Top Nigerian tech stories of 2024: A year in pixels, bytes, and disruptions

If 2024 were a tech conference, it would have been a masterclass in drama, revelations, and the kind of curveballs that even the most seasoned industry players didn’t see coming. 

From high-profile hacks and regulatory drama to multi-million dollar raises and corporate missteps, this year has been anything but predictable. Whether it was the rise and fall of fintech darlings, ongoing battles in the telecom space, or the never-ending dance with cybersecurity, the Nigerian tech landscape showed once again that it’s as volatile as it is vibrant. 

I am guessing you already have your popcorn as we dive into the biggest tech stories of the year—a year where anything could happen, and often did.

January: The year kicked off with controversy

The year started with a bang in the Nigerian tech scene, as two telecom giants—Globacom and MTN—found themselves embroiled in an unpaid debt row. 

Allegations flew, and the debate over who owed whom what became one of the first major talking points of 2024. While the dispute simmered in the background, it wasn’t long before another controversy captured the tech community’s attention: the continuation of the story of the $2 million Patricia hack.

Patricia, a once-celebrated crypto platform, faced continued backlash after suspects were arrested in relation to the hack. This saga would continue to unfold throughout the year, but January was when the seeds of discontent were first planted.

Later in May, the platform’s CEO, Fejiro Hanu Agbdje, took to his X account to refute rumours about the exchange’s imminent closure amid its battle to scale customer fund loss.

Hanu denied the growing speculation, emphasising that disseminating negative news often outpaces positive updates, leading to misconceptions about the firm’s status.

In his statement, the CEO highlighted the role of various news outlets and blogs in perpetuating clickbait headlines and misinformation, contributing to the rapid spread of the false closure narrative. He expressed dissatisfaction over how information is disseminated, apologising to the platform’s users while affirming his resolve not to succumb to online harassment.

Hanu even outrightly called out a Journalist from TechCabal and sparked another round of conversations on the role of the media in our world. 

The co-founder and CTO of Paystack, Ezra Olubi, in response to the incident, expressed reservations about Hanu’s narrative, suggesting that the company may have misappropriated customer assets for extravagant spending before alleging a potential hack. 

“it takes a lot of gall to mindlessly spend customer funds to appear larger than life, blame a “hack” that either didn’t happen or was a result of sheer recklessness – given the lack of a postmortem, be on the brink of company collapse, then proceed to dunk on journalists.”

Many in the tech community were disappointed by Patricia’s handling of the aftermath of the reported hack. Despite the uproar, Patricia insisted it was working diligently to repay affected customers, and even sent an email in December 2024. 

February: A month of financial twists and legal drama

February brought its share of drama, particularly in the realm of fintech. Binance executives made headlines when they were arrested and detained—an event that reverberated throughout the crypto world. While one of my colleagues is set to explore the details of that story in greater depth, the arrest underscored growing concerns over cryptocurrency regulations in Nigeria.

Meanwhile, Uber’s backing of a $100 million loan for Mooves raised eyebrows. There were issues with how Moove operates especially in relation to how it handles the drivers. So, is Uber in support of such mishandling of indispensable stakeholders? 

The debate was upturned when, in April, Mooves raise was listed among the global top raises for Q1 2024.

But then, Uber drivers operating under the Uber Go platform were thrown into panic after reports made the rounds that Moove, the company financing their Suzuki S-presso vehicles, is planning to increase their weekly remittances.

The cars were issued on hire purchase with a four-year repayment limit. The current repayment plan is 56,400 naira per week, excluding the 25 per cent commission deducted from fares.

March: Regulatory challenges and data breaches

March was a month of both hope and frustration. 

On the positive side, Eyowo, the digital wallet provider, was granted its licence back, much to the relief of its users and stakeholders

However, the drama surrounding Eyowo took an unexpected narrative in October when the company’s CEO revealed that he had learned about the revocation of its licence not from the authorities, but from the news—a situation that left many in the tech community questioning the transparency of the regulatory process.

The National Identity Management Commission (NIMC) also became the subject of intense scrutiny following a major data breach, following fibre cuts that affected most of West Africa. 

Then, in June, reports emerged that Nigerians’ NIN and BVN data had been sold for a paltry ₦100. While NIMC initially denied the breach, pressure mounted as Minister Bosun Tijani confirmed that investigations were underway. 

By July, NIMC shifted the blame to its licenced partners, yet in October, Minister Olutunji Ojo downplayed the severity of the breach, describing it as “debatable.” This ongoing back-and-forth only deepened the public’s distrust of Nigeria’s data security measures.

April: Shareholder scrutiny in the tech sector

April was relatively quiet, but that didn’t mean the drama stopped. Thepeer, a company that had been making waves in Nigeria’s fintech scene, found itself under intense scrutiny from its shareholders, who called for an audit.

This highlighted a broader issue within Nigeria’s rapidly growing tech sector—concerns about corporate governance and transparency amid a highly competitive environment. 

May: A regulatory shift and growing pains

In May, the tech community saw a significant change when the Nigerian government introduced a 0.5% cybersecurity levy, aimed at strengthening the country’s digital infrastructure. 

However, this move was short-lived, as the Central Bank of Nigeria (CBN) halted the levy in response to growing opposition. The back-and-forth between the government and netizens over such policies would continue to stir debate, with many questioning the effectiveness of these regulatory moves.

Meanwhile, the Corporate Affairs Commission (CAC) opened the registration portal for Point of Sale (POS) operators, sparking a wave of protests from small-scale entrepreneurs. Many POS operators claimed that the new registration requirements were an attack on financial inclusion. The controversy escalated, with POS operators vowing to sue the government over the new rules. 

By July, the CAC extended the registration deadline, but the tension didn’t subside. In September, POS operators took their grievances to court, questioning the fairness and logic behind the policy. By October, Technext asked, in an article, if the CAC had forgotten about the compulsory registration. 

Minister Bosun Tijani also made waves in May when he announced the creation of a “Startup House” in San Francisco, aimed at connecting Nigerian startups with global venture capital. The news was met with both excitement and scepticism—was this the long-overdue push for Nigeria’s startup ecosystem to gain international recognition or just another bureaucratic effort that would fail to deliver tangible results?

Finally, Moniepoint was named Africa’s fastest-growing fintech company, a testament to the rising prominence of Nigerian fintech entities in the global market. It was a high point for the sector, even as many other companies struggled to stay afloat in a turbulent market.

Months later, Moniepoint raised $110 million.

June and July: A quiet period before the Storm

June and July were relatively quiet months in the Nigerian tech scene, but this calm would soon be shattered by more hacking incidents and corporate crises.

August: GTBank’s cybersecurity woes

August was marked by one of the year’s most significant cybersecurity incidents. 

GTBank’s web services were hacked, leading to widespread disruptions for customers. 

Later on, the bank announced plans to upgrade its mobile app, but the promised improvements quickly spiralled into a nightmare. The app remained dysfunctional for weeks, frustrating users who had hoped for a quick resolution. 

GTBank’s crisis continued well into October and November, with many questioning the bank’s preparedness for such a major upgrade and its ability to restore consumer trust.

September: The fintech levy and its fallout

September saw yet another regulatory shake-up with the introduction of a ₦50 deposit levy, imposed on fintech companies’ users by the Federal Inland Revenue Service (FIRS). 

This move stirred up controversy, with many in the fintech space warning that such policies could stifle innovation and further complicate the already difficult regulatory landscape. 

This levy, the Electronic Money Transfer Levy (EMTL) was then later re-introduced in December and implementation has started.  

October: Starlink’s price hike and Bolt’s driver controversy

In October, Starlink raised its prices, sparking backlash from consumers and the Nigerian government. The price hike was quickly followed by a suspension of the increase, as Starlink sought to avoid alienating its customer base.

That same month, a Nigerian member of the House of Representatives made headlines when he assaulted a Bolt driver. 

Bolt responded swiftly, offering to assist the driver, and the rep was subsequently arraigned. The situation was resolved when the rep reportedly compensated the driver with a new car and ₦5 million in cash. 

Bolt subsequently launched a safety awareness campaign, highlighting the growing concerns about driver safety in the country’s ride-hailing sector.

To cap this month, Tigran Gambaryan, Binance’s head of financial crime compliance, left Nigeria after spending eight months in detention at Kuje prison. The Nigerian authorities dropped money laundering charges against Gambaryan, effectively ending the prolonged legal battle. 

The charges, initially filed by Nigeria’s Economic and Financial Crimes Commission (EFCC), were dismissed in an Abuja court, closing a chapter that strained relations between Binance and Nigerian authorities.  

November: Temu’s sneaky entrance into Nigeria

November was dominated by the surprise arrival of Temu, a Chinese e-commerce giant, which made a splash in Nigeria by flooding every social media platform with targeted ads. 

Netizens watched with a mixture of awe and concern as Temu’s aggressive marketing strategy captivated Nigerian consumers, raising questions about the future of the local e-commerce landscape. 

Would Temu’s dominance in Nigeria follow a similar path to other global e-commerce giants, or would it face stiff competition from local players? 

Nigerians are already buying items from Temu — even though reading descriptions of items seems to be causing a lot of problems. 

December: Fintech developments and Flutterwave’s troubles

The last month of the year has begun with more upheaval in the fintech space. Various fintech entities began implementing the Electronic Money Transfer Levy (EMTL), with the Federal Government projecting a revenue of ₦800 billion. While this was hailed as a positive step towards digital financial inclusion, it also brought fresh concerns about the long-term impact on consumers.

In another unsettling development, the Nigerian police moved to arrest 601 beneficiaries of the massive Flutterwave hack, a reminder of the growing risks associated with the country’s digital payments infrastructure. The saga surrounding Flutterwave’s breach and its aftermath was a stark reminder of the challenges facing the country’s rapidly growing digital economy.

It does not end there. The Economic and Financial Crimes Commission (EFCC) arrested up to 792 persons, including over 100 foreign nationals in a 24-hour sweep of crypto fraudsters and romance scammers. I got the number right if you thought it was a mistake. 

As we reflect on the tech stories of 2024, it’s clear that Nigeria’s tech industry is one in flux. Whether it’s regulatory challenges, security breaches, or the emergence of new players, the pace of change is relentless. But one thing is certain: in Nigeria, the tech scene is never dull, and 2024 proved that.

What lies ahead in 2025 is anyone’s guess—but if history has taught us anything, it’s that the unexpected is always just around the corner.