Culture

Culture, News In Brief

Nigeria Tightens Capital Rules for Fintechs and Digital Asset Operators

Nigeria’s Securities and Exchange Commission has raised minimum capital requirements for a wide range of capital market operators, tightening financial thresholds for fintech companies, virtual asset service providers, and other regulated firms. In a circular issued on January 16, 2026, the regulator said the revised standards are designed to strengthen the financial resilience of market participants while ensuring that regulatory requirements reflect the growing scale, complexity, and risk exposure of modern financial services businesses. The updated framework applies to fintech operators, virtual asset service providers, crowdfunding platforms, robo advisers, fund managers, and market infrastructure institutions. The SEC said the changes form part of a broader effort to improve market stability, enhance investor protection, and align Nigeria’s capital market rules with evolving global best practices. Among the most notable revisions are higher capital requirements for robo advisers, which provide automated investment and financial planning services. Under the new rules, the minimum capital threshold for robo advisers has been increased to ₦100 million from ₦10 million previously. Crowdfunding intermediaries will also face higher requirements, with minimum capital doubled to ₦200 million from ₦100 million. Virtual asset service providers are subject to some of the sharpest increases. Digital asset exchanges and digital asset custodians must now maintain minimum paid up capital of ₦2 billion each. Ancillary virtual asset service providers are required to hold at least ₦300 million. The rules also raise capital thresholds for alternative investment fund managers. Private equity fund managers must now maintain a minimum capital base of ₦500 million, while venture capital fund managers are required to hold at least ₦200 million. The SEC said affected operators have until June 30, 2027, to comply fully with the revised requirements. Firms that fail to meet the new thresholds within the stipulated timeframe risk regulatory sanctions, including suspension of operations or withdrawal of registration. The regulator said the measures are intended to ensure that only adequately capitalised firms operate in Nigeria’s capital market, particularly as fintech and digital asset activities expand and become more interconnected with the broader financial system.

Culture, News In Brief

Microsoft Trains 4 Million Nigerians in Tech Skills, Certifies 70,000 in Three Years

Between 2021 and December 2024, Microsoft trained four million Nigerians in digital and artificial intelligence skills, with 70,000 earning globally recognized certifications. What began as an ambitious national conversation has become one of Nigeria’s largest coordinated digital skilling efforts, aimed at tackling unemployment and closing the country’s widening skills gap. When discussions first started between Microsoft executives in Nigeria and government officials in 2021, the target sounded almost unattainable. The goal was to reach five million Nigerians with future ready digital skills at a time when unemployment was high, the education system was under pressure, and access to advanced technology skills remained limited. According to Microsoft, the scale of the programme was intentional. It was built through collaboration with government, academia, and civil society, with a strong emphasis not only on training but also on certification as proof of competence in a global digital economy. Nonye Ujam, Director of Government Affairs at Microsoft West Africa, said the early conversations focused less on technology and more on jobs. “The government was very focused on employability,” she explained during a press briefing on December 16, 2025. “Our discussions centred on how digital skills could translate into real economic opportunity.” Microsoft aligned its skilling platforms with government priorities and worked through online tools and local partners to reach Nigerians across different states, income levels, and sectors. By the end of the first phase, four million people had accessed Microsoft’s digital learning resources. The company describes this as reach, but insists that exposure alone is not enough. Out of the four million Nigerians reached, about 350,000 actively engaged with the training programmes. More importantly, 70,000 earned Microsoft backed certifications in areas such as AI, software development, and data engineering. “Certification is the proof,” Ujam said. “It shows that someone completed the programme and met a global standard.” Microsoft argues that this distinction is critical in labour markets where informal learning is common but difficult for employers to verify. Certified credentials give learners a portable and trusted signal of skill, reducing the need to constantly prove competence. To scale effectively, Microsoft structured its strategy around three key groups. The first was organisational leaders in both the public and private sectors. While many are not technical, their understanding of digital transformation determines whether organisations adopt new technologies at all. The second group was developers and engineers, who received deeper technical training on modern development tools, cloud platforms, and AI frameworks. The third group was everyday technology users. Microsoft describes this as AI fluency, the ability to understand and use AI responsibly without being a specialist. The aim was to ensure AI skills are widely accessible rather than limited to a small elite. “These three groups form an ecosystem,” Ujam noted. “If one is missing, transformation slows down.” Microsoft says the programme’s reach would not have been possible without Nigerian partners. One of the most significant was Data Science Nigeria, which helped design and deliver locally relevant training. “We didn’t just reuse existing content,” said Aanu Oyeniran, Business Lead at Data Science Nigeria. “We built blended curricula using Nigerian examples.” The partnership adopted a hub and spoke model, with training centres across the country providing access to computers, internet connectivity, and trainers. Trainers were equipped to pass skills into their communities, creating a multiplier effect. Oyeniran shared the example of a trainer in Edo State who now helps small businesses analyse data and improve operations, while also training others in his community. Lagos Business School also played a key role, partnering with Microsoft to deliver AI leadership programmes for senior public sector officials. According to Professor Olayinka David-West, Dean of the school, the focus was on building capacity rather than chasing hype. “You can build all you want,” she said, “but if there is no capacity to absorb it, you are building for the sake of building.” Through the programme, 99 senior public servants from 58 government agencies completed intensive AI leadership training. Each participant developed a capstone project linked to their agency’s mandate, ensuring practical application of their learning. Microsoft’s skilling efforts run alongside Nigeria’s National AI Strategy, which was co-created by more than 100 Nigerian AI experts from around the world. As an industry partner, Microsoft contributed global insights while adapting them to local realities. Abideen Yusuf, General Manager of Microsoft Nigeria and Ghana, highlighted the urgency of the effort. “Nigeria’s AI adoption is still under 10 percent,” he said. “But the potential upside is enormous.” He noted that while Nigeria has growing data centre infrastructure, none are currently equipped to support AI workloads. Without a skilled workforce, investments in infrastructure alone will not deliver economic growth. Microsoft says the publicly reported figures do not include its enterprise focused training programmes within private organisations. Even so, training four million people and certifying 70,000 represents a rare attempt at population scale digital skilling in Nigeria. The company has announced an additional one million dollar investment to train another one million Nigerians, with the aim of completing its original target by June 2026. For Microsoft, the long term impact lies in how skills spread. “We see impact like an inverse pyramid,” Ujam said. “One person learns, teaches others, and the effect multiplies.” Whether that momentum translates into sustained economic growth will depend on continued government support, infrastructure investment, and Nigeria’s ability to absorb newly skilled workers into productive roles.

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Culture, Editors Pick, Startups

How Iyinoluwa Aboyeji Built Two Unicorns and Helped Ignite Africa’s Tech Revolution

In the global conversation about Africa’s tech renaissance, few names command the respect, data points, and track record of Iyinoluwa Aboyeji. Before he turned 30, he had already done what most founders spend a lifetime chasing: he helped build two unicorns that reshaped digital infrastructure across an entire continent. Today, he stands as one of Africa’s most influential ecosystem architects, a builder whose work has rippled from Lagos to Silicon Valley boardrooms. Aboyeji, known simply as E, is not just a startup founder. He is a force multiplier. An operator who understands markets, momentum, and the infrastructural gaps that hold back scale. And more importantly, a founder who walks away at the height of success to build what the ecosystem needs next. At 33, he is already a living blueprint for the next generation of African entrepreneurs. A Builder From First Principles Iyin’s entrepreneurial journey began long before the headlines, long before the billion dollar valuations, and long before African tech became a magnet for global capital. Raised in Lagos and later educated at the University of Waterloo, he absorbed two contrasting worlds: the extreme inefficiencies of African markets and the tight, efficient execution culture of Canadian tech hubs. That contrast shaped his thinking. He became obsessed with infrastructure: the invisible rails that make innovation possible. And that obsession would later produce two companies that fundamentally shifted how Africa moves money and builds jobs. The Andela Experiment: Can Africa Build Talent At Scale? In 2014, Aboyeji co founded Andela, a talent accelerator built on a radical premise: that Africa’s young population could supply the world with world class technical talent. With support from the founders of L5 Labs and a partnership with Jeremy Johnson, Andela became one of the most ambitious social–economic experiments in modern African tech. The company raised hundreds of millions from global investors and secured early backing from the Chan Zuckerberg Initiative. Andela went on to become a unicorn, validating a thesis many had overlooked: African engineers could compete globally when given the right structure, curriculum, and opportunity. But at the height of its rise, Aboyeji did what few would dare. He stepped aside and walked toward a new frontier. Flutterwave: Building the Rails for a Digital Continent Africa’s economy was digitizing, but the infrastructure that allowed money to move between businesses was fragmented and slow. In 2016, he co founded Flutterwave to solve that. The idea was simple: build the payments pipes for the continent. But the execution was monumental. Flutterwave became one of the fastest growing African fintechs in history, powering payments for multinationals, small businesses, and emerging startups across dozens of African markets. By 2021, the company reached a three billion dollar valuation, making it one of Africa’s top unicorns and a central node in the continent’s digital commerce engine. Once again, Aboyeji stepped back after the foundational phase, choosing not to stay for the glory but to build the next critical institution. Future Africa: Turning Builders Into a Movement After Andela and Flutterwave, E had a new mission: help the next generation of African founders get the early capital and knowledge that he never had. He launched Future Africa, a fund and community investing in mission driven founders solving Africa’s biggest challenges. The platform has now backed dozens of startups across fintech, climate, agriculture, health, logistics, and education. What makes Future Africa different is not just capital. It is the idea that builders are the best people to back other builders. And the results prove it: the fund has already produced several high growth ventures and seeded founders who are solving real problems for millions. E is not creating a VC firm. He is building a movement. Why Global Investors Are Paying Attention Aboyeji represents something global investors rarely find in emerging markets: a founder with repeat unicorn scale track record. His influence extends beyond boardrooms into policy, innovation ecosystems, and the cultural imagination of African entrepreneurship. He is shaping how talent is groomed, how capital flows, and how founders think about scale. For global allocators trying to understand the next decade of African innovation, E is one of the most credible operators to watch. The Legacy He Is Writing Iyinoluwa Aboyeji is part of a rare category of founders who build infrastructure, not just companies. Andela built the talent rails. Flutterwave built the payment rails. Future Africa is building the capital rails. Three layers of one long term vision. Not every generation gets a builder who sees an entire continent not for what it is, but for what it could become. Africa’s digital economy today owes part of its architecture to the decisions he made, the risks he took, and the companies he walked away from so he could build again. In the story of modern African entrepreneurship, Aboyeji is not just a chapter. He is one of the authors.