General
Korea Seeks Deep Collaboration with Nigeria in Technology
By Adedapo Adesanya
The Republic of Korea has disclosed an interest in strengthening collaboration with the Nigerian government under the leadership of President Bola Tinubu in various areas, especially technology, to enhance and lead the fourth industrial revolution.
This was the core focus of an engagement with Mr Jang Sungmin, the Special Envoy of the President of the Republic of Korea, Mr Yoon Suk Yeol, in Abuja.
He stated that his country was interested in Nigeria “because it is the leader of Africa [and] has the biggest market, largest population, natural resources and biggest arable land.”
“Nigeria has all the criteria for economic power in Africa and Korea is a country that has all the technologies and development know-how and economic prosperity to lead the Fourth Industrial Revolution.
“Korea is already leading that industrial revolution. So, President Yeol feels that by combining forces, Korea and Nigeria’s cooperation will not only lead to prosperity and faster economic development for Nigeria but also prosperity for Africa.
“The composition of my delegation shows you that President Yeol is committed and willing to find better ways to cooperate with Nigeria.
“Specifically, we look towards a younger generation workforce and natural resources that Nigeria has, especially to enhance and lead the World’s Fourth Industrial Revolution.”
The envoy reiterated that Korea has the technologies, knowledge, skills and human resources for technological transfer, especially in the areas of agriculture, cyberspace, security, biotechnology, and oil refinery.
He said, “Korea looks forward to a future with Nigeria.”
He further explained that as Nigeria’s new leadership under Tinubu had opened up the county for business, Korea was interested in investing more in Nigeria.
Mr Sungmin explained that President Yoel’s comprehensive diplomacy and foreign policy is about a global capital state which lies on three pillars.
“It is to enhance cooperation, especially with countries who share our common values of Liberty, Peace and Prosperity. Those were the three pillars that underline the foundation of our foreign policy.
“We will like to share and extend our cooperation, especially with countries who share these common values.
“We believe that Nigeria, especially the new government of Tinubu and Vice President Kashim Shettima, is a government we can share these common values with to enhance new economy cooperation.
“Korea used to receive aid from other countries. That is how we became the 10th largest economy in the world.
“Now, we are using that position to give back to the international community. So, we look forward to cooperation with Nigeria in this sense,” he said.
Contributing, the Vice President of SK company in Korea, Mr Guillaume Barthe-Dejean, said the post-Korean war was characterised by fast development, which is a product of collaboration between public and private sectors.
He said the private sector in Korea, like SK, Samsung and others, has supported the Korean Government in developing economic policies, adding that the model allows Korea to become a powerhouse.
“Today, Korea is the 10th world largest economy, the fourth world largest exporter and the country which is leading the 4th Industrial Revolution.
“SK is happy to be in Nigeria. Bonnie Light Crude irrigate the world economy, and Nigeria has resources and fuel that could power the 4th Industrial Revolution.
“In the last five years, the world experienced a decline in the supply chain globally, and I think for this reason, Korean companies would be interested in partnering with countries in Africa to stabilise the supply chain,” Mr Barthe-Dejean said.
Those in the delegation included the Ambassador of the Republic of Korea to Nigeria, Mr KIM Young-chae; Deputy Secretary President Yeol for Future Policy, Mr YOO Chang-ho; and Barthe-Dejean Others were Chief Financial Officer of LG Electronics Nigeria Corporation, Mr KIM Inkyu; Economic Attaché, Korean Embassy in Nigeria, Mr Choi Jungwon; and Ms Park Hyesong of Korea International Development Agency.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has explained why it initiated a move to freeze the bank account of the Osun State government.
Earlier on Wednesday, the Governor of Osun State, Mr Ademola Adeleke, claimed that the anti-money laundering agency asked one of its bankers, First Bank, not to release funds to the state government.
According to the Governor, this was part of the strategies to frustrate his administration ahead of the August 15, 2026, governorship election in the state.
Reacting to the issue on Wednesday night, the EFCC, in a statement, said it has been investigating the state government since March 2026 over an alleged “fraudulent handling of Ecology Funds, Intervention Funds and Federal Account Allocation Committee (FAAC) account to the tune of N11.0 billion.
The organisation noted that some officials of the state government, especially the Accountant General of the State, have had interview sessions with investigators of the EFCC.
“These ongoing investigations of the state government would not have warranted any placement of Post No Debit order on its account but for the precipitate and unwarranted movement of funds from the accounts to different suspicious accounts since August 2, 2026.
“The commission noticed huge transfers of funds into different corporate entities and had to swiftly halt the trend by freezing the accounts from which such heavy funds are being moved,” parts of the statement said.
In the disclosure, the agency noted that its preventive mandate is a public-inclined framework of safeguarding public funds, assets and resources, stressing that it cannot “watch idly while a state government’s account is being pillaged.”
“While the commission is fully aware of the impending governorship election in Osun State, it has a responsibility to act in defence of the sanctity of the funds of the state. It will be uncharitable for the commission to allow an excuse of an upcoming election to fold its arms to perform its legally-assigned functions,” it pointed out.
The EFCC disclosed that it is “keeping watch over the finances of other states like Osun State. Many of these states are on the investigative radar of the commission to ensure accountability and probity. The commission has always pointed out that it is non-partisan and non-sectarian but always working in the overall interests of Nigerians. The Osun State government account was frozen to save public funds from being looted.”
The organisation urged the public “to ignore false narratives and deliberate demonisation of the works of the EFCC. The interests of all Nigerians are greater and will always be protected by the commission.”
By Adedapo Adesanya
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has launched a mobile application designed to monitor fuel consumption patterns in real time across retail outlets nationwide.
The NMDPRA, established under the Petroleum Industry Act (PIA) 2021, is responsible for the technical and commercial regulation of Nigeria’s midstream and downstream petroleum operations. The deployment of the mobile application aligns with the authority’s broader efforts to leverage technology to improve regulatory compliance and strengthen accountability.
The pilot phase of the project began on August 1 in Abuja and its six Area Councils, the authority said in a statement published on X.
As part of the rollout, the Executive Director for Distribution Systems, Storage and Retailing Infrastructure (DSSRI), Mr Ogbugo Ukoha, led a team alongside officials from the Abuja Regional Office to assess the readiness and operational performance of the digital platform at participating retail outlets.
According to the NMDPRA, the application captures inventory and compliance data in real time, enabling regulators to monitor fuel distribution more effectively while improving operational efficiency across the sector.
The authority said the platform would generate reliable, data-driven insights to support evidence-based decision-making, strengthen national energy security planning and enhance transparency in the downstream petroleum industry.
It added that the initiative is expected to provide significant value to government, investors, operators and other stakeholders by improving access to accurate fuel consumption and compliance data.
Nigeria’s downstream petroleum sector has undergone significant changes since the deregulation of the petrol market and the removal of fuel subsidies, with regulators placing greater emphasis on data-driven supervision to ensure product availability, prevent supply disruptions and discourage sharp regional disparities in distribution.
By Modupe Gbadeyanka
No doubt, moving money among African markets remains a slow, fragmented process that relies on multiple intermediaries and prolonged settlement cycles.
To solve this issue and drive the development of stablecoin-enabled payment services for businesses across the continent, Onafriq has joined forces with a leading stablecoin infrastructure provider, Privy.
The collaboration will enable Onafriq to create and manage embedded digital asset solutions for its partners and, in time, institutional clients where regulation allows. The initial phase focuses on cross-chain stablecoin transfers and treasury and settlement workflows, creating the foundation for future cross-border payment and liquidity solutions.
Integrating Privy’s secure infrastructure enables Onafriq to build the capabilities required to support a new generation of efficient digital payment services for banks, fintechs, and mobile money operators.
This partnership is a key component of Onafriq’s broader strategy to modernise pan-African payment infrastructure, enabling secure multi-modal wallets and more efficient movement of value across the continent.
The outcome will support a range of future institutional use cases, including stablecoin-enabled settlement, treasury management and liquidity services, as it reflects Onafriq’s commitment to driving Africa’s digital transformation agenda by investing in technologies that make financial services more efficient, connected and accessible.
It was gathered that Onafriq selected Privy for its enterprise-grade infrastructure to enable the seamless integration of digital asset wallet capabilities into its products, subject to regulatory approval, and deliver a simple user experience while abstracting the complexity of blockchain technology.
“At Onafriq, we keep investing in technology that makes payments faster and more accessible. Privy gives us a building block for faster settlement and better liquidity management. As demand for digital asset services grows, our goal is to ensure Africa’s payment ecosystem benefits securely and in line with regulatory frameworks,” the Group Chief Product and Innovation Officer at Onafriq,” Mr Luke Kyohere, said.
The chief executive of Privy, Mr Henri Stern, said, “Stablecoins will play an increasingly important role in the future of global payments, but real-world adoption depends on infrastructure that is secure, scalable and simple to implement. Working with Onafriq allows us to help build that foundation across Africa and beyond.”
