Connect with us

Technology

Lagos Offers Tech Start-ups N250m Seed Capital

Published

on

N250m Seed Capital

By Modupe Gbadeyanka

In line with its vision to achieve a Smart City, the Lagos State government under the leadership of Governor Babajide Sanwo-Olu, has approved the sum of N250 million seed capital for technology and innovation, tech start-ups and young innovators.

The fund is meant to assist those in the Information and Communications Technology (ICT) industry push their entrepreneurial skills to the next level. It was also stated that the capital will help in conducting researches that would solve issues of national significance.

Mr Sanwo-Olu, speaking on Thursday during the launch of the Lagos State Science Research and Innovation Council (LASRIC), further announced that another $687,000 start-up funds has been set aside for investment in research and development of tech-focused solutions across the six pillars of his administration’s development agenda.

The said the establishment of LASRIC, to be chaired by the Vice Chancellor of the University of Lagos (UNILAG), Prof. Oluwatoyin Ogundipe, as well as the innovation funds, officially begins the process of implementing strategies that would help in the realisation of the Smart City initiative of the state.

He said, “There is no gainsaying the fact that any society that wants to be reckoned with on the global stage must be grounded in the application of technology to growth and development.

“It is gratifying to note that the world has accepted that Lagos as the Silicon Valley of Africa with major investments by Microsoft and Google in the Ikeja-based Computer Village and emerging tech hubs, which have served as launch pads for the digital careers of numerous youths in software development.

“To further expand the opportunities, we are immediately earmarking seed capital of N250 million into Lagos State Science Research and Innovation Council to be accessed by tech entrepreneurs and software developers in innovation ecosystem for them to create various solutions from artificial intelligence to robotics, to health informatics and green energy.”

Besides, the Governor also launched Open Government Initiative, Innovation Master Plan and Lagos State Solution Hub to further drive synergy between policymakers in the public sector and innovators in the private sector.

While the Solution Hub is aimed at democratising access to state actors and serving as the first point of call for innovators, solutions providers and innovators on marketing their solutions, the Innovation Master Plan would be focusing on implementation of policies in four critical areas to unleash a culture of problem solving.

Mr Sanwo-Olu said the master plan would be addressing the challenge of access to data and funding for innovations, adding that the plan would also bring about provision of faster Internet broadband that would catalyse talent development.

“Our Open Government Initiative is focused on data access, which is seen as critical for the building blocks of a solutions culture. Open data promotes inclusiveness, participation and more fit-for-purpose solutions. The Open Government initiative has kicked off and we will be communicating subsequent milestones with the public soon,” he said at the Art of Technology (AOT) Lagos 1.0 conference organised by the Office of the Governor’s Special Adviser on Innovation and Technology.

The Governor urged the participants and investors at the event held at Oriental Hotel on Victoria Island, with the theme Bridging the Gap, to leverage on the opportunities provided by the event to synergise and network with other innovators towards develop life changing software that would transform healthcare, agro-business, transportation, food security, housing and education in Lagos.

“It is our goal to foster the gains achieved by the Art of Technology 1.0 to enhance and empower the residents and investors in Lagos,” Mr Sanwo-Olu said.

Convener and Special Adviser to the Governor on Innovation and Technology, Mr Olatunbosun Alake, said the event had the objective to bridge the gap between governance and innovation.

He said the Government and private sector could no longer afford to work in silos, stressing that the public and private sectors must co-create to key into the future.He added that outcomes of the event would bring about enabling policies that would empower Lagos Government to build a sustainable tech and innovation industry.

Also, Commissioner for Science and Technology, Mr Hakeem Fahm, observed that Lagos Government had started to look into the future by “thinking Smart” and using technology as an enabler to realise Smart City status.

The conference also featured panels of discussion with themes focusing on leveraging technology and innovation to providing solutions and services in key sectors of the state’s economy.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Continue Reading
Click to comment

Leave a Reply

Technology

Interpol, Afripol Arrest 1,006 Cybercrime Suspects in Nigeria, Others

Published

on

Cybercrime Act

By Adedapo Adesanya

The International Criminal Police Organization, commonly known as Interpol, alongside the African Union Mechanism for Police Cooperation (Afripol) in a joint operation across Nigeria and 18 other African countries have arrested 1,006 suspects and dismantled 134,089 malicious infrastructures and networks involved in cybercrime.

The efforts tagged Operation Serengeti commenced on September 2 and ended on October 31, 2024. It targeted criminals behind ransomware, business email compromise (BEC), digital extortion and online scams – all identified as prominent threats in the 2024 Africa Cyber Threat Assessment Report.

More than 35,000 victims were identified during the operation, with cases linked to nearly $193 million in financial losses worldwide.

Interpol said Nigerian authorities arrested a man accused of running online investment scams, where he made at least $300,000 by luring victims through messaging platforms with false promises of cryptocurrency returns.

Information provided by participating countries of ongoing cases with Interpol fed into 65 Cyber Analytical Reports that were produced to ensure actions on the ground were intelligence-led and focused on the most significant actors.

Speaking on the operation, Mr Valdecy Urquiza, Secretary General of INTERPOL, said, “From multi-level marketing scams to credit card fraud on an industrial scale, the increasing volume and sophistication of cybercrime attacks is of serious concern.

“Operation Serengeti shows what we can achieve by working together, and these arrests alone will save countless potential future victims from real personal and financial pain. We know that this is just the tip of the iceberg, which is why we will continue targeting these criminal groups worldwide.”

Adding his input, Mr Jalel Chelba, Afripol’s Executive Director said: “Through Serengeti, Afripol has significantly enhanced support for law enforcement in African Union Member States. We’ve facilitated key arrests and deepened insights into cybercrime trends. Our focus now includes emerging threats like AI-driven malware and advanced attack techniques.”

Apart from Nigeria, operations were carried out in Algeria, Angola, Benin, Cameroon, Côte d’Ivoire, Democratic Republic of the Congo, Gabon, Ghana, Kenya, Mauritius, Mozambique, Rwanda, Senegal, South Africa, Tanzania, Tunisia, Zambia, and Zimbabwe.

Continue Reading

Technology

Interswitch Concludes TechConnect 4.0 Series

Published

on

Techconnect

By Adedapo Adesanya 

African integrated digital payments and commerce company, Interswitch has concluded the fourth edition of its TechConnect series, marking the culmination of an impactful journey across five major Nigerian cities including Enugu, Asaba, Abuja, Ibadan, and Lagos.

The grand finale, which was held at Classique Event Place, Oregun, Lagos, epitomised Interswitch’s commitment to shaping the future of financial services in Africa. The series served as a powerful platform for advancing high-level discussions on technology, innovation, and financial inclusion, fostering collaboration across the financial services ecosystem.

The event was a fitting climax to a series that brought together industry leaders, policymakers, fintech innovators, and microfinance practitioners, who gathered to explore the vital role of technology in driving financial inclusion and economic growth across Africa. Throughout the series, Interswitch has reinforced its mission to build digital solutions that provide equal access to financial services for individuals, businesses, and institutions.

Delivering his keynote address, Mr Akeem Lawal, Managing Director, Payment Processing & Switching, Interswitch Purepay, highlighted the transformative potential of digital payment solutions:

“At Interswitch, we are deeply committed to financial inclusion, recognising that digital payment solutions are pivotal in expanding access to underserved populations. By enabling broader participation in the economy, we believe we can create a rising tide that lifts all boats, empowering individuals, businesses, and financial institutions alike.

“Our vision is simple yet profound: to power a seamless, connected payment ecosystem across Africa, turning challenges in the payments landscape into opportunities for economic growth and shared prosperity,” Mr Lawal.

The Lagos finale featured a fireside chat themed “Regulating New Technologies: Strategies for Innovation and Compliance, Harmonising Regulatory Frameworks and Risk-Based Approaches.

The speakers emphasised the critical role of collaboration between regulators and industry players in navigating the rapidly evolving technology landscape.

They also highlighted the importance of designing regulatory frameworks that balance innovation with compliance to create a sustainable fintech ecosystem.

Two thought-provoking panel sessions enriched the discussions at the event, offering diverse perspectives on critical industry topics. The first session, themed “Navigating the Future of Financial Services: Integrating Compliance, Technology, and Collaboration to Combat Fraud and Drive Growth,” focused on leveraging compliance, technology, and collaborative efforts to address fraud challenges while unlocking new growth opportunities.

The second session, themed “Building Financial Resilience: The Intersection of Commercial & Microfinance Banks, Fintechs, & OFIs in Fostering Growth within the Financial Services Sector,” explored strategies for fostering resilience and growth through synergy between financial institutions and fintechs.

A special highlight of the event was the presentation of awards by Interswitch to Zenith Bank, Access Bank, First Bank, UBA, and Fidelity Bank in recognition of their exceptional performance and significant contributions to the financial ecosystem. Moniepoint, Opay, Paystack, VFD Microfinance Bank, Lapo Microfinance Bank, and several others were also honoured for their impactful roles in advancing the sector.

The TechConnect series traversed Nigeria’s key financial hubs, showcasing the transformative power of technology and digital payments in promoting financial inclusion. At each stop, participants engaged in hands-on demonstrations of cutting-edge digital solutions, gaining practical insights into the tools and strategies redefining the financial services landscape.

The series underscored Interswitch’s strategic vision of financial transformation, providing a platform for stakeholders to address challenges and opportunities in the sector. The events successfully reflected regional priorities while reinforcing the company’s overarching commitment to innovation and resilience across Nigeria.

“As the TechConnect 4.0 series concludes, it has not only left a lasting impact on Nigeria’s financial landscape but also set a clear direction for future initiatives aimed at integrating technology and financial services across Africa. Interswitch remains unwavering in its commitment to fostering partnerships, supporting innovation, and promoting financial inclusion to empower communities and drive economic growth,” the company said in a statement. 

“Looking ahead, Interswitch continues to lead the charge in shaping the future of Africa’s financial ecosystem by delivering solutions that unlock potential, empower underserved populations, and create sustainable growth across the continent,” it added. 

Continue Reading

Technology

Salesforce Unveils Agentforce Testing Centre

Published

on

Salesforce Clean Energy Programme Management

By Aduragbemi Omiyale

An American cloud-based software firm, Salesforce, has introduced agentic lifecycle management tools to automate Agentforce testing, prototype agents in secure Sandbox environments, and transparently manage usage at scale.

The Agentforce Testing Centre will allow teams to test Agentforce using synthetically generated data, ensuring accurate responses and actions — with complete monitoring of usage and feedback

It was stated that the new Agentforce Testing Centre will test topic and action selection at scale by using natural language instructions to auto-generate hundreds of synthetic interactions — such as requests a customer may make when engaging with Agentforce Service Agent — and then test them in parallel to see how frequently they result in the right outcome.

In addition, teams can then use the test data to refine instructions so the expected topic is more frequently selected, improving the end customer experience.

AI agents are a new paradigm in software. They are intelligent systems that can reason and act on behalf of customers and employees. But to realise their full potential, agents need to be tested and configured without disrupting live production environments.

This new toolchain — the first of its kind in the industry — will enable teams to test, deploy, and monitor AI agents with Agentforce at scale, with confidence, enabling every enterprise to become “agent-first.”

“Agentforce is helping businesses create a limitless workforce. To deliver this value fast, CIOs need new tools for testing and monitoring agentic systems,” Salesforce’s Director of Solutions Engineering Africa, Ms Linda Saunders, said.

“This new category of Agentic Lifecycle Management requires unique tools, and Salesforce is meeting the moment again with Agentforce Testing Centre, which will help companies roll out trusted AI agents with no-code tools for testing, deploying, and monitoring in a secure, repeatable way,” she added.

Continue Reading

Trending