Nigeria Government Sets $5bn Target for Startups

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October 2, 2023

Nigeria has set a plan to help startups raise their total yearly funding rounds to $5bn by 2027.

This was disclosed by the Minister of Communications, Innovation and Digital Economy, Bosun Tijani, on Monday in a document titled, ‘Accelerating our Collective Prosperity through Technical Efficiency: A Strategic Plan for the Federal Ministry of Communications, Innovation & Digital Economy.’

The minister highlighted that in today’s global technology landscape, innovation, entrepreneurship, and access to capital are critical components of a strong digital economy. He stated that the primary objective of the ministry as regards this will be to stimulate the growth and sustainability of startups, with a specific focus on those developing innovative solutions for critical sectors of the economy.

FG, NGX to Boost Startup Listing with Tech Board

Tijani said, “Recognising the critical role of patient capital in the growth of startups, we are committed to increasing the local availability of patient capital. We intend to create an environment for startups to raise the funding they require to thrive locally and promote the domiciliation of startups within our nation.”

Describing how the ministry would measure if its plan were working, he added, “Increase capital raised by Nigerian tech startups 50 per cent year-on-year from ~$1bn/yr in 2022 to $5bn/yr in 2027.”

Amid a funding drought, Nigerian startups raised $1.2bn in 2022, according to Africa The Big Deal (an African funding data insight firm). African startups raised $5.4bn according to Briter Bridges in 2022.

He further declared that the ministry would establish an active sandbox environment to encourage and empower innovators and entrepreneurs to develop unique solutions for sectors considered to have limited exposure to technological innovation.

Tijani also noted that the country is hoping to increase the domiciliation of local technology startups from <1 per cent to 25 per cent by 2027, increasing their benefits to the economy.

According to Tijani, “Digital transformation and innovation are fast becoming a catalyst for economic progress,” and the “intersection of a strong digital economy and our innovative and youthful population presents us with a unique opportunity to chart a course towards prosperity, inclusion, and global relevance.”

Commenting on Artificial Intelligence, the minister stated that this technology will usher in a new era of technological and economic transformation over the next two decades. Nigeria needs to formulate a far-reaching national strategy to harness the potential of AI inclusively and responsibly, Tijani pointed out.

He said, “The implementation of the strategy amongst other things is expected to elevate Nigeria as a top 10 location for AI model training and talents globally. In addition, we will position Nigeria as a global leader in accelerating inclusivity in AI dataset.”

He added that the country plans to create over 50,000 jobs in the AI industry in the next couple of years.

‘I’m Not Moved By Your Tears’, Wike Tells Workers Protesting MD’s Sack

By

faith Jegede

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October 2, 2023

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Minister of the Federal Capital Territory (FCT), Nyesom Wike, has said neither sentiment nor emotion will stand in his way of doing the right thing.

Wike stated this in Abuja while reacting to a trending video of Abuja Urban Mass Transport Company (AUMTCO) staff lamenting over the sack of the company’s Managing Director.

The MD and Chief Executive Officer of the company, Najeeb Abdulsalam, was among the 21 heads of parastatals, agencies, and companies of the FCT Administration that were sacked by the minister on Wednesday.

Wike further explained that he would do the right thing in the interest of residents of the FCT and Nigerians at large.

“That is why when I watch people on video, crying that somebody has been removed and that he has been doing well, but the question is if you have been doing well, where are the buses?”

“No sentiment, no emotions will be considered when we are doing what is right. We will do the right thing in the interest of the people.

The minister said, he was not bothered by the crying but by the reality on the ground.

He advised political appointees to be prepared to leave office at any time because someone might come and want to have a total change.

“You are not a civil servant where you will say nobody is supposed to retire me because I am not up to the age of retirement.

He said, “Even as a minister, I can be relieved of my position now. You don’t need to cry; some other people will come and all we pray for is, let us get the best.”

Fresh N3trillion COVID Loans Mismanaged By Emefiele Discovered

By

faith Jegede

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October 2, 2023

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A new revelation from the investigative committee set up by President Bola Tinubu has revealed the misappropriation of 3 trillion naira in COVID loans.
Top sources privy to the findings made by the committee said the whopping amount was made from two projects, COVID loans and the Anchor Borrowers’ Programme Fund alone.

In July 2023, the President, named the Chief Executive Officer of the Financial Reporting Council of Nigeria, Jim Obazee, as the special investigator to probe the apex bank.

The committee, which only reports to the President was tasked to investigate CBN and key Government Business Entities.
The appointment of Obazee came over a month after Tinubu suspended Emefiele as the CBN governor.
Shortly after his suspension in June, Emefiele was arrested and taken into custody by Nigeria’s secret police, the Department of State Services (DSS).

The investigation’s latest discoveries are among other atrocities committed as the head of the apex bank.

In addition, it was learnt that Obazee’s committee was pushing to have an interim report submitted to President Tinubu soon so that he would understand how grave and massive corruption at the CBN under Emefiele.

A source close to the matter said “Obazee’s committee is pushing to have an interim report submitted to Tinubu as a way of letting him understand the gravity of Emefiele’s financial crimes and how bad it set Nigeria’s finances back.

“The committee is asking that they should be allowed to submit an interim report so as to stop any attempt by Emefiele and the Attorney General of the Federation’s office to settle his case on the basis of N50 billion refund plea bargain as earlier exposed.”

In his nationwide broadcast on Sunday morning as part of the programme of events to mark Nigeria’s 63rd Independence anniversary celebration, President Tinubu confirmed that findings on past lapses in the apex bank would soon be out.

In his address, Tinubu pledged a thorough housecleaning of the den of malfeasance the CBN had become. Saying that housecleaning was well underway.

Emefiele was set to be released from detention by the Department of State Services (DSS) after his plea bargain with President Tinubu’s administration had been concluded.

However, the AGF and Minister of Justice, Lateef Fagbemi, SAN, on Sunday denied reaching any non-prosecution bargain with Emefiele.

Emefile and some of his associates were expected to be arraigned over N6.9 billion procurement fraud at the Federal Capital Territory High Court in August but the arraignment had stalled.

Allegedly, a non-prosecution plea bargain for Emefiele was being premised upon the former governor’s willingness to return N50 billion which he had corruptly amassed.

BUA Slashes Bag Of Cement Price to N3,500

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Rhoda Onuzulike

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October 1, 2023

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BUA Cement Plc has reviewed down the price of the company’s cement to N3,500, effective from Oct. 2.

The company’s management made the disclosure via a statement on Sunday in Lagos.

It said the reduction in cement price was to spur development in the building materials and infrastructure sectors.

According to the statement, the gesture is to allow Nigerians to enjoy the benefits of the price reduction before the completion of its plants.

BUA Cement’s full-year Profit Climbs to N90bn Amid 23% Sales Rise

“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward.

“As a result, BUA Cement would now be sold at an ex-factory price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.

“All pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023.

“Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance,” the company said.

Tinubu Approves N35,000 Provisional Wage Award for Workers

By

Rhoda Onuzulike

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October 1, 2023

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President Bola Tinubu has approved N35,000 provisional wage award for all treasury-paid federal government workers for six months.

This followed further consultations with the Federal Government delegation that met with the leadership of the Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) earlier on Sunday.

It will be recalled that at the meeting between both parties, the Federal Government pledged its commitment to fast-track the provision of Compressed Natural Gas (CNG) buses to ease public transportation difficulties associated with the removal of PMS subsidy.

Strike: FG, Organised Labour Reach Agreement

The Federal Government also committed to the provision of funds for micro and small-scale enterprises as well as waivers on VAT on diesel for the next 6 months.

Furthermore, the Federal Government announced that it will commence payment of N75,000 to 15 million households at N25,000 per month, for a three-month period from October-December 2023.

MEETING HIGHLIGHTS:

In light of the discussions held during the meeting between the Federal Government and Labour representatives, the following were the major highlights:

i) The Federal Government urged the Labour unions not to embark on strike action as the issues in dispute can only be resolved when workers are at work.

ii) Labour Unions made case for higher wage award.

iii) A sub-committee to be constituted to work out the details of implementation of all items regarding government interventions to cushion the effect of fuel subsidy removal.

iv) The lingering matter of Road Transport Employees Association of Nigeria (RTEAN) and National Union of Road Transport Workers (NURTW) in Lagos State needs to be addressed urgently.

v.) NLC and TUC will consider the offers by the Federal Government with a view to suspending the planned strike to allow for further consultations on the implementation of the resolutions above.

Tinubu Celebrates House Of Reps Speaker At 58

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Rhoda Onuzulike

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October 1, 2023

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President Bola Tinubu warmly felicitates with the Speaker of the House of Representatives in the 10th National Assembly, Tajudeen Abbas, as the reputable public servant attains his new age of 58 on Nigeria’s Independence Day.

The President shares in the joy of Nigerians and well-wishers from around the world as they celebrate the humble Prince of Zazzau Emirate on his special day, particularly in view of his landmark contributions to the nation’s House of Representatives as the legislator who sponsored the highest number of bills in the 8th Assembly between 2015 and 2019, before sponsoring a record-breaking 74 bills, out of which 21 were signed into law, in the 9th Assembly between 2019 and 2023.

Speaker Abbas is to meet resident doctors, and others on Thursday

The President notes that the Iyan Zazzau had equally served in numerous Committees in the House, such as Commerce, Finance, Special Duties, Defence, Public Procurement, amongst others, before emerging as the House Speaker through an election which recorded the greatest winning coalition vote in Nigerian Speakership election history with an overwhelming majority of 353 votes out of 359 votes cast.

President Tinubu prays that God Almighty will continue to grant the respected academician greater wisdom and strength as the Speaker successfully sustains the worthy legacy of stable and productive leadership in the House of Representatives from the hallowed seat in determined pursuit of the actualization of the Renewed Hope agenda of the governing All Progressives’ Congress-led administration of the President.

Chief Ajuri Ngelale

Special Adviser to the President

(Media & Publicity)

October 1, 2023

CJN to Swear-In 23 New Judges October 4

By

Rhoda Onuzulike

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October 1, 2023

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The Chief Justice of Nigeria, Justice Olukayode Ariwoola, will swear-in the newly appointed 23 Judges of the Federal High Court on Wednesday, October 4, 2023 at the Supreme Court.

The Director of Press and Information of the Apex court Akande Festus noted this in a statement issued on on Sunday, in Abuja.

The new Judges are; Dipeolu Isaac from Ogun State, Ogundare Olayiwola from Ekiti State, Agbaje Adetutu from Lagos State, Musa Kakaki from Kaduna State; Abdullahi Dan-Ige from Sokoto State, and Sharon Tanko Ishaya from Kebbi State, respectively.

Others are Salim Ibrahim from Ogun State; Yilwa Joseph from Gombe State, Wigwe-Oreh “Joy from Rivers State, Owoeye Oluseyi from Kogi State, Anyalewa Onoja-Alapa from Benue State, Amina Mohammad from Katsina State, Abiodun Adeyemi from Kwara State, Hauwa Buhari from Federal Capital Territory, and Aishatu Ibrahim from Borno State.

CJN Swears In Six New Judges For National Industrial Court

The rest are Hussaini Dadan-Garba from Bauchi State, Ibrahim Kala from Gombe State, Mashkur Salisu from Zamfara State, Onah Sergius from Enugu State, Egbe Joshua from Bayelsa State, Ariwoola Olukayode Jnr. from Oyo State, Ekerete Akpan from Akwa Ibom State, and Ogazi Nkemakonam from Ebonyi State.

Also noted in the press statement, is the valedictory Court session which will take place, on Tuesday, October 10, 2023, in honour of the late Justice Chima Centus Nweze at the Main Courtroom of the Supreme Court.

Justice Centus Nweze who was born in Obollo, Udenu Local Government Area of Enugu State on 25th September, 1958, passed on, July 29, 2023 in Abuja after a brief illness at the age of 64 years.

He was sworn-in as Justice of Supreme Court on 29th October, 2014.

He attended St. John Cross Seminary, Nsukka from 1972 to 1977, emerging with a Distinction in the West African School Certificate Examination.

He gained admission into University of Nigeria, Enugu Campus in 1979 where he graduated with a Degree in Law in 1983. In the same year, he represented the Law Faculty and, indeed, all Nigerian Law Faculties, at the Philip Jessup International Law Moot Court Competition in Washington DC, as the Chief Oraclist.

His Lordship did his NYSC between 1984 and 1985 in Bauchi, after being called to the Nigerian Bar in 1984 and equally had his Doctorate Degree in Law from the same University of Nigeria, Enugu Campus.

Exploring Abuja City Gate, Nigeria

By

Angel Gimalo

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October 1, 2023

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The Abuja City Gate is a monument which is located in the capital city of the Federal Republic of Nigeria, Abuja.

Built in order to commemorate the movement of the seat of Federal Government from Lagos to Abuja which occurred in 1991, it was intended to have the purpose of serving as a ceremonial pavilion.

However, not only that, it has a great symbolic meaning as it is a ceremonial entrance to the new capital, and also welcoming sign to all the visitors of Abuja.

As there were plans for the gate to be replaced by another gate which would be built some 25 km (16 mi) from the present location, these plans are put on a hold for indefinite time, even though some measures have been taken for the other gate to be built.

Still, the idea behind the Abuja City Gate is to present it as a sign of the unity of the Nigerian people, together with improvement of the sightseeing for the Abuja’s visitors, city’s beautification etc.

The structure has two inverted arched steel-concrete blocks on each side that are connected in the middle with a long steel-concrete block which is blended with the two tower blocks.

On that middle block is presented the Coat of Arms of Nigeria and also it is written YOU ARE WELCOME too, since the Government wanted to welcome everyone in the new capital. Above this, there is the metal-made waved Nigerian flag which is fixed with steel lines.

Being one of the interesting and not too big monuments in the new capital of Nigeria, the Abuja City Gate will be remembered for sure if it is going to be moved from its location, as a great welcome sign to all of the visitors to this great city in Africa.

Once Upon A Time – October 1 – 1960 – Nigeria Gains Independence From British Rule

By

Angel Gimalo

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October 1, 2023

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331 BC Alexander the Great defeats Darius III of Persia in the Battle of Gaugamela

1688 Prince William of Orange accepts invitation of take up the British crown

1814 Opening of the Congress of Vienna, redraws Europe’s political map after the defeat of Napoléon Bonaparte

1867 Karl Marx publishes “Das Kapital” in Berlin, a description of the capitalist system, its instability and tendency to self-destruction

1908 Henry Ford introduces the Model T car (costs $825)

1918 World War I: Combined Arab and British force under the Lawrence of Arabia, T. E. Lawrence captures Damascus from the Turks

1960 Independence Day is an official national holiday in Nigeria, celebrated on the 1st of October. It marks Nigeria’s proclamation of independence from British rule.

1988 Mikhail Gorbachev becomes Chairman of the Presidium of the Supreme Soviet, effectively head of state of the Soviet Union

Historical Events Today Events in 2023
Today in Film & TV
1968 Cult zombie film “Night of the Living Dead” directed by George A. Romero, starring Duane Jones and Judith O’Dea premieres in Pittsburgh, Pennsylvania

Today in Music
1982 Marvin Gaye releases his last studio album “Midnight Love” featuring single “Sexual Healing”

Today in Sport
1975 “The Thrilla in Manila”; Muhammad Ali stops Joe Frazier in 14 rounds in Quezon City, the Philippines to retain his WBC/WBA heavyweight title

1888 National Geographic magazine publishes for the 1st time

1939 Winston Churchill calls Russia a “riddle wrapped in a mystery inside an enigma”

Famous Weddings
1791 Prince William Frederick (later William V, King of Netherlands) marries his cousin Princess Wilhelmina of Prussia

1884 American politician William Jennings Bryan (24) weds writer and future suffragette Mary Elizabeth Baird (23)

1913 Writer and poet Vita Sackville-West (21) marries diplomat Harold Nicolson (26)

Henry Ford’s Model T rolled off the assembly line on this day in automotive history, bringing affordable motoring to millions – October 1, 1908

Six-Lane 3.5 Kilometres Road: Abia State Compensates 130 Structure Owners

By

Angel Gimalo

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October 1, 2023

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Abia State Government says it has commenced the payment of compensation to owners of the 130 structures marked for demolition to make way for the six-lane 3.5 kilometres Ossah-Okpara Square Road in Umuahia.

This is contrary to insinuations in some quarters that the government was yet to make available funds for the exercise.

The Accountant General of the state, Njum Onyemenam, who disclosed this to Journalists in her office on Thursday said that claimants who provided their correct account details have already received payments.

“We have gotten confirmations that claimants have already started receiving their monies, that is the position right now.

“Claimants who have provided us with their current bank details have recieved their payments,” Onyemenam said.

She advised claimants who have accounts with the old Diamond Bank and may not have received their monies to get alternative Access Bank account numbers to enable them receive payments.

[b]”Those that are banking with the old Diamond Bank account should meet their banks to collect the alternate Access account bank number as the old Diamond Bank is not compliant with our payment platform,” the AG stated.

She however noted that many claimants have not provided their data, and revealed that as soon as they come up with their correct details, they will be paid.

Onyemenam added that her office is still collating data of all claimants and would finish payments when the details of the last claimant are collated.

The Accountant General pointed out that the government wants to avoid a situation where monies are paid to the wrong persons, who may not remit same to other affected individuals.

She advised those who are yet to receive payments to reach out to Umuahia Capital Development Authority (UCDA), whose duty, she said, it is to send their details to the AG’s office.