Business

Nigeria Moves to Strengthen Digital Sports Infrastructure with NCC Support

Published

4 weeks ago

April 18, 2026

Preport

BY NKECHI NAECHE-ESEZOBOR —-Nigeria is taking a decisive step toward modernising its sports sector, as the National Sports Commission (NSC) moves to strengthen digital infrastructure through a strategic partnership with the Nigerian Communications Commission (NCC).

In a move that underscores this commitment, the Director General of NSC, Hon. Bukola Olopade, with his top delegation recently visited the top management of Nigerian Communications Commission (NCC) Chairman, Hon. Idris Olorunbe.

The engagement focused on building a transformative alliance aimed at fast-tracking sports digital transformation and positioning Nigeria’s e-sports industry on the global stage.

Speaking during the meeting, Olopade underscored the Commission’s readiness to integrate technology as a central pillar of sports advancement.

“Our goal is to collaborate closely with the NCC to strengthen sports science, especially e-sports, through sustainable sponsorship models. We are counting on the Commission to enhance connectivity and help attract the level of corporate investment required in today’s sports landscape,” he said.

He also highlighted the importance of increased private sector participation.

“Corporate Social Responsibility must take on a more prominent role in sports development. A modern sports ecosystem cannot thrive without active involvement from the technology and telecommunications sectors. Strong synergy between the NSC and NCC will drive tangible progress in sponsorship and digital infrastructure,” Olopade added.

The NSC boss further noted that the NCC’s support would be vital in unlocking the full potential of e-sports in Nigeria.

“From improved internet speeds to advanced gaming infrastructure, the NCC’s contribution is key if Nigerian athletes are to compete successfully on the global stage,” he said.

In his response, NCC Chairman Idris Olorunbe expressed optimism about the collaboration, describing it as a forward-looking initiative with far-reaching impact.

“Whatever is achievable in conventional sports can equally be realised in e-sports. The issue is not whether it can be done, but the strategy for execution,” he stated.

Olorunbe also pointed to the broader economic opportunities tied to the partnership.

“This collaboration holds immense economic promise. Beyond sports, it has implications for youth employment, digital innovation, and the country’s global image. The Director General’s initiative is highly commendable,” he said.

He further emphasised the shared national vision guiding both institutions.

“The objective is to drive national development. For our e-sports athletes to succeed, we must invest in gaming hubs, improve connectivity, and establish enabling policies that support talent development,” he added.

They agreed to set up a joint technical working group tasked with outlining a strategic roadmap for sports digitalisation, structuring e-sports leagues, and developing a national framework to attract investment into the digital sports space.

The emerging partnership between the NSC and NCC signals a landmark move—potentially the first formal collaboration between Nigeria’s sports and communications regulators—towards building a sustainable digital sports economy.

The post Nigeria Moves to Strengthen Digital Sports Infrastructure with NCC Support appeared first on Business Today NG.

Business

How oil mafia fought hard to stop my refinery — Aliko Dangote

Published

2 hours ago

May 15, 2026

Preport

Africa’s richest man, Aliko Dangote, has revealed how entrenched interests benefiting from Nigeria’s fuel import and subsidy regime tried to frustrate the construction of his $20 billion refinery, describing them as a powerful “mafia” determined to preserve a lucrative subsidy system.

Mr Dangote said the resistance came from traders, shippers and local beneficiaries of Nigeria’s long-running petrol subsidy arrangement who saw the refinery as a threat to billions of naira in profits.

Speaking in an interview with Nicolai Tangen, chief executive officer of the Norwegian Sovereign Wealth Fund, he said these interests worked to delay access to project land and frustrate the refinery’s take-off.

“All this would have been blocked by what you call the mafia in oil business to make sure that we don’t come and address these issues,” he said.

He said securing land to build his world-class refinery took five years, with one site delayed for three and a half years and another for one and a half years, as vested interests sought to stop the project.

“But we were not deterred at all. We were actually focused. We knew what we were doing,” he added.

Mr Dangote explained that for decades Nigeria spent huge sums importing refined petroleum products despite being a major crude producer, creating a system that enriched a few players at the expense of the wider economy.

He said subsidy payments alone reached nearly $10 billion annually.

“The people who were actually benefiting because Nigeria was giving almost about $10 billion every year as subsidy… there are shippers who are making tonnes of money, there are traders who are making tonnes of money,” he said.

He added that a small group also profited from local product allocations under the subsidy regime.

“So these are the people that are not agreeing for us to settle down because they believe that no, we are coming here to displace them. Of course, that’s what we have done now,” he said.

The refinery, which required the construction of an entirely new port, roads and water infrastructure, employed 67,000 people during construction, the African billionaire said.

Mr Dangote said the project became far larger and more difficult than initially imagined, but abandoning it was never an option.

“When you get to the middle of the ocean, you realise that the tide was bad. When you go forward, it’s bad. When you go backwards, it’s bad. So you have to work forward,” he said, using the analogy to paint a broader picture of the difficulties he encountered while building the refinery.

He said the refinery has now changed the market structure and significantly reduced the influence of those who depended on imports and subsidy payments.

The plant currently sources over half of its crude from Nigeria while also importing from Angola, Libya and the United States.

“We source about 56 per cent from Nigeria and some from Angola. We buy quite a bit from Angola, we buy from Libya, and we buy from the US. At one point, we were doing about seven to eight cargoes of WTI from the US. But we’re getting more of Nigeria’s crude now, he said.

Mr Dangote explained that the refinery is currently buying 21 cargoes every month in Nigeria. “That’s how big we are,” he added, stating that they are more than doubling the refinery.

“You know, in the next 30 months, we will be at 1.4 million barrels per day, which is huge,” he noted.

Business

Nigerian SEC positions AI, data-driven regulation to attract investments

Published

11 hours ago

May 14, 2026

Preport

The Securities and Exchange Commission has said it is placing artificial intelligence, data analytics and technology-driven regulation at the centre of Nigeria’s capital market reforms to attract both local and foreign investments.

Speaking at the FSDH Investor Conference 2026 in Lagos, the Director-General of the SEC, Emomotimi Agama, said the future of global investing would increasingly depend on the quality of intelligence, data and technology supporting investment decisions rather than the size of capital alone.

According to him, the era of “intelligent investing” has already arrived, driven by artificial intelligence, real-time analytics, distributed ledger technology and algorithmic systems that are reshaping how investments are priced, allocated and protected globally.

He said, “We are at the threshold of what scholars and practitioners are calling the era of intelligent investing — a paradigm in which data does not merely inform decisions, but actively participates in them.”

Agama noted that the SEC had embarked on what he described as the most comprehensive regulatory reform agenda in its history to ensure Nigeria remains competitive in the evolving global investment environment.

He explained that the Commission’s reforms were aimed at creating a forward-looking market structure capable of supporting intelligent investing through faster settlement systems, tokenised securities and deeper derivatives markets.

According to him, the Commission’s seven-pillar capital market infrastructure vision includes plans to achieve T+1 settlement cycles, expand digital assets regulation and build a comprehensive framework for tokenised securities.

The SEC boss said the Commission was also developing governance frameworks for artificial intelligence applications in the capital market to ensure transparency, accountability and investor confidence.

“We are developing AI governance frameworks for capital market participants — frameworks that demand explainability, accountability and algorithmic fairness. An investor in Nigeria deserves to know not only what decisions were made on their behalf, but how those decisions were reached,” he said.

Agama stated that intelligent investing must be inclusive and accessible to ordinary Nigerians, adding that the SEC’s fintech-bank integration strategy targets about 20 million retail investors across the country.

He said technology and data-driven investing tools could democratise access to wealth creation opportunities for small businesses, artisans and low-income earners who had previously been excluded from formal investment systems.

The SEC DG also stressed the importance of collaboration between regulators, financial institutions, fintech firms and investors in building a resilient and technology-driven market ecosystem.

According to him, Nigeria’s capital market reforms and adoption of intelligent investing frameworks would strengthen investor confidence, improve market transparency and position the country as a leading investment destination in Africa.

He added that the Commission was strengthening investor protection through enhanced enforcement mechanisms, financial literacy programmes and the establishment of a dedicated Investor Protection Department.

Agama said, “Confidence is the ultimate asset in a capital market. Every disclosure we enforce, every fraud we prosecute, every investor we educate adds to the stock of market confidence.”

He further noted that Nigeria’s growing role in African capital market integration and digital finance initiatives would help channel long-term investments into infrastructure, gender finance and other critical sectors of the economy.

The SEC DG commended FSDH Merchant Bank for creating a platform for stakeholders to discuss the future of intelligent investing, adding that collaboration and data-sharing among market participants would be critical to building globally competitive financial markets in Nigeria.