theme: Building a Culture of Innovation. The Summit is an annual event that brings together critical stakeholders from different sectors of the economy to discuss ground-breaking ideas, trends, opportunities, and numerous verticals to accelerate innovation and solutions that solve unique challenges within Nigeria and the African continent at large.

Each year the summit provides a platform that fosters collaborations among startups, innovators, entrepreneurs, businesses, policymakers, the academic community, and international organizations.

NIS also provides opportunities for Nigerian innovators, researchers, and entrepreneurs to showcase their innovative ideas, products, and services with solutions for industrial applications, adoption, and commercialisation.

While announcing this year’s summit, Mr. Tony Ajah, the Programme Director of the summit states, “An innovative culture is essential for national development and provides opportunities for economic growth. As leading nations around the world have used the culture of innovation to improve the quality of their lives, Nigeria should not be left out.

“To establish this culture of innovation in our society, we must build strong institutions at all levels that embrace innovation as a way of life, and that leverage emerging technologies to solve critical local problems. When properly done, this will reduce the innovation deficit in the country and increase productivity,”

For the 9th year in a roll, NIS brings in experts within the Nigeria innovation ecosystem and around the world to connect, share ideas, and collaborate.

This year’s event will feature insightful discussions, innovation experience talks, innovative showcases, startup pitches, and exhibitions focusing on healthtech, agritech, renewable energy and cleantech, fintech, real estate, edutech, techtainment, startup/entrepreneurship development, among others.

Participation in this event is open to local and international businesses, innovators, start-ups, entrepreneurs, SMEs, government agencies, embassies/high commissions, investors, research centres, the academic community, companies/organisations, and all the stakeholders in the innovation ecosystem.

The Nigeria Innovation Summit 9.0 offers great opportunities through sponsorship, partnership, and exhibitions of innovative products, ideas, and services. For more inquiries and participation, please visit: https://innovationsummit.ng/

Awual Rafsanjani, executive director, Civil Society Legislative Advocacy Centre (CISLAC) and head,  Transparency International in Nigeria (TI-Nigeria), has accused banks of offering opportunities for terrorism financing in the country.

Rafsanjani, stated this at the multi-stakeholder meeting on terrorism financing and violent extremism in the North-East, organised by CISLAC and TI-Nigeria, financed by GIABA-ECOWAS.

According to Rafsanjani, “The financial sector has been exploited for terrorism financing. The use of the financial sector indicates the increasing capabilities of some terrorist groups. These include the Bureau de Change operators, Point of Sale (POS) devices, wire transfers, and Designated Non-Financial Businesses and Professions, among other enabling platforms expanding the scope and depth of terrorism financing.

“It is worrisome that illegal money exchangers including Bureau De Change have been featured in several Terrorism Financing investigations. The 2022 National Inherent Risk Assessment of Terrorism Financing report reveals that between 2019 and 2022, about 19 companies were linked to illegal money exchangers who have used their companies to commingle funds considered to be linked to Terrorism Financing.”

In his goodwill message, Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC)  said that the commission is settling for the use of technology to combat illicit flow of monies into the hands of terrorists.

Olukoyede expressed worry over the dimension terrorism financing has taken, disclosing that the EFCC has discovered platforms other than Binance, which are being used for terrorism financing, saying over a thousand of such accounts were closed.

He said: “The challenge before us is to seek solutions to end this decade-long nightmare and restore order to the troubled region. The quest for a solution is not entirely new. Several conferences and workshops have been convoked, yet the situation remains dire.

“For us in the EFCC, like most Nigerians, the concern is on how this crisis continues to defy solutions and fester? How is it that the terrorist groups in the region are able to sustain their operations, acquire more sophisticated weaponry and engage in daring combat with the Nigerian military?

“It would seem that an economy of criminality has developed around terrorism and violent extremism in the region, where actors who are profiting from the chaos do not cherish the return of civil order. How for instance do we explain the activities of supposed non-profit organisations who profess to want to provide succor to the distressed but end up exploiting their misery for financial gains?

“How do we explain the action of unscrupulous actors who hide under the cover of humanitarian activities to fund terrorist groups? These are issues that we must continue to interrogate.

“The EFCC has had cause to prosecute so-called promoters of non-profit organisation who exploited the desperate conditions in the North-East to profiteer. I am sure many of you are aware of a lady that is called Mama Boko Haram, who at the peak of the insurgency positioned herself as a credible intermediary for the insurgents, but is now in jail for exploiting the distressed citizens of the North-East for personal gain.

“Part of the focus of the EFCC in the quest to tackle terrorism and violent extremism in that region is to follow the funds trail of critical actors in the region and cutting off the supply line of illicit funds to known criminal groups. This responsibility has seen the Commission pay more attention to the movement of funds by NPOs in the region, who are now required to make a declaration to the EFCC.

“Some of our discoveries recently into investigating some of these platforms was mind bugging, and we thought Binance was a major one, yes a major one and we are prosecuting them but much more, other platforms we have discovered, of course you are aware that EFCC has to freeze over a thousand account, and it will shock you what some of those accounts are used for, and some of them are used to fund terrorism activities.

“You can imagine the dimension the whole problem is taking and so, it is important for us to adopt the use of technology, and that is what we are going to do to see how we can adopt technology to be able to track every Naira,” he said.

Also, in a goodwill speech, Dr Musa Aliyu, SAN, chairman, Independent Corrupt Practices and other related Offences Commission, (ICPC), said, “ICPC is fully committed to contributing its expertise and resources to this fight. We are prepared to intensify our efforts in financial oversight, enhance our investigative and prosecutorial capacities, and work closely with all stakeholders to disrupt the financial networks that fuel terrorism.”

African Export-Import Bank (Afreximbank) has concluded arrangements for a facility of $250 million with the International Islamic Trade Finance Corporation (ITFC) and $100 million with the Islamic Corporation for Development of the Private Sector (ICD) in support of trade and projects in Africa.

The arrangement took place on the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations.

The lines of financing expected from ICD would strengthen the bank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s member states.

The facility from ITFC, on the other hand, will provide compliant syndicated trade financing line, thereby complementing the bank’s trade finance offerings to its clients.

As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC and ICD are committed to promoting south-to-south trade among African and Arab countries for a common goal of advancing socio-economic prosperity and building sustainable trade and development across the regions.

The collective support from ITFC and ICD will also allow the bank to deliver on its continental mandate of fostering industrialisation, developing exports and full implementation of the African Continent Free Trade Area (AfCFTA).

Speaking during the signing ceremony, Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “I take this opportunity to thank Eng. Hani Salem Sonbol and the entire team at ITFC and ICD for the continued partnership with Afreximbank.