Brands/Products
How Men’s Jewelry is Changing the Nigerian Retail Market
Introduction
The shopping scene in Nigeria is evolving, and this transformation is beginning with men’s rings. Nowadays, more and more men are wearing rings not just for style, but to show their personality and status. This trend is growing very fast every day. This is why shopkeepers, brands, and online stores are changing their approach. Behind the glam, a smart business move is hidden, and this is just the beginning.
Retailers Are Noticing Quickly
If you go to a big jewelry store like Lagos or Abuja today, you will see something new. They used to have only jewelry for women; now, there is a place for men’s jewelry too. And it is not just about keeping a few big rings.
Now the stores are taking this work seriously. Stylish and masculine designs are being introduced. Many stores have even created separate sections for men. Staff are also being trained to talk to men differently. The layout of the store is also changing to feature dark displays, private booths, and a simple, bold style that is not too flashy.
The biggest change? Men are confidently coming up with shopping deals, especially professionals and creatives. They don’t waste time; they know what to buy.
This is no small matter. It represents a significant shift to match the tastes of today’s modern Nigerian men.
More People Wants Custom Rings
The truth is that simple factory-made rings do not work anymore. Now, men prefer rings that hold special meaning. There should not just be shine, there should also be feeling.
That is why the trend of custom rings is on the rise. More and more people now order designs from local jewelers that are unique. Some local stone, someone’s name or message engraved, or modern and simple designs. Some people even like to add a little modern touch to old traditional designs.
Seeing this demand, many retailers are now working with skilled Nigerian craftsmen. Small workshops are being set up where custom rings are made from scratch. Yes, it is expensive, but men are willing to pay if the item is special.
And not just the big brands, even small designers are doing a good job on Instagram and WhatsApp. They show their work, take orders, and deliver directly to homes. This feels more personal and is growing rapidly.
After all, it is not just about jewelry; men have a story, a style, and are buying something that is exclusively theirs.
Online Shopping is Making a Big Difference
Online is where the real change is taking place. Men now buy rings the same way they buy cell phones: quickly, easily, and right from their phones. They don’t have to go to the store or deal with anyone’s pressure.
Nigerians are becoming increasingly adept at shopping online. It is easy to use websites, and pictures and videos are clear. You can also get size guides, and shipping is quick. It’s now very easy for everything.
Shop men’s engagement rings online; this is not only easy, but it’s also the best way to shop. Whether it’s for a proposal, a gift for yourself, or any other traditional reason, shopping online is fast and easy.
Brands have also become smarter now. They are creating websites that can be easily accessed on phones, reaching out to men through influencers, and adding things like virtual try-ons. Some brands operate exclusively online, launching new collections and sending them directly to customers’ homes.
By Aduragbemi Omiyale
An institutional investor, First Ally Capital, has strengthened a leading Nigerian financial technology company, Mathesis Analytics, to scale its proprietary credit decisioning infrastructure.
It made this possible by injecting fresh capital into the firm, which specialises in AI-powered credit decisioning infrastructure, an action that will directly support the growth and scaling of Mathesis’ core mission of providing the intelligence and infrastructure needed to bridge the credit gap for millions of unscored or underscored individuals across Nigeria.
With this investment, Mathesis will enable financial institutions to confidently assess and extend credit to borrowers who lack a formal credit history by leveraging an expanded pool of alternative behavioural and transactional data.
To date, Mathesis’ systems have supported more than 8 million loans for over 2 million unique borrowers in Nigeria, and the company is actively deploying its infrastructure to establish a growing pan-African footprint.
With the investment from First Ally Capital, Mathesis is well positioned to transform how the credit ecosystem operates, driving financial inclusion in partnership with lenders across the continent.
A significant barrier to credit access in Nigeria, which prides itself on being Africa’s largest economy, is data fragmentation. Borrowers frequently build positive financial behaviours across multiple digital platforms by repaying microfinance loans, saving through fintech wallets, or servicing Buy Now, Pay Later (BNPL) facilities.
However, under traditional credit infrastructure, these achievements remain invisible to new lenders.
Mathesis addresses this challenge through the concept of Personal Equity—the quantified expression of an individual’s financial behaviour aggregated across every institution with which they have transacted.
By translating these disparate signals into a precise, portable measure of creditworthiness, Mathesis creates a comprehensive credit identity that reflects the full breadth of a person’s financial life.
“True financial inclusion cannot be achieved in a vacuum; it requires structural collaboration in which lenders and fintech companies work as partners within the ecosystem.
“This investment from First Ally Capital validates our approach to reshaping credit infrastructure. By quantifying Personal Equity, we empower lenders to safely look beyond the constraints of formal credit histories and recognise a borrower’s true creditworthiness. This capital enables us to accelerate our pan-African expansion while maintaining the robust, institutional-grade infrastructure our partners rely on,” the chief executive of Mathesis Analytics, Winston Osuchukwu, stated.
On his part, the chief executive of First Ally Capital, Mr Ebenezer Olufowose, said, “At First Ally Capital, we pride ourselves on being a one-stop destination for financial solutions, offering a diverse portfolio of services ranging from investment banking and asset management to trusteeship, inclusive banking, and real estate.
“Our investment in Mathesis Analytics reflects our strong belief in the company’s vision and our commitment to supporting forward-thinking enterprises that deliver excellence.”
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
By Adedapo Adesanya
FoodCourt, a Nigerian cloud kitchen startup backed by Y Combinator, has suspended operations after months of unpaid salaries and mounting debts to vendors triggered a staff strike and forced the company to halt customer orders, according to a report by TechCabal.
The publication reported that customers first noticed on March 4 that they could no longer place orders through the FoodCourt app after the company disabled ordering as kitchen workers, delivery personnel and branch staff embarked on strike over unpaid wages. The company also owed outstanding payments to vendors.
By April 19, FoodCourt had temporarily shut its last operating branch after suspending activities across its Lagos and Abuja locations while seeking fresh funding and restructuring the business, according to the report.
The company’s chief executive, Mr Henry Nneji, said the decision to pause operations was not caused by a single issue but by a combination of operational, organisational and working-capital challenges.
“It’s important to clarify that the decision to pause operations wasn’t driven by one single issue. We reached a point where it became clear that continuing to patch those issues while operating wasn’t the right long-term decision,” he said.
“The objective is to build a stronger business than the one that existed before the suspension. We fully intend to bring FoodCourt back,” he added in an emailed response.
The company acknowledged outstanding obligations to employees, vendors, riders and service providers, but declined to disclose the number of affected workers or the total amount owed. It said efforts were underway to resolve the liabilities as part of its restructuring process.
It was also reported that the startup’s financial difficulties worsened after expansion into additional locations increased operating costs, while its cloud kitchen model came under pressure from rising labour, logistics, food and marketing expenses.
Despite the shutdown, Mr Nneji said FoodCourt intends to relaunch after completing its restructuring, adding that the company believes demand for its products remains strong.
Founded in 2021 by Henry Nneji and Paul Adokiye Iruene, FoodCourt operates cloud kitchens under multiple virtual restaurant brands through its consumer app. According to TechCabal, the startup had previously disclosed raising $1.7 million, delivering more than one million meals and reaching $4.3 million in annual recurring revenue by the end of 2024.
