Lagos State University Gets Innovation Lab

News Lagos State University Gets Innovation Lab Switchcon, an educational technology company, has launched Infinolab, a tech innovation lab, in Nigeria. The lab was launched at Lagos State University, marking a significant milestone in technological advancement and collaboration in building technological solutions. Infinolab is an innovation tech community initiated by Switchcon, with the aim to create a dynamic ecosystem where students can come together to exchange ideas, collaborate, and collectively address real-world challenges leveraging on technology. In an interview, Temidayo Adefioye, founder and CEO of Switchcon, emphasised the significance of the innovation hub at the university, and revealed plans to expand the project to other universities across Africa. According to him, Infinolab has a focus on diversity and multidisciplinary collaboration. “The lab will house students from different disciplines, encouraging them to develop technological solutions for pressing issues in their respective fields, regardless of their technical background,” he said. He also said the lab will create a levelled playing ground for students, as well as cultivate an entrepreneurial mindset, encouraging them to turn their ideas into viable ventures that contribute to economic growth and job creation. Additionally, the Infinolab acts as an incubator for entrepreneurs and social companies run by students. Aspiring entrepreneurs can get help from Switchcon’s mentorship programmes and industry collaborations to build their business models, create prototypes, and deal with the challenges of starting a new company. Dr Fatai Abatan, the Dean of Student Affairs at Lagos State University, expressed his enthusiasm for the launch of the Infinolab, stating: “This project by Switchcon opens up new possibilities for our students to harness their creativity and technical skills. The lab will serve as a catalyst for innovation, empowering our students to become problem solvers and change agents.” He also highlighted that this transformative initiative would empower students of Lagos State University to confidently compete at multiple levels by showcasing their groundbreaking and innovative ideas, positioning them as frontrunners in their respective fields. As the lab gets going, the varsity believes it has the potential to grow into a thriving centre of creativity and innovation inside Lagos State University, developing the next wave of tech leaders and bringing about positive change both within and outside of Nigeria. News National Economic Council Endorses $617m Digital Enterprises Programme National Economic Council (NEC) has endorsed the implementation of the $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme in the 36 states of the federation and the Federal Capital Territory (FCT.) This was part of the resolutions reached at the 140th meeting of the Council held virtually on Thursday and chaired by Vice President Kashim Shettima. The Vice President declared the firm resolves of the renewed hope administration of President Bola Ahmed Tinubu to leave a legacy of prosperity and opportunity for all Nigerians. Vice President Shettima told State Governors to nominate persons to represent each geo-political zone at the zonal level and focal persons to lead the implementation of the programme in their respective States. He assured that as the scheme becomes operational in the coming weeks, implementation across the country will be diligent, committed and forthright. VP Shettima assured that the administration will not rest on its oars until the citizens begin to bask in the opportunities they were promised, noting that it is the reason why the government is prioritizing skill acquisition and job creation. He specifically noted that prioritizing whatever offers Nigerians a means to earn a living with dignity are part of President Tinubu’s eight-point agenda. He said, “But two things are clear: one, we won’t ever regret paving the way for the acquisition of skills that meet the needs of the global markets; two, our actions today will shape the economic landscape of tomorrow, and so it’s incumbent upon us to ensure that we leave a legacy of prosperity and opportunity for all Nigerians. “When we empower entrepreneurs and small business owners, we unlock the potential for innovation, job creation, and economic growth. By providing access to financing, training, and mentorship programs, we unleash the entrepreneurial spirit that lies within every Nigerian, catalyzing a wave of economic prosperity that benefits us all. We cannot achieve this without inclusivity and equitable access to opportunities. This is the ladder we must offer to every disadvantaged citizen.” The Vice President noted that the government has “moved beyond mere deliberations to the implementation phase” and it is actively pursuing its “short-term goals en route to achieving our medium-term and long-term strategies.” The Vice President observed however that despite the interventions made so far to prevent natural disasters, “to combat crude oil theft in the Niger Delta, to alleviate the short-term inflationary impacts of our economic-saving decisions, to mitigate environmental damage, and to curb revenue loss”, the efforts would be useless to the citizens unless “job creation and skill development at every corner of the nation” are prioritised. Noting that it is not the best of times to be in office, Shettima implored the Governors and other council members to remain constant in executing initiatives that will help to wriggle the citizens out of their present condition. “This is a delicate period to occupy offices like ours. We cannot remind ourselves enough that we have come at a time that tests the depth of our leadership and demands our most rational wisdom to make a difference. “Your Excellencies, distinguished ladies and gentlemen, we must remain consistent in implementing the initiatives that alleviate the suffering of our citizens and be accountable in doing so. We must also ensure that interventions we deploy are non-discriminatory and favour all stakeholders, with no part of our communities or nation left lagging,” he stated. In his presentation on the i-DICE programme, Mr. Shekarau Omar, executive director in charge of SMES at the Bank of Industry, said the i-DICE programme, a special intervention by government, aims to deliver on the promise by the Tinubu-led administration to create millions of jobs in the technology space. He listed African Development Bank (AfDB), the French Development Agency (AFD) and the Islamic Development Bank (IsDB) among organisations that will fund the programme, giving a breakdown of how the funds will be sourced as follows: AfDB, $170million; IsDB, $70 million; AFD, $116 million; Bank of Industry (BoI) on behalf of federal government of Nigeria (FGN), $45.50 million; Fund Manager (For Equity Fund only), $8.70 million, and private investors, $205 million. News PalmPay Champions Responsible Gaming to Curb Fraud Among Sports Pundits At the Africa Gaming Expo in Lagos, leading Africa-focused fintech platform PalmPay called for the promotion of responsible gaming by stakeholders in the gaming industry to protect sports pundits from potential risks native to the industry. The event, which took place in Lagos between March 12 – March 15, 2024, was a melting pot for gaming enthusiasts, regulatory bodies and digital payment platforms from Nigeria, South Africa, Kenya, Ghana, Uganda, Botswana and other African countries to promote responsible gaming across the continent. A lineup of distinguished panelists from around the continent, including PalmPay’s Head of Biller Business Development, Wayne Ruppel, offered insights into the latest trends, innovations and challenges facing the gaming industry in Africa, with a focus on the need to promote responsible gaming among gamers on the continent. Speaking on “The Role of Payment Providers in Facilitating Secured Transactions in the Gaming Industry,” Mr Wayne expanded on what PalmPay was doing to raise awareness and protect gamers from potential fraud risks in the gaming industry. “At PalmPay, our wallet is secure and has multi-factor security authentication features, including device-binding. This means there must be confirmation before a user logs into your account. When someone illegally tries to log into a user’s account, they’ll be required to identify themselves, including facial recognition. “Also, among other security features and awareness programmes to promote responsible gaming, we run educational campaigns across our media channels to educate PalmPay users about the need to secure their wallets. “Furthermore, we’ve optimized payout. Initially, people could create a betting account and use it to withdraw money into another betting account with a different name. With our name-binding feature, that is no longer possible. With this feature, the name on the account a user is withdrawing to must correspond with the name on the payout account,” Mr Wayne said. The focus on responsible gaming was apt for several reasons. Data compiled in 2023 by Dutch research firm Newzoo notes that Sub-Saharan Africa’s gaming industry would generate over $1 billion for the first time in 2024, signifying a buoyant market for gaming enthusiasts in the continent. Also, Nigeria’s betting industry reached over $2 billion in 2020, with over 60 million Nigerians between the ages of 18 and 40 spending $5.5 million daily on betting, according to a 2023 report by the Orange Business Intelligence Technology (ORBIT). As a digital payment platform of choice for gamers, PalmPay offers customers of the biggest betting companies in Nigeria secure and safe payment gateways to fund their betting wallets. The fintech platform recently signed up a strategic partnership with BetKing to promote responsible gaming in Nigeria. With a population of over 200 million, Nigeria is Africa’s largest betting market. A National Sports Industry policy document released in 2023 noted that in over ten years, the betting industry would generate up to $4.7 billion in annual revenue, create 10 million jobs and generate between 1.5-3% of GDP. This exponential growth in the gaming industry in Africa, with a population of over 1.4 billion people, means that more Africans between the ages of 18 and 40 are at risk of fraud and other security risks associated with the gaming industry. However, PalmPay’s multi-factor security authentication features can mitigate these risks. News SERAP Threatens Court Action against FG over Abduction Segun Olatunji, FirstNews Editor Socio-Economic Rights and Accountability Project (SERAP), has charged President Bola Tinubu to order the release of Segun Olatunji, editor of FirstNews. SERAP said failure to release Olatunji within 48 hours would lead to legal action against the President. Posting on X, SERAP wrote: “BREAKING: The Tinubu administration must immediately release Segun Olatunji, editor of FirstNews who was reportedly arrested in Lagos by the military. Journalists should never be arrested for doing their job. We’ll see in court if he is not released within 48 hours. @officialABAT” Olatunji was recently abducted by gunmen suspected to be soldiers on Friday from his home in the Iyana Odo, Abule Egba area of Lagos State. In a statement on Saturday, the management of the online newspaper linked the action to a recent story published by FirstNews titled, “Revealed: “Defence Chief running office like family business – Public Interest Lawyers”, published by many other online platforms. The management also linked his abduction to another report titled, “EXCLUSIVE: How contractor, company stole N100bn, laundered funds for top govt officials – Investigation”, which was later pulled down. 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