Technology
Buhari Describes $547m from 5G Auction as Good Funding Option
By Aduragbemi Omiyale
President Muhammadu Buhari has described the $547 million generated from the sale of the 3.5Ghz spectrum to MTN Nigeria and Mafab Communications for the provision of the 5G network in Nigeria as a good source of raising funds for development.
He said this on Tuesday at the commissioning of the National Shared Services Centre in Abuja. The facility, which also houses a cybersecurity operations centre, network centre and call centre, is a one-stop-shop for Ministries, Departments and Agencies (MDAs) to interface with citizens.
The President said the money raised from the exercise, which was conducted two times, clears the doubts about the contributions of the digital economy in driving growth, creating employment and generating revenue for the country.
He said the Information, Communication and Technology ICT) sector had accelerated the diversification of the economy, and the Q2 Gross Domestic Product (GDP) report of the National Bureau of Statistics (NBS) showed the extent of growth, with the ICT contributing an unprecedented 18.44 per cent to the GDP, close to three times the 6.33 per cent contribution of the oil sector in the same quarter.
“As part of our efforts to expand our digital infrastructure, we increased our 4G base stations from 13,823 to 36,751 from August 2019 to date, and this has increased the percentage of 4G coverage across the country from 23 per cent to 77.52 per cent, also from August 2019 to date. We have also followed this up with the roll-out of 5G services.
“It is noteworthy that the digital economy sector has excelled in generating revenue for the government. In particular, at the Ministerial Retreat that I chaired from the 18th to 19th of October 2022, our independent analysts adjudged the digital economy sector to have generated 594 per cent of its revenue target from the 2019 baseline. This is very commendable.
“As part of these unprecedented achievements, the sector generated over $547 million dollars from the auctioning of the 5G spectrum alone,” Mr Buhari said at the event, also witnessed by the Minister of Communications and Digital Economy, Mr Isa Pantami.
The President applauded his administration for creating an enabling environment to thrive, stating, “To ensure that the digital economy sector remains successful and in order to reduce the burden on citizens, I recently approved the suspension of the proposed excise duty in the telecoms sector, as any initiative that will lead to hardship for the citizens would not be pursued.”
He further said, “Our administration’s commitment to promoting data promotion and privacy is receiving praise across the world, and we have increased our digital identity enrolments from 39 million in October 2020 to about 92 million today.
“The massive increase of about 63 million in about two years is a global success story and has led to several requests for partnership from countries within and outside Africa. I also approved the establishment of the Nigeria Data Protection Bureau on the 4th of February, 2022, to provide an institutional framework for data protection in Nigeria, in line with global best practices,” the President told the gathering of ICT experts and government officials.”
President Buhari commended the giant strides made by the digital economy sector under the Minister of Communications and Digital Economy and other stakeholders, describing it as impressive.
In his remarks, Mr Pantami lauded the President for his support for the digital economy, with turnovers in broadband/Internet penetration, skills acquisition for global competitiveness and infrastructure development, like the fibre optic cable, which was about 15,000kms in 2015 and increased to more than 60,000kms.
Also, the chief executive of Galaxy Backbone, Mr Muhammed Bello Abubakar, said 400 MDAs were already connected to the National Shared Services Centre.
By Aduragbemi Omiyale
Applications for a 12-week AI First hybrid programme, designed for Series A startups based in Africa or building Africa-centric solutions with AI and machine learning, have opened at g.co/acceleratorafrica.
This is an initiative of Google and it reenforces the tech giant’s commitment to accelerating AI-driven scientific and technological breakthroughs across the continent.
The programme, known as the Google for Startups Accelerator Africa, is in its 10th edition in 2026 and it is targeted as AI-driven scientific breakthroughs.
Entries for the cohort began today, Thursday, February 5, 2026, and will close on Wednesday, March 18, 2026, with the hybrid programme starting in April 2026 for 12 weeks.
A statement from the organisers disclosed that participants will benefit from access to Google’s AI expertise and technical resources, alongside mentorship from seasoned AI professionals and invaluable networking opportunities.
Since its inception in 2018, the Google for Startups Accelerator: Africa program has supported 180+ startups from 17 African countries. Collectively, these startups have raised over $350 million in funding and created more than 3,700 direct job opportunities in the region.
“Africa’s tech landscape is seeing a vibrant shift toward deep-tech innovation. For Class 10, we are focusing on the potential of AI to drive health and societal benefits, providing the infrastructure and expertise to turn these startups into the research labs of the continent,” the Head of Startup Ecosystem for Africa, Folarin Aiyegbusi.
By Adedapo Adesanya
Redtech Limited, a Nigerian financial-technology company backed by Nigerian businessman, Mr Tony Elumelu, is considering to raise about $100 million in the next two years to expand its footprints across Africa.
This comes as it announced processing N30 trillion ($20.6 billion) in total transactions over the 2025 financial year, over 100 per cent more than the N12 trillion achieved in 2024, placing the company among the highest-volume processors in Nigeria.
The milestone was driven by strong growth across its payment platform, RedPay – including POS network, merchant collections, and digital payment channels.
According to the firm’s chief executive, Mr Emmanuel Ojo, the milestone marks a decisive shift from capability building to operating at national scale, reflecting sustained trust in Redtech’s infrastructure under high-volume conditions, alongside consistent adoption across sectors.
“This milestone reflects trust from businesses that rely on us to collect and move money at scale, and from partners who expect reliability every single day. We have built Redtech around durability, strong governance, and regularity alignment, so SMEs, enterprises, and regulated clients can grow on our rails without worrying about downtime or friction. With that foundation in place, we are ready to take this approach into more African markets,” he said.
According to a statement, the firm’s transaction volumes have been driven by a mix of SMEs, enterprise customers, and financial institutions across retail, hospitality, insurance, energy, public-sector-linked services, and banking. This highlights Redtech’s ability to support complex transaction flows, including batch processing, reconciliations, and always-on uptime across different sectors.
Redtech plans to expand beyond Nigeria into 29 African countries by January 2027, building towards an Africa-wide payments capability that can support businesses operating across borders, sectors, and payment types.
The company will then consider the Series A funding round, Mr Ojo told Bloomberg.
The startup has so far deployed more than 30,000 point of sale devices and started a payment gateway which helps businesses move money at scale through secure, reliable, and scalable systems that reduce payment failures, downtime, and reconciliation failures while meeting the compliance needs of enterprises and regulated sectors.
By Modupe Gbadeyanka
From Wednesday, January 28 to Friday, January 30, 2026, several experienced and budding innovators were at the inaugural Innovation Product Demo Day put together by one of Africa’s leading integrated payments and digital commerce companies, Interswitch.
The event was organized as a celebration of ingenuity and a catalyst for collaboration, as well as the company’s renewed commitment to building scalable digital solutions and infrastructure that power Africa’s evolving digital economy.
The programme brought together product managers, software engineers, and developers from across the Interswitch ecosystem, alongside student innovators from select tertiary institutions, to spotlight ideas, experiments, and early-stage solutions shaping the company’s next frontier of growth.
They all converged on the Interswitch Innovation Lab Co-Working Space in Lagos. The firm used the occasion to showcase how innovation is built at Interswitch, through structured experimentation, rapid iteration, and cross-functional collaboration.
Over the course of three days, teams unveiled a wide range of working prototypes, new product features, and emerging concepts, engaging in open dialogue that encouraged idea exchange, integration opportunities, and customer-centric problem solving.
The event also featured student innovators from Landmark University and Redeemer’s University, who presented solutions developed through the Interswitch Discovery Series, an initiative designed to nurture future-ready technical talent and strengthen Africa’s innovation pipeline. The students showcased products built from the skills and insights gained through the programme, underscoring Interswitch’s long-term investment in talent development and ecosystem sustainability.
Each presentation opened the floor for robust discussion, with participants offering feedback, asking critical questions, and sharing perspectives on how solutions could be refined, strengthened, and scaled. This collaborative environment reinforced Interswitch’s approach to innovation as a continuous learning process, grounded in execution, accountability, and real-world impact.
“The Interswitch Product Demo Day is more than a showcase. It’s a space where our teams can test ideas, learn from one another, and see the real-world impact of their work. It strengthens collaboration, builds technical capability, and inspires both our people and the wider tech community to keep shaping the future of technology,” the Chief Innovation Officer, Interswitch, Ms Adaobi Igwe-Okerekeocha, said.
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