General
IFC, C2FO to Enhance Financing for Local Enterprises in Africa
By Adedapo Adesanya
The International Finance Corporation (IFC), a member of the World Bank Group, has made a strategic partnership with a leading global supply chain finance platform, C2FO, to increase the availability of affordable finance and strengthen local enterprises and supply chains across Africa.
The partnership, announced on Monday, will see IFC and C2FO jointly develop, test, and deploy a specialised, web-based multinational working capital platform for micro, small, and medium enterprises (MSMEs) across Africa.
This move is IFC’s first dedicated supply chain financing facility in Africa for smaller businesses where MSMEs account for up to 90 per cent of businesses and 80 per cent of jobs across the continent, yet these enterprises struggle to obtain working capital through the traditional financial system, constraining the growth of firms.
This comes after World Bank President Ajay Banga last week announced a strategic priority that will make such financing critical for helping build more sustainable economic ecosystems and for strengthening food security.
The programme will utilize C2FO’s patented technology and dynamic discounting model to connect MSME suppliers and their anchor buyers with global and local financial institutions.
The programme will begin in Nigeria, where C2FO estimates that a national supply chain finance platform could unlock around $25 billion in annual financing for MSMEs.
IFC has estimated that for every $1 million of working capital made available in developing countries,16 new jobs are created over two years.
“Those institutions will use the platform to extend affordable receivables financing to suppliers through the funding of discounted invoices accepted for payment by buyers. In turn, African MSME suppliers will be able to improve their access to working capital by converting sales receivables into immediate cash, leveraging the better credit risk of buyers without requiring collateral or facing other barriers of traditional lending,” a statement added.
Speaking on this, Mr Makhtar Diop, IFC Managing Director, said, “IFC is committed to addressing the financing challenges faced by SMEs in Africa. By partnering with C2FO, we aim to unlock significant funding opportunities for these enterprises, enabling them to thrive and contribute to economic growth.”
“C2FO is honoured and delighted to collaborate with IFC to broaden the global impact of our working capital finance model throughout Africa. We believe this innovative approach will provide much-needed liquidity to MSMEs, helping them to grow and succeed,” said Mr Alexander “Sandy” Kemper, C2FO founder and CEO.
“It’s only natural that this work begins in Africa’s most populated country, Nigeria, which has an especially promising small business sector.”
General
Alleged Wiretapping: El-Rufai to File No-Case Submission as DSS Closes Case
By Adedapo Adesanya
The Department of State Services (DSS) has closed its case against former Kaduna State Governor, Mr Nasir El-Rufai, in the ongoing alleged wiretapping trial before the Federal High Court in Abuja.
At the resumed sitting on Tuesday, prosecuting counsel, Mr Oluwole Aladedoye, informed the court that the prosecution would not be calling further witnesses in the matter, prompting the formal closure of the DSS case.
Following the development, defence counsel, Mr Paul Erokoro, told the court that the defence intends to file a no-case submission, arguing that the prosecution has failed to establish sufficient evidence against the former governor.
The defence subsequently sought two weeks to file the application, while the prosecution requested two weeks to respond.
The defence also applied for a variation of some of the bail conditions earlier granted to El-Rufai, describing them as stringent and difficult to meet.
They argued that the bail terms were too stringent, particularly the requirements for level 17 civil servants with properties in Maitama or Asokoro, as well as verification and attestation letters from the Kaduna state traditional council.
However, the prosecution opposed the request, insisting that qualified public officers who meet the conditions exist and urging the court to refuse the application.
Delivering the ruling, Justice Joyce Abdulmalik declined the request to vary the bail conditions, ruling that there are civil servants who own properties at the said location.
The court, however, adjourned to September 22 for the filing of the no-case submission and continuation of the trial.
In February, the federal government filed a three-count charge against the former governor of Kaduna State over an alleged interception of communications belonging to Nigeria’s National Security Adviser (NSA), Mr Nuhu Ribadu.
In a television interview, he confessed that he and other unnamed individuals listened to conversations from Mr Ribadu’s phone after it was tapped by a third party. While acknowledging that such interception is technically unlawful, he argued that illegal surveillance was not unusual.
However, the FG, through the secret police, filed charges against Mr El-Rufai at the Federal High Court in Abuja.
General
LSWMO Seals Lekki Peninsula I-Fitness Gym Centre
By Modupe Gbadeyanka
The I-Fitness Gym centre around Jakande Roundabout, Lekki Peninsula, Eti-Osa, Lagos, has been sealed by the Lagos State government.
The facility was closed on Tuesday, June 23, 2026, by officials of the Lagos State Wastewater Management Office (LSWMO).
The gym centre was accused of indiscriminately discharging raw sewage into public drains via a pipe, thereby causing public nuisance and environmental pollution as well as endangering human health.
Announcing the closure of the premises of the organisation, the Lagos Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, reiterated the need for the public to adhere strictly to proper wastewater management practices.
He emphasised that any individual or organisation found contravening environmental regulations will be meted out with appropriate sanctions and possible prosecution in accordance with the enabling laws.
The Commissioner has come under fire lately because of the poor waste management system in the metropolis, causing the state to look dirty.
A chief of the African Democratic Congress (ADC), Mr Gbadebo Rhodes-Vivour, called for his resignation over the issue.
In a related development, Mr Wahab has clarified that the state government has given members of the National Union of Road Transport Workers (NURTW) the authority to arrest environmental violators.
In a statement, he explained that contrary to the misinformation being circulated by some bloggers and commentators, the recent engagement between the Lagos State Government and transport unions across the State is not intended to replace the statutory responsibilities of the Lagos State Environmental Sanitation Corps (LAGESC). LAGESC, in collaboration with the Lagos State Environmental and Special Offences Task Force, remains the duly empowered environmental enforcement arm of the Lagos State Ministry of the Environment and Water Resources.
“As we are all aware, several environmental challenges persist within parks, garages, and the public transportation ecosystem, including illegal trading activities and the indiscriminate disposal of refuse on road medians and within transport facilities. The State Government’s engagement with transport unions is aimed at fostering collaboration, promoting shared responsibility, and ensuring improved cleanliness and proper waste management within their respective parks and garages.
“This partnership does not in any way diminish, transfer, or replace the enforcement responsibilities of LAGESC and the Task Force. Rather, it is a complementary initiative designed to strengthen environmental compliance, sanitation standards, and stakeholder participation in maintaining a cleaner environment across the State.
“We therefore wish to reassure all Lagosians that environmental cleanliness remains a top priority of the Lagos State Government. We will continue to engage relevant stakeholders and partners in our collective effort to build a cleaner, healthier, and more sustainable Lagos,” he stated.
General
Nigeria’s Mobile Subscribers Grow 15.1 million Year-on-Year
By Adedapo Adesanya
Active mobile subscriptions in Nigeria increased by 15.1 million or 8.7 per cent year-on-year to 188.0 million in April 2026 from 172.9 million in April 2025, according to the latest data from the Nigerian Communications Commission (NCC).
On a month-on-month (MoM) basis, subscriptions grew by 2.3 million or 1.2 per cent from 185.7 million in March 2026, reflecting continued momentum in subscriber acquisition across the telecommunications sector.
The sustained growth in mobile subscriptions is largely attributable to the easing of key regulatory and operational challenges that previously constrained industry expansion.
Notably, improved compliance with SIM registration and National Identification Number (NIN) linkage requirements has facilitated the reactivation of previously deactivated SIM cards, contributing significantly to the increase in active subscriptions.
Furthermore, enhanced customer onboarding processes and more efficient SIM reactivation procedures implemented by network operators have further supported subscriber growth.
MTN Nigeria maintained its market leadership position, recording a net subscriber addition of 632,209, bringing its total to 96.4 million in April 2026, up from 95.8 million in March.
Trailing was Airtel Nigeria, which delivered the strongest growth among the major operators, adding approximately 1.0 million subscribers, bringing its customer base to 64.7 million from 63.6 million in the preceding month.
Globacom also sustained its recovery momentum, with its subscriber base expanding by 538,704 to 23.2 million from 22.6 million. Meanwhile, 9mobile (T2) recorded modest growth, increasing its subscriber base to 3.54 million from 3.48 million.
There are expectations that subscriber growth will continue as more Nigerians seek favourable rates when it comes to data and voice, while higher smartphone penetration, ongoing investments in 4G and 5G network infrastructure, and expanding broadband coverage continue.
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