The Economic and Financial Crimes Commission (EFCC) has detained Mr. Ahamba Tochukwu, the CEO of Gavice Logistics Limited, on accusations of defrauding hundreds of investors through a N2 billion Ponzi-style investment plan. According to the anti-corruption agency, Tochukwu portrayed Gavice Logistics as a multifaceted company offering haulage, courier, and e-commerce services. He attracted investors with enticing offers that promised returns as high as 50%, presenting an alluring but deceitful opportunity. Investigators unveiled that roughly 400 victims invested over N2 billion in this scheme, only to find themselves unable to withdraw their principal or expected profits after November 2024 when Tochukwu reportedly vanished with the funds. EFCC operatives launched an intensive search that resulted in Tochukwu’s arrest after months on the run. He is now being questioned about the elaborate scam. The commission warned Nigerians against engaging with unverified investment ventures promising unrealistic gains, urging the public to exercise caution and conduct due diligence before committing funds.
T2 and India’s Knot Solutions sign multi-million dollar partnership to transform Nigerian telecom systems
Telecommunications firm T2, formerly known as 9mobile, has entered into a strategic alliance worth millions of dollars with India’s Knot Solutions. The collaboration aims to upgrade T2’s business and operational support platforms and was unveiled during the GITEX Nigeria Tech Expo in Lagos on September 3, 2025. CEO Obafemi Banigbe described the venture as more than a tech refresh. He emphasized it’s a comprehensive customer-centric revolution that will enhance how millions engage with their digital environments, delivering experiences that are seamless, immediate, and tailored. T2 is expanding into a comprehensive digital platform, shifting focus from the usual conventional telecom services to offering voice, data, financial technology, content, cloud solutions, and lifestyle products. Banigbe stressed that T2 is developing an ecosystem where connectivity unlocks possibilities spanning entertainment, education, commerce, and financial inclusion. Knot Solutions’ CEO, Sumanth Konuru, envisioned the rapid evolution underway in the telecom sector in Africa, with the upgrade of business and operational platforms being central. He expressed excitement about the partnership’s potential to deliver smarter digital journeys. T2 is transiting from rigid service models into a flexible, highly personalized ecosystem that elevates customer experiences through real-time billing and customized service bundles, using knot solutions’ cloud-native RaptrDXP™ platform. This deal complements T2’s earlier multi-million-dollar infrastructure revamp with Huawei, which focused on enhancing core network infrastructure. While Huawei strengthens network coverage and speed, Knot Solutions provides advanced digital customer engagement capabilities such as transparent billing, self-service tools, comprehensive analytics, and cloud scalability. The partnership reflects strong investor confidence led by Chairman Thomas Etuh, stressing T2’s commitment to driving Nigeria’s digital future through innovative technology and superior customer experiences.
Bolt challenges Lagos court ruling allowing FIRS to tax ride-hailing and food delivery services
E-mobility company Bolt has lodged an appeal at the Lagos Court of Appeal to overturn a High Court judgment permitting the Federal Inland Revenue Service (FIRS) to impose a 5% VAT on transport and food delivery services connected with its platform. Bolt contests the Lagos High Court’s June 24, 2025 decision that upheld FIRS’s authority to designate Bolt as a VAT collection agent under the VAT Act. The ride-hailing firm argues that the ruling misinterprets tax law and unfairly burdens independent contractors using its digital platform. Represented by attorney Elvis Asia, Bolt asserts that applying the tax to service providers earning below the N25 million threshold is a flawed approach. Asia emphasized that the court erred in broadly applying Section 10(3) of the VAT Act, which originally targets non-resident suppliers, to domestic transactions involving Nigerian drivers and food vendors who act autonomously and are not Bolt employees. Bolt claims it does not maintain a physical presence in Nigeria and should not be seen as the direct supplier of transportation or meal services. The company further challenges the usage of the 2021 Simplified Compliance Guidelines for Non-Resident Suppliers in this context, calling their application to local transactions inappropriate. The Lagos High Court’s initial ruling had aligned with the earlier decision by the Tax Appeal Tribunal, which authorized FIRS to collect VAT from ride-hailing and food marketplace providers operating through digital platforms like Bolt. Justice Akintayo Aluko affirmed that the tax agency acted within the bounds of the law by electing Bolt as an agent to withhold and remit VAT payments. Bolt’s legal team also disputes the N1 million penalty imposed by the court, arguing that the entire matter should be reexamined given the misinterpretations surrounding the relevant tax provisions. This lawsuit is another phase in the firm’s contest with the tax authorities, a struggle that began in 2022 when Bolt first challenged FIRS’s mandate to collect value-added tax on its services. At that time, the Tax Appeal Tribunal dismissed Bolt’s suit, a verdict that Bolt then took to the federal high court.
Nigeria teams up with tech giants to develop hyperscale data centres, to boost digital independence
The Nigerian government has announced a partnership with leading technology giants to establish large-scale data centers within the country. This development, unveiled by Kashifu Inuwa Abdullahi, Director-General of the National Information Technology Development Agency (NITDA), aims to safeguard Nigeria’s data independence and foster local technological growth. At the 3rd Biennial Corporate Governance and Enterprise Development Conference held recently in Lagos, Abdullahi outlined how the country is taking decisive steps to reclaim control over its digital assets. Currently, much of Nigeria’s data resides on platforms operated by foreign entities such as social media networks and global cloud providers, which shapes public perception and market dynamics. To reverse this trend, the government is rolling out a comprehensive program encouraging hyperscale cloud providers to build infrastructure on Nigerian soil. This program includes a “Cloud First” policy designed to entice global cloud service leaders while utilizing domestic expertise and facilities. Abdullahi explained that the administration’s blueprint involves categorizing data to decide which information should stay on local servers and what can be entrusted to public cloud environments beyond the nation’s borders. Concurrently, Nigeria is investing in cutting-edge frameworks for artificial intelligence governance and ethics, aligning these with its unique cultural values and societal needs. Abdullahi emphasized the dual approach of fostering innovation while enacting thoughtful regulations. NITDA is working on an extensive program to establish over 1,600 ICT centers nationwide to enhance digital inclusion. This includes community hubs and equipped school facilities, aiming to equip Nigerians from all backgrounds with essential digital skills. He stated that Nigerians currently lack full sovereignty over their data; most of it is controlled by platforms like Google and Microsoft, which influence what they see and believe. He added that the collaboration with Big Tech and hyperscalers, combined with new legislation, will empower Nigeria to host and manage its own data centers.
OpenAI acquires product testing startup Statsig for $1.1 billion, appoints founder as CTO of applications
OpenAI has recently agreed to purchase Statsig, a product testing startup, in a all-stock transaction valued at $1.1 billion. Statsig, founded in 2021 and based in Seattle, specializes in tools that assist software developers in testing and rolling out new features using real-time data insights. Their platform is designed to help accelerate the deployment of products, ensuring data-backed user experiences. Prior to the acquisition, Statsig raised $100 million in funding, achieving a valuation of $1.1 billion this year. Vijaye Raji, the founder and CEO of Statsig, will assume the role of Chief Technology Officer for OpenAI’s applications division. He will report directly to Fidji Simo, who oversees this segment of OpenAI’s business. Raji’s leadership and decade-long experience, including his work at Meta, are expected to bring both entrepreneurial insight and technical expertise to OpenAI’s expanding product suite, including ChatGPT and Codex. This purchase is part of a strategic series of acquisitions by OpenAI in 2025 aiming to accelerate innovation and scale in AI technology. Earlier this year, OpenAI acquired AI hardware startup io Products, co-founded by former Apple design chief Jony Ive, for $6.5 billion, in order to advance its hardware ambitions. In addition, OpenAI has integrated technologies from other startups like Rockset and Multi to enhance its real-time data processing and collaboration tools. OpenAI’s platform growth is equally remarkable, with ChatGPT surpassing 700 million weekly active users globally as of August 2025, boosted by the launch of GPT-5, their most advanced AI model. Major corporations such as BNY Mellon, Lowe’s, Morgan Stanley, and SoftBank have adopted GPT-powered solutions, contributing to a growing user base with over 5 million subscribed to ChatGPT’s business products. This acquisition strengthens OpenAI’s leadership position in the AI landscape, expanding both its technological infrastructure and user base while ramping up real-time experimentation and feature deployment capabilities through Statsig’s expertise .
UBA and Mastercard unveil new prepaid card to boost financial inclusion across Africa
United Bank for Africa (UBA) Plc, in partnership with Mastercard, introduced a new prepaid card on September 2, 2025, aimed at accelerating access to digital payment services for underserved populations throughout Africa. This newly launched card targets individuals who have traditionally been excluded from formal banking, including young adults, freelancers, and lower-income earners. Unlike regular bank accounts, this product allows users to easily fund their accounts and perform transactions both locally and internationally, all while managing their money securely and with flexibility. With over 28.9 million Nigerians still unbanked, this financial tool addresses the gaps in the current payment landscape. It serves as a convenient budgeting aid for youth, provides a flexible payment method for gig workers, and offers a safe, reloadable card option for those outside the conventional banking system. During the unveiling event at UBA’s Lagos headquarters, Shamsideen Fashola, Group Head of Retail and Digital Banking at UBA, emphasized the bank’s customer-centric philosophy, stressing their dedication to delivering practical, everyday financial solutions to Nigerians. He noted, that their partnership with Mastercard once again proves their commitment to simplifying and securing payments for all. Dr. Folasade Femi-Lawal, Mastercard’s Country Manager for West Africa, restates the company’s mission to foster financial inclusion with innovative digital payment alternatives. She added that through collaboration with UBA, they are opening doors to economic participation for all segments of society, empowering Nigerians to confidently engage in the global economy and champion a more inclusive digital future. This collaboration strives to dismantle barriers in the financial sector and drive economic growth by bringing underserved communities into the fold, thereby promoting a more inclusive and sustainable African financial ecosystem.