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By Kehinde Ogundare In recent years, the global economy has faced and continues to face numerous challenges, including a pandemic, war, climate change, and inflation. Businesses have had to adapt and find new ways of working to tackle these challenges. Nigeria is no exception. According to the National Bureau of Statistics of Nigeria, the annual inflation rate accelerated to 24.08% in July 2023, the highest since September 2005. This has affected everything from electricity tariffs to transportation, all crucial to the performance of Nigerian enterprises. Fortunately, by adopting the right technologies and using them the right way, enterprises can ensure that they’re

By Modupe Gbadeyanka On Wednesday, October 11, 2023, stakeholders within the telecoms and ICT ecosystem gathered at Fraser Suites in Abuja to discuss Modernization and Digitization, the theme of an event organised by Airtel Nigeria. The Director of Airtel Business at Airtel Africa Plc, Mr Luc Serviant, while addressing the participants, emphasised the company’s commitment to fostering collaboration and partnerships that drive progress and innovation. He highlighted Airtel Nigeria’s dedication to endowing the public sector through cutting-edge technologies, enabling transformative change on a national scale. “At Airtel, we are happy to discuss connectivity, innovation & technology, digital pillars, cloud security,

By Modupe Gbadeyanka The unveiling of Digital Innovation & Creative Excellence (DICE) on Wednesday, November 8, 2023, will be witnessed by critical stakeholders in the technology industry. DICE is an initiative of Beyond Limits in partnership with key stakeholders in the tech, business, and creative ecosystem. The company, established by an expert in the field, Ms Juliet Ehimuan, has themed the launching of the initiative as Solve for Africa: Co-Creating a Tech-Enabled Future. Those expected to grace the occasion include the Minister of Communications and the Digital Economy, Nigeria, Mr Bosun Tijani; the founder of MainStreet Technologies, Ms Funke Opeke;

By Adedapo Adesanya The Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, has announced a plan to help Nigerian tech startups raise a total of $5 billion yearly in funding rounds by 2027. He disclosed the plan in the ministry’s 31-page Strategic Blueprint document titled Accelerating our Collective Prosperity through Technical Efficiency, released and seen by Business Post on Monday. Mr Tijani said the ministry’s primary objective is to stimulate the growth and sustainability of startups, with a specific focus on developing innovative solutions for critical sectors of the economy. “Recognising the critical role of patient capital in the

By Adedapo Adesanya Flutterwave has secured a Switching and Processing License by the Central Bank of Nigeria (CBN)— widely regarded as CBN’s most valuable payments processing license. This license allows Flutterwave to offer customers transaction switching and card processing services. Others include non-bank acquiring, agency banking and payment gateway services. This means the company can also process card transactions, participate in agency banking and offer various payment services without intermediaries. Prior to this license, Flutterwave operated with its Payment Solution Service Provider (PSSP) and International Money Transfer Operator (IMTO) licenses. Speaking on this, the Chief Executive Officer (CEO) and founder,

By Modupe Gbadeyanka A notable philanthropist from Ogwashi-Uku, Delta State, Mr Jude Ndudi Ozah, has donated no fewer than 10 patrol vehicles to the Delta State Command of the Nigeria Police Force. The items were given to the Delta Police Command by the High Chief on Wednesday, December 15, 2021, in the presence of the Obi of Ogwashi-Uku, HRM Obi Ifechukwude Aninshi Okonjo II, and the Commissioner of Police, Delta State, Mr Mohammed Ali. A statement signed by the spokesperson to the Obi of Ogwashi-Uku, Prince Greg Okwumbu, disclosed that the monarch thanked the donor for the gesture, describing him

By Adedapo Adesanya Things are gradually becoming difficult at the foreign exchange (forex) market in Nigeria as the supply end of the curve continues to face liquidity crisis. This has already posed a threat to traders and FX users at the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX), which serves the Investors and Exporters (I&E) end of the market. On Thursday, the Naira crashed by N6.97 or 1.68 per cent against the United States Dollar at the market segment to settle at N422.07/$1 in contrast to the preceding session’s N415.10/$1. This development caused panic at the FX market yesterday because it

By Adedapo Adesanya The oil market witnessed growth on Monday as supply disruption pushed prices higher after one of Africa’s top exporters, Libya, announced shutting down production. The Libyan National Oil Company (NOC) declared force majeure on another key Libyan oil field, the 300,000 barrels per day Al Sharara, amid protests that had shut down oil production in strategic places. According to the NOC, “a group of individuals put pressure on workers in the Al-Sharara oil field, which forced them to gradually shut down production and made it impossible for the NOC to implement its contractual obligations”. The NOC said

By Adedapo Adesanya African tech firms raised $649.3 million between January 1 and March 31 this year, down 57.2 per cent of the total from the corresponding period in 2022, according to data from Disrupt Africa. This is as slow funding affected the ecosystem, which is facing global headwinds, which is, in turn, affecting everything, including funding. This is according to the most recent edition of the annual African Tech Startups Funding Report released by Disrupt Africa in partnership with Flat6Labs, MarketForce, 4Di Capital, Mercy Corps Ventures, Newtown Partners, and InsiderPR. There was a drop in the number of companies

By Adedapo Adesanya The election of Mr Abdulkadir Sarki as the House of Represenatatives member for Katagum Central Federal Constituency in Bauchi State was short lived as the Bauchi state House of Assembly and National Assembly Election Petition Tribunal on Thursday ordered a re-run election in seven polling units of the constituency. According to the Secretary of the tribunal, Mr Abdulkadir Abdullahi, who made the decision known, the three members of the tribunal led by its Chairman, Justice Bello Tukar ruled that the certificate of return issued to the first respondent, Mr Sarki be withdrawn. “The judges directed that the

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has announced plans to inaugurate an annual award ceremony for companies, projects and individuals that add value to the Nigerian oil and gas industry. In a statement issued in Lagos by Mr Paul Osu, Head, Public Affairs, DPR, it was disclosed that Mr Sarki Auwalu, the agency’s director, confirmed this development on Monday during a workshop with industry partners. He said the industry partners at the meeting included exploration and production companies, service companies as well as oil and gas professional bodies. Mr Auwalu said the Improved Oil Recovery (IOR)/Enhanced Oil