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Ministry of Communications and Digital Economy Generate N1.054T In Years



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The Federal Ministry of Communications and Digital Economy and its departments and agencies have collectively generated a total of N1.05 trillion in the last two years.

Minister of Communications and Digital Economy, Dr Isa Pantami, disclosed this on Thursday during the 12th batch, virtual commissioning of eight projects in Abuja.

Pantami said the ministry and its parastatal agencies got a major chunk of its revenues from the salle spectrum allocation.

“The Ministry and its parastatals have generated over N1 trillion for the Federal Government in less than two years, this translates to an average of about N44 billion every month, or over N1.4 billion every day.

“For example, about N360 billion of this revenue was largely from spectrum allocated by the National Frequency Management Council (NFMC) to the Nigerian Communications Commission (NCC) and National Broadcasting Commission (NBC) for commercial purposes.

“Another, over N600 billion was paid by ICT Companies to the account of the Federal Government through the Federal Inland Revenue Service (FIRS),” he said.

According to him, over N94 billion was generated for the government, and approved by the National Assembly in line with relevant laws, as part of the 2020 appropriation for personnel, capital projects, capacity building, interventions, etc.

He thanked the Chief Executive Officers (CEOs) of the parastatal agencies, stakeholders, partners and all who contributed one way or the other to the success story of the ministry within the last two years.

“The IT Projects Clearance Programme also saved over N5billion for the Federal Government.”

“I wish to thank all our esteemed partners, stakeholders and members of the Communications and Digital Economy family for supporting us in the last two years.

“We look forward to your continued support and partnership.

“The CEOs of all the parastatals under the Ministry have been committed to their responsibilities and I commend them for this.

“I also urge them to redouble their efforts in ensuring that we keep up the good work of developing Nigeria’s digital economy,” he said.

The Executive Vice Chairman (EVC) of the NCC, Prof. Umar Dambatta, and the Director-General, National Information Technology Development Agency (NITDA), Kashifu Inuwa, thanked the minister for the feat in project executions.

They also said the projects would help the government in its digital economy drive.

The eight projects commissioned are Emergency Communications Centre (ECC), Makurdi, Benue State; Virtual Examination Centre, College of Education, Argungu, Kebbi State; and E-accessibility Centre, Alderstown Schools for the Deaf, Warri, Delta.

Others are, E-Health/Data Sharing Project, Leko Abdulrahman Hospital, Daura, Katsina State; Digital Economy Centre & E-Learning Facilities, Ogba Grammar School, Lagos State; and Digital Economy Centre & E-Learning Facilities, St Paul Secondary School, Eke, Enugu State,

Digital Economy Centre & E-Learning Facilities, Federal Character Commission, Abuja; E-Accessibility Centre, Bauchi State Orphans and Vulnerable Children School, Bauchi State, are also listed.

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Flutterwave Celebrates Inclusion in CNBC’s Top 250 Global Fintechs



Flutterwave has been recognized as one of the Top 250 Fintech companies globally by CNBC and Statista.

Joining the ranks of industry giants like Ali Pay, Klarna, Piggyvest, and Mastercard, this accolade underscores Flutterwave’s impact on the financial technology sector.

This honor follows Flutterwave’s recent inclusion in Fast Company’s Most Innovative Companies list, highlighting the company’s pivotal role in transforming Africa’s payment landscape.

The recognition is a testament to Flutterwave’s dedication to innovation and excellence in providing seamless payment solutions across the continent.

Expressing gratitude, Flutterwave acknowledged its talented team, supportive board, reliable partners, and loyal customers for contributing to this success.

The company continues to drive progress in the fintech industry, reinforcing its commitment to enhancing financial accessibility and inclusion in Africa and beyond.

Flutterwave’s recognition on these prestigious lists marks a proud moment and a significant milestone in its journey, reflecting the company’s growing influence and leadership in the global fintech arena.

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Google Leads $250 Million Funding Round for Glance



A logo is pictured at Google's European Engineering Center in Zurich

Google is leading a $250 million funding round for Glance, a mobile content provider.

This infusion of capital aims to expand Glance’s reach and solidify its market position amidst growing competition.

Glance, a subsidiary of InMobi Group, offers a unique service that delivers news, entertainment, and other content directly to users’ mobile screens without unlocking their devices.

With a user base exceeding 300 million across India, the US, Japan, and Indonesia, the startup has gained significant traction since its inception in 2019.

The funding round, expected to close in the coming weeks, marks a continued partnership between Google and Glance.

Google initially invested in the company in 2020, and this latest round will further enhance Glance’s capabilities to innovate and reach new audiences.

This investment reflects Google’s strategic interest in India, the world’s most populous nation, where it competes with tech giants like Microsoft, Meta, and Amazon.

With India’s rapidly growing middle class and increasing smartphone adoption, the market presents vast opportunities for digital expansion.

The support from Google comes on the heels of a previous $200 million investment by Mukesh Ambani, Asia’s wealthiest individual, which valued Glance at over $1 billion.

The startup’s largest stakeholder, InMobi, continues to thrive as a pioneer in mobile advertising, with Glance benefiting from its expertise and resources.

As Glance prepares for this new phase of growth, it stands poised to redefine how content is consumed on mobile devices worldwide.

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Cyber Threats Surge as Nigeria’s Digital Economy Expands



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As Nigeria’s digital economy flourishes, it faces escalating cyber threats, prompting the Federal Government to issue 33 cyberattack advisories in the past year.

These warnings, issued by the Nigeria Computer and Emergency Response Team (ngCERT), highlight the growing vulnerability of the nation’s digital infrastructure.

Since July 2023, ngCERT has alerted Nigerians to new attack methods and vulnerabilities. With 22 advisories issued in 2024 alone, the surge in cyberattacks coincides with the accelerated digitization spurred by the COVID-19 pandemic.

Monthly internet usage in Nigeria soared from 125,149.86 terabytes in December 2019 to 753,388.77 terabytes in March 2024.

The National Information Technology Development Agency (NITDA) notes that increased digitalization has heightened cybersecurity risks, necessitating robust protective measures.

According to Check Point Research, Nigerian businesses face approximately 2,308 attacks weekly across all sectors.

The advisories reveal various cyber threats, including ransomware and banking trojans. A recent warning highlighted Grandoreiro, a malware targeting over 1,500 banks globally, affecting 41 banking applications in Nigeria alone.

These attacks aim to steal sensitive financial data, potentially causing significant financial losses.

Nigeria’s critical infrastructure is also under threat. In August, pro-Nigerien hackers attempted to disrupt MTN Nigeria’s network, although they were unsuccessful.

During the 2023 elections, the government recorded 12.99 million cyberattacks, underscoring the scale of the threat.

Cybercrime costs Nigeria about $500 million annually. This includes data damage, stolen money, lost productivity, and post-attack disruptions.

The Federal Bureau of Investigation ranked Nigeria as the 16th country worst affected by cybercrime in 2020.

Experts emphasize the need for stronger cybersecurity measures. Adesina Sodiya, a professor of Computer Science and Information Security, warns that cyberattacks will continue to grow in sophistication.

He stresses the importance of building a cybersecurity curriculum and involving experts in creating effective strategies.

In response, NITDA plans to reduce cyberattacks by 40% by 2027. “As we digitize, we must build with security in mind,” said Kashifu Inuwa, director-general of NITDA.

The agency aims to implement comprehensive strategies to protect Nigeria’s burgeoning digital economy.

As Nigeria’s digital economy expands, it must address the growing cyber threats that accompany this progress. By enhancing cybersecurity measures and fostering collaboration among stakeholders, Nigeria can safeguard its digital future.

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