A fire outbreak in the early hours of Thursday gutted parts of the popular Bode Market in Ibadan South West Local Government Area of Oyo State, destroying several shops and goods worth millions of naira.

The cause of the inferno had yet to be determined as of the time of filing this report, while the Oyo State Fire Service had not issued an official statement on the incident.

An eyewitness, who identified herself simply as Serifat, said the fire caused extensive destruction, leaving many traders counting their losses.

“The blaze caused extensive damage, leaving many traders counting their losses. We have not known the cause of this fire incident,” she said.

Firefighters were reportedly deployed to the scene shortly after the outbreak and succeeded in bringing the fire under control, preventing it from spreading to other parts of the market.

Bode Market is one of the largest commercial markets in Ibadan and serves as a major trading hub for herbs, animal skins and other traditional products. The market attracts traders from across the South-West and other parts of Nigeria.

Authorities are expected to investigate the cause of the fire, while an assessment of the extent of the damage is ongoing.

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President Bola Ahmed Tinubu has revealed that Nigeria attracted nearly $20 billion in foreign direct investments (FDI) this year, attributing the inflow to reforms introduced by his administration to improve transparency, efficiency and investor confidence.

Speaking during a panel session at the ongoing Africa CEO Forum, President Tinubu said the government’s economic reforms are gradually positioning Nigeria as a more attractive and competitive destination for investors.

“In Nigeria, we’ve attracted nearly $20 billion in direct investment this year because we are efficient, transparent and open for business,” the President said.

Tinubu Pushes Local Value Addition for Mineral Resources

The President stressed that Nigeria would no longer support the export of raw minerals without domestic value addition, noting that the country possesses the capacity to process mineral resources into finished products.

He specifically pointed to opportunities in electric vehicle manufacturing, stating that Nigeria has the resources required to produce batteries and support industrial growth.

“With our metals, we can produce batteries for cars. The private sector brings capital and expertise, but government must de-risk and create the enabling environment,” he said.

Tinubu explained that stronger collaboration between government and investors remains critical to accelerating development across Africa.

President Calls for Full Implementation of AfCFTA

The President also urged African countries to move beyond discussions and fully activate the African Continental Free Trade Area (AfCFTA).

According to him, African nations must work together and maximise the continent’s resources rather than operating in isolation.

“We have the African Continental Free Trade Area—it must not sit on the shelf. It needs to be activated properly through collaboration and effective use of resources,” Tinubu said.

He advocated an “Africa First” development strategy that prioritises local production, processing and manufacturing.

“We don’t want scavengers and extractors. We want partners who process and manufacture locally,” he added.

Dangote Refinery Shows Africa Can Deliver Large Projects

Tinubu cited the success of the Dangote Refinery as evidence that African nations can execute large-scale industrial projects when supported with the right policies.

According to him, Nigeria’s transition from dependence on imported petroleum products to becoming a net exporter demonstrates the impact of strategic government support.

“Today Nigeria is a net exporter of PMS, aviation fuel and other products. Dangote is supplying aviation fuel across Africa and to European airlines,” he said.

Tinubu Calls for African Financial Reforms

The President also questioned Africa’s continued dependence on foreign currencies for trade transactions.

He argued that conducting trade using local currencies would reduce costs and improve economic stability across the continent.

“If you produce in Nigeria, you can trade in naira. Why should African trade depend on dollars? That adds cost and instability,” he said.

Tinubu proposed an African commodity exchange platform that would allow direct trade among African countries.

He further called for the establishment of an African credit rating agency, arguing that many international rating firms do not properly understand African economic realities.

“The big American agencies dominate 95 per cent of the market, but they don’t understand our risks and opportunities,” he stated.

Nigeria Expands Digital Infrastructure

On digital development, Tinubu disclosed that Nigeria is currently laying 19,000 kilometres of fibre optic cables nationwide to improve connectivity and strengthen the digital economy.

He noted that Africa must move beyond basic telecommunications and begin investing in broader digital systems, including artificial intelligence, e-commerce, and data infrastructure.

“We need to fund Africa’s shift from basic telecoms to AI and e-commerce,” he said.

The President expressed optimism that despite current challenges, stronger cooperation and commitment among African nations would eventually drive greater economic integration.

“Pan-Africanism can’t remain a slogan. It has to be lived,” he said.

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A cooperative society in Kenya is a member-owned organization established to promote the social and economic interests of its members by pooling resources for mutual benefit.

The process of registering a cooperative in Kenya is guided by the Co-operative Societies Act, Cap 490, and supervised by the Commissioner for Co-operative Development under the Ministry of Co-operatives. Cooperatives operate across sectors such as agriculture, savings and credit (SACCOs), housing, manufacturing, and trade.

To legally register a cooperative, a minimum of 10 founding members is required. Each must be a Kenyan citizen aged 18 or above, possess a valid national ID and KRA PIN, and share a common economic or social goal.

Members must agree on the cooperative’s name, objectives, and leadership structure—typically including a chairperson, secretary, treasurer, and two other officials.

The registration process starts with a founding meeting, where the members adopt the name, draft bylaws, and decide on share capital and contributions. Minutes from this meeting must be signed by all attendees. The proposed name is submitted for approval to the Commissioner for Co-operative Development and reserved for 30 days.

Applicants then prepare and submit Form I (the application form), draft bylaws, a list of members, copies of IDs, meeting minutes, a business plan, and proof of office address to the County Cooperative Office, along with a registration fee of Ksh 3,000 to 5,000. Once approved, the cooperative receives a Certificate of Registration.

After registration, the cooperative must open a bank account, begin operations, recruit members, and maintain accurate financial records. It is also required to hold Annual General Meetings (AGMs), submit annual returns, and present audited financial statements to the Commissioner.

SACCOs that collect deposits must additionally register with the SACCO Societies Regulatory Authority (SASRA).

By meeting these requirements, cooperatives in Kenya can operate legally and sustainably while contributing to the country’s social and economic development.

The post What It Takes to Legally Register a Cooperative Society in Kenya appeared first on Housing TV Africa.

Nigeria has taken a bold step to cement its place as Africa’s technology leader by hosting its first international technology exhibition in Abuja, after more than a decade of active participation in global events such as GITEX Dubai, Marrakech, and Berlin.

The landmark showcase, championed by the National Information Technology Development Agency (NITDA), brought together policymakers, government leaders, investors, and startups, signaling Nigeria’s intent to drive innovation, foster global partnerships, and strengthen its digital economy.

Lagos as Africa’s Innovation Capital

Speaking at GITEX Nigeria in Lagos, Governor Babajide Sanwo-Olu revealed that the state has attracted over $6 billion in foreign investment into its tech startup ecosystem between 2019 and 2024.

“Lagos’ transformation is no longer aspirational, it is a living reality,” Sanwo-Olu said, citing investments in hyperscale data centres, submarine cables, and a citywide fibre grid as evidence of a thriving digital revolution.

Lagos now accounts for more than 70% of Nigeria’s tech inflows and has produced over 70% of Africa’s unicorns. The governor credited visionary leadership and continuity, recalling Lagos’ early adoption of Oracle database systems under then-Governor Bola Ahmed Tinubu, now Nigeria’s president.

Sanwo-Olu also celebrated the success of the Blue Line electric rail, which has transported over five million passengers in two years with zero downtime, supported by the Cowry Card, a unified, homegrown payment system now used across buses, taxis, waterways, and rail.

“At the heart of Lagos’ transformation is the belief that governance must be digital, inclusive, and data-driven. We are building a government where no Lagosian is left behind,” he said.

To sustain innovation, Lagos has also maintained a Science and Research Fund for over six years, offering ₦50–₦80 million in seed grants to startups, some of whom designed exhibition spaces used at GITEX Nigeria.

Nigeria’s Digital Economy on the Rise

Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, unveiled a roadmap positioning Nigeria as a digitally connected, globally competitive powerhouse.

He highlighted the sector’s rapid growth, noting that ICT’s share of GDP has risen from under 5% to 16–18%, with projections to reach 21% by 2027.

“Nigeria is not just a market, we are an innovation and creative powerhouse,” Tijani said, pointing to Nollywood’s global influence and the explosive rise of Afrobeats, which together are projected to generate over $15 billion in the coming years.

“This is where code meets culture,” he added.

To sustain momentum, Tijani announced:

• A 90,000-kilometre fibre backbone under Project BRIDGE.
• The 3MTT digital skills program, the world’s largest coordinated tech skills initiative.
• Forthcoming National Digital Economy and E-Governance Bills to enhance trust, security, and accountability.
• Expanded support for AI-driven innovation and research.

“The government is building the foundation fibre networks, talent pipelines, and enabling legislation,” Tijani said.

This inaugural GITEX Nigeria marks a turning point in the country’s digital transformation, showcasing Lagos as Africa’s innovation hub and positioning Nigeria to lead the continent’s future economy.

The post Nigeria Launches First Global Tech Expo: Lagos Nets $6bn in Startup Funding, Digital Economy to Hit 21% of GDP by 2027 appeared first on Housing TV Africa.

Arriving in Lagos in 1929 with humble beginnings, Ojukwu quickly rose through determination and foresight. Starting out as a clerk in a tyre company, he soon identified trade patterns and launched his own business ventures—first in transport, then in textiles, real estate, banking, and imports.

By the 1950s, Ojukwu had built one of the largest privately-owned transport fleets in West Africa, with over 200 trucks. His business empire later expanded to include shipping, cement, insurance, and financial institutions, positioning him as one of the wealthiest Nigerians by the time of the country’s independence in 1960.

His estimated wealth, when adjusted for today’s value, ranges from $4 billion to as high as $40 billion. He held leadership positions in several key institutions: President of the Nigerian Stock Exchange, Chairman of the Nigerian National Shipping Line, and numerous board roles in top Nigerian and multinational companies.

Ojukwu’s business acumen also laid the foundation for future generations. Some of his early associates and employees went on to become transport moguls in their own right. He played a significant role in building Nnewi into an entrepreneurial stronghold—today known for its manufacturing might.

Knighted by the British Empire for his wartime support and famously hosting Queen Elizabeth II in his Rolls-Royce during her 1956 visit, Ojukwu remains a towering figure in Nigeria’s economic history.

He passed away in 1966, but his legacy lives on—not just in the companies he built, but in the culture of enterprise he helped foster.

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