Echotitbits – Nigeria News

Category: Business

  • Khaby Lame Becomes Billion-Dollar Mogul with Landmark AI Deal

    Khaby Lame Becomes Billion-Dollar Mogul with Landmark AI Deal

    Complex reports that Khaby Lame, the world’s most-followed TikToker, has finalized a $975 million all-stock deal with Rich Sparkle Holdings involving his operating company, Step Distinctive Limited. The agreement is positioned as one of the largest creator-economy transactions on record.

    A major component of the deal is development of an AI-powered “digital twin” to scale Khaby’s brand across global e-commerce markets, shifting him from influencer status into an equity-backed creator model. The firm is said to receive exclusive global rights for a defined period to manage and monetize his presence across categories like beauty and apparel.

    LiveMint reported the valuation and structure of the transaction, while Business Insider Africa noted claims around revenue potential tied to broader monetization plans.

    Echotitbits take: This is the ultimate evolution of the influencer: Khaby becomes a scalable software asset, not just a face. For African creators, it signals that “niche” content can convert into institutional wealth. The AI-twin angle will be controversial—watch whether audiences accept “synthetic Khaby” at scale.
    Source: Complex – https://www.complex.com/pop-culture/a/backwoodsaltar/tiktoker-khaby-lame-975-million-all-stock-deal-digital-twin-ai 2026-01-26

    Photo Credit: Complex

  • Meta to Host African Creators Summit in Lagos to ‘Trade Swag’

    Meta to Host African Creators Summit in Lagos to ‘Trade Swag’

    According to Businessday NG, Meta is set to host a Pan-African summit in Lagos on January 29, 2026, themed “Building a Sustainable Ecosystem Where Africa Trades Its Swag.” The event aims to equip creators with tools and frameworks to monetize cultural expression.

    The summit frames “SWAG” as an acronym for Sound, Walk, Attire, and Grub—positioning African identity as a market asset in global trends. The Lagos edition is expected to attract creators, tech innovators, and celebrities at the Federal Palace Hotel.

    THISDAYLIVE quoted the convener emphasizing that Africa is increasingly exporting creativity rather than merely consuming global culture. Meta’s statements highlight continued support for creators and their role in driving global impact.

    Echotitbits take: Meta is protecting its African creator moat. By operationalizing “SWAG” as a tradable concept, Meta is giving creators a business lens beyond likes. Expect a spike in Reels that explicitly tag sound/walk/attire/grub as creators try to ride the summit’s algorithmic moment.
    Source: BusinessDay – https://businessday.ng/technology/article/facebook-to-showcase-creator-tools-at-pan-african-summit/ 2026-01-27

    Photo Credit: BusinessDay

  • Shell CEO Announces Massive $20 Billion Investment Commitment for Nigeria

    Shell CEO Announces Massive $20 Billion Investment Commitment for Nigeria

    Shell Plc has announced a fresh $20 billion investment commitment to Nigeria’s energy sector, disclosed by global CEO Wael Sawan during a meeting at the Presidential Villa. Sawan praised recent policy reforms, saying they have helped restore investor confidence in Nigeria’s oil and gas industry.

    The investment is expected to target deepwater assets and gas infrastructure, including projects linked to Bonga North and NLNG. Shell’s leadership indicated the company is positioning for long-term capital deployment, with gas infrastructure aligned to Nigeria’s energy transition ambitions.

    The commitment is being framed by government officials as support for the administration’s wider economic agenda and efforts to reverse years of declining oil production. Separate reporting also described the package as a potential lifeline to multiple idle assets, while emphasizing leadership and policy clarity as factors driving the decision.

    Echotitbits take: After years of divestment talk, this massive commitment from Shell is a vote of confidence. The challenge now lies in ensuring security for these assets to prevent the crude oil theft that plagued previous years.
    Source: The Punch – https://punchng.com/shell-ceo-hails-tinubus-leadership-pledges-20bn-investment-in-nigeria/ 2026-01-26

    Photo Credit: The Punch

  • VDM and Blord Clash Over “Ratel” Brand Ownership

    VDM and Blord Clash Over “Ratel” Brand Ownership

    A public dispute has escalated between activist VeryDarkMan (VDM) and cryptocurrency entrepreneur Blord, with both sides laying claim to the “Ratel” brand name and associated identity.

    The clash has moved quickly across social media, with allegations, counter-allegations, and references to legal action, highlighting how digital influence and brand equity can collide in high-visibility disputes.

    Supporters have mobilized online, turning a trademark question into a broader culture war about clout, legitimacy, and commercial ownership in Nigeria’s fast-evolving ‘street-tech’ space.

    Echotitbits Take: If there is a definitive trademark record, that will become the key evidence point. Expect legal filings and PR narratives to harden in the coming days as both camps seek reputational advantage.

    Source: The Punch – https://punchng.com/drama-as-vdm-blord-lock-horns-over-ownership-of-ratel/ (2026-01-24).

    Photo Credit: The Punch

  • Enugu Chamber of Commerce Elects Onyemelukwe as 18th President

    Enugu Chamber of Commerce Elects Onyemelukwe as 18th President

    Enugu Chamber of Commerce Elects Onyemelukwe as 18th President

    Reporting by Tribune Online indicates that the Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) elected Nnanyelugo Onyemelukwe as its new president. Onyemelukwe, previously the first deputy president, was elected unopposed during the chamber’s 52nd Annual General Meeting. He is expected to steer the chamber through a difficult macroeconomic environment and oversee preparations for the 37th Enugu International Trade Fair.

    The outgoing president, Odeiga Jideonwo, emphasized that the new leadership should focus on empowering Micro, Small, and Medium Enterprises (MSMEs) for global competitiveness. ECCIMA is reportedly working on a roadmap for the 2026 trade fair, which organizers expect to draw significant local and international participation.

    The Sun validated the election outcome, quoting a spokesperson who said Onyemelukwe brings deep manufacturing-sector experience. Vanguard also reported on the event, quoting Governor Peter Mbah urging the chamber to sustain its role as a bridge between government and the private sector.

    Echotitbits take: ECCIMA is a critical institution in the Southeast’s economic ecosystem. Onyemelukwe’s agenda will be tested by high borrowing costs and inflation pressures. Delivery will depend on practical support for MSMEs—market access, financing pathways, and trade-fair execution.

    Source: Gazettengr — https://gazettengr.com/eccima-elects-nnanyelugo-onyemelukwe-as-18th-president/ (2026-01-23)

    Photo Credit: Gazettengr 2026-01-23

  • EKO 170 Event Marketing Pushes Lagos Sports-Tourism Ambitions

    EKO 170 Event Marketing Pushes Lagos Sports-Tourism Ambitions

    Reporting by Gran Fondo Guide presents Lagos’ “EKO 170” as a debut mass-participation cycling challenge positioned to attract riders and attention. (more…)

  • Wizkid Crosses 10 Billion Spotify Streams, Extending Afrobeats’ Global Run

    Wizkid Crosses 10 Billion Spotify Streams, Extending Afrobeats’ Global Run

    In an update published by The Guardian, Wizkid reportedly became the first African artiste to surpass 10 billion Spotify streams across all credits, reinforcing Afrobeats’ expanding global footprint.

    The milestone reflects catalog strength and the power of collaborations that pull African music into wider streaming ecosystems.

    It also boosts leverage for touring, brand partnerships, and label negotiations as streaming metrics increasingly shape market value.

    The Nation also reported “10billion Spotify streams,” while Vanguard similarly described him as the first African artiste to pass the 10-billion threshold.

    Echotitbits take: Watch the next strategic move—new releases and touring. Streaming dominance often precedes a major global tour cycle.

    Source: AfrobeatsMag — https://afrobeatsmagazine.com/wizkid-becomes-first-afrobeats-artist-to-reach-10-billion-spotify-streams/ January 10, 2026

    AfrobeatsMag 2026-01-10

    Photo Credit: AfrobeatsMag

  • KPMG Warns Nigeria’s ‘Certified’ Tax Laws Still Contain Errors and Gaps Needing Fixes

    KPMG Warns Nigeria’s ‘Certified’ Tax Laws Still Contain Errors and Gaps Needing Fixes

    In an update published by KPMG Nigeria, the firm said certified versions of Nigeria’s tax reform laws were intended to address discrepancy allegations, but the legislation still contains “errors, inconsistencies, gaps, and omissions” requiring fixes.

    Tax implementation depends on precision—definitions, dispute processes, and administrative powers must be unambiguous to avoid abuse and litigation.

    For businesses, uncertainty raises compliance costs and can delay investment decisions while firms wait for official guidance.

    Reuters reported the dispute over discrepancies and implementation, while reform advocates have publicly framed the rollout as non-negotiable with “No Going Back” messaging.

    Echotitbits take: Watch for amendment bills and administrative guidance notes—fast clarification reduces disruption for SMEs and the capital market.

    Source: The Punch — https://punchng.com/kpmg-flags-errors-gaps-in-gazetted-tax-laws/ —  January 10, 2026

    The Punch 2026-01-10

    Photo Credit: The Punch

  • Cooking Gas Prices Hold Around ₦1,000/kg as Supply Improves

    Cooking Gas Prices Hold Around ₦1,000/kg as Supply Improves

    Details shared by The Punch indicate liquefied petroleum gas (LPG) prices have steadied at about ₦1,000 per kilogram in several major cities, after months of volatility.

    Industry sources linked the stability to improved supply conditions and more dependable local output, which has reduced pressure from imports.

    Marketers, however, warned that distribution costs—driven by logistics challenges and diesel prices—remain a risk factor.

    **Echotitbits take:** Stable LPG pricing is a meaningful relief for households and small businesses. The next test is infrastructure: without better distribution networks and cheaper logistics, price stability can quickly unravel.
    Source: The Punch — https://punchng.com/cooking-gas-stabilises-around-n1000-kg-as-supply-improves/ 2026-01-08

    Photo Credit: Punch Newspapers.

  • Revenue Service Pushes E-Invoicing as New System Integrators Get Accreditation

    Revenue Service Pushes E-Invoicing as New System Integrators Get Accreditation

    A report from The Punch indicates the National Revenue Service (NRS) has accredited new system integration partners to support automated e-invoicing, a move aimed at improving compliance and reducing leakages.

    The initiative is designed to let businesses connect accounting systems to national tax infrastructure, enabling real-time transaction data and more accurate VAT assessments.

    SMEs are being encouraged to adopt compliant solutions early to avoid penalties once enforcement tightens.

    **Echotitbits take:** E-invoicing can cut fraud and boost transparency, but adoption will be toughest for small businesses. Watch for a grace period, incentives, and clear onboarding support so compliance doesn’t become another cost shock.
    Source : The Punch — https://punchng.com/nrs-boosts-e-invoicing-compliance-with-pillarcraft-accreditation/ 2026-01-08

    Photo Credit: The Punch