Connect with us

General

IFC, C2FO to Enhance Financing for Local Enterprises in Africa

Published

on

C2FO IFC MSMEs

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.”

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

General

Defence HQ Denies Civilian Casualties in Niger State Weekend Airstrikes

Published

on

Defence HQ

By Adedapo Adesanya

The Defence Headquarters on Monday denied reports of civilian deaths from airstrikes on suspected bandits in the Niger State over the weekend.

The Defence HQ said the strikes were intelligence-led ‌and hit only militant targets in the state.

The Defence spokesperson, Major-General Michael Onoja, said drone strikes carried out overnight between May 9 and 10 targeted the villages of Katerma, Bokko, Kusasu and Kuduru in the Shiroro district after intelligence indicated that armed gangs, known ⁠locally as bandits, were gathering to plan attacks.

The denial came in response to reports in local media (excluding Business Post) alleging civilian casualties and reinforced longstanding concerns about the impact on local communities of airstrikes in Nigeria’s conflict zones.

The development comes as Nigeria continues to battle banditry and terrorism in the North, which is reportedly spreading southwards, as tensions in the Sahel continue.

Last month, around 200 people were killed after military jets struck a village market while pursuing ‌Islamist ⁠militants in the North East.

In the latest airstrikes, Mr Onoja said at least 70 suspected bandits were killed in Kusasu alone.

He added that post-strike intelligence indicated that surviving fighters were regrouping, with more than 200 motorcycles moving toward nearby Zango village.

“The strikes were precisely targeted at identified terrorist enclaves and achieved their intended military objectives,” Mr Onoja said, adding that residents ⁠had relocated to another village beforehand, limiting the likelihood of civilian presence.

He, however, didn’t say whether civilians were given a warning of strikes.

The ⁠military has ordered field units to investigate any claims of civilian harm, Mr Onoja said.

Continue Reading

General

SERAP Urges Tinubu to Probe Alleged Missing N26.9bn USPF Funds

Published

on

SERAP

By Adedapo Adesanya

The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to probe the alleged missing or diverted N26.9 billion of public funds from the Universal Service Provision Fund (USPF).

In a Sunday statement posted on its official website, the rights group asked President Tinubu to direct the Minister of Communications, Innovation and Digital Economy, Mr Bosun Tijani, and the Secretary of the USPF, Mr Yomi Arowosafe, to account for and explain the whereabouts of the missing funds.

In a letter signed by SERAP deputy director, Mr Kolawole Oluwadare, it was said that USPF is vital to expanding telecommunications access in underserved and rural communities, and any diversion of its funds directly undermines its mandate to bridge the digital divide, support infrastructure development, and promote inclusive connectivity.

SERAP demanded that President Tinubu should direct the Attorney General of the Federation and Minister of Justice Lateef Fagbemi, SAN to appropriate anti-corruption agencies to promptly and effectively investigate the allegations.

It said, “Anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence, and any missing or diverted public funds should be fully recovered and remitted to the treasury.”

According to the statement, the allegations are documented in the latest annual report published by the Auditor-General of the Federation on 9 September 2025.

The organisation noted that, “These allegations, which include unaccounted expenditures, failure to remit public funds, irregular contract awards, and payments for services not rendered, point to serious breaches of public trust and raise concerns about systemic failures in financial accountability within the USPF.”

SERAP expressed that any failure to investigate the allegations and recover any missing or diverted public funds would not only deprive Nigerians of essential services but also frustrate national development objectives and efforts to achieve digital inclusion.

“The failure to ensure accountability for these funds also risks perpetuating inequality, particularly for marginalised and vulnerable groups who depend most on public interventions to access digital infrastructure,” it warned.

According to the letter, SERAP expressed that they would be grateful if the recommended measures were taken within seven days of the publication of this letter.

SERAP warned that if actions are not taken within seven days, it would consider appropriate legal actions to compel the government, Nigerian Communications Commission (NCC), and the USPF to comply with the request in the public interest.

Also in the letter, SERAP alleged that “According to the 2022 audited report by the Auditor-General of the Federation, which was published on 9 September 2025, the Universal Service Provision Fund (USPF) failed to disclose that it maintained a domiciliary (Dollar) account, and failed to grant the Auditor-General access to the books of the account.

“The USPF failed to remit over N13.8 billion [13,874,132.629.50] ‘being 25% annual operating surplus for four years, that is, between 2016 and 2019.’ The Auditor-General fears ‘the money may have been diverted.’ He wants the USPF to account for and remit the money.

“The USPF also ‘claimed to have spent over N11.7 million [N11,793,838.40] on international trainings in October 2020’, but ‘these claims were made without any documents.’ There were no documents, such as a letter of invitation for the programme, no receipt/invoice for registration, and no certificate of participation.”

The rights group further alleged that there was a total lockdown and restriction of movement out of Nigeria on foreign trips during the period (April to October 2020) due to the global COVID-19 pandemic. Yet, payments were made for these trips without any documents.

“The USPF also awarded contracts of over N2.8 billion [N2,853,052,005.90] but without any approval. The USPF failed to ‘provide the procurement procedures and processes adopted in awarding the contracts, including the contract files.’”

Continue Reading

General

NAFDAC, NEPZA Deepen Collaboration on Pharmaceutical Regulation in Free Zones

Published

on

NAFDAC

By Adedapo Adesanya

The Nigeria Export Processing Zones Authority (NEPZA) and the National Agency for Food and Drug Administration and Control (NAFDAC) are strengthening joint oversight within Nigeria’s free trade zones.

The collaboration focuses on pharmaceutical and consumable products manufactured by enterprises operating in the zones.

The Director-General of NAFDAC, Mrs Mojisola Adeyeye, disclosed this during a visit to the Managing Director of NEPZA, Mr Olufemi Ogunyemi, at the authority’s headquarters in Abuja.

Mr Adeyeye said the visit was aimed at deepening collaboration and partnerships that would enable NAFDAC to effectively discharge its regulatory responsibilities within the free trade zones nationwide.

According to her, the agency remains committed to monitoring the importation, exportation, production, and distribution of pharmaceuticals, food products, cosmetics, and other regulated consumables within the zones.

“We must view this meeting as a responsibility we have to the country to protect citizens from fake drugs and consumables infiltrating our markets from known and unknown destinations,” she said.

The NAFDAC boss said the agency had consistently insisted on strict testing procedures and compliance with approved standards to guarantee quality control across regulated manufacturing and export industries.

She emphasised the strategic importance of the free trade zone scheme to Nigeria’s industrialisation drive and broader economic growth objectives, particularly in manufacturing and export promotion activities.

However, Mr Adeyeye said stronger monitoring mechanisms were necessary to ensure the safety, efficacy, and quality of products entering Nigeria’s customs territory from the free trade zones.

“NEPZA and NAFDAC can fix this misalignment by jointly insisting on compliance. We can close this gap through excellent facility management and improved inspection across production lines,” she said.

On his part, Mr Ogunyemi welcomed the collaboration, describing it as critical to addressing alleged irregularities associated with medical supplies and consumable products originating from enterprises operating within the free trade zones.

According to him, the free trade zone scheme, comprising 63 zones and more than 900 enterprises, remains a major gateway for industrial growth, investment attraction, and national economic development.

The NEPZA managing director, however, acknowledged that regulating operations within the zones still presented significant challenges requiring stronger inter-agency collaboration and improved enforcement mechanisms.

“We need a joint effort to address some of the irregularities. We will allow NAFDAC to perform its regulatory functions because the public’s health depends on it,” he said.

Mr Ogunyemi added that NEPZA remained committed to ensuring that free trade zones were not used as safe havens for illicit activities or the circulation of substandard products.

“We fully endorse this partnership and collaboration, which has the potential to enhance the scheme’s global compliance across all production and export activities for the benefit of the country,” he said.

The meeting also featured the confirmation of an eight-member technical committee to examine challenges affecting seamless regulatory operations between both agencies within the nation’s free trade zones.

Continue Reading

Trending