Nigeria is making significant strides to boost Micro, Small and Medium Enterprises (MSMEs) by creating digital infrastructure that will enable these businesses to operate seamlessly across African borders. Vice President Kashim Shettima announced this during the inauguration of the oversight committee for the upcoming 4th African Union (AU) MSME Forum, set to take place in Abuja from June 23 to 27. Shettima highlighted that the administration of President Bola Ahmed Tinubu is committed to building “digital highways and bridges” to integrate Nigerian MSMEs into the broader African market. “Africa is not short of ideas and digital innovation,” he said, emphasizing that over 83% of employment on the continent is in the informal sector, where MSMEs play a critical role. The Vice President pointed to Nigeria’s alignment with the African Continental Free Trade Area (AfCFTA) agreement as a key policy framework supporting this vision. Nigeria has also established a Technology Export and Digital Trade Desk to help entrepreneurs export services and digital goods across Africa. Major initiatives include the i-DICE Programme, a $617.7 million investment targeting digital and creative enterprises, and the 3 Million Tech Talent Programme, which aims to train Nigerian youths in coding, data science, and digital skills to drive economic transformation. “The Tinubu administration is ready to lead in shaping Africa’s digital trade future,” Shettima said, adding that legal reforms are underway to make cross-border commerce more secure, scalable, and seamless. The AU MSME Forum will bring together nearly 6,000 SMEs from across Africa, along with 145 partners worldwide, providing a platform to exchange ideas, foster collaboration, and unlock new business opportunities. The event will conclude with the National SME Awards, celebrating outstanding contributions to the sector. Senator Ibrahim Hadejia, Deputy Chief of Staff to the President and chairman of the organizing committee, described the forum as “a veritable platform for exchanging knowledge and ideas on MSME development.” Temitola Adekunle-Johnson, Special Adviser to the President on Job Creation and MSMEs, assured that the committee is working to deliver a world-class event reflecting the government’s commitment to MSME growth.
Court orders final forfeiture of N1.29 billion stolen from Sterling bank in system glitch case
The Federal High Court in Ikoyi has ordered the permanent forfeiture of N1,292,798,746.81 stolen from Sterling Bank Plc due to a system glitch, directing that the funds be returned to the Federal Government in favor of the bank. The Economic and Financial Crimes Commission (EFCC) launched an investigation after Sterling Bank reported a theft totaling N2.5 billion. The probe traced the stolen money to multiple accounts held by individuals and a company, including M Sharif Inter-Trading and Marketing Company Ltd. and several accounts linked to Mustapha Abubakar and associates. On March 12, 2025, the court granted an interim forfeiture order and invited any interested party to contest the claim. Following no opposition, Justice D.I. Dipeolu ruled the EFCC’s motion meritorious and finalized the forfeiture. The theft occurred through exploitation of a system glitch at Sterling Bank, allowing criminals to withdraw funds unlawfully. The EFCC has also arrested five suspects, including some bank staff, charged with conspiracy, hacking, and money laundering related to the incident. The suspects allegedly used insider information and cyber tools to divert over N1.2 billion into fraudulent accounts. A similar incident in 2024 involved a system glitch at TAJ Bank Ltd, which led to freezing accounts in other financial institutions and reversing over N139 million credited erroneously. The EFCC continues to urge banks to strengthen security frameworks to prevent such incidents and protect customers’ funds.
Nigerian government stands firm as Meta threatens to pull Facebook, Instagram over $290 million fines
The Nigerian government has rejected Meta’s warning that it may shut down Facebook and Instagram in the country, insisting the tech giant must pay more than $290 million in fines for alleged violations of local data protection and advertising laws. The dispute escalated after a federal tribunal upheld a $220 million fine imposed by the Federal Competition and Consumer Protection Commission (FCCPC) for what regulators described as repeated breaches of Nigeria’s competition and data privacy rules. Additional fines from the Nigeria Data Protection Commission (NDPC) and the Advertising Regulatory Council of Nigeria (ARCON) bring Meta’s total penalty to over $290 million. Meta, which also owns WhatsApp, has said it will appeal the fines and warned it may be forced to suspend Facebook and Instagram services in Nigeria to avoid enforcement measures. However, WhatsApp was not included in Meta’s court filings regarding the shutdown threat. According to regulators, Meta’s infractions include unauthorized transfer and sharing of Nigerian user data, discrimination against Nigerian users, and enforcing unfair privacy policies. The NDPC has also ordered Meta to seek approval before transferring user data abroad and to produce educational content on data privacy risks in partnership with local organizations. “The Commission found that Meta Parties engaged in multiple and repeated infringements,” said Ondaje Ijagwu, Director of Corporate Affairs at the FCCPC. “Threatening to leave Nigeria does not absolve Meta of liabilities for the outcome of a judicial process.” Officials emphasized that Meta has complied with similar penalties in other countries and accused the company of trying to pressure Nigerian authorities by threatening to exit the market. Meta has until the end of June to comply with the tribunal’s order. The government maintains that the company cannot avoid its obligations by leaving the country and remains committed to enforcing consumer protection and data privacy standards.
FG to launch electronic portal to fast-track health research in Nigeria by Q3 2025
The Federal Government has announced plans to roll out a groundbreaking electronic portal for health research proposal submission and approval before the end of 2025-a move set to transform Nigeria’s research landscape and align the country with international best practices. Speaking at a two-day workshop in Abuja, Minister of State for Health and Social Welfare, Dr. Iziaq Salako (represented by Dr. Kamil Shotirere), explained that the new e-portal will streamline the process for submitting, reviewing, and approving health research proposals. The system aims to eliminate bureaucratic delays, enhance transparency, and allow researchers to track their applications in real time, significantly improving efficiency and accountability. Members of the National Health Research Ethics Committee (NHREC) are being trained to use the platform, which will ensure that all research involving human participants adheres to strict ethical guidelines. Funded in part by the Gates Foundation and developed with technical support from the U.S. Centers for Disease Control and Prevention, the e-portal is expected to help Nigeria attract more international research collaborations and accelerate studies on national health priorities such as infectious diseases, maternal health, and non-communicable diseases. The government has set a target for the portal to be fully operational before the end of the third quarter of 2025, with pilot submissions starting earlier. Stakeholders believe this digital leap will not only boost Nigeria’s competitiveness in global health research but also ensure that ethical principles remain central to scientific innovation in the country.
FIRS urges court to dismiss Binance’s move in $79.5 billion tax dispute
The Federal Inland Revenue Service (FIRS) is pushing back against Binance Holdings Limited in a high-stakes legal battle over alleged tax evasion and economic losses totaling $79.5 billion. On Tuesday, FIRS asked the Federal High Court in Abuja to dismiss Binance’s application challenging an earlier court order that allowed the agency to serve legal documents via email. The court had granted this order in February, citing Binance’s lack of physical presence in Nigeria. Binance, a global cryptocurrency exchange registered in the Cayman Islands, argues that Nigerian law requires court documents for foreign companies to be served directly to a company director or at its registered office. Binance’s lawyer, Chukwuka Ikwuazom, said the FIRS did not follow proper procedures for serving a foreign entity and called for the electronic service to be invalidated. FIRS countered that Binance’s registration status is unclear and that the company has no office in the Cayman Islands, but maintains significant business activity in Nigeria. The agency noted that Binance’s General Counsel, Eleanor Hughes, who received the court documents by email, acts as a principal officer and has previously engaged with Nigerian authorities. FIRS also stated that attempts were made to serve Binance’s detained representative, Tigran Gambaryan, in person, but Binance directed that legal papers go through its law firm in Nigeria. The agency insists Binance is aware of the proceedings, as shown by its legal team’s court appearances. The court has set May 12 for the next hearing, when it will decide whether to uphold the substituted service order or grant Binance’s request to set it aside.
Nigeria, South Korea set sights on solar and electric vehicle manufacturing partnership
Nigeria is on track to deepen its industrial and clean energy ambitions, as Vice President Kashim Shettima has welcomed a major partnership proposal from South Korea’s Asia Economic Development Committee (AEDC). This aims to boost local manufacturing of solar equipment and electric vehicles (EVs), marking a significant step in the country’s push for sustainable development and technology transfer. The AEDC delegation, led by Chairman Yoon Suk-hun, met with Shettima at the Presidential Villa in Abuja on Tuesday. During the meeting, Shettima reaffirmed the Tinubu administration’s commitment to creating a business-friendly environment and facilitating investments that will transfer advanced technology and improve the lives of Nigerians. “This government wants to be the facilitator for businesses to thrive in Nigeria. We will create a safe passage and a conducive environment for private businesses like yours to thrive,” Shettima said, emphasizing Nigeria’s openness to collaborations that drive industrial growth. The proposed partnership goes beyond clean energy and electric vehicles. It also includes plans to support Nigeria’s security infrastructure with advanced information technology, reflecting a broader vision for a secure and innovation-driven economy. AEDC has pledged to prioritize technology transfer and capacity building, focusing on long-term benefits for both nations rather than short-term profits. If realized, the partnership could help reduce import dependence, create jobs, and position Nigeria as a regional leader in renewable energy and sustainable transportation. Shettima praised South Korea’s longstanding contributions to Africa’s development, especially in technology and human capital, and expressed optimism that this new collaboration would further strengthen ties between the two countries.