Ten women will each receive a ₦1 million grant at the grand finale of the ‘Transitioning to Tech for Women’ programme, which will take place on January 15 at The Mike Adenuga Centre, Ikoyi, Lagos. The event is organised by ASF.Africa, and according to a statement released on Sunday, the programme aims to bridge the gender gap in the tech industry by equipping women with technical and business skills. Chief Executive Officer of ASF.Africa, Peter Dingba, said the initiative is designed to empower women with industry-relevant expertise. “The programme celebrates the achievements of women who have completed a year-long training in technology skills and industry expertise,” Dingba said. Participants were trained in backend development, frontend development, DevOps, data science, and the business aspects of technology. The top 10 participants will present their startup ideas at the finale to compete for the ₦1 million grants. The event will also include panel discussions, networking sessions with industry leaders, and the presentation of the ‘Outstanding Women in Tech Awards.’ Expected attendees include representatives from the United Nations, European Union, GIZ, IFC, United States Consulate, Dutch Consulate, Mastercard Foundation, MainOne, Aruwa Capital Management, Jobberman, AWS, and notable female tech founders. “This is more than a grant programme. It is a celebration of women breaking barriers in technology,” Dingba added.
UK prime minister, Keir Starmer announces plan to lead global AI innovation
UK Prime Minister Keir Starmer has unveiled a plan to position Britain as a global leader in artificial intelligence (AI), promising a flexible regulatory framework to boost the country’s economy. Speaking on Monday, Starmer said AI has the potential to transform public services and drive significant economic growth. His government’s “AI Opportunities Action Plan” outlines 50 recommendations for integrating AI into public services, including education and infrastructure maintenance. “AI is the greatest force for change in the world right now. I am determined to harness it to usher in a golden age of public service reform,” Starmer wrote in an article published in the Financial Times. The plan includes the creation of dedicated “AI growth zones” to expedite planning for data centres and infrastructure projects. It also proposes increasing the UK’s server capacity twentyfold by 2030, with the government pledging to build a new supercomputer. Starmer’s administration estimates AI could contribute £47 billion annually to the UK economy over the next decade. The government announced that three companies—Vantage Data Centres, Nscale, and Kyndryl—have already committed £14 billion in AI investments, expected to create over 13,000 jobs. Starmer has proposed a regulatory path that diverges from both the European Union’s stringent data protection laws and the United States’ largely deregulated approach. He said the UK’s approach would test AI long before we regulate, so that everything we do will be proportionate and grounded in the science. The Labour government’s strategy reflects a bid to attract global investment while addressing concerns about the unchecked use of AI. Opposition members have criticised the plan, with Shadow Science Secretary Alan Mak accusing the government of underfunding its ambitions. “AI does have the potential to transform public services, but Labour’s economic mismanagement and uninspiring plan will mean Britain is left behind,” Mak said. There are also concerns about the impact of AI on jobs, with some fearing automation could lead to significant job losses. However, senior cabinet minister Pat McFadden said, “It’s too pessimistic to simply talk about job losses. Like previous technological waves, AI will disrupt but also create new opportunities.” Starmer has made economic recovery a key focus since taking office in July, but his government faces significant hurdles. Slower-than-expected growth, rising borrowing costs, and a weakening pound have limited his fiscal options, raising the prospect of spending cuts or tax increases. The government plans to conclude consultations on AI-related copyright laws next month, aiming to clarify how intellectual property rules apply to AI-generated content. Starmer said this effort seeks to balance innovation with protections for the creative industries. While the Prime Minister’s plan aims to harness the potential of AI for economic growth and public service reform, its success will depend on how the government navigates regulatory, financial, and societal challenges in the coming years.
IMF warns artificial intelligence could destabilise financial markets
The International Monetary Fund (IMF) has warned that the growing use of artificial intelligence (AI) in financial markets poses serious risks, including increased market volatility, reduced transparency, and higher vulnerability to cyberattacks. The warning comes from the IMF’s latest Global Financial Stability Report, which highlights both the benefits and potential dangers of AI in the financial sector. The fund noted that AI is increasingly being used by hedge funds, investment banks, and other market participants to execute trades faster and manage risks more effectively. “The adoption of the latest iterations of artificial intelligence by financial markets can improve risk management and deepen liquidity, but it could also make markets opaque, harder to monitor, and more vulnerable to cyberattacks and manipulation risks,” the report stated. The report raised concerns about AI’s ability to process massive datasets and execute trades within fractions of a second. While this can improve efficiency, it also increases the likelihood of “flash crash” events, where market prices swing dramatically in short timeframes. The IMF drew comparisons to the 2010 flash crash in US equities, which caused widespread disruption. AI’s capability to analyse unstructured data, such as news and social media content, was also flagged as a risk. The IMF said this could lead to unpredictable market movements, particularly during periods of uncertainty or stress. AI is already transforming the financial industry by enhancing speed and precision in trading. However, the IMF warned that if left unchecked, its widespread use could create systemic challenges, including making markets harder to regulate and more prone to manipulation. The report called on policymakers and market participants to carefully monitor and manage these risks as AI’s role in the financial sector continues to expand.
Uber and Bolt drivers in Nigeria call for federal regulation to address unfair state policies
E-hailing drivers across Nigeria, represented by the Amalgamated Union of App-based Transporters of Nigeria (AUATON), are urging the federal government to establish a national regulatory framework to replace what they describe as unfavorable state policies. This call comes as many drivers struggle under inconsistent regulations that vary from state to state. In a recent interview, Kolawole Aina, the South-West Vice-President of AUATON, emphasized the need for a unified approach to regulation that would encompass all stakeholders involved in the e-hailing industry. “Currently, we operate in 26 states, including the Federal Capital Territory, but about 15 or 17 of these states have their own regulations that often do not favor us… We believe a national framework would benefit everyone, drivers, app companies, passengers, and the government.” – Aina The drivers’ concerns are not just about regulation; they also highlight issues such as excessive taxation and safety risks. Aina pointed out that drivers often bear the brunt of financial burdens while app companies and state governments profit. He argued that a federal framework could help streamline regulations and reduce the multiple taxes imposed on drivers. One significant concern raised by Aina is the safety of drivers. He suggested that implementing passenger profiling, similar to how drivers are vetted, could help reduce incidents of crime against drivers, including kidnapping. “We need better relationships between app companies, governments, and drivers to ensure smoother operations,” he said. The push for federal regulation is part of a broader effort by AUATON to address longstanding grievances within the industry. The union was officially registered in 2023 after years of advocacy, particularly following significant pay cuts imposed by companies like Uber without prior consultation with drivers. With the support of the federal government, these drivers hope to secure fair treatment, reduce excessive taxation, and enhance their overall working conditions. The outcome of this movement could significantly reshape the future of the e-hailing industry in Nigeria, benefiting drivers, passengers, and app companies alike.
LIRS embraces technology to simplify tax compliance for Lagos residents
The Lagos Internal Revenue Service (LIRS) is taking significant steps to make tax compliance easier and more affordable for individuals and businesses in Lagos State. In a recent interview on Channels Television’s Business Incorporated, Abideen Akande, the Special Adviser to the Executive Chairman of LIRS, shared exciting updates about the agency’s ongoing efforts to modernize its operations. Akande emphasized that the LIRS is leveraging technological advancements to improve the taxpayer experience. “Over time, technology has evolved, and we are deploying it to make compliance easier and cheaper for taxpayers,” he stated. This commitment is part of a broader initiative to enhance efficiency and reduce the burden on those fulfilling their tax obligations. Akande assured taxpayers that 2025 will bring substantial improvements. The agency plans to roll out an enhanced digital interface that promises faster service delivery. One of the key areas of focus will be the automation of various services, including the process for obtaining tax certificates. This means that taxpayers can expect quicker access to essential documents without the hassle of lengthy paperwork. A major development in this modernization effort is the launch of a new web-based platform. This online system allows taxpayers to easily make payments, file returns, and obtain necessary documents like tax clearance certificates, all from the comfort of their homes or offices. Akande noted that this innovation aims to reduce congestion at LIRS offices and provide a more efficient service overall. In addition to improving accessibility, the LIRS is also focused on enhancing communication with taxpayers. By integrating technology into its operations, the agency aims to provide real-time support and feedback, encouraging greater compliance among individuals and businesses alike. With these technological strides, the LIRS is not only setting the stage for improved tax compliance but also contributing to a more sustainable financial future for Lagos State. As part of Nigeria’s broader efforts to modernize tax administration, these initiatives reflect a commitment to making it easier for citizens to meet their tax responsibilities while enhancing efficiency in revenue generation.
TCN clarifies power fluctuations: No grid collapse, just line tripping
On Saturday, January 12, 2025, the Transmission Company of Nigeria (TCN) reassured the public that the power fluctuations experienced in various parts of the country were not due to a grid collapse, but rather due to line tripping. In a statement released by TCN spokesperson Ndidi Mbah, it was explained that the trouble began when the Osogbo-Ihovbor line tripped at approximately 1:41 PM. This incident was quickly followed by the tripping of the Benin-Omotosho line. While these events led to significant disruptions in power supply, particularly affecting the Lagos area, Mbah emphasized that the national grid remained intact. Before the disruptions, total power generation on the grid stood at 4,335.63 megawatts (MW). However, following the line trippings, this figure plummeted to 2,573.23 MW. Mbah clarified that this drop was indicative of line issues rather than a complete grid failure. The affected power stations, Egbin, Olorunsogo, Omotosho, Geregu, and Paras, have since been restored to operation. However, restoration work on the Benin-Omotosho 330kV line is still in progress as of Saturday evening. Mbah reassured Nigerians that TCN is committed to building a more robust transmission grid to minimize such incidents in the future. The company continues to work diligently to ensure stable power supply across the nation