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Project BRIDGE: Nigeria seeks private capital as $20bn fibre link opens for bidding  – Technology Times

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The Federal Government has launched a major push to deepen Nigeria’s digital economy with a call for private sector investors to participate in a $20 billion infrastructure programme under the Building Resilient Digital Infrastructure for Growth initiative otherwise known as Project BRIDGE.

The programme, known as Project BRIDGE, is a joint effort involving the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), the Nigeria Sovereign Investment Authority (NSIA), and the World Bank. It is designed to accelerate the deployment of critical digital infrastructure nationwide through a structured public-private partnership (PPP) model.

The Ministry says Project BRIDGE will establish a Special Purpose Vehicle (SPV) “aimed at deploying at least 90,000 km of Fiber Optic cables as Nigeria’s core connectivity Infrastructure and national backbone for universal access to Information and Communication Technology (ICT) across Nigeria, under a Private-Public Partnership (PPP) funding model.” This initiative will complete Nigeria’s intended target of 120,000 km of fibre-optic cable roll-out in Nigeria as identified in the Nigeria National Broadband Plan 2020 – 2025.

Project BRIDGE to complete Nigeria’s intended target of 120,000 km fibre

 

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Dr Bosun Tijani, Minister of Communications, Innovation and Digital Economy. Image credit: FMCIDE.

Under the framework, the government will take a minority stake of between 25% and 49% in a Special Purpose Vehicle (SPV) to be established for the project, while private sector investors will hold a controlling interest of at least 51%. The SPV will serve as the central vehicle for mobilising investment and executing the programme.

Quest Merchant Bank, which has been appointed as Transaction Adviser to structure the initiative and coordinate the process of identifying qualified private investors, is inviting expressions of interest from eligible investors with demonstrable experience in infrastructure financing, development, and operations.

The fibre project is positioned as a strategic intervention to close Nigeria’s digital infrastructure gap, expand broadband access, and strengthen connectivity across key sectors of the economy. The initiative aligns with broader national goals to drive digital inclusion, enhance economic productivity, and support innovation-led growth.

Under the framework, the government will take a minority stake of between 25% and 49% in a Special Purpose Vehicle (SPV) to be established for the project, while private sector investors will hold a controlling interest of at least 51%. The SPV will serve as the central vehicle for mobilising investment and executing the programme.

According to the invitation by the Transaction Adviser, the total project cost is estimated at $20 billion, with the government already securing $800 million in funding support from the World Bank’s International Development Association (IDA). Private investors are expected to contribute at least $10 billion in equity, alongside additional debt financing to fully capitalise the project.

Prospective investors, according to the Transaction Adviser, are required to submit detailed proposals outlining their corporate profile, financial capacity, investment strategy, and track record in delivering large-scale infrastructure projects. Submissions must also include disclosures on litigation status, conflicts of interest, and compliance with anti-corruption regulations in line with World Bank procurement standards.

The selection process will be guided by the World Bank’s procurement regulations for investment project financing, with evaluation criteria focusing on technical expertise, financial strength, and the ability to mobilise funding within defined timelines. Successful applicants will be shortlisted and invited to proceed to the next phase of the transaction process.

Applications are to be submitted electronically to ProjectBRIDGE@questmbl.com, with hard copies delivered to Quest Merchant Bank’s head office in Lagos, according to the announcement.

The announcement also noted that the invitation does not constitute an offer or solicitation for securities, and participation will be subject to applicable regulatory approvals. The initiative, however, signals a significant step in Nigeria’s effort to crowd in private capital for large-scale digital infrastructure development, a critical enabler for the country’s digital transformation ambitions.

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NCC seek stronger cyber resilience as AI intensifies cyber threats

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The Nigerian Communications Commission (NCC) has called for stronger collaboration, improved digital security infrastructure and effective policies to address emerging cyber threats driven by Artificial Intelligence (AI).

Dr Aminu Maida, Executive Vice-Chairman of the NCC, made the call at the second edition of the International Cybersecurity Conference (ICSC), held on Tuesday in Abuja.

The theme of the conference was, “Cyber Resilience in the Age of AI: Defending Minds, Networks and Nation”.

Maida said AI had significantly increased the sophistication, speed and scale of cyberattacks, making cybersecurity a national imperative.

He said telecommunications infrastructure had become central to Nigeria’s digital economy, supporting financial transactions, communications, public services and business operations, thereby making its protection critical to national security.

He said cyber resilience went beyond preventing attacks to developing the capacity to anticipate, withstand and recover from disruptions while ensuring the continuity of essential services and economic activities.

According to him, emerging threats include AI-driven phishing, automated credential attacks, deepfakes designed to bypass authentication systems and malware capable of modifying itself to evade detection.

“The recent international cybersecurity incidents involving attacks on supermarket refrigeration systems in France and spyware targeting journalists and media personnel in the Middle East underscore the need for stronger digital defences.

“Section 4 of the Nigerian Communications Act, 2003, mandates the commission to protect consumer rights, safeguard national interests and promote the safety and efficiency of communications infrastructure.

“We have established the NCC Computer Security Incident Response Team (NCC-CSIRT) to monitor threats, facilitate intelligence sharing and coordinate responses to cybersecurity incidents across the telecommunications sector,” he said.

Maida said that the commission’s cyber resilience framework for the Nigerian communications sector provided common security standards for licensed operators and strengthened coordination with the national Computer Emergency Response Team, (ngCERT).

“There are three critical areas for strengthening cyber resilience. They include protecting human minds through cybersecurity awareness.

“There is also securing networks through robust security architecture, and defending the nation through collaboration among regulators, telecommunications operators, financial institutions and security agencies,” he said.

He urged telecommunications operators to adopt Zero Trust Architecture, which requires continuous verification of users and systems, while ensuring that AI models integrated into network operations were regularly assessed for vulnerabilities.

The National Security Adviser (NSA), Malam Nuhu Ribadu, said that digital development and national security could no longer be treated as separate priorities.

Ribadu was represented by Prof. Gerald Ilukwe from the Office of the National Security Adviser (ONSA) .

He said that AI presented opportunities for strengthening cyber defences but could also enable criminals to develop sophisticated scams, clone voices and spread false information.

He urged Nigerians to verify identities and authenticate suspicious requests before taking action.

“There is a need to secure digital supply chains, including AI models, data services and third-party technology providers.

“Vulnerabilities within one organisation can compromise other institutions and critical national infrastructure.

Ribadu said that the ONSA, through the National Cyber Security Coordination Centre, was strengthening coordination among relevant institutions and providing tools, laboratories and cyber ranges to analyse threats, investigate incidents and test response capabilities.

He said that a review of the National Cybersecurity Policy and Strategy, last updated in 2021, was underway to address emerging challenges, including AI-enabled fraud, supply-chain vulnerabilities, workforce development and international cooperation

“Recommendations from the conference will contribute to the ongoing review. The revised strategy will establish measurable priorities, promote accountability and strengthen the country’s capacity to respond to cyber incidents,” he said.

Rep. Ayodeji Stanley, Chairman, House of Representatives Committee on ICT and Cybersecurity, described cybersecurity as a moving target that required continuous innovation, adaptable legislation and international cooperation.

Stanley drew on his experience working on complex information technology systems in the United States.

He said the transition from traditional computing to cloud technologies had introduced new security challenges, requiring continuous improvements in protection mechanisms.

He urged policymakers, security experts and technology practitioners to develop forward-looking solutions that would protect critical systems across sectors, including food security.

Stanley said that cyberattacks could have consequences beyond the disruption of digital services.

He called for a collective global response to cyber threats, saying countries must work together to develop effective policies and innovative approaches capable of addressing the rapidly changing cybersecurity landscape.

(NAN)

The post NCC seek stronger cyber resilience as AI intensifies cyber threats appeared first on Business Today NG.

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Upwind raises $400M after walking away from Datadog acquisition offer

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Upwind, a San Francisco startup that uses AI to secure cloud infrastructure, has raised a $400 million Series C round at a $3.8 billion valuation led by Bessemer Venture Partners, with participation from existing backers including Greylock Partners and Craft Ventures.

The round comes nine months after Upwind closed its previous $250 million financing at a $1.5 billion valuation.

The fresh funding, which has been in the works for months, nearly fell apart after Datadog attempted to buy the company, according to a person familiar with Upwind. Datadog is a publicly traded company that sells tools for monitoring how software runs, known as observability. It didn’t offer a premium above the $3.8 billion valuation set by venture capital investors, the person said, so Upwind decided to stay independent.

Four-year-old Upwind has grown rapidly amid rising AI-driven cybersecurity threats. The startup has been adding $20 million to $30 million in annualized recurring revenue (ARR) each quarter and is projected to end the year at roughly $90 million, according to a person familiar with Upwind’s financials. That means that VCs and Datadog valued the startup at more than 40 times its forecast ARR, a common yardstick for pricing software companies. The high multiple is also well below the 80x ARR fetched by Cyera, another fast-growing cybersecurity startup, according to TechCrunch reporting from earlier this year.

Cybersecurity is poised to be the third big wave of AI software that companies will pay for after AI coding tools and customer support, Theory Ventures general partner Tomasz Tunguz recently wrote in his widely read blog.

By walking away from an acquisition offer, Upwind clearly believes that the company will ultimately be worth more than the $3.8 billion that Datadog was ready to pay for it. However, given how few cybersecurity companies have gone public in recent years, an eventual sale remains the most likely outcome for the startup.

Upwind continues to draw acquisition interest, according to a person familiar with the company.

The startup was founded by Amiram Shachar, who sold his previous company, the cloud spend management startup Spot.io, to NetApp for $450 million. Upwind calls its approach to thwarting threats “runtime” security, which means it alerts and remedies attacks and vulnerabilities in active services in real time.

TechCrunch has reached out to both Upwind and Datadog for comment.

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