₦airaland Forum

Nigeria’s economy is projected to expand by 4.2 percent in 2026, even as global tensions and rising energy prices continue to place upward pressure on inflation, according to the World Bank.


The projection comes amid heightened uncertainty linked to the ongoing Iran-related geopolitical conflict, which has contributed to volatility in global oil markets and increased fuel costs worldwide.

Brandspur Banking News Desk reports that the World Bank noted that Nigeria’s economic activity has remained broadly resilient in the first half of 2026, supported by continued expansion in key sectors despite inflationary headwinds.

Read more on https://brandspurng.com/2026/04/15/world-bank-projects-nigeria-economic-growth-of-4-2-percent-in-2026-despite-rising-fuel-cost-pressures/

The Federal Competition and Consumer Protection Commission (FCCPC) has broadened its market surveillance to include electrical and electronic products, cables, and building materials, targeting substandard and unsafe goods that pose risks to Nigerian consumers.


Bola Adeyinka, Director of Surveillance and Investigations, representing Executive Vice-Chairman Tunji Bello, stated that the commission is actively identifying products that fail basic safety and quality standards, particularly those linked to building collapses and other safety hazards.

Read more on https://brandspurng.com/2026/04/09/fccpc-expands-regulatory-oversight-to-electricals-and-building-materials-to-protect-consumers/

Paga Group, a leading financial services infrastructure provider in Africa, has announced that its total transaction volume reached $11 billion in 2025, spanning 169 million transactions — an average of over $1.5 billion processed monthly. The announcement coincided with the company’s 17th anniversary celebrations in Lagos.


The company’s CEO and Group Board Chairman, Tayo Oviosu, highlighted Paga’s evolution from a consumer-focused payments platform into a full-stack financial services infrastructure provider. Through offerings like Paga Engine for enterprises, the Paga app for consumers, and Doroki for SMEs, the group has strengthened the continent’s digital finance ecosystem while scaling its net revenue fivefold between 2021 and 2025.

Read more on https://brandspurng.com/2026/04/09/paga-records-11-billion-in-transactions-in-2025-driving-africas-financial-services-growth/

Nigeria has recorded a major shift in its fiscal structure, generating a total of ₦161.1 trillion in revenue between 2010 and 2024, with tax and non-oil income slightly surpassing earnings from crude oil. New economic data indicates that the country is gradually moving away from its long-standing dependence on oil, marking a significant transition in public finance management.

Read more on https://brandspurng.com/2026/04/07/nigeria-generates-n161tn-revenue-in-15-years-as-tax-income-surpasses-oil-earnings/

Bharti Airtel has reached a major milestone after surpassing 650 million mobile subscribers worldwide, positioning the company as the second largest telecommunications operator globally by customer base.

The telecom giant disclosed the development in a statement, highlighting its expansive footprint across multiple regions and its continued growth across emerging and established markets.

The company noted that its network currently serves over two billion people globally, including more than 179 million customers across 14 African countries, reflecting its strong presence on the continent.

Read more on https://brandspurng.com/2026/04/05/bharti-airtel-surpasses-650-million-subscribers-becomes-second-largest-telecom-operator-globally/

Nigeria’s banking sector has recorded a major regulatory milestone after the Central Bank of Nigeria (CBN) announced the conclusion of its recapitalisation programme, with 33 out of 38 banks meeting revised minimum capital requirements.


The apex bank disclosed that the exercise, which began in March 2024, has now been successfully wrapped up following a 24-month implementation window aimed at strengthening financial system stability and resilience.

Brandspur Banking News Desk reports that Nigerian banks collectively raised N4.65 trillion during the recapitalisation process, with a significant portion of the funds sourced locally, signalling sustained investor confidence in the country’s financial system.

Read more on https://brandspurng.com/2026/04/02/cbn-completes-bank-recapitalisation-as-33-lenders-meet-new-capital-threshold/

Terra Cube has emerged as the biggest winner at the 2026 Advertisers
Association of Nigeria (ADVAN) Marketing Excellence Awards, clinching
the highly coveted Brand of the Year title, an honour widely regarded as
the highest recognition of marketing excellence in Nigeria.

The ADVAN Awards stand as the gold standard for marketing performance,
celebrating brands that demonstrate outstanding strategic thinking,
creativity, execution, and measurable impact. Winning the top prize is
not just an achievement; it is a definitive validation of sustained
marketing brilliance at the highest level.

Read more on https://brandspurng.com/2026/04/02/terra-cube-wins-advans-biggest-award-brand-of-the-year/

A new financial report has revealed that a significant share of Nigerians are still earning low incomes, with nearly one in three individuals making less than ₦100,000 monthly in 2025. The findings highlight persistent economic challenges despite signs of improvement in some income brackets.


The report indicates that 30% of Nigerians fall into the lowest earning category, making it the largest income group in the country. At the same time, 28% of respondents reported having no income at all, reflecting ongoing economic inactivity and limited job opportunities.

Read more on https://brandspurng.com/2026/03/26/30-of-nigerians-earn-below-%e2%82%a6100000-as-savings-rates-fall-new-piggyvest-report-shows/

Lagos, Nigeria, Industry leaders, policymakers, financiers, and innovators convened in Lagos today for the inaugural Nigeria Transport & Logistics Summit (NTLS) 2026, hosted by Sterling Bank at Eko Hotel & Suites, to forge actionable strategies for building a faster, more connected Nigeria through transport, mobility, and logistics.

Held under the theme “Funding the Engine of Growth,” the summit positioned Nigeria’s transport and logistics sector as a critical but under-leveraged driver of productivity, regional integration, and economic growth. Transport, mobility, and logistics collectively form the backbone of the Nigerian economy, yet chronic underinvestment, infrastructure deficits, and limited access to financing have long constrained its potential.

Read more on https://brandspurng.com/2026/03/27/sterling-bank-charts-way-forward-for-nigerias-transport-logistics-sector/

The Federal Government of Nigeria has unveiled an ambitious plan to modernise the country’s cooperative sector, introducing proposals for a dedicated Cooperative Bank and a comprehensive digital registry for cooperative societies. The initiative aims to transform millions of members from traditional, paper-based operations into a structured, tech-driven financial ecosystem.


Announced on March 26, 2026, at the 8th National Council on Cooperative Affairs (NCCA) meeting in Abuja, the Renewed Hope Cooperative Reform and Revamp Programme (RH-CRRP) seeks to enhance governance, transparency, and financial inclusion for cooperative members across the nation. Aliyu Abdullahi, Minister of State for Agriculture and Food Security, highlighted the critical role of technology in empowering cooperative societies and strengthening accountability.

Read more on https://brandspurng.com/2026/03/27/nigeria-launches-cooperative-bank-initiative-and-nationwide-digital-registry-to-strengthen-credit-access/

LG Uplus takes aim at deepfake fraud with a new on-device AI feature that spots manipulated voices in seconds, reinforcing its role as a telecom security innovator.

TLDRs:
LG Uplus is launching a real-time AI tool to detect fake voices during phone calls, targeting deepfake and phishing scams.
The system flags manipulated voices in just five seconds without sending user data to external servers.
The tool works directly on devices to improve privacy and integrates with national law enforcement voice databases.
LG Uplus is repositioning itself as a leader in telecom security amid a global rise in AI-enabled scams.
South Korea’s LG Uplus is taking a bold step in the fight against AI-driven phone scams with the upcoming release of a real-time voice authentication tool that detects fake or manipulated voices during calls.


Set to launch on June 30 as part of its ixi-O AI agent, the feature marks a significant advancement in the telecom industry’s response to deepfake-enabled phishing threats.

AI Voice Detection in Real Time
The system has been trained on over 3,000 hours of voice data, covering approximately 2 million calls. With that foundation, it can identify subtle abnormalities in voice patterns, such as unnatural pronunciation or frequency distortions, often present in AI-generated voices. Within just five seconds of a call starting, users receive alerts if the system detects any signs of fraud, including impersonation or fabricated emergency situations.

This move comes amid growing concerns over voice phishing, where scammers use advanced voice-cloning technology to deceive victims by pretending to be relatives, colleagues, or even government officials.

These schemes have become more convincing as artificial intelligence continues to evolve, pushing telecom providers like LG Uplus to rethink their role in user protection.

Privacy-First Approach with On-Device AI
Unlike traditional server-based approaches, this feature is designed to operate directly on the user’s device. That decision reflects a broader trend in AI development toward protecting privacy by avoiding the external storage or transmission of sensitive user data. By keeping voice analysis local, LG Uplus reduces the risk of information leakage while still offering sophisticated fraud detection.



The anti-phishing tool also includes a backend layer of protection. LG Uplus plans to analyze calling patterns from flagged numbers and cross-reference them with a national criminal voice database maintained by the National Forensic Service. This collaboration allows authorities to trace and link fraudulent activity across different incidents, enhancing the broader cybersecurity landscape in South Korea.

Rising Threats Prompt Industry Action

The timing of this rollout is critical. Voice phishing scams have surged globally as AI voice synthesis tools become more accessible. Industry data shows that AI-related security breaches are not only increasing in frequency but are also harder to detect.

Compared to traditional attacks, AI-powered incidents take significantly longer to identify and contain, with major financial and reputational consequences.

LG Uplus’s broader strategy also hints at a shift in how telecom companies position themselves in the digital era. By branding itself as the security-first carrier, the company is moving beyond its traditional role as a network provider. Its efforts now include proactive threat prevention, real-time AI monitoring, and institutional partnerships to support national security efforts.

Telecoms Transform into Security Guardians
Notably, this is not the first time LG Uplus has deployed artificial intelligence in the fight against fraud. Earlier this year, it upgraded its damage prevention systems using AI, reportedly helping avert over $150 million in potential financial losses. With this latest move, the company continues to push the boundaries of what telecommunications security can offer in an AI-driven world.

SOURCE:https://brandspurng.com/2025/06/28/lg-uplus-rolls-out-on-device-ai-to-detect-fake-voices-within-seconds/

Hausa, Igbo, and Yoruba are now official language options on a few Samsung Galaxy smartphones, marking a daring move by Samsung Electronics to improve diversity and user experience.


Samsung’s dedication to providing cutting-edge technology that understands its users’ language is reaffirmed by the feature, which is currently available on the Galaxy S25, A56, A36, and A26 devices. Its customers in Nigeria may now operate their smartphones in the language of their choice thanks to this revolutionary update, which not only makes technology more accessible but also preserves our cultural legacy.

Samsung held a press conference accessed by BrandSpur news brand with a cultural theme to commemorate the introduction, which included local food, traditional music, and a demonstration of the new language feature. Nigeria’s rich cultural diversity was celebrated by staff and visitors dressed in traditional Yoruba, Igbo, and Hausa clothing.



Continuing, in keeping with its commitment to ensuring that technology is more accessible to African customers, Samsung also revealed plans to add more products with local language support soon. The incorporation of Hausa, Igbo, and Yoruba into Samsung products is indicative of the company’s objective to improve user engagement and close the digital divide.

Oge Maduagwu, Samsung Electronics West Africa’s Head of Marketing, stated during the press conference: “At Samsung, we understand that technology is most powerful when it is accessible to all. By incorporating our local Nigerian languages, we are making our devices more intuitive and relatable, ensuring that millions of Nigerians can interact with their smartphones in the language they love and understand best.”

Additionally, Stephen Okwara, Samsung Electronics West Africa’s Head of Product Management had this to say: “The new local language feature is designed to deliver a seamless user experience, allowing customers to easily switch between languages. Users can activate Hausa, Igbo, or Yoruba on the Galaxy S25, A26, A36, and A56 by navigating to:

Settings > Language & Input > Select Language

“This update enhances smartphone usability, particularly for those who prefer their native language over English, ensuring greater digital inclusivity, enhancing digital literacy and encouraging more users to engage with technology in their native tongues,” he added.

However, to find out more and try the feature out for themselves, customers may go to any Samsung Experience Store or authorised retailer in Nigeria.

SOURCE:https://brandspurng.com/2025/04/07/samsung-introduces-hausa-igbo-and-yoruba-language-options-in-galaxy-phones/

The First Bank of Nigeria Digital Xperience Centre, situated on Admiralty Way in Lekki, Lagos, is the bank’s fifth fully automated branch and has been officially launched.


Customers of this cutting-edge branch can use sophisticated digital banking tools to carry out smooth and effective transactions on their own. The new facility has automated teller machines (ATMs), teller cash recyclers for depositing money, card vending devices that can issue ATM cards in three minutes, and self-service kiosks for fund transfers.

Olusegun Alebiosu, First Bank’s Managing Director and Chief Executive Officer, spoke during the event and underlined the bank’s dedication to providing innovative services that meet international standards. He revealed: “The Digital Xperience Centre is equipped with state-of-the-art features designed to provide a seamless and interactive banking experience.”

BrandSpur banking and finance news desk reports that he emphasised the centre’s distinctive qualities, which include:


AI-Powered Humanoid Robots: These real-time customer service representatives answer questions and provide advice.
Video Banking Services: With the help of video technology, clients can communicate with relationship managers and customer support agents from a distance.
Contactless ATMs: With their interactive smart screens, these fast-track ATMs provide safe and efficient transactions.
Automated Account Opening and Card Issuance: Consumers can obtain debit cards in a matter of minutes and open accounts immediately.
AI-Driven Security: AI improves operational efficiency, guards against fraud, and strengthens transaction security.
Continuing, he has this to say: “First Bank continues to retain its position as a leader in digital banking solutions, ensuring that our customers have access to next-generation services tailored to their needs. This expansion of our Digital Xperience Centre network is central to our vision of being Africa’s bank of first choice.”
Abimbola Kunle-Ajayi, Group Head of Branch Operations and Services for Lagos and West, commended the effectiveness of the centre, saying: “The turn-around time for transactions has been significantly reduced. A transfer that usually takes 15-20 minutes in a traditional branch can now be completed in less than two minutes. Similarly, card vending and ATM withdrawals are finalized in just a few minutes, making it highly convenient for customers.”

However, on Victoria Island in Lagos, First Bank opened its first Digital Xperience Centre on Adetokunbo Ademola Street in 2021. Later locations opened in August 2023 at the University of Ibadan, Abuja Wuse New Market in October 2023, and Banana Island, Lagos, in March 2024.

The Digital Xperience Centre is a component of First Bank’s larger plan to transform Nigerian banking. Customers may access cutting-edge banking technologies through it, which gives them confidence when navigating the digital financial landscape. First Bank was given permission by the Lagos State Government earlier this month to start building its environmentally friendly headquarters in Eko Atlantic City.

During the groundbreaking ceremony, First Holdco Chairman Femi Otedola received the certificate of permission from Lagos State Governor Babajide Sanwo-Olu.

Nigeria’s tallest building, the proposed 40-story structure, is hailed as a technological and environmental wonder. With its cutting-edge, environmentally friendly architecture, the building will raise the bar for the African financial services industry.

SOURCE:https://brandspurng.com/2025/03/27/first-bank-debuts-its-fifth-fully-automated-branch-digital-xperience-centre-in-lagos/

A Memorandum of Understanding (MoU) between Wema Bank and the Small and Medium Enterprise Development Agency of Nigeria (SMEDAN) was signed to empower 800,000 Nigerian businesses as part of Wema Bank’s commitment to SMEs.


To enable MSMEs to create successful enterprises, increase their visibility, and grow sustainably, the partnership concentrated on providing them with business, technical, and soft skills training. Wema Bank will supply the training and tools for the 800,000 enterprises that SMEDAN will curate to carry out the program, which will run for the next 12 to 18 months.

Moruf Oseni, MD/CEO of Wema Bank, spoke about the relationship and reaffirmed the Bank’s enduring dedication to enabling Nigerians to prosper.



According to the Wema Bank’s CEO: “At Wema Bank, we don’t pay lip service to SME matters. From inception in 1945, Wema Bank was built with the purpose of providing financing for the indigenous people of Nigeria. It wasn’t because banks didn’t exist during those years, it was because we identified the gaps in access to finance for our people. This is why Wema Bank came to life; to provide tailored financial services and empower Nigerians to thrive on both individual and business levels.

“Over the past 8 decades, Wema Bank has been driving this lifelong mission of empowering Nigerians with access to finance, constantly reinventing to develop more efficient ways of delivering value to the people. One cardinal thing that we haven’t deviated from is that we are fully committed to empowering entrepreneurs and small businesses in Nigeria.


“The petty traders we provided for in the 1900s are the entrepreneurs and MSMEs that we continue to empower in the 2000s, and we will never relent in fulfilling this promise.

“So, MSME empowerment for us is not just a buzzword. It is what we have always done, what we are doing through this partnership with SMEDAN and what we will continue to do beyond 80 years,” he added.

Charles Odili, the Director General of SMEDAN, praised Wema Bank’s clear dedication and crucial role in empowering companies and fostering growth in the MSME Sector. He expressed confidence in the partnership’s ability to help Nigerian MSMEs create a sustainable future, saying: “I want to again, thank Wema Bank. This is a prime example of how collaboration and determination to create impact can make a positive difference. I thank you for their constant support to MSMEs and for not paying lip service to MSME Empowerment in Nigeria.”

Continuing, qs Nigeria’s SME Bank, Wema Bank has established a stellar reputation by going above and beyond to provide businesses with access to capital, market access, visibility, customised training, mentorship, and other forms of assistance. By establishing strong Nigerian companies and strengthening its standing as the bank dedicated to enabling MSMEs, Wema Bank hopes to develop the country’s MSME sector through this collaboration with SMEDAN.

However, SMEDAN is a national organisation that was founded in 2003 to advance the growth of the Nigerian economy’s Micro, Small, and Medium Enterprises (MSME) sector.

SOURCE:https://brandspurng.com/2025/03/01/wema-bank-smedan-signs-mou-to-empower-800000-nigerian-business/

Francis Dufay, the CEO of Jumia Technologies, an e-commerce company with a focus on Africa, recently stated that the company will increase orders by up to 25% and continue cutting expenses this year as it battles for market share against Chinese rivals like Temu that are looking to enter the African market.


To generate a profit, Jumia has been drastically decreasing expenses. Some of these cost-cutting measures include lowering staffing levels, ending the delivery of meals and ordinary groceries, and discontinuing delivery services unrelated to its e-commerce operations.

Dufay claimed that Temu, which joined the Nigerian market in December, and other companies could enter the African e-commerce sector since it was sufficiently deep, BrandSpur business and economy news reports.



Last year, Jumia attracted six million users across nine countries, including Nigeria, the most populous country in Africa, with a combined population of 600 million.

Continuing, the CEO had this to say: “They (Temu) are spending a lot of money so they can take a share, but the market is so big it will not hurt our potential to grow.

“There’s room for everyone to grow, even if they take some share of the market,” he added.

According to him, Jumia will reduce operating and logistical expenses while growing into new cities and underdeveloped rural areas. He said that the company’s goal for this year is to reduce its loss before taxes by up to a third, to between $65 and $70 million.

SOURCE:https://brandspurng.com/2025/02/25/jumia-face-rivalry-from-temu-seeks-to-increase-orders-by-up-to-25/

Nigerian women spend more than $429 million a year on imported artificial hair. Nigeria is the second-largest importer of artificial hair in the world, with women spending over $429 million a year on imported artificial hair products.


The country’s hair care sector is flourishing. In cities like Lagos, Abuja, and Port Harcourt, where consumer spending is driven by beauty trends, the huge demand for wigs and extensions is especially apparent.

The majority of the $429 million worth of artificial hair that Nigeria imported in 2023 came from China, according to data available to BrandSpur digital news platform from the Observatory of Economic Complexity (OEC). The nation’s significant reliance on imported hair items is further demonstrated by the $352 million it spent on human hair wigs and extensions.



Nigeria, which ranks 17th in the world, sold $17 million worth of artificial hair products despite its reliance on imports. The United States, Ghana, China, the United Kingdom, and Canada are important export markets (OEC).


Nigeria’s domestic hair manufacturing industry has not yet fully benefited from the rising market, despite the huge demand for hair products. There are currently 168 importers and 164 producers and exporters in the nation (Volza). Nonetheless, the market is still dominated by goods manufactured elsewhere, which restricts the expansion of domestic hair companies.

The demand for wigs and extensions has quadrupled in the last three years, according to hair dealers in key commercial centres like Lagos’ Balogun Market (BusinessDay). Even though many of these products are actually imported from India and renamed to satisfy consumer demand, a large portion of the market is oversaturated with foreign goods, especially those marketed as “Brazilian hair” (Vice News).

However, there are serious economic repercussions when hair products are heavily imported. Nigeria’s ongoing expenditures on wigs and extensions manufactured abroad contribute to the trade imbalance of the nation, which affects foreign reserves and restricts the creation of jobs domestically. Local producers have a significant opportunity to increase their output and gain a greater portion of the Nigerian hair care industry, which is expected to reach $2.20 billion by 2030 and grow at an annual rate of 8.55% (Statista).

The Nigerian government is looking into measures to assist domestic hair producers in recognition of the need to lessen reliance on imports. Possible measures include limiting imports, providing financial incentives to regional manufacturers, and raising awareness of hair products manufactured in Nigeria.

According to StrategyH, the hair care industry is anticipated to expand by $356.2 million by 2029 at a compound annual growth rate (CAGR) of 15.5%, offering domestic firms a substantial chance to increase production and take on foreign imports.

Addressing the issues of import dependency will be essential for long-term economic viability as Nigeria’s beauty sector grows. The nation may lessen its dependency on imports and create a more self-sufficient hair care sector by empowering domestic producers and enticing customers to buy domestic goods.

SOURCE:https://brandspurng.com/2025/02/21/imported-artificial-hair-consumes-over-429-million-from-nigerian-women-annually/

Legislators in Lagos State have commended the Lagos State Internal Revenue Service (LIRS) for achieving an unprecedented milestone in revenue generation, surpassing ₦1 trillion. This landmark accomplishment positions LIRS as the first sub-national revenue agency in Nigeria to attain such a feat, reflecting its professionalism, efficiency, and commitment to transparent tax administration.


Former Chairman of the House Committee on Economic Planning and Budgeting, Hon. Lukman Sa’ad Olumoh, alongside Hon. Femi Saheed, former Chairman of the House Committee on Finance, lauded LIRS and its Executive Chairman, Mr. Ayodele Subair, for their exemplary leadership and dedication to enhancing the state’s revenue performance.

In a recent interview, Hon. Lukman Sa’ad Olumoh described the achievement as a testament to the dedication and expertise of the LIRS team. He emphasized that Lagos State has set a benchmark in revenue collection, serving as a model for other states to emulate. Representing the Ajeromi-Ifelodun Constituency 01 in the Lagos State House of Assembly, he praised Mr. Subair for fostering a culture of efficiency and innovation within the agency, which has significantly contributed to its success.
Speaking during the 2024 budget signing ceremony, Hon. Lukman Sa’ad Olumoh conveyed to Governor Babajide Sanwo-Olu that Lagos State has reached an exceptional level in revenue generation. He acknowledged LIRS’s historic achievement of surpassing the N1 trillion mark and expressed confidence in the agency’s ability to exceed future targets. He further urged the state government to sustain its support for LIRS, emphasizing that continued improvements in revenue collection could reduce reliance on external borrowing.


“You cannot expect remarkable results without placing the right people in key positions. LIRS is managed by a team of highly skilled professionals. While it operates as a government agency, its structure and operations reflect global best practices. The agency has evolved into a world-class institution, moving from Good Shepherd’s House to the state-of-the-art Revenue House. A visit to its facilities will reveal an environment that fosters excellence. Under the leadership of Mr. Ayodele Subair, a visionary and dedicated professional, LIRS has achieved remarkable success. The agency’s work culture and improved operational environment have been instrumental in reaching this milestone,” Hon. Lukman Sa’ad Olumoh stated.


Looking ahead, Hon. Lukman Sa’ad Olumoh noted that based on LIRS’s consistent performance, the revenue target for 2025 has been set at N1.4 trillion. He assured that as Lagos’s economy continues to expand and more employment opportunities are created, this growth in revenue collection would not impose additional burdens on residents but rather result from enhanced tax compliance and structured reforms.

“LIRS has demonstrated steady growth over the past five years. We have set a revenue target of N1.4 trillion for 2025, and I am confident that the agency can surpass this goal. Lagos State has the capacity to generate over N4 trillion in internal revenue without negatively impacting its residents,” he added.

He also highlighted the role of upcoming tax reforms at the federal level, noting that the Joint Tax Board (JTB) would ensure a well-structured tax administration system. He reassured the public that no adverse fiscal policies would be introduced, emphasizing that the focus remains on improving compliance and fostering a positive tax culture.

In a formal congratulatory letter addressed to Mr. Subair, Hon. Femi Saheed, who represents Kosofe II Constituency, commended the LIRS team for their dedication, resilience, and strategic approach to revenue collection. He reiterated the Lagos State House of Assembly’s commitment to providing the necessary legislative support to enable the agency to achieve even greater success.

“I extend my heartfelt congratulations to you and your forward-thinking management team for surpassing the N1 trillion revenue mark in 2024. My colleagues and I commend your resilience, transparency, and commitment to excellence. Your achievements bring immense pride to Lagos State, and I am confident that 2025 will be even more rewarding. As a key revenue agency, we remain dedicated to supporting your efforts in achieving greater milestones,” the letter stated.

With this historic achievement, LIRS continues to reinforce its position as a leader in revenue generation, setting new standards for tax administration in Nigeria.

SOURCE:https://brandspurng.com/2025/02/18/lagos-lawmakers-commend-lirs-on-historic-n1-trillion-revenue-milestone/

Tolaram Group has received praise from President Bola Tinubu for helping the Lagos Free Zone Company (LFZ) get a $50 million equity investment from the International Finance Corporation (IFC).


President Tinubu characterized it as a pivotal moment in Nigeria’s economic and industrial development. He said: “The combination of these two major investments is a testament to the success of our Renewed Hope Agenda and our ongoing efforts to attract substantial foreign direct investment.

“We are grateful to Tolaram for its continued commitment to Nigeria, having operated in the country for 50 years,” he added in a message posted on his official X account on Monday.



President Tinubu claims that this most recent action shows “Global confidence in Nigeria’s economy and our vision for industrial expansion.”


BrandSpur Nigeria news today reports that the largest international development organization concentrating on the private sector in emerging nations is the IFC, a part of the World Bank Group.

To boost Nigeria’s industrial growth and economic diversification, the International Finance Corporation (IFC) announced on Friday that it will invest $50 million in equity in the Lagos Free Zone Company (LFZ). At a formal signing ceremony in Lagos, Dahlia Khalifa, IFC Regional Director for Central Africa and Anglophone West Africa, announced the investment and emphasized its potential to improve industrial facilities, bridge Nigeria’s infrastructural gaps, and promote international corporate integration.

According to him: “This investment reflects IFC’s commitment to fostering inclusive economic growth and sustainable development in Nigeria. Lagos Free Zone is poised to become a transformative hub for industrial activity, driving job creation and enhancing Nigeria’s competitiveness in global markets.”

Tolaram, a multinational company with activities in Africa, Asia, and Europe, is the owner of the 860-hectare Lagos Free Zone. To promote Nigeria’s larger economic diversification objective, the zone streamlines import and export operations by integrating industrial and logistics operations.

It is anticipated that the IFC’s investment in the Lagos Free Zone will open up new business opportunities, draw in more foreign direct investments (FDIs), and establish Nigeria as a competitive hub for international trade.

With the help of this money, the Lagos Free Zone will be better able to offer top-notch facilities, lessen manufacturing and logistics bottlenecks, and make doing business in Nigeria easier. This is in line with the government’s long-term plan to boost the non-oil industry and promote steady economic expansion.

The investment is also expected to expand Nigeria’s export potential, increase local production, and generate thousands of direct and indirect jobs.

For fifty years, Tolaram has played a significant role in the industrial growth, supply chain management, and manufacturing of Nigeria. The business’s long-term investment strategy in Nigeria is strengthened by its ownership and growth of the Lagos Free Zone.

SOURCE:https://brandspurng.com/2025/02/13/tolaram-group-helps-lfz-clinch-ifcs-50-million-equity-investment-receives-praise-from-president-tinubu/

February, 2025
Huawei launched the Nova 13 and says the midranger is set to play a pivotal role in the company’s global recovery and South African market strategy. Speaking at the launch event, Peter Feng, CEO of Huawei South Africa’s Consumer Business Group, reflected on the brand’s remarkable resurgence, despite years of international challenges: “2024 was a year of transformation for Huawei. We not only recovered but surpassed our 2019 revenue – our previous peak year.”
“With the HUAWEI nova 13, we are bringing the same momentum that made us the market leader in China to South Africa,” Feng continued.

“This device reflects our dedication to innovation, quality, and reconnecting with our global audience.”

Huawei’s Nova line has been a symbol of the company’s ability to innovate under pressure.


It began life when Google abruptly cancelled the Nexus project after commissioning Huawei to develop the final phone under the moniker before pivoting to the Pixel series.


Camera improvements
For Nova 13 the key feature is a 60MP ultrawide selfie camera, paired with the AI Best Expression feature, which ensures every group photo is flawless by selecting the best expression for each person.

“More than 50% of consumers choose their smartphones based on the front camera,” Feng explains.

“With the nova 13, we’re delivering clarity, detail, and intelligent enhancements that empower users to capture their best selves… it’s not just about taking photos; it’s about capturing confidence and personality.”

Fast charging in response to market demands
In addition to its photography prowess, the Nova 13 features 100W SuperCharge Turbo, capable of charging the device to 50% in just 10 minutes, and a 5000mAh battery for long-lasting performance.

Huawei’s strategy with the Nova 13 shows its ambition to dominate the premium mid-tier market.

“The Nova 13 is a key part of our market repositioning,” says Feng about the device’s significance within Huawei’s recovery plan.

“It aligns with our commitment to delivering premium, stylish, and accessible technology while rebuilding trust and excitement in our brand globally and in South Africa.”

South Africa the strategic market
South Africa’s importance in Huawei’s global resurgence was a focal point during the event.

Feng acknowledged the country as a critical international market for the brand’s recovery strategy, particularly after Huawei’s solid performance in China.

“South Africa is our first overseas battle ground,” Feng noted.

We’ve already seen overwhelming support here, and we’re committed to bringing more flagship and premium devices to South African consumers.

As part of the Nova 13’s launch, Huawei announced a partnership with South African Olympic silver medallist Bayanda Walaza.

The 18-year-old athlete’s journey of perseverance and achievement mirrors Huawei’s values and determination.

“Bayanda embodies ambition and the drive to push boundaries, just like Huawei,” said Feng.

Walaza added that “this partnership reflects my commitment to inspire South Africans to strive for healthier, more fulfilling lives.”

Building momentum with AI and style
Huawei’s vision extends beyond smartphones, with plans to integrate advanced AI functionality across its devices.

“Our strategy is clear: premium, stylish, and tech-driven,” Feng explained.

“Nova 13 is a shining example of this vision, and we’re excited to continue building momentum in 2025.”

Huawei is not only reclaiming its place in the smartphone market but redefining it.

SOURCE:https://brandspurng.com/2025/02/12/huawei-throws-weight-behind-nova-13-to-drive-market-comeback/

Lagos, Nigeria, February, 2025 – The highly anticipated finals of the Spellingbee in Nigeria (SpIN) will take place on Saturday, February 15, 2025, at the U.S. Consulate’s Residence in Lagos. This milestone event will see 64 outstanding finalists from Abuja, Lagos, Osun, and Taraba States competing for the championship title, marking a historic moment as Nigeria makes its debut in the prestigious Scripps National Spelling Bee, USA.


The winner of SpIN ’25 National Finals receives an all-expense-paid trip to represent Nigeria at the 100th edition of the Scripps National Spelling Bee in the United States, a centennial celebration of academic excellence that has shaped young minds for generations.

Beyond crowning a champion, the National Finals underscores SpIN’s core mission: cultivating academic excellence, linguistic mastery, and a commitment to fostering educational and leadership opportunities for young learners.

Speaking on the upcoming event, Eugenia Tachie-Menson, Convener of Spelling Bee in Nigeria, an affiliate of the Scripps National Spelling Bee, USA, emphasized the competition’s transformative impact on young learners. “This competition is more than just spelling—it builds confidence, public speaking skills, and critical thinking, preparing students for global opportunities. We are thrilled by the enthusiasm it has received and the doors it will open for Nigeria’s brightest young minds.”

The event, which is set to attract members of the diplomatic corps, C-Suite executives, high net worth parents and educational leaders, is made possible through the support of key partners: Indomie Noodles (Title Sponsor), Checkers Custard (Co-Sponsor), and partnerships with Lucid Education Initiative, the U.S. Consul-General Lagos, the American Business Council of Nigeria, the Rotary Club of VI East, and AT3 Resources – The Muvmnt Agency (PR Partner).

Spellingbee in Nigeria is a prestigious competition affiliated with the globally renowned Scripps National Spelling Bee, USA. It is dedicated to promoting literacy, vocabulary development, and critical thinking among Nigerian students, equipping them with skills to compete on a global stage.

SOURCE:https://brandspurng.com/2025/02/05/spellingbee-in-nigeria-nears-grand-finale/

A significant food manufacturing firm in Nigeria, BUA Foods Plc, revealed that its revenue increased by 109.3% to US$1.23 billion from US$586.6 million in 2023.

Profit after tax increased by 145.3% from US$90.1 million in 2024 to US$220.5 million in 2024, according to its unaudited financial report. From US$209 million in 2023 to US$434.5 million, the gross profit increased by 107.9%. Profits per share increased from US$0.05 to US$0.12, more than double from the previous year. Additionally, the business’s EBITDA (earnings before interest, taxes, depreciation, and amortization) increased by 131.5% to US$400.5 million.


Because of increased marketing and distribution expenditures, operating expenses increased by 27.7% to US$48.2 million.

A significant rise was seen in sales of all major product categories, with sugar sales rising 74% to US$587.9 million. Pasta sales increased 125% to US$158.3 million, while flour revenue increased 172% to US$472.2 million.


Ayodele Abioye, the Managing Director, credited cost-cutting initiatives, increased productivity, and smart expansion for the company’s success. He said in a statement available to BrandSpur news brand, released on Thursday that despite economic difficulties, the business was able to handle supply chain interruptions and changes in foreign exchange.

According to him, BUA Foods increased its operations to accommodate the increasing demand, which led to an 18% increase in overall sales volume across all divisions.

Continuing, Abioye said he was confident the business would continue to develop in the upcoming years. To accomplish long-term objectives, he continued, BUA Foods would keep making strategic investments and concentrating on efficiency in the event of a more stable economic climate.

SOURCE:https://brandspurng.com/2025/02/04/bua-foods-plcs-revenue-surges-by-109-3-hits-1-23-billion/

The Lagos State Internal Revenue Service (LIRS) has reiterated that the provision of FREE West African Examinations Council, WAEC registration for SS3 students in state-funded secondary schools is a vital policy of the Lagos State Government and that free education policy from kindergarten to SS3 is still in operation. This initiative, part of the THEMES PLUS agenda, is included in the government’s broader efforts to provide essential services such as affordable housing, efficient transportation, free healthcare, youth and small business empowerment programs, enhanced security, and better road infrastructure, among others.


Mr. Ayo Subair, Executive Chairman of LIRS, stated, “It is standard procedure to require a Tax Clearance Certificate (TCC) to access government services. To obtain a TCC, individuals must file their annual tax returns for the applicable assessment year and ensure their tax payments are currently based on their declared income.” He highlighted that this requirement has been in practice for a long time and aligns with Section 85 of the Personal Income Tax Act (PITA) 2004 (as amended).

It is important to emphasize that every resident of the state, whether in formal employment or not, is required by law to file annual tax returns, declaring their income and paying any taxes due. This requirement is backed by the Nigerian Constitution, it is also the law, as stipulated in the PITA and part of the social contract between the government and residents.



The Lagos State Government is dedicated to offering quality and efficient services to its residents. As part of this mission, it mandates that all taxable individuals register with the tax authority, submit their returns, and pay applicable taxes to maintain an updated Tax Clearance Certificate (TCC). Mr. Subair explained that tax compliance is essential for the sustainability of public programs and services.


He noted that requiring a TCC for access to free services is not a new policy but a longstanding practice intended to foster fairness and transparency in using public resources. Tax revenues help fund various public programs that benefit millions of Lagos residents. For informal sector taxpayers, who might not have detailed financial records, the government has introduced a presumptive tax of ₦10,100 (comprising ₦10,000 in annual tax and a ₦100 development levy) to facilitate their inclusion in the tax net.

To enhance convenience and streamline the process, LIRS has deployed staff and agents to markets and schools, establishing one-stop centers where individuals can obtain their TCC without needing to visit tax offices. Flexible payment options, including installment plans, are also available, though full payment must be completed before the TCC is issued. He also added that the TCC of guardians will be accepted from students who do not reside with their biological parents.

“The aim is fairness, accountability, and sustainability,” emphasized Mr. Subair. “This policy is not about inflicting hardship, but rather ensuring that everyone, including those in the formal sector, contributes their fair share to sustain the provision of essential services.”

By meeting their civic responsibilities, residents play a role in the growth and development of Lagos State, reinforcing the government’s commitment to enhancing the quality of life for its citizens.

SOURCE:https://brandspurng.com/2025/02/03/tcc-is-required-waec-exams-still-free-in-lagos-lirs-clarifies/

What is the Dollar to Naira Exchange Rate at the black market also known as the parallel market (Aboki fx)?


As of January 21st, 2025, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1665 NGN in the black market, also referred to as the parallel market or Aboki fx.

How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1665 and sell at N1675 on Tuesday, 21st January, 2025, according to sources at Bureau De Change (BDC).



Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.


SOURCE:https://brandspurng.com/2025/01/21/black-market-dollar-to-naira-exchange-rate-today-21st-january-2025/

January, 2025, SHENZHEN–OPPO today announced 17-year-old Spanish football prodigy, Lamine Yamal, as its global brand ambassador. In his new role, Yamal will play a pivotal part in OPPO’s “Make Your Moment” brand refresh initiative, working with OPPO to inspire more young people worldwide to seize the present, channel their passion into action, and create their own extraordinary stories for the future.


“Lamine is not just a gifted footballer but an inspirational young man with an incredible passion for the game,” said Billy Zhang, President of Overseas Marketing, Sales and Services at OPPO. “Like countless young people worldwide, Lamine refuses to be held back by anxiety or uncertainty about the future. Instead, he focuses on his passions and concentrates his energy on the present, finding fulfillment and strength through his dedication.”

OPPO Opens a New Chapter with Yamal



Since breaking onto the international stage in 2023, Yamal has not only captivated football fans worldwide with his stunning performances, but also earned admiration for his humility and maturity. Despite the packed schedule and immense pressures that come with being one of the world’s top footballers, Yamal has remained dedicated to his studies, and in response to the wave of fame and attention, he believes that “the best way to handle it all is to focus on the work at hand and stay present”.

To OPPO, Yamal represents more than just talent; he embodies the pursuit of authenticity and individuality. Following his recovery from a recent injury, he approached challenges with a fresh perspective, prioritizing disciplined training and thorough preparation to make his comeback in top form. This commitment to responsibility and mindfulness aligns perfectly with OPPO’s “Make Your Moment” philosophy, making him the ideal choice as the global brand ambassador.


Since 2015, OPPO has been expanding its brand collaboration in the world of sports, including its partnership with the UEFA Champions League. By combining its cutting-edge AI and imaging technology with the passion and energy of sport, OPPO is creating unparalleled experiences for fans worldwide. The partnership with Yamal not only brings together sports and technology but also strengthens the connection between the brand and younger generations to inspire young fans globally to make their moment.

Giving Back Through Football

Every time Yamal scores a goal, he celebrates with his signature “304” hand gesture, paying tribute to the post code of his hometown, Rocafonda. The simple but meaningful gesture reflects Yamal’s deep connection to his roots and serves as a source of pride and inspiration for aspiring young footballers who share his love for the game.

As OPPO global brand ambassador, Yamal will channel this same attitude into a series of football-related community initiatives designed to spread the “Make Your Moment” spirit to even more people. These efforts aim to support grassroots football development while supporting facilities upgrades and calling on young people to submit creative ideas for football charity projects, empowering them to bring innovation and energy to football philanthropy. Additionally, Yamal’s stunning images will be featured on OPPO’s AI Studio platform, giving fans the unique opportunity to “become Yamal’s teammate” and experience the passion and joy that football brings.

OPPO Refreshes Brand Amid Continuing Global Success

The new “Make Your Moment” brand slogan comes as OPPO continues to expand its presence globally. Currently, the company operates in over 70 countries and regions, with more than 300,000 retail spaces worldwide. OPPO’s overseas shipments account for approximately 60% of its total volume. Helping to drive this success is the growing popularity of products such as the recently launched Find X8 series, which has garnered widespread acclaim globally thanks to its outstanding camera features, gaming performance, and battery life.

OPPO’s close involvement with football, particularly its partnership with the UEFA Champions League, has enabled the brand to break new ground. By bringing together its advanced technology with the energy of football, OPPO has created new technology experiences to resonate closely with global fans.
OPPO’s collaboration with Lamine Yamal extends this close synergy between technology and the passion of sport. From the football field to everyday life, OPPO continues to pay tribute to the power of young people, empowering them with technology and passion to seize every moment and shine in their unique way.
SOURCE:https://brandspurng.com/2025/01/17/make-your-moment-oppo-announces-lamine-yamal-as-global-brand-ambassador-2/

The Nigerian Electricity Regulatory Commission (NERC) has granted Nigerian Breweries a permit to generate captive power. The NDA, a military organisation in Kaduna State, and a few institutions are among the other applicants who received permits.

The NERC allowed the Nigerian Breweries to produce up to 41MW of captive power for its operations in the states of Abia, Oyo, and Enugu. When a business generates electricity for its consumption without selling it to outside parties, this is known as captive power generation.

The licenses, which totalled 63.36 megawatts (MW), were issued in the third quarter of 2024, according to NERC’s quarterly report available to BrandSpur Nigeria news today.



It partly reads: “Captive power generation permits are issued to entities that intend to own and maintain power plants exclusively for their own consumption i.e. no sale of electricity generated from the plant to any third party.

“The Commission approved the grant of captive power generation permits to eleven (11) applicants (gross capacity of 63.36MW),” it added.
The commission reports that the University of Calabar and its Teaching Hospital in Cross River State obtained permission for the 7MW of power generation, while the University of Abuja was authorised to produce 3MW. The University of Maiduguri and its Teaching Hospital in Borno will produce 12MW, while Michael Okpara University of Agriculture in Abia State was permitted to produce 3MW.

Furthermore, the Federal University Gashua in Yobe received approval for 1.50MW, while the Federal University of Agriculture in Abeokuta, Ogun State, was allowed to generate 3MW. Additionally, the NDA received NERC approval to produce 2.50MW of power.

SOURCE:https://brandspurng.com/2025/01/14/nerc-accords-nigerian-breweries-permit-to-generate-captive-power/

To save costs as part of the International Monetary Fund’s austerity program, Ghanaian President John Mahama said in a statement available to BrandSpur digital news platform that he has eliminated seven federal ministries.


Continuing, in keeping with its promise of a more efficient and smaller administration, the new government would operate with 23 ministries rather than the original 30. In 2022, the nation was unable to make its debt payments and turned to the Washington-based lender for a $3 billion bailout. Amid voter ire over economic hardship, Mahama won a resounding victory in a ballot conducted on December 7 to become the head of the second-largest cocoa grower in the world.

Though his administration faces obstacles including severe debt, exorbitant living expenses, and unemployment, he has pledged to rebuild and stabilise the economy.

SOURCE:https://brandspurng.com/2025/01/15/ghanas-new-president-scraps-7-federal-ministries/

A United Nations (UN) report released on Thursday, 9 January 2025, predicted that global economic growth would remain at 2.8% in 2025, unchanged from 2024, with the US and China holding the reins.


The World Economic Situation and Prospects report available to BrandSpur digital news platform stated that “positive but somewhat slower growth forecasts for China and the United States” would be complemented by modest recoveries in the UK, Japan, and the EU as well as strong performance in some large developing economies, particularly India and Indonesia

The UN Department of Economic and Social Affairs stated in a report: “Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%.”



“This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures,” it added.


According to the analysis, as consumer spending slows and the job market softens, US GDP is predicted to decline from 2.8% last year to 1.9% in 2025.


According to the report, growth in China is expected to be 4.8% this year and 4.9% in 2024, with robust export performance and investments in the public sector partially offsetting slow growth in consumption and persistent difficulties in the real estate industry.

According to the research, Europe’s recovery would be moderate, with growth rising from 0.9% in 2024 to 1.3% in 2025, “supported by easing inflation and resilient labour markets.”

With regional GDP predicted to grow by 5.7% in 2025 and 6% in 2026, South Asia is predicted to continue to be the fastest-growing area in the globe. This growth will be aided by India’s impressive performance as well as economic recoveries in Bhutan, Nepal, Pakistan, and Sri Lanka, according to the research.

Furthering, the largest economy in South Asia, India, is expected to grow by 6.6% in 2025 and 6.8% in 2026 due to strong private investment and consumption. Major central banks are anticipated to further lower interest rates in 2025 as inflationary pressures subside, according to the analysis. It is anticipated that global inflation will decrease from 4% in 2024 to 3.4% in 2025, providing some respite for both individuals and companies.

It urges audacious multinational action to address interrelated challenges such as inequality, debt, and climate change.

The report went on to reveal: “Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities.”

SOURCE:https://brandspurng.com/2025/01/12/un-predicts-global-economic-growth-to-remain-at-2-8-in-2025/

Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.
The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.

Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.



Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”


Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths. In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria. This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”
Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”

“On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center. We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.
One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels. The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

SOURCE:https://brandspurng.com/2025/01/09/fidelity-bank-supports-improved-maternal-health-in-lagos/

Through a 10-year, $100 million program, the Tony Elumelu Foundation (TEF) is leading a game-changing effort to find, educate, coach, and finance 10,000 African entrepreneurs by 2025.


Successful program participants will earn US$5,000 in seed funds to launch their business ideas, receive 12 weeks of intensive online training, and work with a top-tier mentor. There will also be chances for further investment.

Additionally, they will be able to connect with the vast network of startups in the TEF. The Elumelu family has invested US$100 million in the Tony Elumelu Foundation Entrepreneurship Program, which will provide focused training, financial support, and mentorship to 10,000 African entrepreneurs over ten years.



Aim Of The Program


The program aims to boost Africa’s economy by over US$10 billion and create at least 1 million employment. The TEF keeps empowering African entrepreneurs and bolstering the entrepreneurial ecosystem in all 54 African nations through its flagship Entrepreneurship Program.

How the Program Operates

The TEF training program is specially made to divide entrepreneurs into groups according to their level of expertise and proven talents. With an emphasis on the particular difficulties faced by company owners throughout the African continent, this course is designed to give participants the tools they need to launch or expand their enterprises.

Even when the training time is over, the curriculum’s emphasis on experiential and iterative learning ensures its relevance and applicability.

Eligibility for the Program

Who is eligible to apply?

All citizens and legal residents of any of the 54 African nations are eligible to participate in the program. Africa is where the planned business must be registered and run.
• Are applicants subject to an age limit? Indeed.

Candidates must not be regarded as minors in their home countries and be at least eighteen years old. The maximum age for applicants is not specified.

• Does my company’s age have any restrictions? Indeed.

All enterprises must be either early-stage or brand-new during the first five years of their existence.

• What happens if I manage several start-up companies?

Your application should only be about one business. It is advised that you select the most creative and viable business concept. Even with a different name or business concept, chosen entrepreneurs are not permitted to reapply for subsequent program cohorts.

• If I have a family who works for TEF, will my start-up be disqualified? Indeed.

The TEF Entrepreneurship Program does not accept applications from Tony Elumelu Foundation employees or their families.

Employees and their families from affiliate businesses in the UBA Group and Heirs Holdings Group are also subject to this ban. Applications from such people will not be taken into consideration, regardless of whether they are filed individually or in a group.

For whom is participation in the TEF Entrepreneurship Program ineligible?

Partners in TEF Audits and their Close Family Members.
Employees and their immediate family members of businesses connected to the Tony Elumelu Foundation that have contributed to the development or management of the program.
This program was created and administered by the promoter’s consultants and agents, as well as by employees and their immediate family members in cases where the consultants and agents are entities.

The program will not accept applications from:

Government organisations, corporations, faith-based organisations, or research institutes that are not established in Mali.
Applications from business partners or TEF alumni.
Applications from those who were rejected from any prior TEF program.
Applications that use automated devices or processors, scripts, macros, or other digital tools to obtain an unfair advantage.
Applications that are inaccurate and lacking information.
Applications that include businesses or business ideas that are unlawful or unethical.
BrandSpur national news reports the Procedures for Applying

How can I apply for the program?

All applications must be filled out and submitted online at tefconnect.net, the official application portal.
To submit an application, candidates must answer a set of needed questions.
What takes place following submission?

An email acknowledging receipt of your application will be sent to you when it has been submitted.
What happens if my company is a partnership?

Only one selected person from the company or partnership may take part in the program in the case of a partnership. This person must own an equal or majority ownership in the company and secure approval from all partners.
Can I submit an offline application?

No, we do not accept offline applications. The only way to submit any applications is via tefconnect.net.
What happens if my first language is not English?

To make the application form accessible to non-native English speakers, it is also available in Arabic, French, and Portuguese.
What details or proof of identity are needed for the application?

Candidates must fill out the application form with accurate and current information in all required fields.
Does the application come with any costs?

No, there are no costs associated with applying to the program from the Tony Elumelu Foundation.

SOURCE:https://brandspurng.com/2025/01/02/tony-elumelu-foundation-sets-to-train-finance-10000-african-entrepreneurs-in-2025/

The Independent Corrupt Practices and Other Related Offenses Commission (ICPC) has recovered nearly N52 billion, $966,900.83, and other assets in the past year.

Dr. Musa Aliyu, SAN, the Anti-graft Agency’s Chairman, who made the revelation, credited the firm dedication to the rule of law for the noteworthy milestone accomplishment. He gave a speech on Tuesday in Abuja at a function accessed by BrandSpur national news story, commemorating his one-year tenure as ICPC chairman.

Dr. Aliyu also linked the Commission’s success to its ability to adjust to changing trends and provide its employees with digital tactics for combating corruption.

Continuing, he had this to say: “The current administration’s anti-corruption agenda and my own policy thrust encapsulated in the acronym “CARE” for impact, have further motivated the Commission to enhance its tools, approaches, and engagements. I am, therefore, bold and proud to reflect on the modest progress we have made and the challenges we have overcome so far.


“These accomplishments include notable asset recoveries, enforcement actions, and initiatives promoting transparency and good governance. For instance, through its Constituency and Executive Projects Tracking Initiative (CEPTI), the Commission continues to ensure accountability in government funds and deliver tangible benefits of democracy to citizens across Nigeria,” he added.

According to Dr. Aliyu on the assets recovery: “N29.700 billion in cash” was recovered and presently domiciled in ICPC recovery accounts. N10.986 billion VAT was recovered and remitted to FIRS. N10 billion COVID-19 vaccine fund meant for the production of vaccines was remitted to the treasury. Value of asset through final forfeiture – N2.5 billion.”

According to ICPC, $966,900.83 was recovered and secured in the ICPC-CBN account balance pushed forward in the area of foreign currency recovery. In the same vein, the anti-graft agency reported that it recently finished tracking 1,500 projects nationally under CEPTI Phase 7, totaling N610 billion.

Furthering, Dr. Aliyu revealed that throughout the last year, the Commission has handled 851 petitions, of which 342 have been assigned for investigation, 95 have been thoroughly investigated, 72 cases have been filed in court, and 16 convictions have been obtained.

In his words: “In this regard, we are streamlining our processes to ensure faster and more effective prosecution of cases, leading to the resuscitation of 10-15-year-old cases in courts.”

Dr. Aliyu went on to reveal that the Commission evaluated 323 Ministries, Departments, and Agencies (MDAs) using its Ethics and Integrity Compliance Scorecard (EICS) as part of its dedication to institutional responsibility. To strengthen its anti-corruption initiatives, he noted, 80 Anti-Corruption and Transparency Units (ACTUs) were also established throughout MDAs.

“while doing these, the Commission stopped the diversion of public funds to the tune of N5.882 billion.”

SOURCE:https://brandspurng.com/2024/12/20/icpc-recovers-about-966900-83-n10-986-billion-vat-other-assets-in-a-year/