General
Afreximbank to Assist Nigeria Mitigate Economic Effect of Ukraine War
By Adedapo Adesanya
The African Export-Import Bank (Afreximbank) says discussions are ongoing to assist Nigeria’s economy with proceeds from the $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA).
According to the President of the Cairo-based lender, Mr Benedict Oramah, the move would help mitigate the impact of the food and fuel crises in Nigeria.
Speaking at a virtual news conference on the $4 billion UKAFPA, which was launched on April 6, 2022, he said it is a programme of credit facilities that the bank had developed to manage the impacts of the Ukraine crisis on African economies and businesses.
He added that it was launched as a programmed response to an urgent call for emergency intervention by member states of the bank.
UKAFPA-compliant financing requests received from across Africa already exceed US$15 billion.
Mr Oramah said the bank was also expanding its support to Nigeria in the areas of fuel importation, in addition to other provisions made earlier by the bank.
He said: “Nigeria is an African Union and Afreximbank member and should be able to access the facility as a member country.
“We supported fuel import and we are expanding that because there are urgent needs. There are discussions currently going on with regards to food also. We are supporting Nigeria.
“We are living in an unprecedented time. For two years, the world has been going through major challenges.
“The COVID-19 pandemic, which became a global challenge and crisis in the first quarter of 2020, is still raging.
“Again, early this year, the Ukraine crisis set in. The crisis was magnified by sanctions that had been placed and the fact that the war affects Ukraine in many other ways.”
According to him, Russia and Ukraine were the breadbaskets of the world, producing most of the world’s wheat, corn, cornflour, and a number of food items as well as other essentials,
“The same thing applies to agro-chemical items, especially fertiliser. Africa is very dependent on all these. Many countries in Africa import most of their wheat and fertiliser from Russia and Ukraine.
“Tourism arrivals from Russia and Ukraine support economies of many African countries. So, with the war and the sanctions that followed, all of a sudden, all these became threatened.
“So, the effect has been rising food prices and challenging economic situation. And there is an indication that if this continues, the continent might run back into recession.”
He pointed out that the UKAFPA-compliant financing requests received from across Africa could reduce the risk of political crises and other social upheavals.
According to him, with the $4 billion already earmarked for the programme, the bank expects to generate up to $16 billion, leveraging partnerships and other intervention structures.
He said: “We use this opportunity to call on the international community to join us in this effort.
“This is really a call to action because we see, every day, requests from companies in various countries.
“We have made our own modest contribution; we are determined to do all we can, working with partners to deal with this urgent short-term demand.
“We have a good relationship with the Arab world and all the big financial institutions. We have our institutions in Africa also, which we will approach and pool resources together.
“We also get support from European institutions. We also have structures to increase our capacity to be able to get more than $4 billion.”
By Modupe Gbadeyanka
Salary increases of between 30 and 80 per cent have been approved for Nigeria’s armed forces personnel by President Bola Tinubu.
This was confirmed by a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga.
About 250,000 personnel are to benefit from the new deal, which takes effect on September 1, according to the statement. Officers above the rank of colonel will enjoy a 30 per cent salary increase. This applies to Brigadier-Generals, Major-Generals, Lieutenant Generals and Generals.
Personnel from colonel down to warrant officer will have a 50 per cent increase, while Private to Staff Sergeant will have an 80 per cent increase.
The President’s spokesman stated that the pay package will increase the yearly salary bill for the country’s armed forces personnel from N660 billion to N924 billion.
President Tinubu has always praised the courage and sacrifices of members of the armed forces as they confront the scourge of banditry, kidnapping and terrorism in some parts of the country.
“The men and women who help to keep us safe in our homes must be supported and appreciated in the course of their duties to our nation.
“Our administration will continue to prioritise troop welfare and modernise the armed forces by providing the weapons and technological tools needed to discharge their duties.
“Our administration believes that no nation can achieve greatness without security. We therefore remain resolute in mobilising all military and law enforcement assets to eliminate security threats and protect the lives and property of all Nigerians
“I urge our servicemen to take our gesture as a sign of our deep appreciation of the services they render to our fatherland. Together we shall prevail over the enemies intent on destroying the fabric of our nation,” Mr Tinubu was quoted as saying.
By Adedapo Adesanya
The federal government has issued a data protection compliance circular to all Ministries, Departments and Agencies (MDAs) to promote public trust through data-driven governance.
The compliance directive is contained in Circular No. 59805/S.I/74, dated 27 July 2026, and signed by the Secretary to the Government of the Federation, Mr George Akume, according to a statement by the Head, Legal, Enforcement & Regulations, Mr Babatunde Bamigboye.
The initiative forms part of a continuum of regulatory measures that will be vigorously pursued as Nigeria advances towards the decisive frontiers of the Fourth Industrial Revolution.
The circular drew the attention of MDAs to a statement of President Bola Tinubu, where he said: “Data is the new oil”.
Mr Akume then directed all Ministries, Extra-Ministerial Departments and Agencies to capture the information rigorously and safeguard it under the Nigeria Data Protection Act, 2023 (NDP Act).
The circular also directed MDAs to ensure full compliance with the NDP Act, Regulations, Guidelines, and Directives issued by the Nigeria Data Protection Commission (NDPC) in relation to the processing of personal data.
To this end, the Circular directs MDAs to, designate suitably qualified officers as Data Protection Officers (DPOs) to oversee data protection compliance and advise management on all matters relating to the lawful processing of personal data, ensure that the names and contact details of their designated DPOs are communicated to the NDPC for registration and official records; engage licensed Data Protection Compliance Organisations (DPCOs), where required, to facilitate compliance with the NDP Act and support the conduct of statutory compliance audits.
It also directed them to provide adequate budgetary allocation for data protection compliance activities, including capacity building, awareness programmes, deployment of appropriate technical safeguards, and periodic compliance audits; and submit all mandatory Data Protection Compliance Audit Returns and other statutory returns to the NDPC within the timelines prescribed by law.
The circular further states that “Permanent Secretaries, Accounting Officers and Chief Executive Officers of all MDAs shall be personally responsible for ensuring institutional compliance with the Circular and the provisions of the NDP Act.”
The National Commissioner/Chief Executive Officer of the NDPC, Mr Vincent Olatunji, expressed the commission’s commitment to supporting data-driven governance.
Mr Olatunji maintained that data accountability is pivotal to achieving the eight Presidential Priorities. To provide full technical support to MDAs for the purpose of achieving compliance, the commission has constituted a regulatory clinic.
By Adedapo Adesanya
Yellow Card, a global stablecoin infrastructure provider, has raised $40 million in a strategic funding round to accelerate its international expansion and strengthen its digital payment infrastructure.
The funding round attracted investments from SC Ventures, the innovation and investment arm of Standard Chartered, Sony Innovation Fund, Polychain Capital, Blockchain Capital, and other strategic investors. With the latest raise, Yellow Card’s total equity financing has now exceeded $120 million.
The company said the fresh capital will be used to scale its Global US Dollar Accounts, an end-to-end dollar account designed for businesses, while expanding the stablecoin payment rails that connect businesses to markets around the world.
Yellow Card’s chief executive, Mr Chris Maurice, described the investment as a strong endorsement of the company’s long-term vision, noting that the company has spent years building infrastructure that allows businesses to move money globally without relying on traditional correspondent banking systems.
He added that the next phase of growth will focus on helping banks connect directly to stablecoin payment rails, enabling faster and more efficient cross-border transactions while expanding access to US Dollar services for businesses.
SC Ventures chief executive, Mr Alex Manson, said stablecoins are becoming an important part of global payments, but noted that widespread adoption will depend on reliable infrastructure and practical use cases.
He said Yellow Card has built the payment rails businesses across Africa need to move money efficiently across borders and expressed confidence in the company’s ability to expand both within Africa and internationally.
The investment also marks growing interest from global institutions in stablecoin-based payments. Sony Innovation Fund said its backing reflects confidence in Yellow Card’s ability to build digital payment infrastructure for emerging markets.
Mr Austin Noronha, Managing Director at Sony Ventures-US, said the company believes Yellow Card is creating the technology needed to help banks, financial technology firms and enterprises move money faster and more securely.
He added that the company looks forward to supporting Yellow Card as it expands beyond Africa into Latin America, the Middle East, Europe and the Asia-Pacific region.
Yellow Card said the funding will also support the wider rollout of its Global USD Accounts, which allow businesses to hold U.S. dollars, manage treasury operations, swap stablecoins, and collect or make payments in local currencies across more than 50 countries.
The company noted that the platform is already being used by major customers, including Visa and Western Union.
Founded to simplify cross-border payments through digital assets, Yellow Card has processed more than $10 billion in transactions across its network. The company supports over 50 currencies and holds licences, authorisations and registrations in 22 jurisdictions across North America, Europe and Africa.
Yellow Card has also established strategic partnerships with global payment companies including Visa, Mastercard, PayPal and Coinbase as it positions itself as a key infrastructure provider for international digital payments.
