Culled from remarks by Aigboje Aig-Imoukhuede CFR, Chairman, Access Holdings & Coronation Group (www.Coronation.ng)

Gazelles. Camels. Elephants. In the language of venture capital, we have a full menagerie to describe a startup’s growth progression. However, in the past decade, the ultimate aspiration remains the unicorn: privately held companies valued at over $1 billion. Globally, there are approximately 1,200 unicorns across various industries, and while Africa’s list is smaller, it is growing. As of February 2023, the seven identified African unicorns predominantly operate in the fintech and digital sectors, addressing payment challenges across the continent.

For many startups in Africa, achieving unicorn status remains a distant dream due to structural challenges. To bridge this gap, governments and the private sector must foster ecosystems that nurture innovation and entrepreneurial growth at all levels.

Under ideal circumstances, gazelles—fast-growing companies essential for economic growth and employment—can mature into unicorns. These unicorns, in turn, can evolve into elephants: mega-companies that dominate markets. However, the key lies in cultivating gazelles first. Across Africa, there is a clear need to focus on five imperatives that can drive this transformation:

1. Talent Catalysation
   Talent is Africa’s greatest asset, yet its potential is being hindered by ongoing skills migration. Educational systems must promote a culture of innovation while ensuring local talent remains competitive. Without nurturing our intellectual capital, startups cannot thrive.
2. Infrastructure Development
   Startups struggle to scale without reliable infrastructure. Basic access to internet and energy, which is taken for granted elsewhere, remains a challenge in many regions. The fintech sector has flourished precisely because pioneers tackled Africa’s underdeveloped payment systems head-on. Addressing similar gaps in logistics, transportation, and energy will unlock opportunities across other industries.
3. Startup Support Systems
   Government-sponsored accelerators and incubator programs have proven effective in nurturing small and medium enterprises. Egypt provides an excellent example, where 40% of its startups have leveraged such initiatives, fueling rapid growth in its tech sector. Replicating this success across more African nations will bolster innovation.
4. Access to Venture Capital
   Venture capital funding is vital to an innovation economy. It complements traditional bank loans by providing startups with resources to scale and innovate. However, a legislative environment that mitigates investment risk is necessary to attract investors.
5. Policy as a Catalyst
   The right policies can deliberately stimulate demand, develop successful businesses, and strengthen economies. From tax incentives to startup-friendly regulations, policy frameworks must be tailored to nurture gazelles and unicorns alike.

The private sector also has a crucial role to play. Africa’s world-class banking sector has already proven its ability to facilitate growth, whether through funding, strategic partnerships, or economic advisory. Collaboration with governments can provide the support startups need to achieve scale and sustainability.

Yet, achieving unicorn status comes with its own challenges: lofty revenue expectations, intensified scrutiny from regulators and competitors, and demanding boardroom dynamics. Recent economic events, including the pandemic and the “great market reset” of 2021/2022, further underscore the volatility. African startups must adopt disruptive approaches to not only achieve but maintain unicorn status on a global scale.

Successful startups demonstrate three critical attributes: a clear value proposition, a scalable business model, and an unmatched understanding of their target market. Combined with visionary leadership capable of executing plans at scale, these factors allow African companies to compete globally.

To vastly increase the number of gazelles—and by extension, the likelihood of unicorns—stakeholders must work together to overcome existing barriers. Governments, private sector players, and policymakers each have a role in redefining industries, creating jobs, and building Africa’s economic resilience. The path to success is challenging, but with deliberate efforts, Africa’s unicorns and elephants will reshape the future.

The evolving complexity of global supply chains necessitates innovative solutions to improve efficiency, reduce delays, and build transparency. Blockchain technology, with its ability to create secure and immutable records, has emerged as a transformative force. At the heart of this innovation lies smart contracts—digital agreements coded to execute automatically under predefined conditions. These contracts are revolutionizing supply chain operations, offering businesses unparalleled efficiency and trustworthiness.

Transforming Supply Chain Management with Smart Contracts

Traditionally, supply chain management relied on manual processes and paper trails, leading to inefficiencies, higher costs, and increased risks of errors. Smart contracts are changing this narrative. By automating tasks such as order processing, payments, and inventory tracking, these blockchain-powered tools eliminate intermediaries, reduce disputes, and streamline operations. They provide a transparent and accurate record of transactions, enabling real-time visibility for stakeholders and ensuring compliance with agreements.

How Smart Contracts Work

Smart contracts function as self-executing agreements with terms written into code and stored on a blockchain. For example, when a supplier delivers goods on time, the contract automatically triggers payment upon verification. This automation minimizes human intervention, mitigates errors, and accelerates processes. Blockchain’s decentralized and tamper-proof nature further ensures security and transparency, fostering trust among stakeholders.

Key Benefits of Smart Contracts

1. Enhanced Transparency and Trust:
Blockchain records every transaction, making information accessible to authorized parties. This openness builds accountability, reduces fraud, and fosters trust throughout the supply chain.

2. Streamlined Operations:
By automating tasks such as payments and inventory restocking, smart contracts eliminate delays and reduce costs, leading to smoother operations.

3. Cost Reduction:
Automated processes reduce reliance on intermediaries and manual labor, saving resources and improving profitability.

4. Improved Inventory Management:
Smart contracts enable real-time tracking of stock levels and automate reordering when inventory falls below set thresholds, minimizing waste and ensuring availability.

Applications in Nigerian Markets
Nigeria’s dynamic business landscape stands to benefit significantly from smart contract adoption. From agricultural supply chains to pharmaceuticals, these tools enhance efficiency and competitiveness. For instance, small-scale farmers can secure timely payments for their produce, while healthcare providers can ensure the integrity of temperature-sensitive medicines during transportation.

Challenges and Solutions

1. Legal and Regulatory Frameworks:
The absence of clear regulations around smart contracts can hinder their adoption. Policymakers must define their legal validity and enforceability to provide businesses with confidence.

2. Technological Readiness:
Adequate infrastructure and skilled personnel are crucial for implementing smart contracts. Investments in training and education can bridge this gap.

3. Stakeholder Buy-in:
For smart contracts to be effective, all participants in the supply chain must adopt the technology. Transparent communication and collaboration can help overcome resistance and ensure widespread acceptance.

Conclusion
Smart contracts are poised to transform supply chain management by enhancing transparency, reducing costs, and streamlining operations. In Nigeria, their adoption could redefine business operations, enabling companies to compete effectively in global markets. While challenges such as legal ambiguities and technological gaps remain, addressing these issues will unlock the full potential of this revolutionary technology. For businesses ready to embrace the future, smart contracts represent a game-changing opportunity.

Safeguarding Consumer Data Privacy with Blockchain Technology

Safeguarding Consumer Data Privacy with Blockchain Technology

Key Highlights

• Blockchain technology is revolutionizing data privacy by providing secure and transparent data management solutions.
• By leveraging a decentralized and immutable ledger, blockchain enhances data security, fosters trust, and empowers individuals with greater control over their personal information.
• Real-world applications of blockchain in sectors like finance and healthcare demonstrate its potential to safeguard consumer data effectively.
• Despite its promise, blockchain adoption faces challenges such as scalability, performance optimization, and navigating regulatory landscapes.
• Overcoming these hurdles through innovative solutions and collaborative efforts is crucial for harnessing blockchain’s full potential in protecting consumer data privacy.

Introduction

In a time when people are worried about data privacy and personal data protection, blockchain technology stands out as a solution. It promises to change how we manage and safeguard sensitive information. By storing data in a decentralized way and making it unchangeable, blockchain can greatly improve data privacy. It can help build consumer trust. This new technology gives individuals greater control over their personal information. It also creates a clearer and more responsible online environment.

Understanding Blockchain’s Role in Data Privacy

Blockchain technology is a special kind of system that records information on many computers. This means it does not depend on one single entity. This key feature makes blockchain important for data privacy. Traditional data storage methods can have a single point of failure. But blockchain removes this weakness. This makes it very hard for bad people to mess with the data.

Also, blockchain gives people more control over their personal information and data ownership. It offers a safe and clear way to store and manage data. Only approved people can access this information. This builds trust and keeps everyone accountable.

The Basics of Blockchain Technology
A blockchain network is made up of a series of blocks. Each block has a group of transactions. These blocks are connected in order, creating an immutable ledger. This ledger keeps track of every transaction since the blockchain started. To put a new block in the chain, a consensus method is used. This means that everyone in the network must agree that the block and its transactions are valid.

This system is decentralized, which means there is no main authority needed. This makes the network stronger and harder to change. Once a block is added to the blockchain, it cannot be changed or removed. This helps keep the data safe and builds trust among users.

Using cryptographic methods boosts the security of the blockchain network even more. Each transaction is encrypted and connects to the previous block. This creates a chain of data that is very hard to tamper with. If someone tries to change a block, they would need to change all the blocks that come after it. This is very difficult to do.
How Blockchain Enhances Data Security and Privacy

Cryptographic security is very important for blockchain technology. It keeps the data safe and private. By using strong encryption methods, blockchain protects information from people who shouldn’t see or change it. This is crucial for keeping sensitive customer information safe.

Also, blockchain helps keep data accurate. Each transaction on the blockchain is checked and confirmed by many nodes in the network. This makes it nearly impossible to change the data. This feature gives users confidence that the information on the blockchain is trustworthy and correct.
Moreover, blockchain allows for secure data sharing. It creates a controlled space to give and take away data access rights. With smart contracts, parties can set clear rules for sharing data. This way, only those who have permission can access the information.
Real-world Applications of Blockchain for Protecting Consumer Data

Blockchain can change how we think about data privacy. It is already being used in real life. It is changing industries and helping consumers. In financial transactions, blockchain makes moving money safe and clear. This helps lower the chances of fraud and identity theft.

The healthcare sector gains a lot from blockchain’s ability to protect data. Keeping medical records on a blockchain network ensures that data is safe and cannot be changed. This lets patients control who sees their private health information. As blockchain technology grows, it will keep getting better at protecting consumer data.
Case Study: Blockchain in the Financial Sector of Nigeria

Nigeria, with its rapidly growing digital economy, has recognized the transformative potential of blockchain technology in enhancing financial services and promoting regulatory compliance within its borders.

Application Description Benefits

Supply Chain Finance Tracking goods and payments throughout the supply chain Enhanced transparency, reduced fraud, faster payments

Digital Identity Verification Securely storing and verifying customer identity information Streamlined KYC processes, reduced identity theft

Cross-Border Payments Facilitating faster and cheaper cross-border transactions Increased financial inclusion, reduced transaction costs

By embracing blockchain, Nigeria aims to strengthen its financial infrastructure, attract foreign investments, and empower its citizens with secure and accessible financial services.

Blockchain’s Impact on Healthcare Data Management in Nigeria

The healthcare sector in Nigeria has big problems with managing patient data. There isn’t a safe and central system for keeping accurate medical records. This often causes delays and puts patient privacy at risk.
But now, by using blockchain technology, Nigeria can change how it manages healthcare data. Blockchain can create a safe and unchangeable place for storing medical records. This gives patients greater control over their own information.

Smart contracts can also help improve the security and efficiency of managing healthcare data, particularly through user consent. They can automate tasks like giving access to medical records, handling insurance claims, and managing consent for sharing data among healthcare providers. This will ultimately lead to better care for patients.

Overcoming Challenges with Blockchain in Data Privacy

While blockchain technology can greatly improve data privacy and privacy features, we need to recognize and deal with the challenges it brings. Issues like scalability and performance are big problems, especially for public blockchains that need to process many transactions.

It is also important to find a balance between keeping data private and making it accessible for different purposes. Because blockchain keeps data unchanged, it is important to think carefully about how to allow for corrections or deletions while following data privacy laws.

Addressing Scalability and Performance Issues

One major problem stopping blockchain from becoming more popular is its scalability. As the network gets bigger and more transactions happen, it takes a long time to reach agreement among users. This can hurt user experience.

To solve this problem, developers are looking into different consensus mechanisms instead of just using proof-of-work. One option is proof-of-stake (PoS), which uses less energy and is possibly faster, making it a more efficient choice that can help with scalability.

Also, using sharding techniques can boost blockchain’s performance. By breaking the network into smaller sections, called shards, each can handle transactions on its own. This can greatly increase the overall speed and efficiency of the blockchain.

Regulatory Compliance and Blockchain in Nigeria

As blockchain technology grows in Nigeria and different countries, it is important to handle rules and privacy issues carefully. We need to balance the exciting possibilities of blockchain with the need to keep consumer data safe. This needs a careful and thorough plan.

Nigeria has strong data protection laws, like the Nigeria Data Protection Regulation (NDPR). These stringent data protection laws require companies using blockchain to follow strict rules for how they collect, store, and manage data.

It is essential to set clear ethical standards and ethical responsibility for blockchain applications. This will help reduce risks and make sure new technologies fit with the values of society. By encouraging teamwork between government officials, business leaders, and privacy advocates, Nigeria can become a leader in using blockchain properly.

Conclusion

In a world where keeping data private is very important, blockchain technology stands out as a safe option. Its decentralized system and cryptography help protect consumer data from breaches and unauthorized people, ensuring data integrity. Many industries, like finance and healthcare, show how blockchain can effectively keep sensitive information safe. Although there are challenges, such as scalability and following rules, blockchain still provides a hopeful future for data privacy. By using blockchain technology, organizations can build trust with their consumers. This shows how critical it is to protect consumer data privacy in today’s digital world.

Frequently Asked Questions
What is Blockchain and How Does It Protect Data Privacy?

Blockchain technology is a digital ledger that is not controlled by any single person or group. It keeps data safe using special codes. It has features that help protect your personal data. These features include limited access to data and the ability to keep data the same. This stops anyone from making unauthorized changes or taking your information without permission.

Can Blockchain Technology Prevent Data Breaches?

Blockchain applications are not completely safe from data breaches, but they lower the risk a lot. The way they reach agreement, their cryptographic security, and their immutable ledger make it very hard for bad actors to change or break into the data that is kept on the blockchain.

In a bid to address growing concerns within the telecommunications sector, the Federal Government has disclosed plans to approve new tariff rates, following extensive consultations with key industry players.

Dr. Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, made this announcement on Wednesday after a high-level meeting between the government and representatives of telecom operators. The discussions centered on the need for sustainable pricing models amidst rising operational costs and consumer affordability challenges.

Balancing Industry Growth and Consumer Protection

Speaking to journalists after the meeting, Dr. Tijani acknowledged the pressing demands by telecom operators for a tariff review, including their request for a 100% hike. However, he assured Nigerians that the government is committed to ensuring fairness and balance.

“Over the past weeks, we’ve seen agitation from telecom operators advocating for a substantial increase in tariffs due to operational pressures. While we recognize the need for adjustments, the government is clear that a 100% hike is not feasible,” Dr. Tijani stated.

He emphasized the government’s dual responsibility of safeguarding consumer interests while creating an enabling environment for industry growth. “Our goal is to strike a balance—protecting the purchasing power of Nigerians while ensuring these companies can continue to invest significantly in infrastructure and innovation. This is critical for sustaining the growth of the telecom sector, which is vital to Nigeria’s economy,” he added.

A Transparent Process for Tariff Review

Dr. Tijani revealed that the Nigerian Communications Commission (NCC) is leading the consultations and will announce the final approved rates within the coming weeks. The review process involves input from all stakeholders to ensure a transparent and fair outcome.

Dr. Aminu Maida, the Executive Vice-Chairman of the NCC, provided further insight, emphasizing that the review isn’t solely about price increases but also about simplifying billing systems to enhance transparency.

“Nigerians deserve to know exactly what they are paying for,” Dr. Maida said. “We are introducing clear and simplified templates for operators to display their charges for voice calls, SMS, and data usage. This will eliminate the confusion caused by hidden charges and overly complex tariff structures.”

He noted that the NCC is also working on quality-of-service regulations to ensure operators meet the highest standards in service delivery, even amidst tariff adjustments.

Investing in Meaningful Connectivity

The Federal Government is using the tariff review as an opportunity to reemphasize its commitment to fostering “meaningful connectivity” across Nigeria. Dr. Tijani stressed that the focus should not be limited to tariff adjustments but should also consider long-term investments in broadband expansion and digital inclusion.

“As a nation, we’ve relied on private sector investments to drive telecom infrastructure. While these companies focus on areas with quick returns, it is our duty to ensure that every Nigerian, regardless of location, has access to affordable and reliable connectivity,” the minister explained.

What Nigerians Should Expect

The Federal Government assured Nigerians that the review process will prioritize affordability and fairness. While the exact percentage of the tariff increase is yet to be finalized, Dr. Maida assured the public that the rates will reflect the realities of both operators and consumers.

“Nigerians can expect a clear, transparent announcement within the next two weeks. Our aim is to make the system more accountable and beneficial for all parties involved,” he said.

This tariff adjustment comes at a critical time when Nigeria is positioning itself as a leader in digital innovation and telecommunications in Africa. The government’s efforts to sustain this growth while protecting consumers underline its commitment to driving the country’s digital economy forward.

Next Steps

The NCC will continue to engage with stakeholders, finalize rates, and ensure the implementation of new quality-of-service measures. Nigerians are encouraged to stay informed and trust the process as the government works to achieve a win-win outcome for all.

Anthony Emeka Nwosu

Ajibola Olude, the highly respected Secretary of the Association of Telecom Companies of Nigeria (ATCON), has taken a moment to reflect on his life and accomplishments as he celebrates another year. With heartfelt gratitude and unwavering faith, Olude expressed his appreciation for divine blessings while looking forward to a future filled with promise and purpose.

Speaking on his special day, Olude shared, “I give thanks to the Almighty, the King of Kings and Lord of Lords, for graciously granting me another year of life. I’m filled with gratitude and anticipation, believing that this new year will usher in a season of glory and continued favor. It’s been an incredible journey of God’s grace, and I’m excited to see what the future holds. Happy birthday to me! All will be well with me in Jesus’ name. Amen.”

As a distinguished leader in Nigeria’s telecommunications industry, Olude has been instrumental in driving initiatives that have significantly shaped the sector. His dedication to fostering growth and innovation through ATCON has earned him widespread respect and admiration. Colleagues, industry stakeholders, and friends took the opportunity to celebrate his remarkable journey and enduring contributions to the telecom landscape.

Olude’s message of gratitude and faith resonated with many, showcasing not only his achievements but also his commitment to personal growth and spirituality. His optimism for the future serves as a source of inspiration to those who look up to him both personally and professionally.

The celebration of his birthday included warm wishes from well-wishers across the industry and beyond, with many commending his leadership and unwavering commitment to excellence.

Anthony Emeka Nwosu

Brito Sporting Club of Portugal, a football club founded in 1956, has signed an official contract with a United Kingdom-based highly-talented, young Nigeria-born footballer, Yaqub Usman-Malah.

The official unveiling of the young promising footballer was carried out on Saturday, January 4, 2025.

Yaqub, born in Nigeria in 2006, is a budding Nigerian talent with unquantifiable promise and potential.

Prior to his official contract with Brito Sporting Club of Portugal, he was a student and a trainee player with the Brooke College Football Academy in the United Kingdom.

At Brooke College Football Academy, Yaqub had an impressive goal average of 17 goals in 32 matches with no injuries in 116 training days, cumulating into 2, 270 minutes of on-field action.

A clear testimony of his outstanding performance at the Academy was provided by the lead coach of the Under-17B team Yaqub played with.

The lead coach, Tomasz Wasylik, described Yaqub as a ‘well-liked person’ and a role model to his teammates due to his professionalism and unmatched work rate.

The Lead Coach further stated that Yaqub has played in National School Cup competitions against other colleges and programmes in the 2023/2024 session and is a good ‘tactical player’, ‘technically good” and can ‘play in multiple positions on the field’.

It is expected that Yaqub will live to the potential and promise identified by Coach Tomasz Wasylik of the Brooke College Football Academy and achieve greatness in his new club.

“While looking forward to the display of his unarguable skills and boundless stamina, we wish Yaqub a successful career and a place in the halls of football greatness across the globe,” Yaqub’s father, Mr Usman Malah said in a statement issued to the media, on Wednesday 8, 2025.

Renowned tech guru, Roberta Edu, has expressed strong criticism of Meta CEO Mark Zuckerberg’s recent public acknowledgment of unfair practices on the platform. In a statement analyzing Zuckerberg’s post, Edu highlighted the deep impact of Meta’s actions on users and businesses, particularly small enterprises owned by Nigerian women, while calling for restitution rather than mere apologies.

Zuckerberg recently admitted to flaws in Meta’s group of apps, acknowledging the harm caused by the platform’s security bots, which have been accused of arbitrarily restricting or disabling users’ accounts. While he pledged to implement changes, Edu argued that this was insufficient, stating, “You can’t treat people badly and wake up to say sorry without any compensation or restitution to fix what was broken.”

Edu shared heart-wrenching examples of individuals who have been significantly affected by Meta’s policies. She recounted the ordeal of a wedding fashion designer who built an Instagram following of over 800,000 and amassed over 20 million views on a viral wedding video, only to have her account taken down without warning. The loss forced her to start over, battling depression in the process.

Another example cited was a children’s fashion designer known as “Ankara Kids Africa,” whose Instagram page, with over 200,000 followers, was disabled. Edu described how this account had become a lifeline for affordable, colorful African children’s wear. “One day, I woke up to order kids’ clothes, and the entire page was gone. To this day, I am unable to find her, and I’ve had to turn back to other brands,” Edu lamented.

The ripple effects of these account shutdowns, Edu argued, extend beyond individuals to businesses and customers. She further pointed out that countless businesses, particularly those owned by Nigerian women, have invested heavily to grow their pages, only to have them wiped out without explanation or recourse.

Edu did not mince words in addressing Zuckerberg directly:
“Mark Zuckerberg, an apology is not enough. Businesses spent millions to grow their pages. If you’ve recognized your wrongs, undo all the wrongs you’ve done to businesses. Let people get their sweat back. That is the only way your apology will make sense.”

Edu suggested that Zuckerberg’s sudden acknowledgment might be motivated by fear, referencing Meta’s controversial role in the 2020 U.S. elections and concerns about potential repercussions under a returning Trump administration.

Her statement has sparked a wider conversation about accountability and the responsibility of social media giants to address the unintended consequences of their policies on users, particularly in underserved regions like Nigeria. The call for restitution underscores the need for a more transparent and equitable approach to content moderation and account management in the digital space.