General
Lekki Toll Plaza Light Switched Off on Sanwo-Olu’s Directive—Tinubu
By Dipo Olowookere
The chief executive officer of Loatsad Promo Media Limited, operators of the billboard at the Lekki Toll Plaza in Lagos, Mr Seyi Tinubu, has admitted that his company switched off the lights at the scene of the shooting of innocent and unarmed protesters by soldiers on Tuesday night.
Yesterday, Nigerian forces shot at peaceful protesters at the Lekki Toll Gate demanding for a better police and governance in the country. It was believed that several persons were killed and many injured.
According to reports, moments before the unfortunate incident, which has been condemned widely worldwide, some persons were seen removing the CCTVs at the toll gate, while the lights were switched off.
On Wednesday, Mr Tinubu, son of a former Governor of Lagos State, Mr Bola Ahmed Tinubu, said his company switched off the lights on the directive of the present Governor, Mr Babajide Sanwo-Olu.
Mr Tinubu, in a statement issued by his firm through its Instagram page, noted that the lights were put off in compliance with the curfew imposed on the state yesterday.
“The board was switched off based on the Governor’s curfew request,” Mr Tinubu said, stressing that he had “no idea what was going to happen.”
According to him, the shooting has left him devastated, describing it as an “ungodly act,” praying for “the victims and families” of the unfortunate incident.
He said he supported the #EndSARS movement and promised to “continue to support the youths of this great nation.”
Read the full unedited statement below:
When we started in 2014, we had a plan to change the perception of African start-ups in the global space. We believed as Africans, we could create something great and we set out with a N4m loan from a bank and we started trading, going from door to door begging for work and relentlessly grew the business employing and empowering over 200 Nigerians today directly or indirectly. We have supported many upcoming businesses, artists, people in need as giving back to our community has always been our passion (all this can be verified).
All of our achievements thus far have come the from hard work, sweat and determination of our work force and everything Loatsad has been doing has been open, all taxes are remitted and payments to agencies and regulatory bodies have been timely, so we can be proud to say we are contributing the growth of the industry and Nation.
When the “EndSars” and “say no to police brutality” protests started from day one we wholly supported the movement and used all our platforms to promote the messages (I believe the promoters can verify this information) as we believed in the cause.
On Tuesday when the curfew was announced we heeded the governors warnings and didn’t want our staff in any danger, hence by 3pm our staff had been ordered to leave the site and the board was switched off based on the governors curfew request.
We had no idea what was going to happen and we feel the same anguish, pain and shock at the events that unfolded and our hearts and prayers go out to the victims and families of this ungodly act.
We believe in this movement and that it was the start of the change our generation needed to move our country forward and we will continue to support the youths of this great nation.
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.
By Adedapo Adesanya
The National Economic Council (NEC) has approved a $4.5 billion arrangement for the Nigerian National Petroleum Company (NNPC) Limited aimed at strengthening the country’s external reserves and freeing up funds for infrastructure.
This is part of the refinancing of the $3.3 billion Project Gazelle Pre-Export Finance Facility through a new $4.5 billion facility named “Project Gazelle 2”.
The approval allows NNPC Limited to refinance the outstanding balance of approximately $1.5 billion under the original 2023 facility, while unlocking an additional $3 billion in liquidity to strengthen the country’s external reserves and support ongoing fiscal and infrastructure priorities of the government.
NEC’s approval followed a presentation by the Minister of Finance, Mr Taiwo Oyedele, which was presented by the Chairman of the Council, Vice President Kashim Shettima, underscoring the importance of the project.
NEC observed the significance of unlocking additional liquidity to the federation, among other benefits, pledging its support for the actualisation of the initiative.
The Finance Minister explained that the refinancing has been structured on more favourable terms than the original facility, including a reduction in the volume of pledged crude oil from 90,000 barrels of oil per day to approximately 78,750 barrels of oil per day – a 12.5 per cent reduction.
He noted that under the new arrangement, an additional 11,250 barrels of oil per day for the federation will be released, while there will be a reduction in the pledged crude volumes by the state oil company.
Mr Oyedele added that while accessing additional liquidity on improved terms, the arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures.
“The arrangement is freeing up resources for strategic national priorities while strengthening the country’s financing structures,” he said.
VP Shettima called for a responsive, scalable, and data-driven social protection policy to tackle multidimensional poverty in Nigeria.
According to Mr Shettima, government policies are often heard before they are seen, speak through the price of food, condition of hospitals, records in schools, strain on families, the confidence of those who invest their labour in the nation’s future, and, very importantly, the ambitions of state governments.
He implored members of Council to ensure that every decision they make assure the citizens “that their government is paying attention to the pulse of the nation and is resolved to respond with competence, compassion and purpose.”
