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Excitement as funding hope rises for Nigerian startups at GITEX 2018

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… As NITDA bags DWTC award

Beyond the six technology entrepreneurs currently showcasing their products at the Gulf Information Technology Exhibition (GITEX) 2018, there is now funding hope on the horizon for many technology start-ups in Nigeria. This was the result of a well-packaged investment forum organised by the National Information Technology Development Agency (NITDA) at the global technology show, where the Nigerian delegation took turns to advertise huge potentials for investments in the country’s ICT sector to potential investors from across the world.

Funding has been a major challenge confronting many start-ups in the country, however, investors from across the world have indicated interest in exploring the potentials in Nigeria ICT ecosystem, especially, start-ups. Specifically, a Venture Capital (VC) currently based in Mauritius, ArifSaiyad & Associados Ventures, with a $15 million fund for African start-ups has expressed interest in investing part of the fund on Nigerian start-ups. Founder and CEO of the VC, Mr Arif Sayad, said he had seen a lot of potentials in Nigeria and would be looking viable start-ups in the country to invest part of the VC fund in.

Another VC from Egypt, Endure Capital also expressed satisfaction with Nigeria’s pitch at the investor forum, adding that Nigeria is a place to be for the venture. Partner at the company, Waleed Khalil said the company would be partnering with other companies in Nigeria to invest in start-ups.

Other investors who listened to pitches from the six Nigerian start-ups in Dubai were impressed by the innovations of the young entrepreneurs and promised to engage them further to see how they could partner with them.\

NITDA in its bid to grow the ICT sector with local capacity has been empowering tech start-ups in many ways. Part of such efforts is the international exposures being given to the young entrepreneurs by sponsoring them to GITEX and other international events. This year, the agency had sponsored six start-ups, each from the geo-political zones in the country to participate Future Stars event holding alongside GITEX.

In his opening speech at the forum, the Director General of NITDA, Dr Isa Pantami , highlighted the potentials and opportunities in Nigeria for investors. According to him, Nigeria has a ready pool of young “digital natives” awaiting investors in the ICT sector. “With a population having an average age of 18.2 years, Nigeria is the 22nd youngest country on earth. The youthfulness of our population is an asset and the fact that many young Nigerians are ICT enthusiasts even makes it better. Investors can be assured of accessing a large pool of youthful and skilful employees at a fair-price, more cost-effective than engaging employees in other parts of the world” he said.

“Innovation is part of our DNA as Nigerians and there are several stories of innovation across the globe that has the imprint of Nigerians. HopStop, an online city transit App acquired by Apple for a whopping $1billion, was owned by a Nigerian-born Entrepreneur. In August 2018, a team of Nigerian teenagers won the first place in the junior division of the Technovation World Pitch Summit that took place in Silicon Valley. A Nigerian entrepreneur also developed Mekamon, the world’s first gaming robot, with the special ability to customize the gaming bot to perform personalized functions. He got a dream deal with Apple pricing each unit at $300 and putting them in nearly all their stores in the United States and the United Kingdom” Pantami added.

He pointed out that while African startups raised $560 million in 2017, Nigerian startups accounted for $114.6 million of the amount. “These investments and stories of innovation underscore the viability of the Nigerian startups and the capacity of Nigerians to conceive ingenious ideas. We invite you, our potential investors, to take advantage of this massive talent pool as you invest in Nigeria” he said.

Giving a total assurance to the potential investors, members of National Assembly present at the forum said they would do everything possible to terms of legislation to ensure that investors enjoy smooth operation in Nigeria. According to the Vice Chairman Senate Committee on ICT, Senator Foster Ogola, the lawmakers would be ready for suggestions on any area requiring legislation to address challenges confronting investors in the country.

Meanwhile, the organisers of GITEX, Dubai World Trade Centre have commended NITDA for its consistency in promoting ICT development in Nigeria. This feat earned the agency the DWTC award which was presented to NITDA’s DG at the end of the Africa Investment Forum in Dubai. According to DWTC has been playing significant roles in in the growth of ICTs in Nigeria and deserved a commendation.

-Culled from New Telegraph

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THE NATION

Court acquits, discharges suspended SEC DG, Gwarzo

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A Federal Capital Territory (FCT) High Court on Tuesday discharged the suspended Director-General of the Securities and Exchange Commission (SEC), Mounir Gwarzo, of the charge of fraud filed against him.

Mr Gwarzo’s co-defendant, Zakwanu Garba, who was the Executive Commissioner of the commission, was also discharged and acquitted.

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) had arraigned the two officials before Justice Husseini Baba-Yusuf on a five-count charge bordering on fraud.

The former Minister of Finance, Kemi Adeosun, suspended Messrs Gwarzo and Garba from their positions in November 2017 over allegations of corruption.

The minister then set up a panel to investigate the alleged issues, after which the ICPC arraigned them in court.

Delivering judgment on the case on Tuesday, the judge, Mr Baba-Yusuf, held that the prosecution did not prove beyond a reasonable doubt that the accused persons committed the offence for which they were charged.

The judge said by its own admission, the prosecution through its witnesses and evidence confirmed that the action of the defendant was by a decision of the governing board of SEC, which is the highest decision-making body of the commission.

Ruling on the first count of a five charge of use of office for personal enrichment against Mr Gwarzo, the judge said the ICPC did not prove its allegation.

He held that while the first prosecution did not implicate the first defendant in her testimony, the remaining witnesses who are operatives of the ICPC contradicted themselves.

“Furthermore, exhibit 19, which is a memo from the governing board of SEC, has clearly demonstrated that the decisions of the board of SEC as the highest decision and policy-making body of commission is legal.

“As a result of this, the first defendant is acquitted on the first charge,” the judge ruled.

The judge also absolved Mr Gwarzo of the allegations that he used his official position to corruptly enrich himself by using the monies paid to him as car grant as the DG of SEC.

Mr Baba-Yusuf held that: “The burden of proof was on the prosecution but through its own exhibit, which includes a board resolution which approved the car benefit for an executive director who had spent more than two years in office, the charge against Mister Gwarzo has not been established,” he said.

He said the fourth witness under cross-examination agreed that the board resolution was lawful and that the car grant was non-refundable.

Mr Baba-Yusuf held that the testimony of Prosecution Witness Two clearly showed that the first defendant had no role in deciding what he was entitled to and as such could not have used his office to enrich himself.

The judge, however, concluded that the evidence as a whole cannot be used by any court or tribunal to convict him.

He, therefore, discharged and acquitted him.

The court in the fourth count also discharged Mr Garba on the grounds that the evidence that he aided the suspended director-general of SEC to use his office to corruptly enrich himself was not proved beyond a reasonable doubt.

The judge then held that no prima facie case was established against Mr Garba who acted based on a decision of the governing board of SEC, which is the highest decision-making body of SEC.

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THE NATION

Kwara governor denies alleged attempt to tele-guide recruitment of KWASU VC

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Kwara State Governor Abdulfatah Ahmed has denied an alleged attempt by him to tele-guide the selection process of a new vice chancellor for the Kwara State University (KWASU) in favour of particular candidates.

He said such recruitment is entirely the prerogative of the institution’s Governing Council, as the incumbent’s tenure expires.

Ahmed, in a statement issued by his Senior Special Assistant on Media and Communications, Dr. Muyideen Akorede, dismissed the allegation circulating on social media as an attempt to blackmail him.

He also dissociated his office or his aides from any attempt to foist anyone on the university as vice chancellor.

Ahmed said he has been briefed by the Ministry of Tertiary Education, Science and Technology, KWASU’s supervisory ministry,  that the university is yet to receive any response to its recent advertisement for a new vice chancellor, not to talk of skewing the selection process in favour of any candidate.

The recruitment of a new vice chancellor for KWASU,  Ahmed reiterated, would follow guidelines enshrined in the law establishing the university.

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THE NATION

Stop blaming NASS for delayed budget passage, Dogara tells Buhari

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Speaker Yakubu Dogara has chided the Executive led by President Muhammadu Buhari for constantly blaming the Legislature for delays in the passage of the country’s annual budgets.

In his opening address at the national budget hearing organised jointly by the Committees on Appropriations of the Senate and the House of Representatives, Dogara drew the attention of the Executive to late presentation its part.

He also lamented poor implementation of previous budgets and he stressed that the Parliament won’t “rubber stamp” budgets merely for the sake of early passage.

According to him, “the budget is the most important law that is passed yearly, consequently, no parliament anywhere in the world rushes it. Let me re-emphasize that this Parliament can never be a rubber stamp and neither are we prepared to surrender our constitutionally assigned rights of checks on the Executive. It is unfortunate, however, that many commentators always ignorantly accuse the National Assembly of delaying the Appropriations Bill as if we are meant to urgently rubber stamp whatever budget estimates that is submitted to us by the Executive. If we fail to scrutinize the budget proposals, it will not only amount to abdication of our constitutional responsibilities as legislators but a betrayal of the mandate of our constituents.

“Let me also add that it is very unfair for the Executive to consistently and repeatedly blame the National Assembly of delaying passage of the budget while failing to address the issue of late budget submission on its part. The Fiscal Responsibility Act, 2007, provides that the Appropriations Bill be submitted not later than September of the preceding year which will give the Parliament ample time to process the document and pass it in good time. Unfortunately, the 2019 Appropriations Bill was submitted on December 19, 2018, just 12 days to the end of the year and the earliest time an Appropriation Bill has ever been presented to the National Assembly in this dispensation was on November 7, 2017.”

Dogara however noted that in a bid to address the issue the National Assembly passed a Constitutional Amendment Bill which sought to compel the Executive to submit the Budget proposals to the National Assembly not later than 90 days to the end of the fiscal year and also to limit expenditure that can be incurred in the absence of the  Appropriations Act from six (6) months to three (3) months.

Dogara added that: “In yet another effort to improve institutional capacity of the Parliament to process and pass budget expeditiously, the National Assembly Budget and Research Office (NABRO) establishment Bill was passed into law. It was closely modeled after the American Congressional Budget Office (CBO). Unfortunately, I regret to inform this gathering that these laudable efforts and initiatives were thwarted when the President withheld his assent to these two important Bills.

“Consequently, efforts to enact a Budget Process Bill which will spell out timelines for every activity concerning the budget is stalled because it would be ineffective to enact a law that will run contrary to Section 81(1) of the Constitution which allows the President to submit the Budget estimates, ‘at any time’ before the end of the financial year.”

The Speaker concluded by assuring that the National Assembly will endeavour to speedily pass the budget as he called on the heads of Ministries, Departments and Agencies (MDAs) to appear before relevant committees and urged the Executive to ‘to muster the will to honestly and diligently implement’ the budget when passed.

In his comments, the Chairman Senate Committee on Appropriation, Senator Danjuma Goje (APC, Gombe) observed that the public hearing was crucial to inclusive and active participation in the process of passage of the 2019 budget.

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