Author: Blessed

Folorunsho Alakija (born July 15, 1951) is a prominent Nigerian businesswoman and philanthropist known for her significant wealth and influence, particularly in the oil industry. She is currently the group managing director of The Rose of Sharon Group and also serves as executive vice chairman of Famfa Oil Limited. She is married to Modupe Alakija (m. 1976) in a marriage blessed with 4 children. Folorunsho Alakija is a household name in Nigeria today. But beyond the success we see, there is a story of determination, hard work and persistence. Alakija is worth a whooping sum of $1.73 billion according to…

The Nigerian government has pledged its support for small businesses by offering tax breaks. In a recent announcement made by Zacch Adedeji, head of the country’s tax agency, the Federal Inland Revenue Service (FIRS), during the inaugural MSME Finance Awards hosted by The Economic Forum Series in collaboration with Nairametrics and DigiComm Enterprise, he re-emphasized the government’s commitment to helping small businesses grow. Specific measures include exempting small businesses from corporate income tax and VAT. Represented by his special adviser, Collins Omokaro, Adedeji highlighted the government’s focus on creating an enabling environment for MSMEs, specifically through tax relief and exemptions.…

According to news sources, Elon Musk’s internet service company, Starlink, has increased the monthly subscription for its service in Nigeria by 97% from N38,000 to N75,000. For new users, the company also increased the Starlink kits (hardware) by 34% from N440,000 to N590 000. While Starlink had reviewed the price of its hardware in Nigeria upwards and downwards several times, this is the second time it has increased subscriptions. The company in a message to its customers in Nigeria cited “excessive inflation” as the reason for the increment. For current customers, Starlink said the new subscription rate would take effect…

The federal government of Nigeria has disclosed that it is in discussions with the Commonwealth of Nations to onboard Nigerians into its AI Academy to drive innovation in several sectors of the economy. This announcement was made by Nigeria’s Minister of Innovation, Science and Technology, Chief Uche Nnaji, via his X page on Monday, September 30, 2024. The deliberations were a result of high-level meetings with the Secretary-General of the Commonwealth of Nations, Patricia Scotland, on the sidelines of the recently concluded United Nations General Assembly (UNGA) 79th session. Nnaji revealed that they discussed launching and onboarding Nigerians into the…

AfricaIgnite Pitch Competition 2024 powered by Africa Tech Festival, in partnership with the Startup World Cup and powered by Pegasus Tech Ventures, is a premier event designed to spotlight Africa’s most promising start-ups. This competition is an incredible opportunity for innovators to showcase their ideas, gain significant visibility, and connect with potential investors and partners.Start-ups will compete on stage in front of hundreds of attendees, including other start-ups, investors, and tech leaders. The winner of the Africa Ignite Pitch Competition will advance to the Startup World Cup Grand Finale in 2025 in San Francisco, where they will compete for a…

According to news sources, the World Bank has approved three new projects for Nigeria, totalling $1.57 billion in financing. According to a statement released on Monday by World Bank Nigeria, this new funding will support the country in addressing governance challenges in education and healthcare, improving primary healthcare services, and increasing resilience to climate change through enhanced dam safety and irrigation infrastructure. The approval, made on September 26, 2024, highlights the World Bank’s commitment to strengthening Nigeria’s human capital and building resilience in the face of climate threats. This financing package, which includes $1.5 billion loan and $70 million grant,…

The National Information Technology Development Agency (NITDA) has warned of a serious security threat affecting millions of websites worldwide. The vulnerability, identified as CVE-2024-28000, impacts the LiteSpeed Cache plugin for WordPress, a widely used tool for optimizing website performance. This vulnerability could allow attackers to take complete control of vulnerable websites. Know that: The LiteSpeed Cache plugin for WordPress is a tool that improves website performance and loading speed by caching website content and resources. NITDA explained that the flaw lies in the plugin’s “role simulation” feature. Cyber-criminals can exploit this flaw to gain administrative access to websites without needing…

The Nigerian government has secured a $600,000 relief fund and commitments from the Bill and Melinda Gates Foundation. The donation was announced when Vice President Kashim Shettima met with the Bill and Melinda Gates Foundation led by its head of the Global Development Programme, Dr Christopher Elias, on the sidelines of the 79th United Nations General Assembly in New York. The relief fund is to “hasten relief efforts for victims of the devastating floods, as well as for health and agricultural sectors’ reforms,” the Senior Special Assistant to the Vice President on Media and Communications, Stanley Nkwocha, revealed in a…

The Federal Government’s consumer credit scheme anchored by the Nigeria Credit Corporation (CREDICORP) is beginning to take shape with details of interest rates and payment tenure showing a more friendly interest rates regime compared with what digital lenders currently offer. News sources confirm that the interest rates on loans under the scheme range from 4% monthly to 22% annually. It is worthy of note that digital lending platforms, on average, currently charge up to 10% monthly interest rate and a 120% annual percentage rate. Although the scheme started with civil servants, who have now received up to N3.5 billion in…

According to news sources, the World Bank and Nigeria’s Community Action for Resilience and Economic Stimulus (NG-CARES) have called for the adoption of technology by state governments as an effective strategy to combat poverty and address climate-related disasters and economic instability. This recommendation was made during the fifth Zonal Peer Learning and Experience Sharing Programme of NG-CARES in Ondo State, South-West Nigeria. According to the World Bank and NG-CARES, these strategies can revitalize nano, micro, and small enterprises through technology adoption, thereby fostering economic recovery and sustainability. This involves implementing innovative approaches to social transfers, public workfare, livelihoods, and basic…

President Bola Tinubu on Tuesday said his administration would convene a National Youth Conference to address the diverse challenges and opportunities confronting youths.The President made the announcement in his Independence Day broadcast. According to him, the 30-day Confab will unite young people nationwide to collaboratively develop solutions to issues such as education, employment, innovation, security, and social justice. The President stated that the conference would foster meaningful discussions and encourage greater participation in nation-building among young people, who make up over 60% of the population. He added that the conference’s format and delegate selection process would be determined in close…

The Association of Mega Filling Station Owners of Nigeria (AMFSON) has proposed a closer collaboration with the Nigerian National Petroleum Company Limited (NNPCL) to ensure more affordable fuel distribution. AMFSON believes it can transport fuel directly to all 774 local government areas at a lower cost, making it more accessible to people in remote regions. AMFSON President, Davidson Ukatta made this announcement after a meeting with association members in Abuja. He emphasized that AMFSON’s filling stations are widespread across Nigeria, making it easier for the public to purchase fuel at competitive prices. According to the statement, there is a need…

United Bank for Africa (UBA) sent shockwaves through the Nigerian stock market on Monday with the announcement of a remarkable N2 per share interim dividend for its shareholders. This unprecedented payout, surpassing all other Nigerian banks in the first half of 2024, instantly ignited investor enthusiasm, propelling UBA’s share price to a significant high. The significant dividend payout by UBA also comes against the backdrop of the ongoing bank recapitalization in Nigeria, which excludes retained earnings from the calculation of share capital. The stock surged by 9.99%, closing at N28.30 per share, leading the gainers’ list on the Nigerian Exchange…

The NDDC has introduced a new fund worth N30 billion to help businesses in the Niger Delta region. This fund was announced last Thursday at the launch of the Niger Delta Chamber of Commerce, Industry, Trade, Mines, and Agriculture, NDCCITMA in Port Harcourt. The NDCCITMA will work together with the South-South Chamber of Commerce under the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, NACCIMA. The NDDC’s managing director, Samuel Ogbuku, explained that the fund is needed because many small businesses in the region are struggling. He said the fund will bring entrepreneurs together to show what they…

Many NYSC members are having a tough time making ends meet with their monthly allowance. It’s often not enough to cover their expenses for the whole month. Nosa Onyeka, a graduate of Biology Education, who in November, Nosa Onyeka, left the comfort of his home in Lagos serve in Taraba State, experienced this firsthand. Despite enjoying the new environment at first, the challenges of living on a small allowance made him think about going back home. The N33,000 monthly allowance was not enough to cover his needs. And his place of work didn’t pay him any extra money. To survive,…

The British Council in Nigeria has introduced its 2024 Internship Program, offering students and recent graduates a valuable opportunity to acquire practical work experience. As highlighted by Scholarship Region, the program provides competitive monthly stipends and other benefits.This initiative aims to bridge the gap between academic learning and professional skills, ultimately enhancing the employability of participants. Experience gained during the internship will complement the academic knowledge of the interns. Know that internships help students learn how to use what they have studied in a real-life work setting. By working alongside experienced professionals, interns can see how things are done in…

Artificial Intelligence (AI) has rapidly transformed various industries since its mainstream adoption. Generative AI tools like ChatGPT have become indispensable in everyday life. As AI continues to advance, many wonder about its future implications, particularly in education. If you are curious like I am, let us explore together the innovative EdTech work of tech founder Samuel Linus. Samuel Linus is the founder of Nerdy Eye, a tech community dedicated to helping individuals acquire tech skills or make a successful career transition. Drawing on his experience in EdTech, Linus recognized that learners often prefer course creators with active communities. While many…

Boluwatife Ben-Adeola, a Nigerian-born technologist, is rapidly making a name for himself on the global stage. His journey from Lagos to international tech giants showcases the immense potential of Nigerian talent. Education and Impacts in Tech After completing his Bachelor of Science in Electrical and Electronics Engineering from the University of Lagos in 2019, Ben-Adeola’s exceptional skills in competitive programming caught the attention of Bloomberg, a leading global financial services company. Despite still being a student, he secured a coveted software engineering position in their London office. At Bloomberg, Ben-Adeola contributed to the Evaluated Pricing Service (BVAL), a crucial tool…

The Managing Director and Chief Executive Officer of the Nigerian Consumer Credit Corporation, Uzoma Nwagba, has announced that the firm has started disbursing and receiving testimonials on the rollout of the Federal Government’s consumer credit. Nwagba, in a release, highlighted President Bola Ahmed Tinubu’s unwavering vision, noting that his commitment to empowering Nigerians had been crucial in making the initiative a reality. He added that the President’s efforts had ensured that access to consumer credit becomes a right for the many, not just a privilege for the few. Under the CREDICORP pilot, five trusted financial institutions, including FCMB’s Credit Direct…

Nigeria kicked off its participation at the 79th United Nations General Assembly (UNGA) with a major win, securing a $320 million investment commitment from the U.S. Chamber of Commerce. This significant development took place during the US-Nigeria Executive Business Roundtable, which featured Vice President Kashim Shettima and top business leaders. The roundtable included high-ranking Nigerian officials from key sectors like innovation, technology, industry, and health. These officials aimed to attract investment and boost Nigeria’s economic growth. The U.S. Chamber’s Nisha Biswal, representing the American International Development Finance Corporation, announced a $200 million investment in mortgage refinancing for Nigeria, further strengthening…