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Tag: Group CEO

  • Tomi Davies and Dr. Victor ‘Gbenga Afolabi to Unveil Africa’s First Ad-Agency GPT at MarkHack 5.0

    Tomi Davies and Dr. Victor ‘Gbenga Afolabi to Unveil Africa’s First Ad-Agency GPT at MarkHack 5.0

    MarkHack 5.0, Nigeria’s premier marketing, media, and technology conference, will host the official unveiling of Ad-Agency GPT—Africa’s first generative AI platform purpose-built for marketing and advertising agencies.

    The platform will be introduced by Tomi Davies, Collaborator-in-Chief at TVC Labs and founding President of ABAN, alongside Dr. Victor ‘Gbenga Afolabi, Group CEO of GDM Group, on Friday, June 5, 2026, at the Oriental Hotel, Victoria Island, Lagos.

    Ad-Agency GPT represents a significant leap in marketing infrastructure across Africa. Designed as an end-to-end intelligent system, the platform supports the full agency workflow—from interpreting client briefs and generating culturally calibrated copy, to campaign planning, strategic scenario development, and content validation. Its integrated architecture enables agencies of any size to operate with the sophistication, speed, and strategic depth traditionally associated with large global networks.

    At its core, the platform embeds deep contextual intelligence. By encoding African consumer behaviour, regional language nuances, FMCG activation models, and cultural dynamics, Ad-Agency GPT produces outputs that are inherently market-ready—addressing a critical limitation of generic AI tools that often lack local relevance. It also enables teams to retain and build on institutional knowledge, ensuring continuity, learning, and progressive refinement across campaigns.

    This year’s conference, themed “The Culture Algorithm: AI × Human Experience,” will convene leading voices across marketing, technology, policy, and the creative industries to explore how AI is reshaping culture, identity, and decision-making. Within this context, the unveiling of Ad-Agency GPT signals a pivotal shift—from AI as a tool, to AI as foundational infrastructure for marketing execution in Africa.

    Attendees will experience live demonstrations of the platform, including campaign ideation, multi-format content generation, and culturally adaptive strategy development. These sessions are designed to provide practical insight into how agencies can accelerate workflows, elevate creative output, and deliver campaigns that resonate across diverse African markets.

    Ad-Agency GPT will launch with an open-access model, enabling immediate adoption across the ecosystem. A Pro tier—featuring advanced capabilities such as enhanced output capacity, collaborative workspaces, and access to GDM Group’s proprietary campaign playbooks—will be introduced as the platform scales. This phased approach positions the platform not merely as a productivity tool, but as a long-term operating system for agency growth and competitiveness.

    The unveiling of Ad-Agency GPT at MarkHack 5.0 reinforces the conference’s role as a catalyst for industry transformation. It underscores GDM Group’s leadership in advancing AI-driven marketing innovation across the continent.

  • Flexmobile Set For Launch in Nigeria

    Flexmobile Set For Launch in Nigeria

    Flexmobile, the much-anticipated telecom brand from Hazon Technologies, is on the cusp of its commercial debut, with final regulatory approval now the last step before market entry. Following the successful conclusion of commercial agreements with its MVNE, IMBIL, and Airtel Nigeria, the stage is set for a launch that is already generating industry-wide expectations.

    At a recent media briefing, Dr. Victor ’Gbenga Afolabi, Group CEO of Hazon Technologies, reflected on the journey leading up to this moment defined by strategic patience, deliberate execution, and an unwavering vision.

    “What lies ahead is more than a launch—it is the beginning of a new way to experience telecoms in Nigeria,” he noted. “After years of building the right partnerships and infrastructure, we are approaching a defining milestone. Flexmobile is designed to challenge conventions and introduce a smarter, more flexible telecom experience for Nigerians.”

    Set to introduce a distinctive 081 number series, Flexmobile’s commercial rollout is targeted for June 1, 2026, subject to final consumer tariff approval by the Nigerian Communications Commission. Early signals suggest a product ecosystem engineered around flexibility, data-centricity, and user control—an approach aligned with the evolving expectations of Nigeria’s digitally connected population.

    While full details of its offering will be unveiled at launch, Flexmobile is expected to introduce a suite of value-added services designed to go beyond traditional connectivity, positioning the brand at the intersection of telecoms, lifestyle, and digital enablement.

    Backed by strong institutional partnerships and a robust MVNE framework, Flexmobile enters the market not just as another operator, but as a platform with the potential to reshape how telecom services are consumed and experienced.

    As anticipation builds, one thing is increasingly clear: Flexmobile is not simply preparing to launch—it is preparing to shift the conversation.

  • Tosin Eniolorunda and ALX host Entrepreneurship Masterclass for 100 female business owners to deepen financial literacy

    Tosin Eniolorunda and ALX host Entrepreneurship Masterclass for 100 female business owners to deepen financial literacy

    Tosin Eniolorunda, Group CEO of Moniepoint Inc., has delivered on a commitment that demonstrates his fidelity to deepen financial literacy among women business owners in Nigeria.  In partnership with ALX, Eniolorunda hosted a four-hour virtual Entrepreneurship Masterclass bringing together 100 female business owners for a hands-on session designed to move them from petty trading to building valuable enterprises.

    The masterclass was structured around three practical modules: The Model, The Money, and The Plan with each session facilitated by a subject matter expert and anchored in live, guided exercises rather than passive instruction. Participants also completed a one-page Lean Canvas draft, worked through a pricing and profit calculator to identify their break-even points and profitability levers, and closed the session by drafting a personal 30-60-90 day execution roadmap with weekly actions and measurable KPIs. Every participant left with a resource pack to continue applying the tools after the session.

    One of the modules involved guiding participants through the fundamentals of building a scalable business model with a focus on customer definition, problem articulation, value proposition, and channels while others focused on pricing and financial fundamentals, equipping participants with the confidence to understand their numbers and make informed decisions about growth. 

    Iwalola Sobowale, Director of Customer Experience and Market Research at Moniepoint, addressed participants during a dedicated product session, walking them through how Moniepoint’s suite of tools, which spans payments, business banking, and operations management, with a particular focus on Moniebook, supports smarter, more efficient business growth.

    This Masterclass reflects Eniolorunda’s long-standing position that the work of inclusion does not end at access. At the 2024 International Financial Inclusion Conference convened by the Central Bank of Nigeria, he argued that financial inclusion for women “must no longer be treated as a buzzword, charitable social activity or a checklist to be marked, averring that it must be rooted in economic and business activities that are well underlined by data.” 

    Research consistently shows that women-owned businesses demonstrate stronger repayment discipline and higher financial engagement when given access to the right tools, making investment in women entrepreneurs both a moral and economic imperative. “It is actually more profitable to serve women,” Eniolorunda has said.

    Speaking on the imperative of the initiative, he noted: “We’re at a point where technology can significantly accelerate business growth, but access alone isn’t enough. What matters is giving entrepreneurs the knowledge and confidence to use these tools effectively. This masterclass is about equipping women with insights they can apply immediately to grow their businesses.”

    ALX, the project partner is a pan-African technology and professional skills training platform committed to developing the next generation of African leaders through world-class, practically grounded programmes.

    The initiative sits within the United Nations Sustainable Development Goal 5 on Gender Equality, specifically its targets around women’s full and effective participation in economic life and expanding access to financial services and quality education for women entrepreneurs. It builds on Eniolorunda’s broader record in this space, including the Tosin Eniolorunda Foundation’s financial literacy programme for female STEM students at Obafemi Awolowo University which has its root in his belief that “there can be no sustainable financial inclusion without financial literacy as its cornerstone.”

  • Starsight partners BII to advance clean energy growth in West Africa through US$15 million funding

    Starsight partners BII to advance clean energy growth in West Africa through US$15 million funding

    …the funding will drive clean energy growth in Starsight’s existing West African operations, with Nigeria earmarked to receive the majority of the funding

    • Capital will be deployed in Starsight’s existing West African operations to support growth, strengthen operations and scale energy solutions for commercial and industrial users.
    • Majority of the funds will assist in improving power security in Nigeria, where the unstable grid and reliance on diesel self-generation remain key characteristics of the energy sector.
    • The collaboration demonstrates BII’s confidence in Starsight’s long-term commitment to delivering reliable, affordable and sustainable power across the region.

    Starsight Energy Africa Group, a leading provider of clean energy solutions for commercial and industrial (C&I) customers across Sub-Saharan Africa, has secured USD15 million mezzanine debt funding from British International Investment, the UK’s development finance institution and impact investor.

    The funding will drive clean energy growth in Starsight’s existing West African operations, with Nigeria earmarked to receive the majority of the funding. It will finance a substantial growth pipeline of renewable solar energy projects whilst also ensuring best-in-class service is maintained to existing clients including asset replacement.

    The deployment of the funding within Starsight fits well with BII’s strategic objectives to support productive, sustainable and inclusive development. The collaboration between Starsight and BII also underscores a shared commitment to advancing sustainable infrastructure, supporting private sector growth, and driving measurable climate impact across West Africa.

    It has been estimated that up to 40GW of electricity in Nigeria is generated from diesel and petrol generators and Starsight’s funding round with BII is an important stride toward filling this vacuum with clean renewable energy for the C&I sector, says Paul van Zijl, Group CEO at Starsight.

    “Partnering with BII marks a significant milestone for the Starsight Energy Africa Group. This funding strengthens our ability to scale more rapidly in Nigeria and Ghana delivering reliable, clean energy solutions that support economic growth and improve energy resilience for our clients,” says Van Zijl.

    “BII’s mission is to support sustainable socio-economic development in emerging markets. Their decision to partner with us is an endorsement of the role we play in increasing energy access within these markets, delivering affordable, low-carbon solutions while simultaneously uplifting the communities in which we operate,” adds Van Zijl.

    British Deputy High Commissioner in Lagos, Jonny Baxter said: “The UK remains committed to supporting Nigeria’s transition to clean, reliable, and affordable energy. This investment by BII reflects that commitment in action. Expanding access to dependable renewable power for businesses across Nigeria will help unlock growth, strengthen energy resilience, and reduce dependence on costly and polluting diesel and petrol self-generation. It represents a practical step toward a greener, more sustainable future for both our countries.”

    Benson Adenuga, West Africa Regional Director and Head of Office, Nigeria, at BII, says: “Nigeria’s businesses need dependable and affordable power to grow. We identified Starsight’s strong track record, combined with its clean energy model, as a strong fit with BII’s mandate. Starsight’s commercial and industrial solar solutions directly address this challenge by reducing dependence on refined petroleum products and improving reliability. By backing scalable distributed renewable platforms like Starsight, BII is supporting clean energy expansion in West Africa and demonstrating confidence in the region’s potential for sustainable, inclusive growth.”

    Michael Chuchu, Group Commercial Director at Starsight, says that the BII funding will unlock new capacity in countries where energy stability has historically been a barrier to growth.

    “Nigeria remains our second-largest market and a core focus area for expansion. For our West African customers, this investment tangibly proves that Starsight is here to support their operations and provide energy certainty through environmentally responsible solutions.

    “With BII’s support, we’re set to pursue the next chapter of our growth journey,” Chuchu concludes.

  • Strategic Alliances Key to Downstream Sector Growth – NNPC Ltd

    Strategic Alliances Key to Downstream Sector Growth – NNPC Ltd

    The Nigerian National Petroleum Company Limited (NNPC Ltd.) has emphasized that forging strategic partnerships remains vital to unlocking value, achieving sustainability, and advancing commercialization within the nation’s downstream petroleum sector.

    Group CEO, Engr. Bashir Bayo Ojulari, who was represented by the Executive Vice President, Downstream, Mr. Mumuni Dagazau, disclosed this in an address during the 2025 Inaugural Annual Downstream Petroleum Week, organized by the House of Representatives Committee on Petroleum Resources (Downstream), on Tuesday.

    ‎Describing Nigeria’s downstream landscape as one shaped by transition, opportunity, and strategic reform, Ojulari stressed the importance of collaboration as a yardstick to sustainable energy future.

    He noted that Africa’s energy demand is expected to grow significantly in the coming years, with Nigeria at the forefront. This, he said, calls for coordinated efforts and collective responsibility to harness emerging opportunities and ensure inclusive, long-term sectoral growth.

    ‎‎On the domestic front, he reaffirmed NNPC Ltd.’s commitment to ensuring consistent fuel availability, competitive pricing, and uncompromising quality assurance across all its retail network nationwide.

    ‎‎”The opportunity to create sustainable economy for today and the future is hinged on supply partnership, infrastructure co-investments, security partnerships, host community cooperation and operational alliance. Everyone needs to get involved in the activities that will ultimately create a sustainably promising future for Nigeria,” he said.

    ‎‎Ojulari also commended the National Assembly and the House of Representatives Committee on Petroleum Resources (Downstream) for convening the strategic forum, assuring that as a commercial and national energy entity, NNPC Ltd., remains committed to fostering stakeholder engagement and advancing collaborative models for sector-wide growth.

    ‎The event, held at the National Assembly Complex, was themed “Celebrating Our Successes, Confronting Our Challenges, and Finding Solutions for the Petroleum Downstream Sector.” Downstream sector players and legislators attended.

  • First Nollywood film selected for Cannes, My Father’s Shadow, premieres in Nigeria

    First Nollywood film selected for Cannes, My Father’s Shadow, premieres in Nigeria

     My Father’s Shadow, the debut feature by acclaimed Nigerian-British director Akinola Davies Jr., will premiere in Nigerian cinemas on September 19, after making history on the global stage.

    The film became the first Nigerian feature to be officially selected in the Cannes Film Festival’s Un Certain Regard section, where it earned a prestigious Caméra d’Or Special Mention for Best First Feature. This milestone not only cements Davies Jr.’s reputation as a bold new voice in cinema but also signals a fresh era for Nigerian storytelling on the world stage.

    Set in Lagos in the aftermath of the annulled June 12, 1993 presidential election, the story unfolds over a single day as two brothers, Akin and Remi, are guided by their estranged father, Folarin, played by British-Nigerian actor, Ṣọpẹ́ Dìrísù. Shot on 16mm film, the movie blends poetic imagery with emotional realism, exploring themes of memory, identity, fatherhood, and nationhood.

    Davies Jr. describes the project as deeply personal: “With no context, the script was sent to me, and I actually cried when I read it… It’s a testament to the talent and the thriving Nigerian film industry. Point a camera at anything in Lagos, and it’s so cinematic.”

    He further situates the project within Nollywood’s emerging arthouse tradition: “Eighty percent of our cast and crew are from Nigeria. We’re creating something together. Africans should be proud of their aesthetics.”

    A collaboration between Fatherland Productions (Lagos), Element Pictures, MUBI, and Crybaby, with support from BBC Film, the BFI, Fremantle, and Electric Theatre Collective, the film exemplifies how homegrown talent and international partnerships can create world-class cinema.

    With over 80% of the crew Nigerian and production spanning Lagos and Ibadan, the project also boosted local infrastructure and created jobs, reinforcing the role of filmmaking as both cultural archive and economic engine. It introduces fresh talents Godwin and Chibuike Marvellous Egbo, spotlighting the next generation of Nollywood stars.

    Industry leaders have hailed the project as a turning point. Kene Okwuosa, Group CEO of Filmhouse Group, said: “At Filmhouse, we are committed to backing stories that push boundaries and showcase the depth of Nigerian talent to audiences at home and abroad.”

    Ladun Awobokun, Chief Content Officer at FilmOne Entertainment, added: “My Father’s Shadow isn’t just a film—it represents the next chapter of cinematic possibility in Nigeria.”

    As it prepares for its nationwide release, My Father’s Shadow stands as both a work of art and a declaration of intent, reaffirming Nigeria’s creative power while inspiring global audiences to invest in authentic African storytelling. The film will premiere nationwide on September 19.

  • Makinde to Declare 52nd AAAN AGM/Congress Open as Ibadan Hosts Advertising Elite

    Makinde to Declare 52nd AAAN AGM/Congress Open as Ibadan Hosts Advertising Elite

    The Association of Advertising Agencies of Nigeria (AAAN) will convene its flagship 52nd Annual General Meeting and Congress from July 17–19 at JAGZ Hotel, Ibadan. This year’s theme, “Charting Bold Paths Forward,” reflects the industry’s shared commitment to embracing innovation, resilience, and transformative leadership in a rapidly changing environment.

    The three-day gathering will feature a compelling blend of cultural heritage, strategic dialogue, and professional celebration. The first day will see delegates pay a courtesy visit to Otun Olubadan of Ibadanland, Senator Rasheed Ladoja, a tradition that echoes AAAN’s longstanding respect for host communities and cultural roots.

    The official conference will begin on July 18 and will be declared open by Governor Seyi Makinde of Oyo State. He is expected to be joined by dignitaries, including the  Minister of Information and National Orientation, Alhaji Mohammed Idris Malagi, and the Minister of Art, Culture, and the Creative Economy, Hannatu Musa Musawa, alongside the Director-General of the Advertising Regulatory Council of Nigeria (ARCON), Dr. Lekan Fadolapo, setting the tone for high-level discourse and coordination.

    A centrepiece of the day will be the keynote address from Dr. Cherry Eromosele, Executive Vice President & Group Chief Marketing and Communications Officer at Interswitch Group, followed by a panel discussion chaired by Dr. Tayo Oyedeji, Group CEO of Insight Publicis Group Nigeria.

    Confirmed panel speakers include Josiah Akinola of Nigerian Breweries PLC; Bolanle Osotule of Airtel Nigeria; George Onukwu of TBWA\Concept; Oluwatobi Williams of 7even Interactive; and Adedamola Richard‑Salvador of Digisplash Limited

    AAAN President, Mr. Lanre Adisa, noted that this year’s theme is indicative of the AAAN’s readiness to be courageous in embracing innovation and vision.

    “This is not the time to tiptoe around the future. Boldness is not a buzzword but the only language the future understands. In a landscape defined by constant change, boldness is not a gamble but a strategic imperative. Those who will lead tomorrow are those willing to question today,” said Adisa.

    The final day of the event shifts focus to governance and celebration and will have two segments: Business Session and Gala/Award Night. The highlights of the former include leadership updates and the induction of new members. The latter will see deserving advertising professionals recognized and rewarded while dressed in aso oke regalia.

    Founded in 1973, AAAN is Nigeria’s oldest and most influential collective of advertising agencies. Its annual AGM is a pivotal industry tradition, one that consolidates strategic progress, regulatory alignment, cross-sector collaboration, and storytelling that positions the Nigerian advertising industry on a bold, credible future trajectory.

  • Ecobank Group and Google Cloud Announce Partnership to Accelerate Financial Inclusion and Innovation Across Africa

    Ecobank Group and Google Cloud Announce Partnership to Accelerate Financial Inclusion and Innovation Across Africa

    Google Cloud technologies to strengthen Ecobank’s platform for enhanced digital banking, small and medium-sized enterprise (SME) support, and economic development on the continent

    Ecobank, a leading pan-African financial services group, and Google Cloud today announced a groundbreaking collaboration aimed at transforming financial services with advanced analytics and AI and driving digital empowerment across Africa. Through this collaboration, Ecobank plans to leverage Google Cloud’s cutting-edge technology to deliver innovative payment and remittance solutions that are frictionless, secure, and universally accessible, empowering individuals and businesses across the continent and beyond. This collaboration will focus on leveraging Google Cloud’s advanced technologies and AI to enhance Ecobank’s digital offerings to accelerate the digital transformation of the Bank.

    The partnership agreement is designed to empower individuals, support the growth of small and medium-sized enterprises (SMEs) in the region, and contribute to the overall economic development of Africa. 

    This partnership is intended to deliver substantial benefits:

    • Enhancing financial accessibility: The collaboration will strive to simplify and streamline money transfers, both domestically and across borders. This will be supported by Google Cloud’s scalable infrastructure and advanced API solutions, such as Apigee, aiming to make financial transactions faster, more affordable, and more accessible for more people, facilitating crucial support for families and enabling smoother commercial activities for businesses.
    • Empowering African businesses: A core objective of the collaboration is to explore ways to bolster the continent’s entrepreneurial ecosystem. By leveraging Google Cloud’s capabilities, including its powerful data analytics platform, BigQuery, for AI-driven insights, Ecobank will aim to develop solutions that improve access to finance for SMEs, simplify payment acceptance, and provide valuable data-driven insights to help businesses scale across more than 33 countries in Africa.
    • Envisioning seamless digital banking: The collaboration will explore the creation of more intuitive and user-friendly digital banking platforms, built on Google Cloud’s secure and scalable global infrastructure and enhanced by Google Cloud’s AI technologies. This will empower Ecobank’s developers and customers to easily integrate into Ecobank’s platforms connecting to a unified and advanced API, enabling them to offer innovative financial solutions. For example, fintech partners can readily provide core banking services such as accounts, payments, and lending for seamless transactions. 
    • Personalising financial solutions responsibly: Utilizing Google’s advanced data analytics, AI, and machine learning, while upholding the highest standards of data privacy and security, Ecobank will aim to better understand and anticipate customer needs. This will enable the development of more relevant and personalized financial products and services, including tailored credit, savings, and insurance options.
    • Strategic expert collaboration: Google Cloud’s Professional Services team will aim to provide ongoing expert support to Ecobank, ensuring the effective implementation of technology and the successful realization of the collaboration’s transformative goals over the coming years.

    Jeremy Awori, Group CEO, Ecobank said: “Our collaboration with Google Cloud is a leap forward in Ecobank’s digital transformation journey. We look forward to leveraging Google Cloud’s world-class technology to unlock new possibilities for individuals and businesses to grow and scale across Africa. This collaboration signifies our shared intent to explore building a more connected and financially inclusive future for the continent.”

    Thomas Kurian, CEO, Google Cloud said: “Google Cloud and Ecobank have a shared vision for using technology to help deliver financial empowerment to more people and businesses in Africa. We look forward to exploring the ways our cutting-edge AI, powerful data analytics, and scalable infrastructure can support Ecobank’s efforts to fuel the continent’s economic development and digital future.” 

    This agreement signifies a shared commitment between Ecobank and Google Cloud to explore how the power of technology might unlock new opportunities for Africans and contribute to a digitally empowered and economically vibrant future for the continent. 

    Ecobank and Google Cloud will actively explore opportunities to further expand their collaboration, tapping into the vast potential of other Google solutions and services.

  • AVCA’S Fifth VC Summit Spotlights Resilience, Scale, and Bankability as Critical Levers to Propel Africa’s VC Ecosystem

    AVCA’S Fifth VC Summit Spotlights Resilience, Scale, and Bankability as Critical Levers to Propel Africa’s VC Ecosystem

    The African Private Capital Association (AVCA) hosted its fifth Venture Capital (VC) Summit yesterday. The summit forms part of the industry association’s 21st Annual AVCA Conference week, held in Lagos until 2 May. The global gathering brings early-stage and venture capital investors, corporate venture arms, founders, entrepreneurs, and accelerators together to discuss new trends and plot the rise of Africa’s venture capital landscape.

    Abi Mustapha-Maduakor, CEO of AVCA, opened the Summit by acknowledging the strategic importance of Nigeria’s entrepreneurial landscape: “Hosting the Summit in Nigeria is significant because this country has long been at the heart of Africa’s entrepreneurial evolution. Despite economic headwinds, we’ve witnessed innovation and resilience in the early-stage ecosystem. It is no coincidence that in 2024, Nigeria produced one of the continent’s newest unicorns.”

    Tope Awotona, Founder and CEO of Calendly, the US$3bn tech unicorn, and Abi Mustapha-Maduakor, CEO of AVCA, kicked off the summit with a keynote fireside chat. Describing his remarkable entrepreneurial journey, Awotona said: “I knew scheduling wasn’t just a productivity tax—it was a tax on important business outcomes like revenue. We didn’t invent online scheduling but made it accessible to more people through three key innovations: our freemium pricing model, our viral distribution method, and our data-driven product improvements.”

    The conversation affirmed the power of innovation, enabling expansion to international markets and the benefits of experimentation with price, distribution, and product. Awotona said: “When scheduling went virtual, more users meant more data could help to improve the product and help to become the best on the market.” 

    Following the sentiments of Calendly’s Founder and CEO, a panel titled Unlocking Scale: The Growth-Stage Challenge with Leo Batalov, Partner, Global Co-Head of Emerging Growth Companies and Venture Capital, DLA Piper, and Brian Waswani Odhiambo, Partner, Novastar Ventures, examined how to bridge the gap for businesses moving from early stage development to accessing capital in their growth stage, and highlighted the urgency of building strong local investor ecosystems.

    Outlining the roles of founders and venture capital investors in supporting the long-term sustainability of Africa’s burgeoning tech ecosystem, Dr Omobola Johnson, Senior Partner, TLcom Capital, said: “We need to help founders understand that at the growth stage, they’re competing for global capital, not just local. Founders must recognise the competition and make their businesses appealing to international investors…This makes the African market more scalable, bankable, and investable.”

    The summit proceeded with a headline session, entitled Titans of Industry: Bold Moves, featuring Tosin Eniolorunda, Group CEO of Moniepoint, who underscored the merits of building a valuable company and building a robust team. He said, “If you have an organisation that is growing, investors will be interested; so we focused early on establishing good fundamentals—topline growth, profitability, EBITDA margins, return on equity. The more important goal is building a valuable company with healthy bottom lines. This opens up multiple opportunities, whether through Nigeria’s evolving stock exchange or large buyouts from sovereign wealth funds.”

    Other panels convened capital allocators – representing corporate, commercial, and development-focused interests – to share their perspectives on a maturing venture capital ecosystem in Africa. The competitive fundraising environment provided a backdrop to outline how Limited Partners (LPs) select where to invest, assess risk, evaluate opportunity, and determine priorities.

    In a panel entitled Venture Debt – Africa’s Missing Piece? speakers including Rosanne Whalley, Chief Executive Officer, AHL Ventures Partners, Roeland Donckers, Managing Partner, iungo capital, and moderator Tage Kene-Okafor, Africa reporter at TechCrunch, discussed the role of venture debt products as a complement to equity funding, providing bridge capital to accelerate company growth. 

    According to AVCA’s latest report, venture debt showed impressive resilience in 2024, with 60 deals totalling US$1.0bn—a 3% increase year-on-year. While representing just 12% of total deal volume, venture debt accounted for 37% of total capital deployed, with median deal sizes reaching US$7.5mn, nearly three times larger than equity-based transactions.

    The session underscored the need for African investors to know when to deploy these tools and the importance of raising awareness amongst founders of these financing alternatives. Biola Alabi, Venture Partner, Delta40, noted that “there is a critical gap in financial literacy around debt financing in our ecosystem. Many founders and even some GPs don’t fully understand what debt investors require in terms of traction and stability. We need to help restructure existing debt and educate founders on how venture debt can complement equity to extend runway and avoid dilution, particularly for businesses with predictable revenue streams.”

  • Popoola Charts Pan-African Market Vision at Ethiopian Securities Exchange Launch

    Popoola Charts Pan-African Market Vision at Ethiopian Securities Exchange Launch

    Temi Popoola, Group CEO of Nigerian Exchange Group Plc (NGX Group), reiterated the transformative potential of Africa’s capital markets at the launch of the Ethiopian Securities Exchange (ESX). Speaking at the event, Popoola emphasized the need for stronger regional collaboration, government-private sector synergy, and innovative market solutions to unlock the continent’s economic potential.

    NGX Group’s strategic investment in ESX underscores its leadership in advancing Africa’s capital market infrastructure. “The launch of ESX represents a pivotal moment for Ethiopia and the broader African financial landscape,” Popoola stated. “ESX will serve as a crucial mechanism for capital formation and market liquidity, driving sustainable economic growth.”

    Expounding on NGX Group’s investment rationale, Popoola highlighted Ethiopia’s immense market potential and the shared vision of fostering economic growth through innovation. “Our partnership transcends traditional investment parameters,” he explained. “It is about ensuring that ESX evolves into a key player in Africa’s financial ecosystem, enabling cross-border investments and setting benchmarks for market development.”

    Popoola also drew parallels with global success stories like India, which has leveraged its capital markets to achieve significant economic transformation. He emphasized the importance of responsible market opening to attract local and continental capital. “By following this path, Ethiopia can become a financial hub in Africa,” he remarked.

    Prime Minister Abiy Ahmed lauded the launch of ESX as a transformative milestone in the country’s journey toward economic modernization. “Today, we have officially rung the bell to launch the Ethiopian Securities Exchange, our nation’s first stock exchange,” the Prime Minister announced on X. “This is a call to global investors: Ethiopia offers immense potential, a fast-growing economy, and a clear trajectory toward shared prosperity.”

    Tilahun Esmael Kassahun, CEO of the Ethiopian Securities Exchange, expressed confidence in the partnership with NGX Group. “We are pleased to welcome NGX Group as a strategic partner, building upon the existing support we continue to receive from them,” he said. Kassahun also emphasized the value of NGX Group’s expertise in shaping ESX’s growth and success.

    Drawing from NGX Group’s six decades of experience, Popoola shared insights on diversifying financial instruments and expanding access to investment opportunities. “With the right mix of innovation, policy support, and regional collaboration, Ethiopia’s capital market can play a transformative role in driving economic development and establish itself as a leader in Africa’s financial ecosystem,” he concluded.

    With the ESX poised to redefine Ethiopia’s financial landscape, NGX Group’s involvement highlights the critical role of partnerships and shared expertise in advancing Africa’s economic narrative.

  • NUPENG Faces Backlash for Soft-Pedaling on PH Refinery Issues

    NUPENG Faces Backlash for Soft-Pedaling on PH Refinery Issues

    An American-based professor of Humanity and Comparative Literature at the University of Maryland, Josephine T. Abuba­kar, on Thursday, November 28, 2024, took a swipe at the General Secretary and the President of Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) for singing praises of the management of Nigerian National Petroleum Company Limited (NNPCL) over the rehabilitation of Port Harcourt Refinery.

    Prof. Josephine, who is also a rights activist, decried the postures of the union leaders by accusing them of being subservient to NNPCL instead of playing their roles as trade Unionists. He said the General Secretary, Afolabi Olawale and the President, Williams Akporeha should have interrogated NNPCL on the allegations of converting the Port Harcourt refinery into a blending plant and also that it was planning to sell imported, substandard petrol to Nigerians as locally refined fuel.

    NUPENG had on Tuesday expressed excitement over the resumption of refining of petroleum products by Port Harcourt Refinery, saying “we are reminded of the essential role this progress plays in addressing Nigeria’s energy challenges, alleviating hardship for workers and citizens, and fostering economic stability.” The oil and gas union also congratulated the Group CEO, Mr. Mele Kyari and the entire management of NNPCL on the “monumental achievement of successfully re-streaming the Port Harcourt Refinery after several years.”

    Prof. Josephine in her statement made available to newsmen on Thursday said the NNPCL’s announcement of the refinery’s commencement of operations was a ruse designed to deceive Nigerians and industry players.

    She claimed that the corporation had been shifting deadlines for the completion of the refinery’s repairs, leaving Nigerians to suffer from petrol shortages and high prices.

    She further alleged that NNPCL’s plan to sell blended products will negatively impact engine performance and lifespan, especially for car owners and those in the transportation business. She also noted that Petroleum Tanker Drivers (PTD) under NUPENG will be the greatest victims of blended diesel, which has the potential to damage the engines of their Petroleum trucks.

    The statement said: “It is a big shame that NUPENG cannot join other well meaning Nigerians to interrogate NNPCL on the allegations of blended petroleum products which will ultimately have a negative impact on engine performance and lifespan, especially car owners and those who are into transportation business. NUPENG has literally portrayed itself as beggars before NNPCL having failed Nigerians and Union members who are paying checkoff dues. It is also correct that the Petroleum Tanker Drivers under NUPENG will be largely affected by NNPCL blended diesel and this should be of great concern.

    ”The last time I checked, NUPENG is the one organizing PTD, therefore the protection and the interest of PTD should be its primary objective instead of being subservient to NNPCL, dining and winning with its leadership in hotels and engaging in foreign trips while also receiving estacode allowances in dollars. The leadership of NUPENG as presently constituted has outrightly given itself out as sycophants with no integrity. The re-streaming of Port Harcourt Refinery is good for the nation, but as a responsible union, you must do your due diligence before rushing to press to sing praises as if you are NNPCL propaganda machinery. This will never happen under Frank Kokori of blessed memory, when he was the General Secretary of that Union. Men of great honour are no longer in NUPENG today, this is ridiculous and sad.

    ”This is the same NUPENG who took the executives of PTD, a Branch under it, to Court on trump-up charges. We read how NUPENG humiliated the National Chairman of PTD, Comrade Lucky Osesua and his executives, Comrade Dayyabu Yusuf Garga, Comrade (Chief) Peter Moudebelu (Onwa), Comrade Humble Obinna Power and others. Thankfully the judiciary and the Police are not biased on the matter. I am confident they will get justice and be allowed to serve the interests of their members in PTD who voted for them to run the affairs of the branch at the national level.

    “It was gathered from good and reliable authority that NNPCL has now made a bad situation worse by stage-managing a resumption of production since it has now been established that NNPCL is not trucking out Premium Motor Spirit (PMS), better known as petrol, from its Port Harcourt Refinery. Instead, some videos of NNPCL branded trucks that were used to announce that the refinery has resumed operations and started trucking out PMS were mere movie productions to mislead Nigerians.

    “NLC needs to come in and put NUPENG to check. The NUPENG leaders are nothing but a disgrace, this is not trade unionism but gangs of capitalists who are desperately looking for money and power with greed and covetousness. Anybody can insult me. I don’t care. I will continue to be on the side of truth. Insults mean nothing to me. They only fuel my resolve and strengthen my determination. They are like water off a duck’s back, and neither can they deter me from speaking my mind on any pressing or burning issue in the interest of PTD, no matter how unpopular my position may be. My prayer is that Nigeria will succeed,” Prof Josephine stated

  • Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness. Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

    Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

    It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years. In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year. 

    Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management. His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked. The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide, which signifies that the individual can effectively execute critical functions related to corporate liquidity, capital, and risk management.

    “We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc. “His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

    Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK, as well as a Bachelor of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively. 

    “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said. 

    Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success. His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues. I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

  • GTCO’s Guaranty Trust Bank Named Best Bank for Corporate Social Responsibility in Nigeria by Euromoney

    GTCO’s Guaranty Trust Bank Named Best Bank for Corporate Social Responsibility in Nigeria by Euromoney

    Guaranty Trust Bank Ltd (“GTBank,” or “the Bank”), flagship subsidiary of Guaranty Trust Holding Company Plc (GTCO), one of the largest financial services institutions in Africa, has been named Best Bank in Corporate Social Responsibility in Nigeria at the prestigious Euromoney Awards for Excellence 2024.

    This recognition underscores GTCO’s unwavering commitment to excellence, going beyond offering innovative financial services and creating more value for its stakeholders to enriching lives and constantly exploring new opportunities to drive positive change in society.

    Announcing the Award, Euromoney highlighted the range and impact of GTCO’s CSR initiatives spanning education, health, community development, and financial inclusion. Over the years, Guaranty Trust has not only led with innovation and service excellence, but also consistently demonstrated a steadfast dedication to making a positive impact and creating shared value through CSR.

    Central to these efforts are its consumer-focused events—the GTCO Food and Drink Festival and the GTCO Fashion Weekend—both of which offer free business platforms for budding as well as established entrepreneurs to showcase their talents, share their unique stories, and connect with a broader audience. The Annual GTCO Autism Programme, an offshoot of the Orange Ribbon Initiative, aims to provide ongoing support for persons with developmental disabilities, focusing on those with autism spectrum disorder (ASD).

    Commenting on the Award, Segun Agbaje, Group CEO of Guaranty Trust Holding Company Plc, stated: “As a Proudly African institution, we recognise that our success is inextricably linked to the well-being of the society in which we operate. Our commitment to corporate social responsibility is deeply rooted in our belief that businesses must act as a force for good, driving sustainable progress, and fostering inclusive growth.”

    Over the years, we have successfully developed several free-business platforms and continue to sponsor impactful social causes that have benefited millions of people and businesses across Africa. This recognition from Euromoney is a testament to the far-reaching impact of our initiatives, and it reinforces our resolve to create enduring value and ensure better outcomes for all.

  • Network International Launches its Innovative Network One Payment Platform in Nigeria

    Network International Launches its Innovative Network One Payment Platform in Nigeria

    …state-of-the-art, cloud-based, integrated digital payment suite is now on soil to serve banks, MNOs and fintechs in Nigeria and across West Africa

     FTSE-listed Network International, a trusted payment partner of Nigerian banks, has underscored its commitment to local and regional markets by bringing its innovative award-winning digital payment platform, Network One, on soil in Nigeria. The platform is now ready to onboard and empower banks, MNOs and fintechs in Nigeria and throughout the West African region.

    By deploying its flagship Network One platform on soil, Network International aligns with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing its local processing capabilities. The integrated platform provides banks, FIs, and fintechs with a comprehensive range of payment products and services locally in Nigeria for both issuers and acquirers. The suite is complemented by a variety of value-added services such as digital, loyalty, tokenization, enterprise fraud prevention, embedded finance and data and advisory solutions and many more. Network International is strategically investing in rolling out the platform in key markets to effectively serve its local and regional clients and partners across the MEA region.

    Nandan Mer, Group CEO, Network International, said: “This major milestone took us only a few months to deploy thanks to a local team that worked tirelessly and seamlessly with cross-functional colleagues in various geographies to ensure we deliver on Network One’s promise of innovation, resilience, and agility. Taking Network One live in Nigeria is integral to our company’s continued commitment to the country and the continent.”

    As the fourth-largest GDP in Africa with strong consumer spending, Nigeria is ripe for a digital payments boom. Total transaction value in the domestic digital payments market is projected to reach US$21.32bn in 2024, with an annual growth rate (CAGR 2024-2028) of 10.06% projected to reach a total amount of US$31.28bn by 2028

    Domestic deployment good for local and African clients

    The Network One platform is an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country. It relies on a consolidation of best-in-class technologies brought together to provide end-to-end payment processing capabilities in a highly adaptable environment.

    Network International is strategically positioning its proprietary technology infrastructure, which is developed, hosted, and maintained on a local level, to cater to the needs of local and regional entities seeking market-relevant digital payment solutions for their consumers.

    “Our presence on the ground and comprehension of the specific needs of the local market have enabled us to tailor a solution that is ideally suited for Nigerian enterprises. Our capability to establish a hub equipped with all the essential technology not only empowers our clients to enhance their value proposition but also positions Network to effectively contribute to financial inclusion and democratization of payments, addressing the needs of a large population of consumers across the continent,” explained Dr. Reda Helal, Group MD – Processing, Africa and Co-Head Group Processing, Network International

    Swift growth of local talent yields significant outcomes

    A crucial aspect of Network International’s sustained investment in Nigeria is nurturing an empowered local workforce. By growing local personnel, Network is positioned to collaborate and co-innovate with local banks and mobile network operators, providing proximity to small and medium-sized enterprises and payment experts, right in the heart of their operations.

    As a show of its commitment to the transformation of the local entity, the company is firming up its staff complement, and will continue to enhance its resources and talents. Network recently marked its move from level 4 BBBEE status (in July 2023) to level 1 a year later as it continues to gain trust among African institutions as a payments partner of choice. 

    “By recruiting the right talent, we are assured that our teams in Nigeria can achieve quicker results with reduced reliance on our international teams, leading to significant operational benefits for our clients locally and regionally,” Dr. Helal added.

    Network International’s investments throughout Africa have led to substantial improvements in economies of scale. Consequently, the company can provide state-of-the-art technology at a lower cost than what companies might incur if developed internally. This affordability, coupled with the technology’s advanced features, appeals to a broad audience and furthers the company’s mission to expedite digital transformation across the continent.

    “Network One’s successful touchdown in Nigeria embodies our ambition to establish ourselves as a company that is authentically local in the African markets we serve,” Mer concluded.

  • 2024 Report: Airtel Africa Reports Progress on Sustainability Goals

    2024 Report: Airtel Africa Reports Progress on Sustainability Goals

    Airtel Africa, a leading provider of telecommunications and mobile money services in 14 countries across Africa, has published its 2024 Sustainability Report.

    The report highlights Airtel Africa’s progress across its key sustainability targets, including support for its people and communities, promoting financial and digital inclusion, and initiatives to reduce the environmental impact of its operations.

    Airtel Africa’s outgoing Group CEO, Segun Ogunsanya, said: “I’m very proud of the strides Airtel Africa has made in advancing our sustainability goals. While targets are vital to driving change, our mission is much bigger: to transform people’s lives through connectivity, products and services fostering digital and financial inclusion while unlocking the potential of the next generation.”

    The report shares progress highlights for the company’s four sustainability pillars: ‘Our business’, ‘Our people’, ‘Our community’ and ‘Our environment’.

    Our business: Airtel Africa continued to expand telecommunications services, supporting economic growth and development across the continent. Key milestones include:

    • Growing the customer base to 152.7 million across 14 markets
    • Attaining ISO 27001 and ISO 22301 certifications which demonstrate Airtel Africa’s compliance with international standards and commitment to data privacy and security
    • Expanding the 4G network and reaching 70.7% of the population in these markets, a 4.9% increase since 2022/23
    • Introducing 5G services, now covering 4.14% of customers, primarily in urban areas

    Our people: Airtel Africa is committed to creating a working environment where all employees can achieve their full potential. Key milestones include:

    • Increasing workforce and leadership diversity, with 35.4% of new or open leadership roles filled by women, raising the representation of women in senior management to 22.3%, up from 19.5% the previous year
    • Enhancing diversity and inclusion and advancing female talent through the ‘Women for technology’ programme which benefitted 54 high performing women and resulted in a 21% increase in internal promotions from this group as of 31 March 2024
    • Investing $1.2m in training and development programme

    Our community: Airtel Africa is transforming the lives of individuals, families and communities across Africa by building opportunities for better futures. Key milestones include:

    • Driving financial inclusion for unbanked populations by growing Airtel Money’s customer base to 38 million people. This is particularly significant for the financial inclusion of women in Africa, who make up 38% of Airtel Money’s customers
    • Advancing digital learning across Africa through the five-year $57m partnership with UNICEF, connecting almost 1,200 schools to the internet and providing free access to online educational platforms to thousands of students in 2023/24

    Our environment: Airtel Africa is working to address and minimise the impact of the company’s operations on the environment. Key milestones include:

    • Publishing the ‘Journey towards a net zero future’ in May 2023 which outlines the scenarios for the reduction of scope 1 and 2 emissions while setting out a near-term target to reduce emissions intensity by 62% from March 2022 baseline
    • Announcing the scope 3 strategy in November 2023 which sets out the partners and suppliers’ engagement programme (PSEP) to further advance our engagement with the supply chain
    • Launching our new multi-million data centre business, Nxtra by Airtel, in December 2023 and commencing construction of one of Africa’s largest data centres in Lagos, Nigeria, which will incorporate modern energy efficiencies to complement the ongoing work on reducing carbon emissions across existing sites

    Airtel Africa’s Sustainability Report 2024 adheres to the Global Reporting Initiative (GRI) framework and the GSMA’s recommendations for the telecommunications industry.  

    To view Airtel Africa’s Sustainability Report 2024, visit www.airtel.africa