General
NCDMB, FI to Launch Portfolio Companies to Support Energy Startups
By Adedapo Adesanya
The Nigerian Content Development and Monitoring Board (NCDMB), in partnership with Founder Institute (FI), is set to launch 17 new portfolio companies that have passed through the board’s Technology Incubation and Innovation Centre (TIIC).
This move is part of its mandate to catalyze research and development and support energy startups.
The launch of the companies will hold on Thursday, August 24, 2023, at the Nigerian Content Tower, Oxbow Lake Road, Yenagoa, Bayelsa State. It will have in attendance international and local venture capitalists, investors, and product development subject matter experts who might be interested in investing or partnering with the new portfolio companies.
In a statement, the board said key highlights of the event will be the pitching by the founders of their business ideas, with the hope of eliciting the interest of investors.
“The launch of the new portfolio companies is a major milestone of the board’s R&D strategy anchored on the commercialization of research and innovation.
“The exposure given to the Founders is anchored on a well-tested NCDMB product development framework, which includes product validation, prototype development, field trial, business development, and product deployment.
“The mission of both NCDMB and FI is to empower Nigerian startups and entrepreneurs to innovate and scale up their minimum viable products,” the statement said.
Speaking on the initiative, the Executive Secretary NCDMB, Mr Simbi Wabote, explained that the board deploys an end-to-end strategy in its projects and does not relent until ideas that it supports are fully deployed, commercialised and begin to solve societal problems.
He noted that some of the solutions proposed by the founders will impact key sectors of the economy beyond the oil and gas sector.
“These are innovative solutions to everyday problems that we face in the country. Nigerian youths are innovative and creative. They are looking for a platform they can get, and NCDMB will be that platform,” he added.
Speaking ahead of the launch, the Director of Planning, Research and Development at NCDMB, Mr Abdulmalik Halilu, explained that Founder Institute was engaged by the agency in December 2022 as a partner in product development. The programme started with 54 incubates.
He further hinted that the collaboration leveraged the institute’s globally recognized accelerator programme that saw the 54 incubates transiting from idea to business development.
He noted that as part of the programme, the founders underwent mentoring, concept development, and patenting processes, and some of them are currently developing prototypes of their various innovations.
At the end of the seven months of intense tutelage, 17 of the incubates completed the business case development phase and are now positioned to establish startup companies and attract investors.
He stated that the incubation process will continue after the launch and will include validation, a startup process, and assuring that the Board will handhold the companies until their minimum viable products are introduced in the market and become successful.
The 17 incubates represent a spectrum of fields in the energy sector and data management, including renewable energy, geological and geophysical, local materials substitution, health, safety, & environmental, and engineering. Other areas are technology development, pipeline monitoring systems, and Artificial Intelligence (AI).
The structured accelerator and the NCDMB incubation programmes have guided incubates to master the art of pitching, understanding market dynamics and customer insights, practical, and mentorship. The accelerator programme also equipped participants to navigate the entrepreneurial landscape effectively.
The impending showcase of the 17 incubates bears immense significance for Nigeria’s economic trajectory.
“By nurturing these talents, NCDMB is not only fostering job creation but also cultivating a pool of capable individuals poised to drive growth across various industries. The programme also ignites an entrepreneurial and innovative culture, with the potential to propel technological innovation and effect positive social change.”
General
Ibadan Stampede: Court Grants Naomi, Hamzat Oriyomi, Principal Bail
By Aduragbemi Omiyale
The former wife of the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, Queen Naomi Silekunola, has been granted bail by an Oyo State High Court.
Justice K. B Olawoyin, presiding over Court 8 sitting at Ring Road on Monday, granted the bail worth N10 million, with two sureties who must submit landed documents within the jurisdiction of the court.
Also granted the bail were an ace broadcaster, Mr Oriyomi Hazmat, and the Principal of Bashorun District’s Islamic High School, Ibadan, Mr Abdulahi Fasasi.
Recall that on December 18, 2024, over 30 children died in a stampede at the school during a Christmas funfair event organised by Ms Naomi.
She reportedly organised the event to give out about N5,000 each to 5,000 children to alleviate the hardship in the ancient city.
However, before the event started, the stampede occurred as parents reportedly stormed the venue with their kids for the money.
The police arrested eight persons, including the ex-wife of Mr Ogunwusi. They were taken to court, which ordered their remand.
This morning, they appeared before Justice Olawoyin for their bail application, which was granted.
The judge said the sureties must submit their international passport with the court, while the defendant must not grant any form of interview during the pendency of the case.
General
Umahi Threatens Contract Termination Over Slow Pace of Road Projects
By Adedapo Adesanya
The Minister of Works, Mr David Umahi, has expressed concerns over the slow pace of critical road projects in the South-East and South-South regions, despite the release of N21 billion in funding for the Aba-Port Harcourt axis of the Enugu-Port Harcourt Expressway.
He lamented this over the weekend during an inspection of various ongoing projects, warning contractors that failing to utilise these funds effectively would lead to severe consequences, including contract termination.
The Minister highlighted that China Civil Engineering Construction Company (CCECC) responsible for Section IV of the Enugu-Port Harcourt Expressway, had only accessed N7 billion out of the N21 billion allocated for the project in 2024.
“You’ve been given N21 billion, but the progress is disappointing. Only N7 billion has been accessed, and work is moving too slowly. If this does not improve, we will terminate the contract,” Mr Umahi declared, instructing the Federal Controller of Works in Rivers State to issue a formal warning to the contractor.
The Minister’s inspection, which also covered the East-West Road and Bodo-Bonny Road projects, focused on the need for contractors to optimize the use of available funds to ensure timely project completion.
Mr Umahi directed Reynolds Construction Company (RCC) handling the East-West Road Section III (Eleme axis), to ramp up work, stressing that the funding should be utilized without delay to meet the April 2025 deadline.
He reiterated the Federal Government’s commitment to infrastructure development but underscored the need for contractors to be more accountable in deploying the funds provided.
“The money has been allocated, and it is critical that contractors use it effectively to avoid delays and ensure timely completion of these vital projects,” he said.
Regarding the Bodo-Bonny Road project, essential for improving infrastructure in the South-South zone, Mr Umahi urged Julius Berger Nigeria to deploy additional resources despite having worked through the holiday period.
“The funds are there, and the expectation is that contractors make full use of them to accelerate progress,” Mr Umahi emphasized.
To ensure accountability, the Minister set a clear target for Federal Controllers of Works to deliver at least four completed projects between February and May 2025.
He also warned contractors that failure to meet deadlines would result in a 14-day notice of termination.
“We will not tolerate delays. Contractors must be held accountable for the funds they receive,” Mr Umahi said, reaffirming that the Ministry will closely monitor project funding and progress to ensure the completion of the Federal Government’s infrastructure agenda.
General
SERAP Sues Tinubu, Governors Over Cybercrimes Act
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Tinubu-led administration and the 36 state governors at the ECOWAS Community Court of Justice in Abuja.
In a statement issued by SERAP’s Deputy Director, Mr Kolawole Oluwadare, it stated that the provisions of the amended Cybercrimes Act remain vague, arbitrary, and repressive, enabling authorities to criminalize legitimate expression and restrict media freedom.
The suit challenged the alleged misuse of the Cybercrimes (Amendment) Act 2024 to suppress freedom of expression, saying it violates human rights, particularly those of activists, journalists, bloggers, and social media users.
The organisation seeks several reliefs, including a declaration that Section 24 of the Cybercrimes (Amendment) Act 2024 is unlawful and inconsistent with Nigeria’s human rights obligations; and an order directing the government to repeal or amend the legislation in compliance with international standards.
“The provisions of the Cybercrimes (Amendment) Act 2024 have opened the door to criminalising legitimate expression and punishing activists, journalists, bloggers, and social media users.
“This is a harshly punitive approach that fails to provide safeguards against misuse, particularly for the peaceful and legitimate exercise of human rights,” the SERAP statement read.
However, no date has been fixed for the hearing of the suit.
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