World
BRICS Facing Political Divergences, Suspends its Future Expansion
By Kestér Kenn Klomegâh
At the 12th Primakov Readings conference held in Moscow on June 24, Russia’s Foreign Minister, Sergey Lavrov, categorically emphasised that BRICS (Brazil, Russia, India, China and South Africa) has suspended its future ambitions of expansion, citing divergences and rising perceptions over emerging geopolitical changes between members of the BRICS association. BRICS has experienced tectonic appreciation for its latest expansion from five to ten members, and for creating ‘partner membership’ status for 13 countries. While this was considered a significant achievement under Russia’s chairmanship in 2024, it has now turned into an obstacle confronting BRICS.
Lavrov acknowledged this key obstacle, sharp differences and disputes, as tarnishing the image and hindering, to some degree, the progress of the BRICS association. Primakov Readings was held to underline one of its aspirations, that is, to advance the growing question of multipolarity. In order to make a noticeable headway in establishing a new world order, it is necessary to rope in the East and the Global South to denounce the “rules-based order” and hegemony of the United States and Europe. BRICS, thus, conveniently, provides a platform for these countries to raise their voice and interaction in multilateral institutions and organisations. Acting collectively, they could considerably participate and expectedly rise to the global stage.
In his speech, Lavrov reiterated that the United States and the West in general have not accepted the objective reality of an emerging multipolar world order. They prefer propping up their weakening positions by forcing others to side with them, imposing sanctions, enacting bans, issuing threats and taking other illegitimate measures to force the Global Majority to play their game.
Lavrov, however, raised his genuine criticism: The West persists in its refusal to abide by the universally recognised international norms as outlined in the UN Charter, and has never fully respected them, in fact, even if everyone signing and ratifying the Charter undertakes to fully comply with its norms in their entirety and interconnection. This includes the sovereign equality of states and non-interference in domestic affairs, as well as respecting and guaranteeing human rights regardless of race, sex, language, or religion, to quote the UN Charter.
To unlock the potential of new powerhouses in Asia, Africa, and Latin America, a comprehensive agreement was initiated between China and Russia, as staunch driving forces behind BRICS, to increase its numerical strength by proposing new membership for BRICS. It all started with a pretext by inviting South Africa to join BRICS in 2010, then, under Russia’s presidency in 2024, the association moved from five to ten, by total membership.
Nevertheless, after only a couple of years, the planned ‘membership drive’ ultimately proved to be an obstacle to be managed within the current framework of BRICS. For China and Russia, this is a matter of regulatory principle – apparently, it will certainly not produce any positive results. In the end, to logically suspend BRICS’ future expansion. Without mincing words, Lavrov noted this point clearly: “We continue to comprehensively develop them while trying to stimulate the trilateral RIC – Russia-India-China – group. That format was shaped about 30 years ago at the initiative of Yevgeny Primakov and formed the core of BRICS. In our associations, cooperation is based on mutual respect and readiness to search for consensus solutions even when this is a challenging task. These things happen, and quite often. But the solutions we eventually find are guaranteed to serve common interests. That is why the number of countries willing to join the operations of BRICS and the SCO keeps growing, namely, in Central and Southeast Asia, Africa and Latin America,” Lavrov said.
Mentioning BRICS during the Primakov Readings forum in late June 2026 was quite important, as Yevgeny Primakov anticipated the evolutionary social development trends during his time. After the collapse of the Soviet era in 1991, we can see that the number of BRICS member states has almost doubled. While explaining these latest developments, that the number of full members has increased from five to ten, Lavrov further pointed out that “this is not how it happened when BRIC accepted South Africa, and the addition of one country posed questions that needed to be clarified to ensure forward movement. When BRICS turned into a group of ten, it was decided to give the new members time to adjust to each other. I believe that it is a correct decision.”
During the meeting of the BRICS Council of Foreign Ministers in India, discussions were held, in practical terms, a difficult conversation between Iranian and Emirati members. This happened in the hottest period of the Gulf confrontation, but eventually, it was managed to coordinate a joint document, despite the highly emotional opinions expressed by both sides. This was one case in point.
But, according to Lavrov’s explanation, other examples go deeper, to clashing economic interests. That is why it has been decided against pushing for further expansion for a few years. But the partner countries attend these events, which is creating grounds for giving BRICS a more universal dimension.
As for the agenda, BRICS is not an organisation, but rather an informal association. This is its strong side, because it would be wrong to create a rigid structure, at least at the current stage, especially a global structure rather than a continental or regional one. Many find this confusing. At least Russia won’t propose formalising BRICS, with the same structural status as the United Nations (UN).
Interesting to note and remind here, in an interview with Sky News Arabia on September 20, 2024, Lavrov expressed scepticism but was straight to the point about the strategic expansion of BRICS. Under Russia’s BRICS presidency, five countries – Ethiopia, Egypt, Iran, Saudi Arabia and the United Arab Emirates became the second wave of the newest members to join BRICS.
Tracking down the history, operations and achievements, Lavrov acknowledged, in his interview, that BRICS is consolidating its positions and cooperating with some countries. At the same time, this association is facing serious challenges. It is necessary to promote collaboration based on a balance of interests, and most importantly, BRICS functions based on consensus. The consensus principle primarily aims at finding agreements that reflect the mutual accord of all participants. In practical terms, the more partners, the harder it is to search for accord. It takes more time to finalise any consensus-based agreement than a vote-based solution.
According to Lavrov, BRICS expansion has sparked debates and discussions over the past several years. The foreign minister indicated, and repeatedly explained, the “suspension” of membership in BRICS was primarily due to internal differences, perceptions and approach to geopolitical changes. As stipulated by the guidelines, there are no concrete criteria or rules for admission except using the flexible term “consensus” – a general agreement at summits, which was utilised in the selection process.
At the Primakov Readings, previously held in June 2024, the key point was an announcement by Sergey Lavrov over the ‘suspension’ of new membership. Then, in mid-June 2024, Lavrov hosted the BRICS Foreign Ministers Council in Russia’s Nizhny Novgorod. The BRICS Foreign Ministers decided to suspend admission of new members, and this step was reflected in the final documents.
At present, the annual agenda is determined by the rotating presidency of BRICS. However, practice shows that every successive presiding country strives to ensure continuity. For example, during India’s presidency, BRICS members have been actively working to implement the initiatives which Russia presented during the Kazan summit in autumn 2024. Therefore, it is true that many countries are willing to join the group, which is an inspiring fact. However, BRICS looks for new forms of partner engagement and will, most probably, expand the informal association again.
As a show of indivisible and close-partnered bilateral relationship, Russian President Vladimir Putin and Chinese leader Xi Jinping, without the least hesitancy, underlined this final decision to postpone BRICS expansion, at the summit in Kazan, capital of the autonomous Tatarstan Republic of the Russian Federation.
World
Nigeria Leads Africa in Equity Funding as Startup Investment Hits $254m in H1 2026
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
World
SCRYPT Expands Stablecoin Settlement Infrastructure to East Africa
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.


