Economy
Yellow Card, Tether to Drive Stablecoin Adoption in Nigeria, Others
By Adedapo Adesanya
Yellow Card, a leading pan-African fintech and cryptocurrency exchange, and Tether, the world’s largest stablecoin provider, have completed Phase 1 of their strategic collaboration across three key African markets.
The two-month collaboration focused on raising awareness, providing education and driving the adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana.
Activities included financial literacy tours in universities and a canvassing campaign which involved Yellow Cards brand ambassadors engaging with individuals across major cities in the three countries.
Over 10,000 young people were reached – including students drawn from the six universities where the Financial Literacy Tour events were held, including the University of Nairobi in Kenya, the University of Benin in Nigeria and Kwame Nkrumah University of Science and Technology in Ghana.
Those who attended the events received insights into the mechanics of stablecoins, gained a deeper understanding of blockchain technology and learned about the importance of responsible financial decision-making.
In addition, they each received their first USD₮ on the Yellow Card platform.
Speaking on this, Mr Peter Mureu, Director of Marketing at Yellow Card, said, “Our collaboration with Tether has provided us with a remarkable opportunity to witness the profound impact that financial education has on the youth.
“This collaboration aligns seamlessly with our overarching mission to promote financial freedom for all, which encompasses our other initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa, so does the need for financial education.”
Between 2021 and 2022, cryptocurrency adoption in Africa surged by 1200 per cent, and this has necessitated a rapid increase in education.
However, despite the potential for cryptocurrencies to play a vital role in the future, there remains considerable hesitancy among companies and individuals to embrace this emerging currency. This reluctance can be attributed to a widespread lack of awareness and understanding of cryptocurrencies and blockchain technology. The Yellow Card and Tether collaboration aim to play a pivotal role in bridging this knowledge gap.
Stablecoins, such as USD₮, address unique challenges in Africa by offering practical solutions. Given the substantial remittances African countries receive from the diaspora populations working abroad, Tether provides a convenient and cost-effective method for cross-border payments, reducing reliance on traditional channels with high fees and delays.
Moreover, USD₮ empowers gig economy workers to receive fast and secure payments instantly across borders, bypassing intermediaries like banks or payment processors.
Adding his input, Mr Paolo Ardoino, CTO of Tether, noted that, “We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market,” said, “The continent has demonstrated remarkable potential for growth and innovation in the digital currency space.
“Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card.
“Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.”
By Adedapo Adesanya
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed to raise its oil output quotas by 206,000 barrels per day for May.
Eight members of OPEC+, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to the increase in May quota at a virtual meeting on Sunday, OPEC+ said in a statement.
However, the rise will be in theory, as its key members are unable to raise production due to the US-Israeli war with Iran, which has affected production.
The war has effectively shut the Strait of Hormuz, the world’s most important oil route, since the end of February and cut exports from some OPEC+ members, including Saudi Arabia, the UAE, Kuwait and Iraq. These are the only countries in the group which were able to significantly raise production even before the conflict began.
Besides the disruptions affecting Gulf members, others, such as Russia, are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine. For Nigeria, even as Africa’s largest producer, it has not been able to keep production quotas steady.
The OPEC+ quota increase of 206,000 barrels per day represents less than 2 per cent of the supply disrupted by the Hormuz closure, but it signals readiness to raise output once the waterway reopens.
Also meeting on Sunday, a separate OPEC+ panel called the Joint Ministerial Monitoring Committee (JMMC), expressed concern about attacks on energy assets, saying they were expensive and time-consuming to repair and so have an impact on supply.
May’s OPEC+ increase is the same as the eight members had agreed for April at their last meeting held on March 1, just as the war began to disrupt oil flows.
A month later, the largest oil supply disruption on record is estimated to have removed as many as 12 to 15 million barrels per day or up to 15 per cent of global supply.
The eight OPEC+ members have raised production quotas by about 2.9 million barrels per day from April 2025 through December 2025, before pausing increases for January to March 2026. The sub-group holds its next meeting on May 3.
Market analysts have warned that oil prices could hit $150 per barrel if the closure of the strait is prolonged and continues, due to damage to energy assets across the critical Middle East region.
As of the time of this report, Brent crude is trading at $108 per barrel, below the US West Texas Intermediate (WTI) crude at $109 per barrel.
By Adedapo Adesanya
Workers at Seplat Energy will resume work after a strike action that impacted production was called off by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over the weekend, with the company issuing written commitments on pay rises.
Top employees began an indefinite strike last Friday as talks over a collective bargaining agreement and staff welfare issues broke down. The action came at a time when Nigeria is seeking to maximise production amid rising global oil prices.
According to Reuters, in an April 4 letter to the chief executive of Seplat Nigeria, Mr Roger Brown, PENGASSAN said it had directed members at the local energy firm to immediately suspend industrial action after negotiations resumed with the Nigerian National Petroleum Company (NNPC) Limited. Other less-skilled workers are covered by the Nigeria Labour Congress (NLC) and did not partake in the strike with PENGASSAN.
The union said talks on a 2026 collective bargaining agreement would continue, with the aim of concluding outstanding issues by April 13. However, according to the publication, the union did not disclose more details about its financial demands.
“We can confirm that the union has suspended its notice of industrial action to allow negotiations to conclude on outstanding items within an agreed framework,” Seplat spokesperson, Mr Ogechukwu Udeagha, said, adding that “operations are recommencing at our various locations.”
Seplat Energy’s group production averaged 131,506 barrels of oil equivalent per day in 2025, according to its latest audited results. That is the equivalent of around 7 per cent–9 per cent of Nigeria’s total liquids production.
The company expects output to rise to 155,000 barrels of oil equivalent per day, making any sustained disruption particularly sensitive for Nigeria’s supply outlook. This comes as it seeks to scale production while remaining a major supplier of gas to Nigeria’s domestic power market.
With the company’s output expected to rise, any prolonged disruption would have significantly impacted Nigeria’s oil supply and fiscal outlook.
By Dipo Olowookere
The weekly turnover of the Nigerian Exchange (NGX) Limited shrank by 27.70 per cent or 1.094 billion equities, partly due to the inability of market participants to trade last Friday as a result of the Good Friday public holiday declared by the federal government.
In the week, investors bought and sold 2.856 billion equities worth N113.597 billion in 215,287 deals versus the 3.950 billion equities valued at N201.312 billion transacted in 359,642 deals in the preceding week.
The activity chart was led by the financial services industry with 1.811 billion shares valued at N61.901 billion in 86,818 deals, contributing 63.41 per cent and 54.49 per cent to the total trading volume and value, respectively.
The services sector traded 299.895 million stocks worth N2.966 billion in 13,797 deals, and the ICT segment exchanged 183.233 million equities for N14.654 billion in 25,287 deals.
Wema Bank, Access Holdings, and Secure Electronic Technology accounted for 734.659 million shares worth N14.134 billion in 12,319 deals, contributing 25.72 per cent and 12.44 per cent to the total trading volume and value apiece.
Data from the NGX said 29 stocks gained weight versus 47 stocks of the previous week, as 57 shares lost weight versus 45 shares in the preceding week, while 62 equities closed flat versus 56 equities a week earlier.
Multiverse led the gainers’ chart after it gained 20.66 per cent to trade at N20.15, UPDC REIT appreciated by 15.49 per cent to N8.20, International Energy Insurance chalked up 12.54 per cent to quote at N3.32, Austin Laz grew by 10.47 per cent to N4.43, and Unilever Nigeria rose by 10.00 per cent to N103.40.
Conversely, Secure Electronic Technology topped the losers’ table after it lost 21.54 per cent to close at N1.02, John Holt declined by 18.47 per cent to N15.45, May and Baker depreciated by 16.57 per cent to N35.00, Aluminium Extrusion moderated by 16.27 per cent to N10.55, and Legend Internet slipped by 16.00 per cent to N6.30.
Business Post reports that the All-Share Index (ASI) was up by 0.39 per cent to 201,698,89 points, and the market capitalisation rose by 0.65 per cent to N129.806 trillion.
In the same vein, all other indices finished higher apart from the main board, insurance, MERI Value, consumer goods, industrial goods and growth indices, which went down by 0.29 per cent, 4.25 per cent, 0.36 per cent, 1.74 per cent, 0.24 per cent, and 0.06 per cent, respectively, while the sovereign bond index closed flat.
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