Cloned Nigerian Anchor

Author: Chike Ozohili

  • Nigeria Now Top Destination For Tech Startups – Minister  

    Nigeria Now Top Destination For Tech Startups – Minister  

    The Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani, has said that Nigeria is now a top destination for tech startups. 

    He disclosed this at the opening ceremony of the 2023 Digital Nigeria International Conference in Abuja said, that Nigeria has become Africa’s top destination for technology startups. 

    He lauded the efforts put underground by trailblazers such as NITDA, Galaxy Backbone and other innovative companies in the country that have set the baseline for technology development. 

    According to him, of the $5 million invested in tech startups in Africa, 20 per cent is domiciled in Nigeria. 

    “Today, Nigeria is the top destination for technology startup capital in Africa, with about 5 million dollars invested in tech startups in the continent last year; we took 20 per cent of that total investment just to Nigeria. So, we recognize the amazing work that has been done,” he said. 

    On his part, the Director General of the National Information Technology Development Agency, NITDA, Kashifu Abdullahi, said this conference is key to President Bola Ahmed Tinubu’s renewed Hope Agenda of inclusive economic growth, productivity and prosperity for all.

    “Today’s symbolizes our collective aspiration to position Nigeria at the forefront of digital innovation. 

    “Firstly, we live in an exciting time of technological advancement. 

    “Secondly, at the core of the renewed hope agenda are inclusive economic growth, productivity and prosperity for all. And to achieve digital is the best tool for us. 

    “The vision is to use digital technologies to foster job creation”, he stated. 

    He added that the conference will facilitate networking and activation of conversation that can lead to innovation, policy direction, regulatory framework for a more robust ecosystem, bringing about global visibility.

  • FG Seeks Stricter Rules To Curb Raw Minerals Exports

    FG Seeks Stricter Rules To Curb Raw Minerals Exports

    The Federal Government of Nigeria is set to implement stricter regulations to curb the export of raw minerals and promote the export of processed products.

    This strategic move aims to generate employment opportunities and enhance the overall value of Nigeria’s exports, according to Dele Alake, the Minister of Solid Minerals, who emphasized the importance of adding local value to mineral resources.

    Alake stated in an interview, “You can’t take our minerals away without adding value locally. This means establishing factories to produce goods associated with the minerals being extracted.”

    Nigeria, Africa’s largest crude oil producer, is diversifying its income sources as oil production declines. The country possesses significant mineral resources such as lithium, gold, bitumen, and iron ore deposits.

    It aspires to follow the example of countries like Indonesia, which successfully increased the value of its commodities through regulations requiring buyers to establish refineries within their borders. Indonesia’s nickel exports, for instance, saw a tenfold increase in five years.

    Despite past efforts by Nigerian governments to revitalize the mining and quarrying sector, the desired progress has been elusive.

    A decade ago, the administration of then-President Goodluck Jonathan aimed to elevate the mining industry’s contribution to the gross domestic product to three percent by 2015. However, the sector only accounted for 0.2 percent of the GDP last year, as reported by PwC.

    Encouraging foreign companies to refine minerals within Nigeria remains challenging due to issues such as unreliable electricity supply and limited domestic demand.

    Additionally, many minerals are extracted by illegal miners. In northern Nigeria, security concerns persist, with armed gangs involved in mass abductions and killings, leading to the displacement of local communities and facilitating illegal mining activities, as noted by Alake.

  • Toyota Recalls 14,480 Vehicles Over Fuel Pump Fault 

    Toyota Recalls 14,480 Vehicles Over Fuel Pump Fault 

    A potentially deadly fuel pump fault has triggered the recall of thousands of Toyota C-HR vehicles. The flaw could cause serious engine bay fires resulting in death or injury. 

    If drivers can smell a fuel odour that is a warning sign. 

    The recall is for 14,480 vehicles sold between 2019 and 2023.

    “The internal components of the fuel pump may wear and fracture the welded area of the fuel pump, which could lead to a fuel leak in the engine compartment,” the federal Department of Transport recall said.

    “A fuel leak in the engine compartment may result in an engine bay fire.

    “A vehicle fire could increase the risk of injury or death to vehicle occupants, other road users or bystanders.”

    C-HR Petrol (NGX10 & NGX50) variants are the makes at risk and this includes the C-HR 2WD 1.2L Petrol model, and the C-HR AWD 1.2L Petrol model.

    Owners of those vehicles should book in for a free fuel pump replacement. 

    ‘Toyota will contact affected owners in writing, requesting they make an appointment at their preferred Toyota dealer who will inspect and if necessary replace the fuel pump, free of charge,’ the recall notice said. 

    Similar fuel pump issues also plagued the model before a 2021 recall was ordered for 7669 affected vehicles sold between 2019 and 2021.

    Last week hundreds of Toyota Klugers were recalled after a major safety issue was found with the vehicle’s airbags.

    The safety issue affected 625 vehicles in the range of the 2023 Kluger Petrol models TXUA70 and TXUA75.

    The safety issue also extends to several other variants of the car’s model including the Kluger 2.4L Petrol 2WD, Kluger 2.4L Petrol AWD, Kluger Hybrid 2.5L. 

    An alert which was put out by the Department of Infrastructure and Transport said the airbags inside the vehicle have the tendency to get loose over time.

    ‘The driver side airbag wiring harness connection may become loose over time. As a result, the airbag warning light will illuminate and the driver side airbag will not deploy,’ the alert says.

    The issue could stop the airbags from working if the listed models of the car are involved in a crash.

  • IBEDC Decries N28bn Debt Owed By Ogun Customers  

    IBEDC Decries N28bn Debt Owed By Ogun Customers  

    The Ibadan Electricity Distribution Company (IBEDC) has disclosed that customers in the Sango and Ota axis of Ogun state owed the company N28 billion.

    The Lead Media Relation, IBEDC, Mrs. Busolami Tunwase, stated this during a stakeholders’ meeting in Joju, Ota, Ogun state recently.

    Tunwase, who represented the Chief Executive Officer of IBEDC, Mr. Kingsley Achife, said the N28 billion electricity debt was owed by residential customers and not industries.

    “We are appealing to customers to urgently pay their bills for the company to survive and effectively carry out our business operations. The accumulation of debts is hampering the operations of the company because we have requests and obligations to fulfill.
    Not paying for electricity consumed is energy theft, which is punishable and attracts jail term,” she said.

    Tunwase said the new electricity bill signed into law by President Bola Tinubu gave room for punishment to anyone caught stealing electricity.

    She admonished customers to refrain from bypassing, illegally removing, or moving the meter to another location, damaging the meter to avoid paying the bill, illegal connections, among others.

    Tunwase noted that payments received provided the electricity value chain with the needed revenue to improve service.

    She advised them to desist from using substandard meters, which are prone to serious dangers to the people.

    Tunwase added that such erring customers with illegal meters should be reported to the appropriate channel as using illegal meters was an offence.

    She also warned customers against assaulting its officials in the course of discharging their duties to avoid the wrath of the law.

    A customer, Mr. Tunde Adeyemi, said there was a need for IBEDC to redouble its efforts to provide stable electricity for residents.

    Adeyemi lamented that the epileptic power supply in Sango and its environs was affecting the livelihoods of people negatively, adding that IBEDC also needed to address higher electricity bills to prevent shortchanging the public.

    Adeyemi also appealed to IBEDC to make pre-paid meters available to customers to enhance its operation.

  • Bulls Trend As Local Equities Rebound To Gain N187bn

    Bulls Trend As Local Equities Rebound To Gain N187bn

    Nigeria’s domestic equity market on Tuesday returned bullish, gaining N187 billion as profits recorded in the shares of Geregu Power, Flour Mills Nigeria Plc, Dangote Sugar, United Bank for Africa and others lifted market activities.

    Market capitalisation of listed equities increased by 0.51 per cent to N36.929 trillion from N36.742 trillion it closed the previous day.

    The NGX All Share Index also appreciated by 340.85 basis points to 67217.77 points from 66876.92 points traded on Monday.

    An analysis of the investment showed that Flour Mills Nigeria Plc led gainers table by 9.93 per cent to N31.00 per unit, UPL followed with a gain of 9.81 per cent to N2.35 per share, Chams Plc added 9.37 per cent to close at N1.75 per share, Geregu Power added 9.05 per cent to close at N343.50 per unit, Thomas Way gained 9.02 per cent to close at N4.34 per unit.

    Conversely, VFD group and ABC Transport recorded the highest loss at the close of transaction at the NSE, dropping 9.98 per cent each to close at N218.20 and N0.73 respectively.

    FTNCocoa trailed with a loss of 3.70 per cent to close at N1.56 per share,  NGX group dipped by 3.67 per cent to close at N21.00 per unit, Vitafoam Nigeria Plc down by 3.44 per cent to close at N22.45 per share.

    Volume of transactions increased as investors traded 319.904 million shares valued at N6.330 billion in 6272 deals against 314.619 million shares worth N4.388 million exchanged hands the previous day in 6133 deals.

    AccessCorp Plc-led market activities with 50.780 million shares valued at N837.972 million, GTCO Plc followed with account of 42.043 million valued at N1.496 billion, Fidelity Bank traded 32.117 million shares cost N264.006 million, United Bank for Africa traded 25.725 million shares worth N496.685 million while Sterling Bank exchanged 19.371 million shares cost N69.984 million.

  • UBA’s Fraud Awareness Week: Stakeholders Seek Collaboration To Combat Menace

    UBA’s Fraud Awareness Week: Stakeholders Seek Collaboration To Combat Menace

    United Bank for Africa (UBA) Plc, one of Africa’s premier financial institutions, recently hosted a significant event during its Fraud Awareness Week, emphasizing the importance of inter-agency collaboration in combating financial fraud.

    This initiative aims to empower customers with the knowledge and tools needed to protect themselves from fraud and financial malpractices within the banking and financial sector.

    Running from Monday, October 16th to Friday, October 20th, 2023, the week-long event garnered substantial participation from key stakeholders across the financial sector.

    These participants shared their concerns regarding the escalating cases of fraud and discussed strategies to combat this critical issue.

    One of the event’s highlights was a Stakeholders’ Round-Table panel session held on Thursday.

    Distinguished guest speakers included Mr. Abbah Sambo Usman, Head of Cybercrime Investigation at the Advance Free Fraud Economic & Financial Crime Commission (EFCC) Lagos State Command; Barrister Akin Adesomoju, Managing Partner at Akin Adesomoju & Co; and the Chief Risk & Compliance Officer, among others. These experts brought their invaluable insights and perspectives to the table.

    During the panel session, all participants reached a unanimous consensus on the necessity of collaborative efforts among all stakeholders, including banks, financial institutions, and regulatory agencies. The goal of such collaboration is to provide essential information, data, and intelligence to detect gaps in the fight against fraud and to prevent future occurrences.

    The Group Managing Director/Chief Executive Officer, Oliver Alawuba, who was represented by the Group Internal Auditor, Gboyega Sodiq, emphasized the pivotal role of the Stakeholders’ Round-Table session.

    He highlighted that this session is a central component of UBA’s commitment to combating fraud and safeguarding the integrity of the nation’s financial systems.

    Alawuba stated, “In a rapidly evolving world of finance, where technology and innovation are transforming the landscape of financial services, the need for robust fraud prevention measures is more crucial than ever before.

    This year’s campaign is encapsulated in two simple yet powerful slogans: ‘UBA won’t ask; so don’t share’ and ‘Stay Secure, Stay Alert, Stop the Fraud.’

    These slogans serve as a reminder that as a bank, we will never request sensitive information such as PINs, passwords, OTPs/token responses, or personal details via email, phone calls, or any other digital channels. They stress the fundamental rule that must be adhered to rigorously to maintain account security and combat fraud actively.”

    In summary, UBA’s Fraud Awareness Week proved to be a vital platform for uniting stakeholders and industry regulators to address the pressing issue of financial fraud through inter-agency collaborations and customer empowerment initiatives.

  • 11 Months After Launch, 5G Subscribers Hit 1.8m

    11 Months After Launch, 5G Subscribers Hit 1.8m

    Fifth-generation subscriptions have risen to 1.8 million eleven months after its launch in Nigeria, data from the Nigerian Communications Commission, has stated.

    According to the data, 0.83 per cent of the total mobile subscriptions (220.36 million) as of August 2023 were on the 5G network. When calculated, this amounted to 1.83 million mobile subscriptions.

    On a month-on-month basis, 5G subscriptions grew by 537.95 per cent from 286,698.4029 as of July 2023 to 1,828,997.8438 as of August 2023, despite a 0.079 per cent decline in the total number of mobile subscriptions in the country.

    As of July 2023, only 0.13 per cent (286,698.4029) of total mobile subscriptions (220.54 million) was on 5G network. 2G subscriptions (132.92 million) continue to dominate in the country.

    The journey of 5G in Nigeria officially began in 2019 when the NCC disclosed that it would test 5G for three months in the country before actual approval and rollout. Later that year, there was a demonstration, but it wasn’t until December 2022 that the commission officially auctioned its first two 5G spectrums.

  • Diesel Price Rises By 12.77% In September – NBS

    Diesel Price Rises By 12.77% In September – NBS

    The average retail price of Automotive Gas Oil (Diesel) paid by consumers increased by 12.77 per cent on a year-on-year basis from a lower cost of N789.90 per litre recorded in the corresponding month of last year to a higher cost of N890.80 per litre in September 2023.

    In its Automotive Gas Oil (Diesel) Price Watch (September 2023), the National Bureau of Statistics (NBS), noted that on a month-on-month basis, it represents a 4.27 per cent increase recorded from N854.32 in the preceding month of August to an average of N890.80 in September 2023.

    Looking at the variations in the State prices, the top three States with the highest average price of the product in September 2023 include Kano State (N967.78), Anambra State (N950.95) and Niger State (N950.55).

    Furthermore, the top three lowest prices were recorded in the following State namely, Bayelsa State (N840.16), Katsina State (N840.55) and Rivers State (N840.82).

    The Zonal representation of average price of Automotive Gas Oil (Diesel) shows that South East Zone has the highest price of N918.06 while South South Zone has the lowest price N863.97 when compared with other Zones.

  • Equity Market Sheds N21bn

    Equity Market Sheds N21bn

    Nigeria’s equity market began the week on a bearish note, shedding N21 billion following profit-taking in the shares of Dangote Sugar, GTCO Plc and other stocks.


    The development impacted on the market forcing the NGX All Share Index to decline by 38.49 basis points to 66876.92 points from 66915.41 points reported the previous day.


    Market capitalisation of listed equities also declined by 0.06 per cent to N36.742 trillion from N36.763 trillion reported the previous day.

    An analysis of the investment showed that Thomas Way led gainers table in percentage terms, gaining 9.92 per cent to N3.99 per share, Academy Press followed with a gain of 9.71 per cent to close at N1.92 per unit, Ikeja Hotel added 9.52 per cent to close at N3.45 per unit, Chams Plc increased by 7.38 per cent to close at N1.60 per unit, Tantalizer added 6.90 per cent to close at N0.31 per share.

    Volume of trades increased by 135.726 million, representing 65.92 per cent as investors traded 314.619 million shares valued at N4.388 billion in 6133 deals against 205.893 million shares costing N6.380 billion in 4986 deals.


    On the contrary, VFD group recorded the highest loss during the day, shedding 9.99 per cent to close at N242.40 per share, Mcnichols followed with 9.69 per cent to close at N0.56 per share, UPL dipped by 9.32 per cent to close at N2.14 per unit, Chi pls declined by 5.22 per cent to close at N1.09 per unit, Omatek down by 4.44 per cent to close at N0.43 per unit.


    Transactions in the shares of United Bank for Africa led market activities with 47.150 million shares valued at N900.695 million, AccessCorp followed with a gain of 40.348 million shares valued at N666.866 million, FCMB group traded 29.054 million shares cost N173.552 million, GTCO Plc exchanged 27.393 million shares worth N959.246 million while Transcorps sold a total of 16.435 million shares valued at N102.039 million.