On Wednesday, March 25, employees of Kuda, a Nigerian digital bank, were invited to a video call with senior executives. Before it ended, hundreds were told their contracts had been terminated as part of a company-wide restructuring. The job cuts affected multiple departments, according to multiple sources familiar with the matter and official documents obtained by TechCabal on Friday morning.
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” a company spokesperson told TechCabal in an emailed response on Friday. “This is not a decision driven by financial pressure, but part of the natural evolution of a company at our stage, aligning with industry benchmarks.”
Executives also told staff the layoffs were not linked to financial performance or individual output but to a shift in operational priorities after a strategic review. That process, they said, considered industry benchmarks and the company’s long-term direction.
“As part of this process, some roles across the business have been impacted. We know this is difficult, and these were not decisions we took lightly,” the spokesperson added. “We are supporting those affected with enhanced severance packages and practical transition support, while staying focused on serving our customers and continuing our long-term growth.”
Nineteen of the unit’s 40 marketing employees were affected, two employees who were affected by the cuts told TechCabal.
“As you know from the announcement/meeting on 25th March 2026, the Company is considering restructuring its operations and aligning its headcount.
“Following a strategic review of future operational priorities, industry benchmarking, and long-term direction, the Company has identified the need to restructure and reorganise certain departments,” part of the letter sent to one of the affected employees on Wednesday and obtained by TechCabal read.
Events leading up to the announcement unsettled employees, an ex-employee told TechCabal on Thursday.
An unusual company-wide meeting was called, but staff initially could not access the link. When the call eventually started, senior Kuda leaders confirmed the job cuts.
Some employees said the process lacked clarity. Others pointed to recent hiring decisions, including senior-level recruits.
Affected staff have been offered severance packages that vary by role and tenure. Some expect up to seven months’ pay, a source told TechCabal. The company is also proposing an enhanced exit option tied to a settlement agreement.
“The enhanced severance payment would be conditional upon you entering into a legally binding settlement agreement… [and] agree not to bring any claims,” part of the notice read.
Kuda’s recent moves
Kuda expanded into the United Kingdom with a remittance-focused product in 2022 and has since narrowed its losses significantly. The fintech, which has seven million registered customers, cut its losses from $35.11 million in 2023 to $5.83 million in 2024, driven by its Nigerian subsidiary nearly doubling its Naira revenue to ₦21.2 billion and a significant reduction in operating expenses.
The last time the fintech shared its numbers publicly, it said it processed over 300 million transactions worth ₦14.3 trillion ($9.3 billion) and issued ₦16.4 billion in overdrafts, a 43% increase from the previous quarter. The neobank’s net margin ranged from 3% to 7% per month, Babs Ogundeyi, its chief executive officer, told TechCabal. If Kuda maintained that Q1 pace through year-end, it would have processed more in 2025 alone than in its entire first five years combined.
Kuda last raised external funding in 2024 with a $20 million equity round at a $500 million valuation, after it made almost $45 million in losses in the two years leading up to that round.
“Are we in Kwara State not part of Nigeria anymore? President Bola Ahmed Tinubu, please help us — they are killing us! Families are being kidnapped, homes invaded and wiped out. We are scared to even step outside. They now move around with weapons and petrol; where are they getting all these from? Yet the President is campaigning for a second term. If everyone is gone, who will vote?”— A lady from Kwara State cries out in the video about the ongoing insecurity, bandit attacks, and fear in her community.
“Are we in Kwara State not part of Nigeria anymore? President Bola Ahmed Tinubu please help us, they are k!’ ll’!ng us. Families are being k1dn?pp3d, homes !nv@d3d and wiped out. We are scared to even step outside. They now move with w3@ p 0n$ and petrol; where are they getting… pic.twitter.com/Xb7hdKuzQy
A significant explosion at an oil refinery near the Texas coast on Monday sent plumes of smoke billowing into the sky, prompting local residents to shelter in place.
The incident occurred at the Valero refinery in Port Arthur, situated approximately 90 miles east of Houston. Officials confirmed that, despite the dramatic scenes, no injuries were reported.
Mayor Charlotte M. Moses addressed the community, urging residents in parts of the city's west side to remain indoors as emergency services responded. "There's been an explosion, yes, but we're OK; everybody's OK," she stated, adding, "They're trying to put the fire out as quickly as possible."
The explosion comes amid a spike in gas prices driven by uncertainty over the global oil supply because of the Iran war.
The refinery has about 770 employees and can process about 435,000 barrels of oil per day, according to Valero’s website. The plant refines heavy sour crude oil into gasoline, diesel and jet fuel, according to the website.
Images and video posted online show a large plume of smoke and flames billowing out from the refinery. Some residents reported hearing a loud boom and seeing their windows shake.
“For your safety please remain in place until the ‘All Clear’ is given by emergency personnel,” the City of Port Arthur said in a post on its Facebook page.
Two dead, warehouses burnt as gas tanker-trailer collision sparks Lagos inferno
A gas explosion in the Ajah axis of Lagos on Saturday claimed two lives and destroyed several properties, including warehouses and roadside shops.
The incident occurred in the early hours of Saturday along the Lekki-Epe Expressway at Tera Ahmed bus stop, Sangotedo, following a collision between a gas tanker and a tipper truck.
Officials of the Lagos State Fire and Rescue Service confirmed the development to our correspondent.
According to the Director of Public Affairs of the agency, Amodu Shakiru, the fire had been extinguished as of the time of filing this report.
In a statement signed by the Controller General of the agency, Margaret Adeseye, the service said it had brought the situation under control.
“The accident which was alerted at 02:36 wee hours Saturday saw Lekki Phase II, Oniru and Epe II Fire Stations of the agency raced to the scene after it was reported that an oncoming speeding 20-tonne tipper truck from the Epe end rammed from behind into a stationed 30-tonne gas truck that failed to pull over from the highway.
“The resultant effects culminated in fire spreading to three adjoining warehouses and 10 roadside shops, including a gym and generator house, before the fire was put out, saving a Total Petrol Filling Station, its fully loaded 33,000-litre PMS tanker and a host of properties,” the statement read.
The agency added that after the blaze was doused, three Sienna buses, one Toyota Corolla car and a forklift were recovered from the affected premises.
It further disclosed that the tipper driver and his assistant, both male adults, were burnt beyond recognition, while the driver of the gas truck escaped unhurt.
It was added that efforts were ongoing to evacuate the remains of both trucks from the road, as normalcy had begun to return to the scene of the accident.
RandDigital: Have you noticed the change in Nairaland editorial policy? Frontpage is now exclusively for Nigerian, Iran and European football news. Everything else is relegated to obscurity in unpopular sections such as foreign affairs or travel.
The forum owner asked for feedback a few weeks back and this is their unfortunate resolution. Goodbye to interesting human interest and global news - NL is now parochial.
So, I'm bowing out as your trusted source on South African news. Thanks to all you who showed me love. SHARP oo😅👍🏽
Naija no dey carry last, nine things King Charles said about Nigeria
King Charles III on Wednesday hosted President Bola Tinubu and First Lady, Oluremi Tinubu, at a state banquet in Windsor Castle.
The event was part of activities marking Tinubu’s two-day state visit to the United Kingdom, which is expected to boost bilateral cooperation between the two nations.
The British monarch, delivering his speech in St George’s Hall, expressed his admiration for Nigeria’s rise, its people, and the nation’s influence in the UK.
He even closed with a flourish in Nigerian Pidgin that drew smiles from guests, saying, “Naija No Dey Carry Last!” (Nigerians Never Come Last), as he proposed a toast to the President and people of Nigeria.
Here are 10 highlights from his speech:
Nigeria has arrived Reflecting on his 2018 visit and earlier trips, the King said Nigeria “hasn’t merely changed… it has arrived.”
He described Nigeria as a nation of over 230 million people, half under 18, full of “energy, ingenuity, ambition and resolve” to tackle global challenges.
Afrobeats, Nollywood, and Premier League stars King Charles highlighted how Nigerian culture has enriched Britain, from Afrobeats in concert halls to Nollywood on screens.
He also mentioned Nigerian stars competing in the Premier League and adjudicating in courts.
The monarch said, “From Afrobeats filling our concert halls and Nollywood captivating our screens, to stars competing in our Premier League and adjudicating our highest courts, so much of Britain’s culture is, in truth, profoundly enriched by Nigeria.”
Nigeria as interfaith example and global leader Praising Nigeria’s model of peaceful coexistence among faiths, he referenced support for Nigeria’s Quick Reaction Forces and aid in Northern Nigeria.
“This afternoon, I witnessed one such example of how we are learning from one another when we met leaders of the British Christian and Muslim communities.
“The gathering was a deeply meaningful symbol of what Nigeria has long shown: that people of different faiths can, do, and must live alongside one another, in peace, in harmony and in shared purpose,” King Charles said.
He described Nigeria as an “economic powerhouse, a cultural force and an influential diplomatic voice.”
Painful history between the two nations The King addressed the “shadow” of shared colonial history.
“There are chapters in our shared history that I know have left some painful marks. I do not seek to offer words that dissolve the past, for no words can.”
He, however, emphasised learning from history to build a better future.
Jollof rice King Charles might have admitted Nigerians make the best Jollof rice in Africa, but he was diplomatic.
He shared a light-hearted anecdote about hosting a “rather lively group” of young Nigerians for a “Jollof and Tea” party at St. James’s Palace last week, joking diplomatically about the eternal Jollof debate.
“I was firmly assured that the Jollof was only the best: Nigerian, of course… or perhaps Ghanaian or Senegalese. Diplomatically, I cannot remember!”
Economic ties — Nigeria as UK’s biggest export market in Africa The King highlighted growing investments, including Nigerian banks operating in the City of London, companies listing on the London Stock Exchange, and expanding tech partnerships.
He noted Nigeria became the UK’s biggest export market in Africa in January 2026, with mutual tourism spending hitting £178 million each way in 2024.
“I was pleased to see that visitors from Nigeria spent £178 million in Britain in 2024, and 251,000 people from Britain travelled to Nigeria and spent just as much, in return.
“In January of this year, Nigeria became the United Kingdom’s biggest export market in Africa and whilst I hear that in Nigeria the phrase ‘Made in U.K.’ has always symbolised the highest quality, it evidently now has a distinctively Nigerian flavour,” he said.
Commonwealth pride and Yoruba, Hausa, Igbo wisdom Quoting Yoruba (“rain does not fall on one roof alone”), Hausa (“when the music changes, so does the dance”), and Igbo (“Knowledge is never complete; two heads are better than one”) proverbs, the King endorsed expanding intra-Commonwealth trade and Nigeria’s central role.
He agreed with President Tinubu that the Commonwealth’s time “has come.”
Partnership of equals with deep spiritual bonds The King described UK-Nigeria relations as a “partnership of equals” and a “deeply spiritual connection, beyond churches and mosques.”
He said the ties strengthen shared security, prosperity, and hope for the future.
Living bridge of Nigerians in the UK He celebrated over half a million Nigerians and people of Nigerian heritage thriving in Britain.
He described them as a “living bridge,” enriching UK culture across sectors including business, technology, academia, law, science, sport, literature, arts, and public service.
‘Naija no dey carry last’ King Charles ended his speech with the popular Pidgin phrase, declaring, “Naija No Dey Carry Last!” to applause and laughter.
SixSeven: I do not need to do that. I was on NL at the beginning so I am not new to it. NL content are user generated. It is not desperate for traffic. However, I know over time, users like a fair system. There was a time a thread was opened before the NL server crashed where mods were called out for not pushing posts that were first created to the FP ahead of others that were just created. People want to know what the criteria is. Moreover, even FP was debatable. We didn't have this much craze over FP in the past because of the genuineness of the users to interact in topics they cared about. Lastly, if there was a FP and when there was a FP, there was a standard to it. I often cite Naptu2 posts and you see some journalism there. Moreover it's not about journalism alone but the quality of what is on the FP and why it is there, mostly for visitors. Except the users you are pushing to FP are paying (aka sponsored content), it is unfair and unfortunate to keep pushing certain users to the FP when others are doing same and they can see the obvious cheating like Morocco has right now with AFCON.
What you are saying doesn't make sense. Since you are not creating posts, stop discouraging those that post with their data. If you don't like their content, you move to the ones you find interesting and comment there. That's why we have varieties of posts from Politics to celebrities, to Romance, etc.
SixSeven: I called Seun's attention to this blogger and how compromised his mods are. This OP's topics always hit the front page so don't worry about whether it makes sense or not. The OP is always promoting their YouTube and intentionally giving you little details so you can watch. This format has happened a lot on Nairaland with different monikers and the mod who is always willing to push their content to FP.
You don't even create threads on Nairaland. Why condemn those that use their data, time and resources to post topics?
I’m Almost 50 And Still Single, That Alone Is A Red Flag— Billionaire Keji Giwa
Nigerian billionaire businessman Keji Giwa has sparked conversations online after candidly describing himself as a “red flag” while discussing relationships, marriage, and perceptions surrounding older single men.
Speaking during a recent discussion, Giwa admitted that his relationship status at his age naturally raises questions, noting that many people may view him as a warning sign in the dating world.
“I am single, almost 50… I would be surprised if you don’t consider me a red flag,” he said, adding that he could even describe himself as a “walking red flag.”
The businessman explained that societal expectations particularly within Nigerian culture often place pressure on men to be married at a certain stage in life, making long-term bachelorhood appear unusual despite personal success.
He also shared his views on relationships involving older wealthy men, arguing that attraction is sometimes driven more by stability than genuine emotional connection.
“The attraction is not that he’s good-looking. The attraction is some level of security,” he said.
According to him, this reality can lead to misunderstandings in marriages, especially when intentions are not rooted in love.
He further noted that perceptions of wealth can sometimes create false impressions in relationships, stressing that appearances may not always reflect reality.
“Some women get to know me properly and realize that not all glitter is gold,” he added.
Giwa concluded by stating that one of the biggest red flags in modern dating is the illusion of wealth, saying, “One of the walking red flags is the illusion that he has money when he doesn’t.”
Nigerian singer, Ahmed Ololade, popularly known as Asake, was seen in a viral video attempting to reach the Black Stone during a pilgrimage in Mecca.
In the clip circulating on social media, the Afrobeats star appeared to struggle as people around him lifted him in an effort to move him closer to the sacred stone on the Kaaba.
The attempt looked difficult because of the large crowd of pilgrims gathered around the holy site, with many worshippers also trying to get close.
The video showed the singer among thousands of worshippers at the Grand Mosque as prayers and other religious rites continued.
Students in the viral video bullying a junior student of Igbinedion Education Centre, Benin have been expelled from school.
COMMUNIQUÉ FROM THE BOARD AND MANAGEMENT OF IGBINEDION EDUCATION CENTRE, BENIN CITY
The Board and Management of Igbinedion Education Centre, Benin City, wish to address the unfortunate incident of bullying involving a group of students of the school which has recently come to public attention.
First and foremost, we unequivocally condemn all forms of bullying, intimidation, or violence among students. Such behaviour is completely inconsistent with the core values of discipline, respect, responsibility, and compassion upon which our institution was founded.
Following a thorough preliminary review of the incident, the students involved in perpetrating the act have been immediately expelled from the school in accordance with our zero-tolerance policy for bullying and misconduct. The school has also invited the Nigeria Police Force to formally document the incident and ensure that due process is followed in line with the law.
In addition, the student who was subjected to the bullying was promptly taken to an independent hospital for professional medical evaluation and care, and the school continues to cooperate fully to ensure the child’s well-being and safety.
We deeply regret that such an incident occurred within our school community. On behalf of the Board and Management of Igbinedion Education Centre, we offer our sincere apologies to the affected student and family, our students, parents, alumni, and all concerned Nigerians who rightly expect the highest standards of conduct and protection for every child entrusted to our care.
The safety, dignity, and welfare of every student remain our highest priority. We are currently strengthening our internal monitoring, guidance, and student conduct systems to ensure that incidents of this nature never occur again.
Igbinedion Education Centre remains firmly committed to providing a safe, nurturing, and disciplined environment where every child can learn, grow, and thrive without fear.
Signed Board and Management Igbinedion Education Centre Benin City, Edo State
A statement by the management of the school said announcing the expulsion reads:
“We are aware of a video currently circulating online showing a serious incident of bullying and physical assault involving students at the school.
“The behaviour shown in the video is deeply disturbing and stands in direct violation of the values and standards we uphold. The school maintains a strict zero-tolerance policy toward bullying, cultism, intimidation, harassment, and any form of violence.
“Following an immediate investigation, the students responsible have been EXPELLED from the school with immediate effect. Such conduct will never be tolerated within our school community.
Our priority remains the safety, dignity, and wellbeing of every student. We are providing support to those affected and are working closely with their families to ensure the matter is addressed with the seriousness it deserves.
“The incident has been reported to the appropriate authorities, and knowing that the students are minors, the school is cooperating fully.”
This is Igbinedon Secondary School in Benin, where some senior students were caught on camera brvtalizing a junior student.
Repost till it gets to the school’s authorities, these bvllies mustn’t go unpunished 🙏 pic.twitter.com/gTgExCbNzW
Watch the moment one of the students of Igbinedion Education Centre, Benin, Edo state that b#llied a fellow student faces public embarr@ssment alongside his Father after the son was expèlled from the school. https://t.co/EMN06nGIW2pic.twitter.com/x1HgdMd6C0
Career › Kuda Sacks Hundreds Of Employees Via A Video Call by nlfpmod(mod): 9:33pm On Mar 27
