Beyond Raw Talent: Why Nigeria’s creative economy demands structure, capital, and protection - Editorial@ITREALMS

For decades, Nigeria’s creative industry has been celebrated as a triumph of sheer willpower. From the global dominance of Afrobeats and the prolific output of Nollywood to the viral reach of digital content creators and literary icons, the nation’s cultural influence is undeniable. Yet, behind the glitz and international accolades lies a sobering economic reality: raw talent alone can no longer sustain or scale Nigeria’s creative economy.

The message delivered at the second QEDNG Creative Powerhouse Summit in Lagos was both urgent and clear. As stakeholders noted, talent without structure is merely a hustle. While creative individuals continue to put Nigeria on the global map, the country contributes barely 1.2 percent to its national GDP from the creative sector; less than half of South Africa’s contribution, where intentional policy, proper infrastructure, and transparent measurement frameworks are firmly in place.

Exposed! How INEC encourages capital flight by Remmy Nweke - WeekendDigits@ITREALMS

WeekendDigits Investigative Series: The Sovereign Domain (Part 1) originally published in ITREALMS: July 2, 2014 | Republished for the Series: July 2026

An investigative deep dive reveals how the electoral umpire’s reliance on foreign-managed .org domains drains public funds into offshore registries, bypassing federal guidelines. REMMY NWEKE, in The Sovereign Domain series on WeekendDigits@ITREALMS, analyzes the steep cost of this policy gap.

The Editor's Note :

This opening installment of The Sovereign Domain series anchors our longitudinal audit on a landmark forensic investigation first broken by ITREALMS. By establishing this baseline data, we expose the deep historical roots of institutional digital non-compliance, tracing how a vital regulatory organ fostered a multi-year pattern of capital flight and compromised national data sovereignty.

Preamble:
THE Independent National Electoral Commission of Nigeria (INEC) has been encouraging capital flight from the country, through its registration and maintenance of www.inecnigeria.org, ITREALMS can authoritatively report.

FirstHoldCo Announces FirstBank Has Met ₦500 Billion Regulatory Capital Requirement - ITREALMS

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-Shareholders commit to future injection of more capital to the Groups’ other subsidiaries

First HoldCo Plc (“FirstHoldCo” or “the Group”) has announced that its commercial banking subsidiary, First Bank of Nigeria (FirstBank), has successfully met the Central Bank of Nigeria’s (CBN) minimum capital requirement of ₦500 billion. 

This milestone was achieved following the completion of a series of strategic capital initiatives, including a Rights Issue, a Private Placement, and the injection of proceeds from the divestment of the Group’s merchant banking subsidiary.

2020: Only technology driven exploration'll attract capital - ITREALMS

ITREALMS:

Technology driven exploration has been identified as one of the sustainable fiscal reforms expected to attract capital to the continent’s energy sector, according to African Energy Chamber in its latest outlook for 2020, reports ITREALMS.

The chamber, ITREALMS also reports that in African Energy Outlook 2020 that hundreds of blocks and acreages will be up for grab across Africa, from Senegal to Nigeria to Somalia. Competition will be fierce to attract capital from a diversifying basket of explorers now coming from North America, Europe, Russia, China, India, South East Asia and the Middle East.

In 2019, several African countries revised their legal and fiscal framework to incentivize exploration, as new world-class discoveries were yet again made on the continent. With the signing of no less than 9 PSCs in 2019 following the passing of its brand new Hydrocarbons Code, Gabon has shown that investors are ready to keep betting on Africa providing that the right legislation and framework are put in place.

In its Energy Outlook 2020, the Chamber notably stresses investors’ concerns over uncertain fiscal terms in sub-Saharan Africa, and calls on governments to find better ways to reconcile their expectations of short-term tax gains with the need for sustainable and long-term investment in exploration.

The importance of increasing exploration efforts cannot be under-estimated in Africa. The continent is the world’s hottest exploration frontier, with several discoveries made over the past few years. The world’s largest discovery this year was made off the coast of Mauritania by Kosmos Energy. It adds up to other large discoveries made this year by Noble Energy in Equatorial Guinea, or the Springfield Group in Ghana for instance.

“2020 needs to be a drilling year,” declared Nj Ayuk, Executive Chairman of the African Energy Chamber and CEO of the Centurion Law Group. “Africa has the highest exploration success rates in the world. In basins like the MSGBC, international explorers like Kosmos Energy have even had a 100 percent success rate from all their exploratory drilling,” he added. “It is up to African governments and legislators to provide the right framework to keep attracting these kind of players ready to take risks and bet on our continent’s potential.”



Promoting and supporting exploration efforts across the continent is a key goal of the Chamber in 2020, as stated in its latest outlook for the sector.

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African equity capital markets records $9.1bn - PwC

ITREALMS:

The African equity capital markets recorded the sum of $9.1 billion in four years, reports ITRealms.

According to the PriceWaterCopper (PwC) in its 2017 Africa Capital Markets watch made available to ITRealms, revealed that $9.1bn proceeds were raised between 2013 and 2017 in African equity capital markets (ECM) and debt capital markets (DCM).

ITRealms also gathered that the ECM transactions included in the report comprised of capital raising activities, whether initial public offerings (IPOs) or further offers (FOs), by African companies on exchanges worldwide and those made by non-African companies on African exchanges.

Some of the highlights of African capital markets in numbers, ITRealms gathered comprised 28 IPOs in 2017, 134 IPOs between 2013 and 2017, $2.9bn IPO proceeds raised in 2017, 93 FOs in 2017, 385 FOs between 2013 and 2017, $10.6bn FO proceeds raised in 2017, $43.6bn proceeds raised between 2013 and 2017.

ITRealms reports that PwC pointed out that in terms of capital market activity, “we expect that the recovery seen in 2017 will gain momentum in 2018, including an increase in cross-border ECM activity for regional players looking to compete globally.”

Chuks Egbune/GEE

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FG discharged N336b capital funds to MDAs in Q1 2017

ITRealms:

The Federal Government has discharged till date, the sum of N336 billion from the 2017 Budget to Federal Ministries, Departments and Agencies for the funding of capital projects in the first quarter of 2017, reports ITRealms.

The balance of N14 billion, ITRealms also reports, is being processed, pending resolution of some formalities within the agencies concerned.

Power, Works and Housing received the largest allocation of N90 billion, followed by Defence and Security, which got N71 billion, while Transport got N30 billion. 

Additionally, Agriculture received N30 billion and Water Resources got N12 billion. 

Other sectors combined received a total sum of N103 billion. 

The Minister of Finance, Kemi Adeosun, said the prioritization of the release of available funds was made in accordance with the objectives of the Economic Recovery and Growth Plan.

She also said that in 2017, the Federal Government would continue to focus on capital expenditure spending on priority sectors to stimulate economic activities and job creation. 

“Despite fiscal constraints, the Federal Government was able to fully cash-back the budgeted capital releases so far made, which is a reflection of the current administration’s commitment to economic development,”Adeosun said.

Ayo Midele/GEE

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Archbishop Martins: Capital punishment unnecessary at this era, cautions on jungle justice

 ITRealms:

The Catholic Archbishop of Lagos, His Grace Most Rev. Dr. Alfred Adewale Martins has declared capital punishment as unnecessary at this era, saying it does not serve as true deterrent to criminals, reports ITRealms.

Reacting to unabated calmour in some quarters for the return of capital punishment, the Archbishop also frowned at the growing trend of jungle justice in the land, warning that such evil practices, if not checkmated, were capable of setting back the judicial system and turning the nation back to the era of pre-civilization.

Capital punishment as being advocated by some, he said, was not only inhuman, but also outdated and unnecessary in a civilized country as Nigeria.

“I want to state here that there is no empirical evidence to prove that capital punishment does help to reduce crimes in the society. On the contrary, we have seen situations where innocent persons have been sentenced to death for no just.  When such happens, the injustice cannot be reversed” he asserted.

Proffering an alternative, Archbishop Martins said he believes that criminals should be allowed to serve jail terms and also make necessarily restitutions for their crimes, would have far-reaching impact on the society.

On the recent jungle justice reportedly being meted on some suspected Badoo cult boys in parts of Ikorodu, the prelate expressed sadness at the activities of the cult group, even as he appealed to Nigerians to endeavour to have more regard for the sacredness of human life.

“The activities of the cult group are a reflection of the rot in our society. A situation when so many youths are jobless, only leaves them susceptible to easy manipulation by evil people for selfish purposes. I appeal to our youths to refrain from cult activities as it grieves God’s heart. Any act that brings sorrow and sadness to other humans is evil and should be discarded,” the Archbishop warned.

Ayo Midele/GEE

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Nigeria’s 1st Venture Capital Summit gets new date

The maiden Venture Capital Advocacy Summit slated for the Eko Hotel, Victoria Island, Lagos, Nigeria, now has a new date in August, reports ITRealms.

The organisers, Alfe City Company Limited, confirmed this to ITRealms saying that the scheduled for 2nd- 4th August, 2016 will bring together all the critical elements that could facilitate the entrenchment of the venture capital culture in the country.

The company also noted that the change of date from the initial 28th and 30th June, 2016 was to allow all stakeholders adequate time to fulfill their obligations and preparation for a successful event.

“All other elements of the Venture Capital Advocacy Summit remain as previously stated,” the statement said.

The Summit with the theme: ‘Venture Capital and Capacity Development of a New Nigeria Economy’ has the support of the Senate Committee on Trade & Investment and the House Committee on Commerce, which will feature the maiden introduction of the concept of venture capital and provide an opportunity for interaction with international experts and seasoned investors in what would be the first of its kind gathering in Nigeria.

According to Mr Soji Adeleye, Chief Executive Officer, Alfe City Company Limited, the endorsement of the summit by the National Assembly was crucial as the entrenchment of the Venture Capital culture in Nigeria would require legislative underpinning to guarantee the safety of investment of investors.

Senator Fatimat Raji Rasaki, Chairman Senate Committee on Trade and Investment said, “We share the principle and objectives behind this very laudable program and commend it to all stakeholders across the country.

“We hereby convey our commitment to work with you and other stakeholders for the success of the summit and subsequently perform our legislative responsibility to ensure a successful entrenchment of venture capitalism culture in Nigeria.”

Similarly, the Chairman, House of Representatives Committee on Commerce, Rt Hon Sylvester Ogbaga said the committee considered the summit's objectives as very laudable.

"I wish to therefore convey the decision of the committee to collaborate with Alfe City Company Limited in that regard," he said.

The summit objectives include to; Advocate and spearhead the culture of venture capitalism in Nigeria; Open an avenue for translating Nigerians' legendry creativity and entrepreneurship to vital economic power; Bring all stakeholders together to highlight how venture capital could be the missing link in Nigeria's struggle to build a diverse and sustainable economy; Establish a Register for practicing and prospective venture capital operators in Nigeria; Create the machinery for an annual venture capital event as a vehicle for entrenching the culture of venture capitalism in Nigeria.

Nenye Dom/GEE

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