Safaricom invests extra Sh1.4bn in Ethiopia unit

Safaricom Plc’s funding contribution to its Ethiopian startup rose by Sh1.4 billion in three months to June 2026, underlining the telecoms increased interest in the business co-owned with partners including its parent Vodacom, Sumitomo Corporation, British International Investment (BII) and International Finance Corporation (IFC).

New disclosures from Safaricom place its total funding contribution to the business at Sh159.6 billion ($1.234 billion) at the end of June 2026 from Sh158.2 billion ($1.223 billion) in March.

The disclosures however do not provide a breakdown on the type of funding for Safaricom in the three months period.

The telecoms operator raised its stake in the Ethiopian unit to 54.1 percent in March 2026 from 51.67 percent a year earlier after a funding round that was restricted to entities in the Vodacom family –Safaricom and its parent firm Vodacom Group Limited.

Total funding for the unit topped Sh345.7 billion ($2.672 billion) in the quarter and included Sh298.3 billion ($2.306 billion) in equity, Sh15.5 billion ($120 million) in local currency debt and Sh31.8 billion ($246 million) in foreign currency debt from Standard Bank and the IFC.

‘Safaricom Ethiopia is funded through shareholder equity, deferred vendor payments and third-party borrowings. Shareholders of the Global Partnership consortium for Ethiopia (GPE) contributed to US$2.306 million as of June 30, 2026,’ Safaricom said in a funding update for the unit.

‘This funding includes a license fee of $850 million (Sh109.9 billion) and the $150 million (Sh19.4 billion) M-Pesa license fee. The operating entity has also borrowed from the local market.’

The fresh disclosures come as Safaricom Ethiopia races against time to attain profitability at EBITDA (earnings before interest, tax, depreciation and amortisation) level by March 2027.

The unit reached 14.7 million active customers in June this year to boost the drive to profitability.

Safaricom Ethiopia saw its number of three-month active customers rise by one million in the quarter to June 2026, from 13.63 million 90-day active customers as of the end of March this year.

The number of active customers on the network soared 46.1 percent year-on-year from 10.06 million in June 2025.

Safaricom and its parent firm diluted the stakes of three minority investors –Sumitomo, BII and IFC– in the unit’s funding round through 12 months to March 2026.

Stakes by the three entities stood at 23.5 percent, 9.5 percent and 6.81 percent respectively in March this year, while Vodacom’s share of the business was 6.02 percent.

The co-investors in its Ethiopia subsidiary retain powers to buy back the 2.78 percent stake lost when the latest equity investment in the unit was made in the year to March 2026.

In its latest annual report, Safaricom disclosed a shareholders’ agreement between parties, allowing the minority owners to clawback their lost stakes at a future date.

The parties could do so by acquiring shares directly from Safaricom and Vodacom, or through a proportional capital injection in cash calls that Safaricom and Vodacom sit out.

‘In accordance with the shareholders’ agreement, the non-participating shareholders retain the right to acquire their respective ‘catch-up’ shares from the group at a future date to restore their original ownership proportions,’ Safaricom said.

South African attacks: Veritas Numquam Perit (2)

A moral question

Black revolutionaries like Malcolm X, Steve Biko, Henry Emomotimi Okah, Franz Fanon, Nnamdi Kanu, etc, are consistent on one point: That if, for any reason, the state refuses to protect the black man from internal violence, or finds itself incapable of protecting him, then the black man has his God-given right to defend himself by means no less proportionate. Writing under a highly circumscribed environment where he was censored, Biko never used the word ‘violence;’ what he actually said was that the black man should defend himself ‘in any manner he deems fit.’

But Martin Luther King Jr and Allen Onyema, Prophets of Non-Violence, disagreed. Their approach to fighting internal violence is dialogue with the hope that the victimizer would change. Young blacks, however, seem to turn their back on King and Onyema while embracing Biko and Okah. This is because non-violence did not factor in hunger, unemployment, drug addiction, alcoholism, resource capture, poverty and crowded/polluted environments as forms of violence; as pointed out by Biko and Okah, in particular.

In the late 1990s, the Nigerian military regime refused to save Igbo traders from hoodlums in Aba. Then Ndigbo formed the dreadful vigilante group called Bakassi Boys that wasted no time stampeding the criminals out of Igboland. Respite came the moment the victims took the law into their own hands. The armed robbers fled to South Africa, where they resumed as drug peddlers; since armed robbery was suicidal as South Africans bear arms.

In Yorubaland, armed robbers also killed innocent families during the same period. Again, the military refused to intervene. Then Gani Adams armed his Odua Peoples Congress, OPC, and killed off the tormentors of his people. Though a non-state actor, the OPC Vigilante Group took the law into its own hands, defending Yorubas through violence when the state refused to act.

The moral question is: Do Black South Africans also have the right to take the law into their own hands, raising the Dudula and March and March Vigilante Groups to violently expel Nigerian cultists committing crimes in their land? The emphatic answer is YES. Ndigbo armed the Bakassi Boys, and Yorubas armed the OPC Vigilante Group to violently expel anti-socials from Nigeria. The heavens did not fall. Is what is good for the goose no longer good for the gander? But since some are still in denial, Nigerian criminals are killing South African children by selling methamphetamine to them; let me jolt our collective memory.

One, the Punch newspaper of 2nd July 2016 reported that the National Drug Law Enforcement Agency, NDLEA, of Nigeria apprehended an Igbo called Pastor John Vincent Arinze with 92 kilos of methamphetamine and 73 kilos of ephedrine worth N1.4 billion. The Merchant of Death was exporting his poisons to South Africa before he was arrested. Had Arinze succeeded, only God knows how many South African children would have died.

Two, in Anambra State, gunmen entered St Philip Catholic Church and killed defenseless Igbos in a slaughter known as the Ozubulu Massacre. Chuks Oluigbo’s ‘Mass Murder in the Cathedral,’ BusinessDay newspaper, 13th August 2017, reveals, ‘For now, the story out there remains that Aloysius Ikegwuonu (Bishop), an alleged drug baron in South Africa, was actually the target of the gunmen. An article by Somuadila Ugwummadu, which has been circulating online, says that much. The article narrates how Bishop, a mere secondary school leaver, allegedly became a multi-millionaire barely four months after he travelled to South Africa in March 2001 and returned home in December of the same year to throw money around.’

Three, in 2015, the American Federal Bureau of Investigation, FBI, extradited six Yoruba fraudsters from South Africa to Mississippi to face a nine-count indictment on internet fraud schemes. The six were Oladimeji Seun Ayelotan, 30; Rasaq Aderoju Raheem, 31; Olusegun Seyi Shonekan, 33; Taofeeq Olamilekan Oyelade, 30; Olufemi Obaro Omoraka, 26; and Anuoluwapo Segun Adegbemigun, 39.

Fourth, this 2026 seven cultists from the Edo community in South Africa are to be extradited to the US for Internet fraud. They are Perry Osagiede, 52; Enorense Izevbigie, 45; Franklyn Edosa Osagiede, 37; Osariemen Eric Clement, 35; Collins Owhofasa Otughwor, 37; Musa Mudashiru, 33; and Toritseju Gabriel Otubu, 41.

And five, how many times have you seen perfectly sane Nigerians squeeze the buttocks of women in the streets of Ogbomosho, Enugu or Benin? But we do that to South African women going about their normal business.

Nationalizing MTN, DSTV and other South African companies in Nigeria will never stop Black South Africans from expelling Nigerians. The solution is identifying and removing Nigerian cultists, fraudsters and drug peddlers from South Africa. Their South African citizenship should be revoked to make their removal easier.

Veritas Numquam Perit

Has anyone heard of Botswanans up in arms against Nigerians? The answer is NO. Why? Because Nigerians are docile in Gaborone. Why? Because Botswana stiffly applies the death penalty for murder and drug dealing. No Nigerian wants to hang. We are arrogant in South Africa because there is nothing to fear. Our criminality is deliberate because we would never do in Botswana what we do in South Africa.

There is nothing Black South Africans have not done to make Nigerians happy in their country. They have never denied we helped them during the dark decades of Apartheid. Honourable Nkem Abonta, an Igbo, was even elected into their national parliament. Tell me what a brother could do for his brother that Black South Africans have not done for us, tell me?

My son was born in 2004 at Lilian Ngoyi Clinic in the South Western Townships (SOWETO) of Johannesburg. I never paid a dime for the top-notch mother-and-child treatment my family received. None also stopped my wife from giving birth to my daughter at Johannesburg Hospital in 2007. The same social security Black South Africans enjoyed was extended to Nigerians. While hosting my wife’s uncle in 2005, the old Zulu told me ten out of the first fifteen babies born in a newly built hospital in Soweto were Nigerian babies. That whenever a South African girl put to bed and was asked the father of her baby, the usual answer was ‘The father is a Nigerian.’

On behalf of every single Nigerian in South Africa, the great Senator Adams Oshiomhole and our other parliamentarians should kindly tender an unreserved apology to our Black South African brothers and sisters. We gravely wronged them. We take responsibility. None hears the lamentation of the Gugulethu mother mourning her only child who gave up the ghost after consuming the drug sold to him by a Nigerian. You only hear the deceptive wail of certain Nigerians claiming South African police shot yet another innocent Nigerian. But in Latin we say, ‘Veritas numquam perit’ (The truth never dies).

Footnote to Ndigbo

With its strong currency and stronger international passport, South Africa is Heaven on Earth for Ndigbo. We were on a great economic trajectory till the criminality of a few Igbos brought us into a collision course with our host country. What Dr Ikedife foresaw eighteen years ago has come to pass. If you must know, Black South Africans are no longer attacking ‘Nigerians’ but ‘Igbos.’

What now becomes of the hundreds of thousands of Igbo children if their fathers are forced out of South Africa, leaving them under the custody of their overwhelmed South African mothers? Spare a fraternal thought for thousands of Igbo children in Grade 12 whose 2026 Matriculation Examination is scuttled by these attacks. Without their matric certificates, no university will offer them admission. Do you see how we Igbos shot ourselves in the foot? In Igboland, Biafran agitators for years stopped Igbo children from writing their West African School Certificate examinations on Mondays. In the Diaspora, Igbo children also suffer a similar fate due to the criminality of a few Igbos. Are we empowering our next generation or disempowering them? You be the judge.

The Roman poet, Horace, said no evil is happy. Ndigbo allowed a handful of unhappy criminals among them to provoke our benevolent Black South African brothers and sisters. Fragmentation of the Igbo family stares at us in the face, consequently. The only Igbo ecstatically heading for the Oliver Tambo International Airport is the middle-aged cultist. He sardonically chides you for living in South Africa for twenty years without building a house in your father’s compound in case of an emergency like this. For once, evil is happy.

Solution/Conclusion

If Nigerians supported Black South Africans to liberate themselves while the UK never supported them, only for our beneficiaries to shun us for the UK thirty-two years after; it simply means Nigerian diplomacy is porous. International relations are ever dynamic. Properly managed, old enemies could become new friends, like Israel and Germany; just as old friends, like the US and Iraq, could turn bitter enemies if poorly handled. Nigeria did not intervene at the ‘point of aggression’ when Black South Africans started complaining about Nigerian drug peddlers. Our leaders only woke up at this ‘point of reaction’ when the aggrieved stampeded us out of their land. Blame that on bad diplomacy.

The first remediation step is for the Nigerian government to stop posting non-career diplomats to South Africa. A career diplomat, trained to detect conflicts from afar and take steps to avert them, could have managed things differently. In posting our foreign representatives, the Federal Government should adhere to Section 171, Subsection 1,2,4,5 of the 1999 Constitution as amended.

These sections state that, in selecting those to represent Nigerians overseas, the Nigerian leadership should make it 70% career diplomats and 30% non-career diplomats. This is because competent diplomats defending Nigerians abroad are as essential as professional soldiers defending us at home. A flashpoint like South Africa should be manned by our finest diplomats. Safer still, such diplomats should be Igbo, Yoruba or Edo. This is to avoid a repetition of the 2009 acrimonious media campaign against General Mohammed Marwa by some aggrieved Igbos. When he was our High Commissioner, information leaked that he insulted Igbos and all hell was let loose.

Two, the revered Senator John Azuta Mbata, President General of Ohanaeze Ndigbo Worldwide; and the South East Traditional Rulers Council should remove from office the president of Ohanaeze Ndigbo South Africa for his complicity in the illegal coronation of Eziko. Extortionists masquerading as Eze-in-Council South Africa, Nze na Ozo South Africa, and those they criminally coronated should be removed from South Africa for peace to reign.

Three, Igbo and Yoruba governors should build Igbo and Yoruba markets in South Africa to help their peoples go legit, like the Chinese and Indians are doing.

Finally, the chicken having come home to roost, every Nigerian community, town union and youth council should take extreme action against any South African deportee, or anyone caught selling methamphetamine to Nigerian children. Oba youths of Anambra State are already rounding up drug peddlers and their poisons.

Two sentenced to death for kidnapping, murder of DELSU student

Two men have been sentenced to death by hanging by a Delta State High Court sitting in Ogwashi-Uku for the kidnapping and murder of Miss Elozino Joshualia Ogege, a 300-level Mass Communication student at Delta State University (DELSU), Abraka.

The convicts, Macaulay Desmond Oghenemaro and Enaike Onoriode, were charged with conspiracy to commit kidnapping, kidnapping, conspiracy to commit murder and murder.

The court, however, discharged and acquitted the third defendant, Nwosisi Benedict Uche, after finding insufficient evidence to sustain the charges against him. The fourth defendant, Robinson Obajero Ojokojo, a native doctor, had earlier died during the prolonged trial.

The judgment, delivered by Justice Flora Ngozi Azinge on Wednesday, brought to a close a nine-year legal battle over one of the state’s most notorious murder cases.

Ogege, an indigene of Isoko, Delta State, was gruesomely murdered in 2019 after reportedly leaving to meet an agent who had offered to help her secure accommodation within the DELSU community in Abraka.

Her death sparked widespread outrage after reports alleged that parts of her body, including her eyes, breasts and heart, were removed in what investigators linked to a ritual killing involving suspected internet fraudsters, popularly known as ‘Yahoo Yahoo Plus’ operators.

The Delta State Government, through the Office of the Attorney-General and Commissioner for Justice, arraigned the defendants on an eight-count charge bordering on conspiracy, kidnapping, armed robbery, membership of an unlawful society and murder.

The case experienced several adjournments over the years, largely due to the repeated absence of counsel representing the first defendant.

Following the adoption of final written addresses earlier this year, Justice Azinge reserved judgment, which was delivered on July 29, 2026.

Reacting to the judgment, the Solicitor-General and Permanent Secretary of the Delta State Ministry of Justice, Omamuzo Erebe, SAN, who led the prosecution alongside Okolotu Ugochukwu and Funkekeme Solomon Junior, described the verdict as a landmark judgment and a significant victory for justice.

‘Today, we witnessed the conclusion of a trial that commenced about nine years ago. The court found the first and second defendants guilty of conspiracy to commit kidnapping and kidnapping, as well as conspiracy to commit murder and murder,’ Erebe said.

‘They received various terms of imprisonment on the different counts, but for the offences of conspiracy to commit murder and the murder of Miss Elozino Ogege, they were sentenced to death by hanging.’

Expressing sympathy for the deceased’s family, Erebe said the judgment would hopefully bring them some measure of closure.

‘On behalf of the Delta State Government and the Attorney-General and Commissioner for Justice, we extend our condolences to the family. They have waited nine years for justice, and today, justice has finally been served. Although this judgment cannot bring Elozino back, we hope it will help the family find closure,’ he said.

He added that the judgment should serve as a strong warning against ritual killings and other violent crimes.

‘This judgment sends a clear message to young people seeking quick wealth through ritual killings or other criminal means. No matter how long it takes, the law will eventually catch up with offenders. I urge everyone to desist from crime because the law will always take its course,’ he stated.

Counsel to the third defendant, Mr Benjamin Okoh, also reacted to the verdict, describing it as ‘justice at last’.

According to him, the judgment represented justice that was not only done but was manifestly seen to have been done. He commended the Legal Aid Council of Nigeria for its efforts throughout the proceedings and expressed satisfaction with the court’s decision.

Beyond the PIA: The fiscal restructuring of Nigeria’s energy sector

1. Introduction

Nigeria’s oil and gas sector has undergone significant change in recent years, particularly with the enactment of the Petroleum Industry Act 2021 (PIA), which replaced decades-old legislation and introduced a new governance and fiscal framework for petroleum operation. The PIA restructured the fiscal structure through the introduction of Hydrocarbon Tax (HCT) alongside Companies Income Tax (CIT), with the aim of modernising the sector, improving transparency, and enhancing its attractiveness to investors. Despite these reforms, the petroleum fiscal framework remained fragmented, requiring operators to navigate multiple tax statutes to ensure full compliance.

Against this backdrop, the Nigerian Tax Act 2025 (NTA or Act) represents a further restructuring of the fiscal system. The Act reshapes the financial structure of the energy sector and introduces targeted incentives that signal a strategic policy shift towards gas development. In doing so, the NTA marks a new phase in Nigeria’s energy taxation framework, extending beyond the foundations laid by the PIA and redefining fiscal priorities in the sector. This paper examines the extent to which the NTA restructures the fiscal framework of Nigeria’s energy sector, with particular focus on its implications for upstream petroleum operations, its pro-gas stance, and the broader commercial consequences for investors.

2. The PIA Fiscal Framework

The PIA fundamentally restructured Nigeria’s oil and gas sector and established the foundation of the country’s modern petroleum fiscal regime. The fiscal framework of the PIA, primarily contained in its Chapter 4, sets out the statutory tax rules applicable to companies engaged in petroleum operations in Nigeria. Among its key reforms was the introduction of the HCT to replace the Petroleum Profits Tax (PPT) under the previous fiscal regime. The PIA also revised applicable tax rates, royalties, and fiscal obligations across the petroleum value chain, while introducing incentives for midstream and downstream gas operations and large-scale gas infrastructure projects.

Despite these reforms, the complexity of petroleum taxation in Nigeria under the PIA’s fiscal regime remained. Companies operating in the sector still had to navigate multiple tax legislations: dealing with obligations under the Companies Income Tax Act, on one hand; and, compliance with sector-specific levies, such as contributions to the Host Communities Development Fund and the Environmental Remediation Fund, on the other hand. Also, the PIA’s fiscal provisions apply primarily to holders of Petroleum Mining Leases (PMLs) and Petroleum Prospecting Licences (PPLs) issued under the Act, leaving certain legacy assets subject to transitional arrangements.

3. A Consolidated Fiscal Structure under the NTA 2025

The introduction of the NTA sought to directly address the fragmentation and administrative complexity that characterised Nigeria’s tax regime. In the energy sector particularly, the NTA consolidated multiple tax statutes into a single legislative framework, aiming to create a more unified and coherent fiscal system. The various taxes consolidated or codified under the NTA will be discussed briefly below.

Hydrocarbon Tax

The NTA restructured the legal basis for taxing upstream petroleum operations in the energy sector. While the PIA first introduced the HCT, the NTA currently plays a central role in administering it. Although the provisions of the NTA concerning HCT largely replicate elements of the PIA, the consolidation of the tax laws ensures that the assessment and administration of the tax is anchored within a single statute.

It is important to note that the NTA maintained the dual-tax structure introduced by the PIA under which upstream petroleum companies remain liable to both HCT and CIT. Instructively, petroleum companies cannot deduct HCT for the purpose of computing the companies income tax. However, under the NTA, HCT extends to deep offshore operations, previously exempt under the PIA. This development introduces a degree of fiscal uncertainty, particularly as several operators had structured upstream projects on the assumption that deep offshore operations were exempt from HCT under the PIA, and the NTA does not clearly specify the applicable HCT rate for such operations.

Value Added Tax

The NTA maintained the standard VAT rate of 7.5% introduced under Section 34 of the Finance Act 2019, while introducing targeted exemptions and zero-rated supplies relevant to the energy sector. Notably, oil and gas exports, crude oil, and feed gas used for gas processing are exempt from VAT, while electricity supplied into the national grid by generation companies is treated as a zero-rated supply. It may be argued that these measures are intended to support energy production and reduce fiscal barriers across the value chain.

Codification of Energy Executive Orders

A key feature of the NTA is the codification of several energy-related executive orders, granting them statutory authority. These include the Presidential Directive 40, the VAT Modification Order 2024, the Oil and Gas Companies (Tax Incentives, Exemption, Remission, etc) Order 2024, as well as the Upstream Petroleum Cost Efficiency Order 2025. Collectively, these instruments introduced a range of fiscal incentives, including tax benefits for non-associated gas developments, midstream gas utilisation projects, and deep offshore oil and gas operations. Incorporating these measures into the NTA provides greater regulatory certainty, reducing the risk of policy reversal associated with executive orders.

Surcharge on Fossil Fuel Products

A notable fiscal innovation under the NTA is the introduction of a 5% surcharge on fossil fuel products, designed as an additional revenue-generating mechanism within the broader tax reform. This surcharge is to commence or be implemented by an order to be issued by the Minister for Finance and published in the official gazette. The surcharge is to be imposed at the point of a chargeable transaction, defined as the sale, supply, or payment for the relevant product, whichever occurs first, and is calculated based on the retail price of the product. By structuring the levy in this manner, the NTA ensures that the tax crystallises early in the transaction value chain, reducing opportunities for avoidance.

Instructively, the NTA carves out exemptions from the 5% surcharge for certain categories of products, including household kerosene, cooking gas (LPG), compressed natural gas (CNG), and renewable energy products. These exclusions reflect an attempt to balance revenue generation with social and environmental considerations, shielding essential household fuels while promoting cleaner energy alternatives. Accordingly, the surcharge aligns with broader policy efforts to encourage a gradual transition away from high-carbon fuels while minimising the immediate burden on consumers who rely on more affordable energy sources for daily use.

4. Commercial and Investment Implications

The fiscal restructuring introduced by the NTA, when considered alongside the framework established under the PIA, carries significant commercial implications for investors in Nigeria’s energy sector. On the one hand, consolidating multiple tax statutes into a single legislative framework enhances fiscal coherence and administrative efficiency. For investors, particularly multinational energy companies, this enhances certainty and simplifies compliance, and by extension reduces financial, legal and regulatory risk exposures.

On the other hand, certain aspects of the reforms introduced by the NTA may affect investment planning and project economics. Policy shifts, such as the extension of the HCT to deep offshore operations, may require operators to reassess financial models developed under the earlier fiscal regime. In addition, the uncertainty surrounding the applicable HCT rate for deep offshore operations following the removal of the exemption under the NTA may create challenges for investment forecasting and project valuation. Given the capital-intensive nature and long development timelines of deep offshore projects, any ambiguity in the applicable fiscal terms may affect investment decisions, financing arrangements, and overall investor confidence in the stability of the regulatory framework. These developments further highlight the importance of fiscal stability in long-term petroleum investments, particularly in capital-intensive upstream projects where investment decisions are typically based on predictable tax regimes over an extended period.

At the same time, the reforms send a clear policy signal in favour of gas development. Through targeted incentives, tax credits, and favourable fiscal treatment for gas infrastructure and utilisation projects, the new framework positions natural gas as a strategic growth area within Nigeria’s energy sector. This approach aligns with Nigeria’s broader objectives for energy transition and its ambition to leverage its significant gas reserves for domestic industrialisation, power generation, and export. As a result, investors may increasingly prioritise gas-focused opportunities within the country, including midstream infrastructure, liquefied natural gas projects, and gas-to-power developments. For investors, the key consideration will be the new regime’s effectiveness in balancing fiscal competitiveness, regulatory certainty, and long-term policy consistency.

5. Conclusion

The NTA marks a significant turning point in the fiscal framework of Nigeria’s energy sector. While the reforms are intended to streamline tax administration, improve revenue collection, and enhance regulatory coherence, they also carry important implications for project economics, particularly in the upstream sector. At the same time, the Act’s targeted incentives and exemptions for gas-related activities reflect a clear policy preference for gas development, positioning natural gas as a key component of Nigeria’s long-term energy and economic strategy.

To fully realise the objectives of the new regime, policymakers would need to prioritise clarity and consistency in the implementation of the Act, particularly in areas that may affect existing investment expectations. For operators and investors, the reforms underscore the need to reassess business models, strengthen tax compliance systems, and identify opportunities arising from the Act’s pro-gas provisions. Ultimately, the success of the NTA will depend on its ability to balance revenue generation with fiscal certainty, ensuring that Nigeria remains both a competitive investment destination and a sustainable energy market.

MTN Donates GHS30,000 To Ga Traditional Council

MTN Ghana, has donated GHS30,000 in cash and assorted items to the Ga Traditional Council to support this year’s Homowo Festival celebrations.

The donation was presented ahead of the annual festival by Jemima Kotei-Walsh, Chief Customer Experience Officer, MTN Ghana, on behalf of management.

Speaking at the ceremony, Ms. Kotei-Walsh said, ‘We believe in supporting communities and celebrating festivals as part of what we do. As we prepare for this year’s Homowo Festival, it is an honour to wish the people of the Ga State successful celebrations.’

She explained that festivals like Homowo promote unity, peaceful coexistence and heritage. ‘Communities that remain united and peaceful create the right environment for progress. There is strength in unity, and it is through peaceful communities that development can thrive,’ she added.

Ms. Kotei-Walsh disclosed that the GHS30,000 donation also marks MTN Ghana’s 30 years of operations in the country, symbolising appreciation for the support received from Ghanaians over the years. Beyond culture, she noted MTN continues to invest in education, healthcare, digital inclusion and economic empowerment.

She highlighted the company’s commitment to financial inclusion, saying, ‘We believe financial inclusion empowers businesses to grow. When people are financially empowered, communities prosper and national development is accelerated.’

MTN also announced plans to intensify customer engagement during community events as well as raise awareness on fraud prevention.

Receiving the donation, Nuumo Akwaa Mensah III, Nae Wulomo, on behalf of the Ga Traditional Council, commended MTN for the gesture and urged other corporate organisations to support traditional institutions.

He invited MTN to participate actively in the Homowo Festival and expressed hope that the support would become an annual tradition. The Homowo Festival, celebrated by the Ga people, commemorates their victory over famine and remains one of Ghana’s most significant cultural events, promoting unity and community spirit.

Africa Prudential sets strategic priorities, outlook at investor call

Africa Prudential Plc yesterday outlined its strategic priorities, growth outlook and performance to stakeholders during its H1 2026 Investor Call.

Institutional investors, shareholders, investment analysts, regulators and other stakeholders participated in the call to discuss Africa Prudential’s strong half-year performance. The performance demonstrates strong corporate governance, resilience and the effectiveness of the company’s growth strategy despite an evolving macroeconomic environment.

The company recorded gross earnings of N4.28 billion, representing a 27 per cent year-on-year increase from N3.34 billion in the corresponding period last year. Profit before tax rose to N2.41 billion, up 22 per cent, while profit after tax climbed to N1.59 billion, reflecting an 18 per cent increase.

Net operating income increased to N4.21 billion, representing a 27 per cent rise over the previous year. Total assets grew to N46.53 billion, a 13 per cent increase, while shareholders’ funds rose to N12.52 billion, also representing a 13 per cent growth.

The results were driven by sustained growth in the company’s core registrar business, increased corporate action activities in the Nigerian capital market, stronger treasury performance supported by the prevailing interest rate environment, and the increasing adoption of Africa Prudential’s technology-enabled solutions.

Beyond the numbers, management reaffirmed Africa Prudential’s strategic evolution from a traditional registrar into a diversified technology and business solutions company serving the broader capital market ecosystem.

The investor call reflected strong engagement from participants, with discussions centred on the company’s earnings sustainability, revenue diversification and long-term growth strategy.

A key question from investors focused on the company’s ability to sustain earnings growth in an environment where interest rates may begin to moderate.

Managing Director/Chief Executive Officer, Dr Catherine Nwosu, said: ‘Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, KYC services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix.’

She added: ‘With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders.’

Looking ahead, management outlined five strategic priorities that will drive the company’s growth through the second half of 2026.

The successful investor call demonstrated Africa Prudential’s commitment to maintaining an open dialogue with investors and the broader capital market community.

By providing timely insights into its financial performance and strategic direction, the company continues to reinforce confidence among shareholders, analysts and other stakeholders while strengthening its position as a trusted partner in Nigeria’s capital market.

Africa Prudential, a leading provider of share registration and capital market solutions with more than five decades of experience, remains committed to leveraging innovation and financial discipline to deliver sustained value to shareholders and strengthen its leadership position within Nigeria’s capital market ecosystem.

NSE branch chairman bags collective advocacy citation award

The Chairman of the Nigerian Society of Engineers (NSE), Abeokuta Branch, and Chairman of the NSE Branch Chairmen Forum, Engr. Olumayowa Ayodeji Idowu, has received the Collective Advocacy Citation Award in recognition of his outstanding contributions to promoting professional unity, advocacy, and visibility within Nigeria’s built environment.

The award was presented by the Managing Director and Chief Executive Officer of Broadmind Special Projects Limited, Mr Bolaji Akinfenwa, during the Celebrities and the Built Environment 2026 Inaugural Recognition Awards held in Abuja.

He described Idowu as a visionary engineering leader whose commitment to strengthening professional institutions and fostering collaboration has positively impacted the engineering profession and the built environment ecosystem.

The organisers noted that the honour recognises Idowu’s consistent efforts in advancing professional advocacy, enhancing the visibility of engineering, and encouraging stronger collaboration among stakeholders across the built environment.

They observed that his leadership has continued to promote initiatives that improve the relevance and public perception of the engineering profession in Nigeria.

Responding to the award, Idowu expressed appreciation to Broadmind Special Projects Limited for the recognition, describing it as a tribute to the collective efforts of engineering professionals committed to national development.

He dedicated the award to members of the Nigerian Society of Engineers, particularly the Chairmen of NSE Branches nationwide, for their partnership and support in advancing impactful programmes and strengthening the profession.

Amy Winehouse’s father ordered by judge to pay nearly £1 million to her friends

The father of British music sensation Amy Winehouse was Wednesday, July 29, ordered to pay £950,000 ($1.26 million) to his late daughter’s friends, who he unsuccessfully sued for auctioning the singer’s clothes and other items.

Mitch Winehouse earlier this year lost a case in the high court in London against two of Winehouse’s friends who auctioned dozens of her clothes and other possessions years after her death.

The late singer-songwriter, who was famed for her distinctive husky voice and enjoyed global meteoric success at a young age, died in July 2011 from alcohol poisoning, aged just 27.

The late singer’s former stylist Naomi Parry and her friend Catriona Gourlay denied acting dishonestly in auctioning the items they said were given or lent to them.

Her father Mitch argued they had no right to sell the items.

The 155 items, which were auctioned between 2021 and 2023, included clothes, ballet slippers, handbags, earrings and make-up owned by the late singer, as well as a dress she wore on her final tour in 2011.

During the trial, the London court was told Winehouse’s friends ‘took advantage’ of her father’s forgetfulness and pocketed more than $1.4 million in sales.

The judge found the two women had not deliberately concealed any of the items from Winehouse’s father, who ‘knew all along’ about the intended sale and only pursued them for money after it was completed.

‘The claimant chose to bring an inherently weak claim, pursue it aggressively and relentlessly to the end, and make serious and unfounded allegations against the defendants,’ judge Sarah Clarke said Wednesday.

‘The fact that he knowingly and deliberately did this to two young women who had stood faithfully by Amy… makes his unreasonable conduct particularly serious.’

In the April ruling, the judge noted that Amy Winehouse was known for her ‘extraordinary generosity towards her friends and also those she barely knew.’

Estrada, Defensor seek bail

SEN. Jose Pimentel Ejercito alias Jinggoy Estrada on Thursday filed a petition for bail before the Sandigabayan in connection with the plunder case filed against him by the Office of the Ombudsman.

In a seven-page petition, Estrada, through his lawyers, insisted that the senator is entitled to bail on the ground that the evidence of his guilt is not strong.

Estrada filed the petition a day after the Fifth Division denied his motion to fix bail for being ‘premature.’

The antigraft court stressed that bail may be availed of only after the required evidentiary hearing on the prosecution’s evidence is conducted.

Estrada pointed out that under Article III, Section 13 of the Constitution, an accused may be denied bail only if evidence of guilt is strong.

‘Here, there has been no showing that the evidence against accused Estrada is strong. The Honorable Court issued a warrant of arrest against him on the basis merely of ‘probable cause,’ which is a much lower standard of proof than ‘strong evidence,’ the petition read.

‘Unless this high burden is met, the accused is entitled to bail as a matter of right,’ it added.

Estrada is facing trial before the Sandiganbayan for plunder and graft in connection with the complaint filed by the Office of the Ombudsman accusing him of receiving kickbacks from the government’s flood control projects amounting to over P573 million for the period 2024-2025.

The Ombudsman claimed that Estrada along with former Public Works Secretary Manuel Bonoan and several individuals were involved in an ‘intricate mechanism involving illegal budgetary insertions and project allocations’ within the Department of Public Works and Highways infrastructure portfolio for the year 2025.

The antigraft body said its evaluation of the records shows that ‘substantial public funds were deliberately funneled into designated infrastructure projects in exchange for pre-determined commission fees or kickbacks.’

However, Estrada maintained that there is no strong evidence to prove that he demanded or solicited from former Public Works Undersecretary Roberto Bernardo or his aide any ‘kickbacks’ of ‘commitment’ from DPWH flood control or infrastructure projects.

FORMER congressman Michael Defensor and businessman Joseph Espiritu have also filed a petition for bail in connection with the plunder case filed against them for giving campaign contributions for the 2025 senatorial bid of their co-accused Sen. Rodante Marcoleta.

Defensor and Espiritu insisted that the evidence against them is not strong to warrant their continued detention pending proceedings on the case.

‘There is no strong evidence that accused Defensor gave a donation of P30 million to accused Marcoleta ‘by reason of his office or position,” the petition read.

‘There is no strong evidence that accused Espiritu gave a donation of P25 million to accused Marcoleta ‘by reason of his office or position,” it added.

Likewise, the petitioners said there is no strong evidence that they conspired with Marcoleta and another co-accused Aristotle Viray in order that the senator may amass or acquire ill-gotten wealth in the amount of P75 million.

The case stemmed from Marcoleta’s admission on national television that he received campaign contributions from Defensor, Espiritu and Viray in the amounts of P30 million, P25 million and P20 million, respectively, on various dates in January 2025.

The Ombudsman noted that Marcoleta failed to declare the amount in his statement of Contributions and Expenditures (Soce) submitted to the Commission on Elections or in his Statement of Assets, Liabilities and Networth (SALN), which is tantamount to ‘unjust enrichment.’

Marcoleta has denied the accusations against him.

All of the accused are currently detained at the Quezon City Jail Male Dormitory in Payatas.

Aside from plunder, Marcoleta and his co-accused are facing trial for violation of Presidential Decree No. 46 which prohibits public officials from receiving gifts.

PD46 also prohibits private individuals from offering gifts to government officials.

High Court upholds Tarlac City Voters’ mandate, preserving local democratic choice

In a landmark confirmation of municipal self-determination, the Supreme Court en banc ruled that administrative disqualification attempts cannot override the expressed will of Tarlac City voters, upholding Mayor Susan Yap’s election victory.

The decision, issued June 3, 2026, criticized the Commission on Elections for grave abuse of discretion in attempting to cancel Yap’s candidacy. The high court stressed that legal technicalities regarding domicile must not be used to disenfranchise an entire municipality when deep-rooted local ties are clearly evident.

The decision underscores a fundamental principle of governance: local voters, not distant regulatory boards, hold the primary right to decide who leads their city.

Civic groups and local organizers welcomed the finality of the ruling, noting that preserving the sanctity of the 2025 ballot restores confidence in local elections and reinforces the authority of Tarlac City residents to shape their own community’s leadership.