Author: Gift Ifeanyi

A Nigerian tribunal has upheld a massive $220 million fine imposed on Meta Platforms (the parent company of Facebook) and WhatsApp LLC by the Nigerian government. The decision came after Meta and WhatsApp appealed the fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC). The regulatory body had concluded that the tech giants engaged in discriminatory and exploitative practices against Nigerian consumers. The fine stemmed from a 38-month joint investigation conducted by the FCCPC and the Nigeria Data Protection Commission (NDPC). The inquiry focused on the companies’ privacy practices, consumer data policies, and overall conduct. Ruling in Favour…

In its ongoing mission to empower Nigeria’s entrepreneurial ecosystem, BusinessDay is set to host the April 2025 edition of its SME Clinic, spotlighting the critical themes of Budgeting, Investing, and Funding for SMEs. Scheduled to take place virtually on Thursday, April 24th, 2025, at 12:30 PM, the session is designed to equip small business owners with the essential financial strategies needed to thrive, even in today’s challenging economic landscape. “We recognize how tough it can be for SMEs to juggle cash flow, plan strategic investments, and find reliable funding,” said Linda Ochugbua, Digital Advert Manager at BusinessDay. “This SME Clinic…

IXPN (Internet Exchange Point of Nigeria) has reached a historic milestone, crossing the threshold of 1 Terabit per second (1Tbps) in aggregate peak domestic internet traffic. This achievement marks a pivotal moment for Nigeria’s internet infrastructure, reinforcing the nation’s growing digital maturity and its trajectory toward becoming a global tech leader. Muhammed Rudman, CEO of IXPN, emphasized the broader significance of the milestone: “This is more than just a number. It’s a testament to Nigeria’s advancement in the digital era. By keeping local traffic within the country, we cut costs, boost speeds, and ensure that our digital economy continues to…

The Kosofe Chamber of Commerce & Industry (KCCI), in collaboration with the Full Gospel Business Men Fellowship International (FGBMFI-Nigeria), recently hosted the KCCI Business Conversation—a dynamic event aimed at empowering Small Business Owners (SBOs) to navigate today’s challenging economic landscape. Welcoming participants, Mr. Joe Femi-Dagunro, Founder and President of KCCI, emphasized the critical need for business owners to unite, innovate, and collaborate. He highlighted that success in the era of artificial intelligence demands new skills and forward-thinking strategies. Mr. Femi-Dagunro also announced the launch of the KCCI Cooperative Multipurpose Society, designed to offer members single-digit interest loans to support business…

MTN Nigeria’s inspiring Go Make A Difference (Go M.A.D.) campaign is making its way to Kano, the cultural and commercial heart of Northern Nigeria. Set to take place on Friday, April 25, at Coolio Restaurant & Lounge, the event promises an unforgettable blend of tradition, innovation, and community spirit. Following successful activations in Abuja, Enugu, Calabar, Ibadan, Benin, Aba, and Jos, MTN now turns its spotlight to Kano—celebrated for its proud heritage, bustling markets, and unmatched entrepreneurial energy. Empowering Dreams Through Digital Innovation At the heart of the Go M.A.D. campaign is a bold mission: empower Nigerians to dream bigger,…

A recent report from the Lagos Business School’s Family Business Initiative has spotlighted a looming crisis in Nigeria’s business landscape: only 22.8% of family-owned enterprises have completed formal succession plans. Presented at the 2025 LBS International Family Business Conference in Lagos, the study paints a concerning picture. While 57% of surveyed businesses are still working on their succession plans, 20.2% have yet to begin the process at all—raising red flags about the long-term survival of these businesses. “The absence of structured succession planning endangers the legacy and sustainability of family businesses,” the report warned. The Next Generation Conundrum Beyond the…

The future of Africa’s blockchain ecosystem is undoubtedly female, and the Women in DeFi Summit 2025 is poised to be a historic milestone. Set for Saturday, April 26, at Eden Hall, Lekki, Lagos, this one-day event will spotlight the African women who are boldly building, innovating, and reshaping the Web3 landscape. Themed “Building Bridges: Connecting Women, Inspiring Innovation,” the summit aims to foster collaboration, community, and empowerment among women active in blockchain, DeFi, and the broader Web3 sector. Whether you’re a seasoned developer, a startup founder, a creative mind, or simply crypto-curious, the Women in DeFi Summit promises authentic connections…

In a bold move to unlock the vast potential of the African Continental Free Trade Area (AfCFTA), the Nigeria AfCFTA Coordination Office has announced the launch of the first-ever AfCFTA Hackathon in Nigeria—featuring a grand prize of ₦20 million. The announcement, signed by Mr. Olusegun Olutayo, Lead at the Nigeria AfCFTA Coordination Office and Director of the Hackathon Project, describes the initiative as a cutting-edge, tech-driven challenge aimed squarely at Nigeria’s dynamic youth population. Led by Cherith-Code Concept Ltd, an International Trade Consortium, the hackathon enjoys the support of key partners including Ascend Studios Foundation, Amazon Web Services, GFA Technologies,…

As Nigeria continues its journey toward economic diversification, one of the most urgent tasks before President Bola Tinubu is the need to strengthen the country’s non-oil export sector. This sixth edition in a series of policy advisory articles focuses on a critical factor—boosting the purchasing power of Nigerian exporters through smart trade finance policies. If Nigeria is to match—and eventually surpass—the earnings from crude oil with non-oil exports, the country must empower its exporters to increase the volume and value of their goods. This means making capital more accessible and deploying modern trade financing tools to ease business operations. Smart…

Once again, ALX Nigeria is proving that when African talent meets the right platform, magic happens. In a spectacular celebration of innovation, grit, and ambition, ALX officially launched its 2025 Ventures Incubator Cohort—an elite selection of startup founders from across Nigeria—while premiering the grand finale of its pan-African “Do Hard Things Challenge” at the Lagos hub. From tech entrepreneurs tackling community issues to creatives turning bold ideas into global solutions, ALX is championing a new wave of African innovators. The ALX Ventures Incubator marks a major leap forward for graduates of the Founder Academy, offering hands-on mentorship, direct investor access,…

In a digital-first world where online visibility defines business success, Treasure Ernest has emerged as a game-changer for micro, small, and medium-sized enterprises (MSMEs) across Africa. Operating from Lagos, Nigeria, Ernest is leading a quiet revolution—helping entrepreneurs thrive in a fast-evolving marketplace. As the founder and lead strategist of The Sales Ville Africa (TSVA), a rising digital marketing agency, Ernest has spent over a decade transforming struggling businesses into profitable powerhouses. Her work is rooted in a distinctive fusion of psychology, branding, and marketing expertise—an approach that has touched the lives of over 10,000 business owners across Nigeria, Ghana, the…

In an age where digital trust is the foundation of innovation and compliance is the new currency, Dapo Agboola is emerging as a transformative force in Nigeria’s data privacy evolution. A U.S.-trained attorney and globally certified privacy expert, Agboola sits at the powerful intersection of law, technology, and policy—guiding Nigerian businesses through a digital transformation grounded in trust, governance, and global relevance. From the bustling tech corridors of Lagos to Silicon Valley boardrooms, Agboola is widely regarded as a strategic legal mind advising fintech startups, regulatory agencies, and multinational platforms on privacy, cybersecurity, and cross-border data governance. His mission is…

Washington D.C., April 2025 — Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has firmly assured international investors that Nigeria remains a safe and promising destination for investment. Speaking at the Nigeria Investment Forum during the ongoing World Bank/IMF Spring Meetings in Washington D.C., Edun emphasized the government’s unwavering commitment to fiscal stability, economic diversification, and investment-friendly reforms. “One of the driving forces behind recent changes at the Nigerian National Petroleum Company Limited (NNPCL) is the mandate to boost production and reduce costs,” he said, highlighting the administration’s strategic efforts to improve national revenue and…

At the 2025 IMF/World Bank Spring Meetings in Washington D.C., Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made a compelling case for stronger financial backing from the International Monetary Fund (IMF) and the World Bank for reform-oriented economies, particularly within Sub-Saharan Africa. In his address at the G-24 Ministerial Meeting, Edun called for innovative financial instruments that would help economies in Sub-Saharan Africa, including Nigeria, implement bold economic transformation plans. He stressed that it is not enough to merely recognize the reform efforts of these nations; rather, the international financial community must provide affordable, sustainable…

Nigeria’s oil sector continues to grapple with the persistent issue of fuel smuggling, despite recent changes in the country’s fuel subsidy policy. Why Fuel Smuggling Is Still Thriving Even after the removal of the fuel subsidy, smuggling remains a lucrative business for criminals due to the vast price difference between Nigeria’s domestic fuel prices and those in neighboring countries. According to Nigerian authorities, the country’s relatively lower pump price for fuel provides an irresistible incentive for smugglers to illegally transport Premium Motor Spirit (PMS) across borders. Price Discrepancies Drive Smuggling Operations The Comptroller General of the Nigeria Customs Service (NCS),…

Lagos, Nigeria, April 24, 2025 – Patobe Smart Homes, a leading property technology firm in Nigeria, is redefining luxury living with cutting-edge smart home automation solutions. Catering to high-net-worth individuals and premium real estate developers, Patobe delivers seamless, secure, and intelligent home systems that enhance convenience, energy efficiency, and security, transforming ordinary homes into extraordinary, intelligent ecosystems. Revolutionizing Living with Smart Technology As Nigeria’s urban landscape rapidly expands, Patobe Smart Homes is at the forefront of the smart home revolution in the country. Using the latest in Internet of Things (IoT) devices, AI-powered security systems, and energy management tools, Patobe…

In a bold move towards sustainability, Empower New Energy, an Africa-focused solar developer and impact investor, has announced a debt financing deal that will allow the company to install at least 26 commercial-scale rooftop solar and battery storage plants across Nigeria. The financing, backed by the Afrigreen Debt Impact Fund—managed by Rgreen Invest and advised by Echosys Invest—will power Justrite Superstores, a leading Nigerian retail chain. Empower will deploy solar photovoltaic (PV) arrays that are expected to generate over 8,000 MWh of electricity annually, fueling Justrite’s operations. A Step Toward Greener Retail The new funding will see the installation of…

In an insightful conversation on Talknomics with Ugodre, Dr. Muda Yusuf, Executive Director of the Centre for the Promotion of Private Enterprise (CPPE), shared key insights into why Nigerian manufacturers are experiencing unprecedented success across the African continent. Thanks to recent foreign exchange (FX) reforms, Nigerian exports have gained significant momentum, particularly to neighboring African countries. As a result, made-in-Nigeria goods are becoming increasingly competitive, setting the stage for local manufacturers to capitalize on new opportunities. However, it’s not all smooth sailing. Dr. Yusuf highlighted ongoing challenges that manufacturers continue to face, such as rising energy costs, poor infrastructure, and…

Agriculture remains the backbone of Nigeria’s economy, employing millions and holding enormous potential for national development. Yet, persistent hurdles like poor market access, limited financing, and fragmented value chains continue to constrain the sector’s full impact. In recent years, a wave of agricultural technology (agtech) startups has emerged to rewrite that narrative—introducing data-driven solutions, modern tools, and smart capital to elevate Nigeria’s agricultural ecosystem. These startups are tackling food security, climate resilience, and youth unemployment while empowering smallholder farmers with innovation. Between 2014 and 2024, Nigeria’s top five agtech startups collectively raised nearly $150 million, according to insights from Briter…

In the investment world, few indicators attract more attention than the dividend payout ratio—a metric that shows how much of a company’s profit after tax is returned to shareholders as dividends. A high payout ratio signals a strong focus on rewarding investors, while a lower one implies the company is reinvesting for future growth. In 2024, Nigerian companies, particularly in the manufacturing sector, have leaned heavily toward generous dividend distributions, whereas banks have opted for a more cautious approach. Manufacturers Take the Lead in Payout Generosity Leading the charge in dividend disbursements are Nigeria’s top manufacturing firms, with Dangote Cement,…