By Modupe Gbadeyanka

A popular human rights activist, Mr Dele Farotimi, has been remanded in prison custody in Ekiti State after he was arraigned on Wednesday by the police.

He was accused of defaming a legal luminary, Mr Afe Babalola, in a book titled Nigeria and its Criminal Justice System.

The book was published by Mr Farotimi and he claimed that Mr Babalola, a Senior Advocate of Nigeria (SAN), used his position to influence the judiciary.

The suspect, who is also a lawyer, was allegedly abducted this week in his Lagos chamber by officers of the Ekiti State Command of the Nigeria Police Force (NPF) and taken to Ekiti State by road.

Today, he was arraigned before Magistrate Abayomi Adeosun of the Ado-Ekiti Magistrate Court on a 16-count charge, which he pleaded not guilty to.

The police said it acted on a petition of defamation written by the founder of Afe Babalola University, Ekiti State.

The nonagenarian lawyer claimed the 56-year-old professional colleague exposed him to hatred, contempt, ridicule and damage his hard-earned career in the book.

At the court today, the police prosecutor, Mr Samson Osun, begged the court to keep the accused person in prison custody pending further investigation.

However, this was opposed by the counsel to the defendant, Mr Dayo Akeredolu, who argued that the alleged offence was bailable and that Mr Farotimi is a public figure who respects the rule of law.

This plea was not answered as Mr Adeosun remanded the suspect in prison custody and adjourned the hearing till December 10.

By Adedapo Adesanya

Early-stage venture capital fund, Ventures Platform, which invests in innovative startups across Africa, has called for the establishment of an inclusive climate innovation fund to support underrepresented groups in climate entrepreneurship.

This is part of recommendations made in its recently published climate tech whitepaper entitled Innovating for a Sustainable Future: Leveraging Venture Capital and Startup Innovation to Combat Climate Change in Africa.

The white paper outlines key goals, strategies, challenges, and ecosystem support needed to enhance the impact of African climate tech startups, providing a comprehensive guide for non-climate VCs and entrepreneurs in the technology sector. It also proposes a framework for a coordinated climate response in the African tech sector.

Formally launched at the recently held Africa Prosperity Summit in Lagos, the paper explores how the agility and innovation of startups, combined with the strategic deployment of venture capital, can catalyse the development and scaling of climate-smart solutions tailored to the specific needs and challenges of African communities and ecosystems.

Furthermore, the paper offers insights to climate tech startups on how to secure and maintain venture capital support, while providing an in-depth analysis of how venture capital and startup ecosystems can act as powerful engines of progress in the face of environmental adversity.

Other recommendations made include the need to develop Africa-specific metrics for measuring the success and impact of climate-focused startups, considering both environmental and socio-economic factors.

Since launching in 2016, Ventures Platform has funded over 90 startups, with at least one in every region of the continent and across various sectors including climate tech. Many of its startups are category leaders in fintech, healthtech, and insurtech, including Moniepoint, Mdaas Global and Tanel Health.

While not primarily a climate fund, Ventures Platform understands the importance of sustainable investments for long-term prosperity and has factored this into its investment guidelines by prioritising businesses that implement sustainable practices, reduce environmental impact and drive long-term ecological benefits.

Drawing from its learnings as a key player in Africa’s tech ecosystem and from broader research, Ventures Platform has published this climatetech white paper to better equip non-climate Venture Capitalists (VCs) and startups with insights and tools to support Africa’s climate resilience through strategic investments and operational choices.

The fund also called for the facilitation of cross-border collaborations between different types of VCs through networking events, joint investment programmes, and knowledge-sharing platforms.

According to the United Nations, Africa contributes under 4 per cent of the global greenhouse gas emissions yet suffers disproportionately from climate change.

Ventures Platform, through the white paper, proposed a simplified framework focusing on adaptation, mitigation and enablers, to guide the African VC and startup ecosystem in addressing climate challenges.

It examined that adaptation strategies include developing climate-resilient infrastructure and agricultural practices. Mitigation efforts focus on reducing greenhouse gas emissions through renewable energy adoption and sustainable land use while ‘enablers’ encompass financing mechanisms, policy frameworks, educational programs, and technological innovations.

It also recommended the conduction of sector-specific climate opportunity assessments to identify and prioritise high-potential sectors for climate innovation in Africa.

Presenting the white paper at the Africa Prosperity Summit, Mr Dotun Olowoporoku, Managing Partner, Ventures Platform, shared, “African VCs often prioritise impact and livelihoods along with traditional metrics, but there is an urgent need to focus on climate-resilient business models”

Mr Olowoporoku also noted that climate change poses formidable threats with potential for severe impacts across multiple sectors, and noted that,”building climate-resilient business models can unlock business, societal and environmental sustainability.”

“As Venture Capitalists, we can drive change in Africa’s climate action by providing funds, encouraging innovation, and scaling climate-smart solutions. Startups like MAX, Rana Energy, and ThriveAgric, which were recognised in the 2024 TIME 100 Climate list, show how tech-driven solutions can address local issues and help global climate efforts.

“At Ventures Platform, we are deeply committed to investing in companies that are not only commercially successful but also actively contribute to solving some of society’s collective challenges”.

Commenting further on the landmark paper, Mr Dolapo Morgan, Senior Investment Associate at Ventures Platform, shared, “Africa is at the receiving end of the world’s climate disaster and it is important for us to turn this challenge into opportunities. It is time for entrepreneurs to focus on building climate-resilient business models for long-term sustainability while creating innovative climate solutions to tackle climate challenges.

“We are already beginning to see some startups and investors move in this direction and that is a good start. This white paper is a call for a coordinated African response towards scaling the opportunities that climate change presents to our technology sector, emphasizing the pivotal role non-climate funds can play in complementing and amplifying the efforts of climate-focused investments,”

By Adedapo Adesanya

President Bola Tinubu has directed the Federal Ministry of Justice and the National Assembly to work on concerns raised in the controversial tax reform bills.

This follows criticisms from statesmen, with the most vocal criticism coming from the northern region, who believe that the reforms will further affect the region.

President Tinubu has now mandated the Justice Ministry to look into the concerns raised and work with the leadership of the National Assembly to finetune the rough edges in the bills.

“It is pertinent to state that the government has nothing sinister to warrant the suggestion that the process is being rushed. In line with the established legislative procedure, the Federal General welcomes meaningful inputs that can address whatever grey areas there may be in the bill,” the Minister of Information and National Orientation, Mr Mohammed Idris, said in a statement.

“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”

The statement noted that President Tinubu is committed to accountability to the Nigerian people and described the debates generated by the bills as “welcomed, and commendable”.

“It is very inspiring to see Nigerians from all walks of life coming out to express their views and opinions on these matters of critical national importance,” he said. “This is the very essence and meaning of democracy”.

“In the spirit of democratic engagement, there should be no room for name-calling or the injection of unnecessary ethnic and regional slurs into this important national conversation,” the minister said.

Although some of the arguments against the bills are that they were targeted at impoverishing some states, especially in the north, the minister has dismissed the claim which he labelled as “fake news” and “ misinformation”.

“The fiscal reforms will not impoverish any state or region of the country, neither will they lead to the scrapping or weakening of any federal agencies,” he added.

When passed, the minister said, these bills are expected to “bring relief to tens of millions of hardworking Nigerians” and equally “empower and position our states and the 774 local governments for sustainable growth and development”.

“On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc) and in social investments that will benefit all Nigerians and ensure that no one is left behind,” the Information Minister’s statement read.