Economy
KiaKia FX Gives N.5m to Business Owners at MSME Africa Anniversary
By Aduragbemi Omiyale
Two small business owners were empowered at the just-concluded first anniversary of MSME Africa, the continent’s leading news, opportunities, capacity development and resources platform for Micro, Small and Medium Enterprises (MSMEs), entrepreneurs and startups.
The beneficiaries were winners of the Micro Business Pitch Contest, 07 Foods and Ebom Palm Oil, and they went home with a total of N500,000.
While ‘07 Foods provides healthy meal options for adults and infants, Ebom palm oil provides healthy, low cholesterol palm oil to people to prepare more nutritious meals.
The cash prizes were presented to them by the Managing Director of Kiakia FX, Mr Bisoye Coker, who commended MSME Africa for its contribution to the MSME space and the thorough process that led to the emergence of the winners.
“In the spirit of innovation and growth among African indigenous enterprises, in partnership with MSME Africa, KiaKiaFX is glad to sponsor two small businesses with a total cash price of N500,000. We congratulate 07 Foods and Ebom Palm Oil who emerged as the winners out of 9 contestants,” Mr Coker said.
The founder of MSME Africa, Mr Seye Olurotimi, while highlighting the achievement of the platform, said “we look forward to doing more.”
He said “within the last one year, we have reached over 195,000 MSMEs across all our platforms and expressions. We have curated and provided information about over 350 opportunities for MSMEs, entrepreneurs and startups to date and we have had people who took advantages of those opportunities to better their lots business-wise.”
Speaking further, he said, “We have also been involved in collaborative efforts and partnerships with different bodies and organisations like Facebook through Digivate 360 to provide digital marketing training for entrepreneurs; Credit Bureau Association of Nigeria to provide capacity building through webinars and so on.”
“Our quarterly MSME Dialogue, with three editions held so far, has featured notable names and industry leaders including Onyeka Akumah of Farmcrowdy, Goke Balogun of So Fresh, David Lanre Messan of First Founders, Charles Ojei of HYBR, Dr Segun Adaju, President of Renewable Ebergy Association of Nigeria, Fatma Nasujo of Sokowatch, Kenya, Rex Mafiana of FPG Technologies and others,” the elated Mr Olurotimi stated.
While speaking on the theme The African Business Environment and the Prosperity of MSMEs, Dr Segun Adaju, the guest speaker at the anniversary webinar, noted poor electricity supply, inadequate funding, poor infrastructure and insecurity as some of the issues currently dominating the African business environment.
He also made a case for urgent solutions to these issues so the MSME sector, which contributes immensely to employment and the GDP in Africa, could thrive. He advised MSMEs to form and join cooperative societies, embrace alternative sources of power like solar and continually seek information and take advantage of opportunities available within the ecosystem.
Mr Adaju equally commended MSME Africa for a job well done, saying, “Indeed, it looks as if you have been around for up to five years and not just one year, considering how much impact you have made.”
By Adedapo Adesanya
Nigeria’s headline inflation rate in June 2026 moderated to 15.91 per cent from 15.93 per cent in May, as pressure from the Iran war mildly eased, though it largely remained in focus during the review month.
In the report on Wednesday, the statistical office showed that the headline inflation rate for June on a month-on-month basis was 1.66 per cent, 0.09 per cent lower than the 1.75 per cent recorded in May 2026.
On an annualised basis, the print was down from 25.29 per cent in the same month of the preceding year (June 2025). This was due to the rebasing of the calculation year from 2009 to 2024.
The rise in prices, which stemmed from the continued conflict in the Middle East, continued to stoke food prices and energy costs, which account for a huge chunk of average spending.
The food inflation rate in May 2026 on a month-on-month basis was 3.75 per cent, up by 0.77 percentage points from May 2026 (2.98 per cent), while on a year-on-year basis, it was 17.52 per cent and stood at 25.41 per cent in the same month of the preceding year (June 2025).
At 15.91 per cent print, the inflation marginally beat expectations by Meristem Research, predicted at 15.95 per cent.
There had been expectations that the ceasefire between the United States and Iran would help drive oil prices lower, raising expectations of some relief on the inflation front. However, with conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
This will be a core factor that the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) will be looking at when it meets for the next policy meeting. At its last meeting, the committee left benchmarked interest rates at 26.5 per cent.
By Adedapo Adesanya
The National Pension Commission (PenCom) has defended its decision to allow Pension Fund Administrators (PFAs) to invest in the parent companies of their custodians, insisting that adequate safeguards are in place to protect contributors’ funds.
The director-general of the pension regulator, Ms Omolola Oloworaran, speaking on Tuesday during the Meet the Press Briefing at the Presidential Villa, Abuja, said the commission’s decision to relax the investment restriction followed a comprehensive risk assessment that found minimal conflict of interest.
She explained that under PenCom’s investment regulations, PFAs are only permitted to invest pension assets in carefully selected instruments that meet stringent criteria, including profitability, strong credit ratings and proven track records.
According to her, the commission regularly reviews its investment regulations, conducts routine examinations and spot checks on PFAs to ensure strict compliance with established risk management guidelines.
“PFAs cannot just go into the stock market and buy any kind of stock. There are strict guidelines. Companies must demonstrate profitability, have a proven track record and satisfy other criteria before pension funds can invest,” she said.
Ms Oloworaran noted that each PFA also operates under the oversight of a board, an investment committee and a risk management committee, providing additional layers of governance to safeguard contributors’ funds.
She said PenCom recently issued a circular allowing PFAs to invest in the parent companies of their custodians after determining that the potential conflict of interest was negligible.
The PenCom boss explained that the parent companies involved are largely Tier-1 banks, including First Bank, United Bank for Africa (UBA) and Zenith Bank, which she described as A-rated institutions with strong financial foundations.
She said the policy was intended to widen investment opportunities for pension funds without compromising safety.
Using Stanbic IBTC as an example, Ms Oloworaran explained that if its custodian is Zenith Bank, the previous restriction prevented the pension administrator from investing in Zenith Bank shares despite the bank’s strong performance.
“We reviewed the risks and any potential conflict of interest and found the risks to be very low. That is why we opened that investment window,” she said.
By Aduragbemi Omiyale
Analysts at Meristem Research have predicted that the inflation rate for June 2026 in Nigeria should marginally rise to 15.95 per cent on a year-on-year basis from the 15.93 per cent reported in May 2026.
The National Bureau of Statistics (NBS) is expected to release inflation numbers for last month later today, Wednesday, July 15, 2026.
In its report sighted by Business Post, Meristem Research said it expects inflationary pressures to re-emerge across key economies in the near term, as the re-escalation of the US-Iran conflict has reignited upward pressure on global oil prices.
It disclosed that this marks a sharp reversal from most of June, when the ceasefire between the two countries helped drive oil prices lower, raising expectations of some relief on the inflation front.
With conflicts now flaring up again, oil prices are likely to increase again, and the anticipated easing in energy-driven inflation may not materialise as broadly as earlier envisaged.
“Nonetheless, some relief is likely from the food segment, where robust supply conditions across major producing regions and softening demand should continue to ease food price pressures,” it stated.
The team also explained that it projected a 15.95 per cent inflation rate because of the lingering effects of persistent food price pressures.
“However, we expect core inflation to moderate as the sharp reversal in energy prices begins to filter through to transportation, distribution, and other energy-related costs, easing underlying price pressures.
“On a month-on-month basis, the combined effect of lower petrol prices, a relatively stable Naira, and the gradual pass-through of reduced energy costs across the supply chain should exert further downward pressure on inflation.
“Based on our assessment, food inflation is expected to remain the key swing factor, as seasonal pre-harvest supply constraints are likely to offset some of the gains from lower logistics costs,” it said.
