Category: Business Day

Over 100 representatives from 20 African countries – including indigenous groups, farmers, youth, women, and civil society – have issued a powerful call for climate justice and an end to extractivism at the Second African People’s Counter-COP (APCC), held in Cotonou, Benin.

In a statement shared by the Organisation, it stated the African Climate Justice Collective (ACJC) organised the counter COP themed ‘African-Led Pathways to Climate Justice and System Change: Reclaiming Futures Beyond Extractivism.’

The statement noted that the gathering served as a direct counterpoint to the United Nations Framework Convention on Climate Change (UNFCCC) process.

Participants accused the global climate system of being dominated by capitalist and northern interests that continue to exploit Africa’s resources while marginalising its people.

Rumbidzai Mpahlo, coordinator of the ACJC said ‘The climate crisis ravaging Africa is not our fault; it is a reflection of the debt owed by the Global North.

‘While we contribute minimal emissions, we endure maximum suffering. This Declaration represents our unified demand to dismantle exploitative power and reclaim our future ahead of COP30.’

From the drought-ravaged farmlands of the Sahel to the eroding coastlines of Ouidah, delegates voiced anger over what they called ‘climate colonialism’ – the continued extraction of Africa’s natural wealth to fuel the industrial economies of the Global North.

Africa’s Non-Negotiable Demands

The APCC Declaration outlined nine key demands that African movements say must guide global climate action: Pay the Climate Debt, End Extractivism, Reject False Solutions, Right to Say No, Reform Climate Finance, Promote Food Sovereignty, Stop Waste Colonialism, Energy Sovereignty and Protect Climate Refugees.

As the world prepares for COP30 in Belém, Brazil, the ACJC urged African governments to back the Declaration and assert true climate sovereignty. The movement insists that justice, reparations, and systemic change – not market-based solutions – are the only legitimate pathways forward.

‘Africa’s climate struggle is not a plea – it is a demand for justice,’ Mpahlo said.

The ACJC called on the media, policymakers, and global civil society to amplify the APCC Declaration as the continent’s authentic voice for climate and ecological justice.

Zenith Bank Plc has unveiled Zecathon 5.0, the fifth edition of its flagship startup competition and innovation program.

It features a massive N140 million prize pool and a high-impact Hackathon designed to accelerate digital solutions across fintech and emerging tech sectors.

The Zenith Zecathon continues to spotlight innovation across key sectors, including FMCG, insurance, education, retail and e-commerce, payments, lending, cybersecurity, agriculture, health, and logistics.

‘Zecathon 5.0 represents the next leap in Zenith Bank’s journey of empowering innovators and driving Africa’s digital transformation,’ said Adaora Umeoji, Group Managing Director/Chief Executive, Zenith Bank Plc.

‘By introducing a full-scale hackathon alongside our startup pitch and incubation program, we’re creating an ecosystem where developers, dreamers, and founders can collaborate, compete, and ultimately build real solutions that shape the future of banking and business across the continent.’

The Hackathon will challenge innovators to design cutting-edge fintech and digital products, while the Startup Pitch Competition will showcase scalable ventures addressing real-world problems.

Winners from both categories will each receive N30 million, with four additional finalists per category receiving N10 million each. All finalists will also participate in an intensive six-week incubation program to refine and scale their ideas.

Developers, founders, and innovators across Africa can apply for free at https://beyondlimits.global/zecathon5/ before the October 31, 2025, deadline.

Last year’s edition, Zecathon 4.0, attracted almost 2,000 applicants and awarded N77.5 million in prizes to standout startups, including JumpnPass, CreditChek, and Salad Africa – all of which have since expanded their operations and market impact.

Enko Capital, the Africa-focused alternative asset manager with US$1.3 billion in assets under management (AUM), Tuesday, announced the first close of its impact-focused private credit strategy (the Fund), raising US$100 million toward its target of US$150 million at final close, with a hard cap of US$200 million.

Investors in the first close include British International Investment (BII), the UK’s development finance institution; IFC, a member of the World Bank Group; SICOM Global Fund Limited, one of Africa’s leading asset managers; a European impact investor; alongside African pension funds and family offices.

The Fund provides US dollar-denominated private credit to mid-market companies across Sub-Saharan Africa, focusing on established, cash-generating businesses in non-cyclical sectors such as agriculture, telecommunications, manufacturing, renewable energy, and financial services. By offering flexible, tailored financing to well-managed enterprises often underserved by traditional lenders, the Fund seeks to address the structural credit gap facing mid-sized African firms and to demonstrate the commercial potential of private credit on the continent.

Leslie Maasdorp, Chief Executive Officer at BII, said:

‘Our commitment to the Enko Impact Credit Fund reflects BII’s belief in the commercial potential of private credit in Africa and its role in closing the financing gap for mid-sized businesses. By anchoring the fund’s first close, our aim is to send a strong signal to other investors, attract additional capital and help build a viable private credit market that supports businesses critical to economic growth in Africa.’

Alain Nkontchou, managing partner of Enko Capital, added, ‘The successful first close of Enko’s flagship private credit strategy underscores growing investor confidence in Africa’s sustainable development through private credit. With the support of leading international institutional development and impact investors; and local partners, the Fund is strategically positioned to offer customised capital solutions to high-quality mid-market SMEs, unlocking growth, supporting job creation, and advancing sustainable development, while generating compelling risk-adjusted returns for our investors.

‘We are also proud that this marks the first investment under the partnership between BII and IFC, a collaboration that strengthens shared commitment to foster impactful, sustainable growth on the continent.’

Mohamed Gouled, Vice President of Industries, IFC said:

‘Expanding access to finance for mid-sized companies is critical to accelerating inclusive growth across Africa. IFC’s support for the Enko Impact Credit Fund demonstrates IFC’s commitment to channelling longer tenor and flexible funding to African businesses for growth and job creation. Through this partnership, we will support businesses across a range of sectors, from agribusiness to telecoms, that are critical for sustained economic growth.’

Odiri Erewa-Meggison, director of corporate and regulatory affairs at British American Tobacco Nigeria Foundation (BATNF) West and Central Africa, has been re-elected as chairman of the Manufacturing Association of Nigeria Export Group (MANEG).

MANEG, which is a key export advocacy body within the Manufacturers Association of Nigeria (MAN), represents the collective interests of Nigerian manufacturers engaged in exports, promoting policies and initiatives that enhance non-oil exports, improve competitiveness, and contribute to sustainable economic growth.

The re-election occurred at the association’s annual general meeting held in Lagos recently.

Erewa-Meggison expressed gratitude to members for the renewed mandate and pledged to consolidate on the Group’s achievements while championing innovative programmes to position Nigeria’s non-oil exports as a major contributor to sustainable national development. ‘It is with great honour and humility that I stand before you today, deeply grateful for the confidence you have once again placed in me. Together, we will continue to elevate MANEG, building on the solid foundation established by those who came before us, while driving new initiatives that strengthen our role as a leading voice in Nigeria’s export ecosystem,’ she said.

She reiterated MANEG’s vision of driving sustainable development and job creation, emphasising that non-oil exports remain a critical pathway for generating foreign exchange and creating meaningful employment for Nigeria’s young population.

Erewa-Meggison noted that under her leadership, the Group will intensify advocacy for proper administration of the Export Expansion Grant (EEG) to ensure fairness, transparency, and the clearance of outstanding claims.

She also noted that MANEG will continue its engagement with government stakeholders to shape policies that enhance the competitiveness of Made-in-Nigeria products and reduce operational costs for exporters. Similarly, she highlighted the need to strengthen cross-border trade relationships to facilitate smoother trade flows and improve access to regional and international markets.

Erewa-Meggison explained that MANEG would also assist its members in understanding and navigating opportunities within the African Continental Free Trade Area (AfCFTA), by identifying growth prospects, addressing challenges, and ensuring that Nigerian exporters are well-positioned to benefit from the continental trade framework.

With a track record of diverse accomplishments, her re-election marks another milestone in MANEG’s journey to champion Nigeria’s non-oil exports and ensure that the manufacturing sector remains globally competitive. Under her leadership, the manufacturing export association has strengthened its advocacy on export incentives, improved visibility for Nigerian exporters, and elevated the voice of manufacturers in policy discussions both nationally and across Africa.

Segun Ajayi-Kadir, director-general of MAN, during his speech, described the export group as a vital catalyst for Nigeria’s industrial growth, job creation, and foreign exchange stability.

He noted that export-led industrialisation remains pivotal to achieving sustainable development, as it promotes value addition, enhances local production capacity, and boosts competitiveness in global markets.

Ajayi-Kadir emphasised that with the right policy environment, including stable power supply, improved access to finance, and efficient logistics infrastructure, Nigeria’s manufacturing exporters can serve as a strong engine for inclusive economic growth and large-scale employment generation.

As part of the Global Care Month initiative, two orphanage homes in Lagos have received food supplies to provide support to vulnerable children and encourage communities to assist the less privileged.

The initiative, observed by Ford Motor Corporation, coordinated locally by Coscharis Motors, Ford’s representative in Nigeria, aims to promote community service and care for vulnerable groups across different countries.

The initiative, which also formed part of Ford’s annual ‘Food Caring Drive,’ mobilises its affiliates worldwide to provide food assistance to less privileged communities, and in Lagos, bags of rice were given to Heritage Home and Children Anchor Orphanage Home along the Lekki-Epe axis. Abiona Babarinde, general manager, marketing and corporate communications of Coscharis Group, said that the initiative reflects the growing expectation for companies to contribute to social good beyond profit-making.

‘As a representative of a brand like Ford in Nigeria, we are pleased to support these children with food items that can contribute to their well-being.

‘We are presenting bags of rice to the Orphanages, and in so doing, we are equally appreciating the caregivers for taking care of the children, who have been subjected to a new life for reasons beyond their control,’ Babarinde said. Jide Bankole, supervisor and caregiver at Children Anchor Orphanage Home, expressed appreciation to the Coscharis Ford team for the donation of food items.

‘This is heartwarming for the children, and we appreciate the support,’ Bankole said, noting that the home, which is registered with the government, relies on such contributions to meet the needs of the children in its care. Helen Nwoju, supervisor of Heritage Homes, also expressed gratitude for the donation, noting that the food items would help strengthen the home’s food supply and support the children’s nutrition.

‘Gestures like this remind us that our work is recognised and encourage us to keep doing our best for the children in our care,’ Nwoju said.

Coscharis Motors, which represents the Ford brand in Nigeria, and has been involved in community support activities as part of the annual Ford Global Caring initiative.

Nigeria’s House of Representatives has advanced a Bill seeking to amend the 1999 Constitution to compel the President to present annual budget estimates to a joint session of the National Assembly no later than the last working day of September each year.

The proposed amendment, sponsored by Benjamin Kalu, the Deputy Speaker and four other lawmakers, also mandates the submission of audited financial statements for the preceding three years alongside each new budget proposal.

The Bill aims to institutionalise fiscal discipline, enhance transparency, and promote development-focused budgeting at both federal and state levels.

Leading the debate on the general principles of the Bill, one of its co-sponsors, Nkemkanma Kama, said the proposal seeks to address recurring inefficiencies in Nigeria’s budgeting process, including delayed submissions, poor implementation, and weak alignment between appropriations and audited performance.

‘We have all witnessed the recurring challenges that plague the Nigerian budgeting system. From budgets being presented late and passed deep into the fiscal year, to Appropriation Acts that bear little resemblance to audited performance, to fragmented and non-transparent fiscal reporting at both the federal and state levels. This Bill offers a structural remedy by embedding discipline, transparency, and long-term vision into the Constitution to guide budget process at all levels of governance’, Kama said. The draft legislation, which contains four clauses, proposes amendments to Sections 81 and 121 of the 1999 Constitution (as ammended). It would, for the first time, provide a constitutional basis for the President to present the annual budget to a joint session of the National Assembly, as current law only permits separate presentations to each chamber.

In a bid to promote balanced and accountable spending, the Bill also prescribes that public expenditure be organised under five defined heads with specified minimum and maximum ratios: at least 30% for infrastructure, a minimum of 20% for human capital development, personnel costs capped at 15%, administrative overheads limited to 10%, and debt obligations not exceeding 25%.

It further requires preliminary expenditure accounts to accompany supplementary budgets, as well as five-year projections for infrastructure and human capital development. The same fiscal principles would apply to state governments.

Kama described the Bill as a ‘patriotic reform’ aimed at ensuring that Nigeria’s budget ‘works for Nigerians.’ He urged lawmakers to support its passage, saying it would lay ‘a permanent constitutional foundation for fiscal discipline, development-oriented spending, and transparent governance at all levels.’

‘It seeks to constitutionally reform the budgeting process, ensuring that our fiscal operations are timely, evidence-based, transparent, and directed towards genuine development outcomes’, he added.

The African Development Bank Group (AfDB), the International Finance Corporation (IFC), and partner organisations have appointed Inspired Evolution as the investment manager for Zafiri, a new decentralised renewable energy (DRE) equity investment vehicle targeting small-scale and decentralised renewable energy, to expand access to electricity and clean cooking solutions for tens of millions of people across sub-Saharan Africa.

Backed by an initial $300 million capitalisation by 2026, Zafiri is expected to scale up to $1 billion to accelerate energy access in Africa. It is structured as a permanent capital investment vehicle that provides long-term equity to expand clean energy access in underserved markets. The vehicle leverages concessional junior equity to de-risk private sector participation and mobilise commercial capital into scalable off-grid and decentralised energy solutions.

Zafiri addresses one of Africa’s toughest energy-financing gaps by channelling long-term equity into distributed renewable energy (DRE) companies that are essential to last-mile access yet remain underfinanced by mainstream capital markets. Zafiri’s founding partners include IFC, AfDB, The Rockefeller Foundation, Trade and Development Bank Group (TDB Group), and Nordic Development Fund (NDF). Inspired Evolution is an Africa-based investment firm focused on scaling clean energy and climate solutions across the continent. The company, founded in 2007 and headquartered in Cape Town, has financed more than 10 GW of renewable energy generation, supported 29 companies across 18 African countries, and manages over $850 million, including co-investments, through its suite of Evolution funds.

The appointment underscores Zafiri’s central role in Mission 300, a joint initiative of the World Bank Group and African Development Bank to provide first-time electricity access to 300 million people in Sub-Saharan Africa by 2030.

‘One of the key challenges slowing Africa’s energy transition is the lack of equity financing for distributed energy companies-those expanding power generation and improving access for millions,’ said Ethiopis Tafara, IFC Vice President for Africa.

‘Zafiri addresses this ‘missing middle’ by offering long-term equity to these providers, helping scale innovative business models. IFC is proud to support this initiative, which is expected to reach 30 million people and spur job creation across the continent. Through our commitment to the M300 platform, we are deepening our support for impactful solutions like Zafiri. Inspired Evolution brings strong local investment expertise and a proven track record, making it a valuable partner for M300 in delivering development impact through the private sector.’ ‘By combining AfDB’s capital-including our Sustainable Energy Fund for Africa (SEFA)-with IFC and partners, Zafiri will inject the much needed risk capital to take the DRE sector to the next level in terms of commercial maturity, larger operational footprint, and ultimately impact on the many communities beyond the grid,’ said Kevin Kariuki, the African Development Bank’s Vice President for Power, Energy, Climate and Green Growth.

‘We are honored to partner with IFC, AfDB and global investors to manage Zafiri, a vehicle uniquely designed to close the equity financing gap for distributed energy solutions across Africa,’ said Wayne Keast, Co-Founder and Managing Partner at Inspired Evolution. ‘We will focus on building and scaling high-impact businesses that can deliver clean, affordable and reliable energy while driving inclusive and climate-resilient economic growth.’ Over its lifespan, Zafiri aims to facilitate new electricity connections and clean cooking access for more than 30 million people while supporting the growth of Africa’s DRE sector. Operations will commence in early 2026.

‘The Rockefeller Foundation is proud to support Inspired Evolution as it leverages its proven track record to accelerate energy access across Sub-Saharan Africa,’ said Ghita Benabderrazik, Director of Innovative Finance at The Rockefeller Foundation. ‘Following the announcement of our anticipated $10 million investment in Zafiri at the Mission 300 Africa Energy Summit, we remain deeply committed to closing the equity gap for distributed renewable energy solutions that power livelihoods and drive productive use – advancing inclusive development, reducing poverty, and creating jobs.’

‘Complementing the debt support TDB Group has been deploying across several renewable energy sub-sectors in Africa, we are pleased to join forces with this strong group of investors to inject some much-needed equity into small-scale DRE providers – providers which, via electrification and clean cooking, can ultimately catalyse sustainable development in their communities,’ said Admassu Tadesse, TDB Group President and Managing Director.

‘Zafiri enables the speed and scale that is needed to meet the ambitious targets of Mission 300,’ said Satu Santala, NDF Managing Director. ‘NDF’s junior capital is expected to catalyse significant commercial investments into increasing energy access in Sub-Saharan Africa. At NDF, we are in full support to make Zafiri become a success and mobilise more private capital for climate action.’

Chukwuma Charles Soludo, Governor of Anambra State has declared that the ongoing governorship campaign has transformed into a unique movement powered by the people themselves.

Speaking passionately to a large crowd at a vibrant APGA rally in Awka South local government area, Soludo emphasized that this grassroots effort marks a departure from traditional political practices, where candidates typically paid individuals to attend rallies.

‘What you have seen so far, done by our government across sectors, is only the introduction,’ he stated, urging supporters to continue their momentum toward the upcoming elections.

The Governor extended his gratitude to the people of Awka South for their warm hospitality and support, affirming their significance in his campaign.

‘We have come as a team. Because we live in Awka South, we belong here,’ he said, spotlighting the unity and commitment of the community to the vision of a new Anambra one that is on the rise and gaining global recognition.

Governor Soludo reassured the audience that with their support in renewing his mandate over the next four years, saying he would transform the state.

He reflected on the successful campaign in 2021, expressing confidence that they aim to secure a win in all polling units come November, 8, 2025.

‘We are campaigning vigorously, not seeing our opponents as a threat, but we still campaigning as if we are the underdogs to an unknown opponent, working to earn every single vote,’ he declared.

With a target of winning in the 5,720 polling units, Governor Soludo stressed that Anambra is APGA land, and APGA is Anambra.

‘ He reiterated the importance of ensuring that the upcoming elections are conducted in a free, fair, and transparent manner, stating, that Anambra is a fortress- nobody can thwart their will.

‘ Addressing potential challenges, he warned those who might attempt to manipulate the election results: ‘We know how they want to come. We are waiting for them.’ The Governor reaffirmed his commitment to fully cooperate with the Independent National Electoral Commission (INEC) to make the Anambra governorship election a model for credibility and transparency, noting that training efforts are underway to empower citizens to understand the electoral process and ensure their votes are counted.

Additionally, Governor Soludo spoke on the issue of power rotation among the three senatorial districts of Anambra-North, South, and Central-indicating that power would shift to Anambra Central following his administration. He urged citizens not to exhibit voter apathy and to come out in full force to cast their votes, emphasizing the importance of every vote in shaping the future of the state.

The State Deputy Governor, Onyekachukwu Ibezim passionately rallied for support for Governor Soludo and the APGA party, emphasizing the transformative impact of their administration on the lives of the people, affirming that a renewed mandate would allow them to build on this foundation and further enhance the quality of life for all Anambra residents.

During the campaign rally, former National Chairman of the All Progressives Grand Alliance (APGA), Victor Oye, energetically endorsed Governor Soludo’s leadership, praising the significant strides made in Anambra State under his administration.

Oye emphasized the importance of unity among party members and urged supporters to remain steadfast as they approach the upcoming elections.

He expressed confidence that APGA would not only retain power in Anambra but also set a noteworthy example of good governance and progress, pointing out the need for every voter to actively participate in shaping the state’s future.

At the rally was Nonyelu, Jude Agumadu, Collins Ozojiofor, Paul Ebubechukwu, and Lady Ng?zi Okoye commended Governor Chukwuma Soludo for his significant contributions to infrastructural development, the provision of free antenatal care and delivery services, youth empowerment initiatives, and improvements in education.

They highlighted these efforts as pivotal in enhancing the quality of life for Anambra residents and urged the crowd to continue supporting the governor’s administration for further progress in the state.

Cheques amounting to 103,000,550,500 naira was presented to the Governor by the people as campaign support.

Wema Bank has partnered with Nigerian Afrobeats superstar Davido to bring the 5ive Alive Tour to Nigeria, a move that has generated widespread excitement among music fans.

The tour, scheduled to take place from October to December 2025, will feature performances in five cities across Nigeria: Akwa Ibom, Adamawa, Enugu, Ibadan, and Lagos.

As the headline sponsor, Wema Bank is spearheading the execution of the tour, promising to deliver an unforgettable experience for attendees. Already, the bank has launched an official hashtag, #Wema5iveAliveTour, and is offering exclusive freebies and experiences to customers who sign up on the ALAT App using the code ‘Davido5iveAlive’ and remain active. ‘The excitement is off the charts as Nigerians wait impatiently in anticipation of what the Bank has in store for its customers.

‘Anyone interested in getting access to the freebies and exclusives Wema Bank is bringing is expected to download the ALAT App, sign up using the code ‘Davido5iveAlive’, stay active and follow the Bank on all social media platforms ‘The 5ive Alive Tour is set to make history as the biggest stadium tour in Nigerian music history, featuring Davido’s chart-topping hits and energetic live performances.

‘With Wema Bank’s involvement, the tour is expected to be a landmark event in Nigeria’s music scene, showcasing the country’s vibrant culture and Afrobeats talent,’ the noted in a statement on Tuesday.

Lagos hosted some of Africa’s most promising creative talents last week as the Création Africa Forum celebrated innovation across digital fashion, gaming, animation, and immersive technologies.

The three-day event, held from October 16 to 18 at the Federal Palace Hotel, recognised young creators whose work is reshaping the continent’s fast-growing cultural industries.

Backed by Globacom chairman, Mike Adenuga Jr., the forum’s prize categories highlighted Africa’s expanding creative economy, where art, technology, and entrepreneurship increasingly converge.

An initiative of the French Ministry for Europe and Foreign Affairs, curated by Maison des Mondes Africains (MansA), the Création Africa Forum promotes cross-continental collaboration and investment in digital innovation. This year’s edition-the first on African soil-brought together participants from more than 20 countries.

Nigeria’s Minister of Art, Culture and the Creative Economy, Hannatu Musawa, said the collaboration with France is creating new opportunities for young Africans. ‘We are building meaningful pathways for our creatives to showcase their talents and build viable careers,’ she noted.

France’s Minister of Foreign Affairs, Jean-Noël Barrot, described the creative sector as ‘a driver of prosperity and mutual understanding between nations,’ pointing to its potential in trade and diplomacy.

One of the key sessions, ‘From Idea to Business: How to Put Creativity at the Heart of the Game,’ featured Aigboje Aig-Imoukhuede, who discussed the business case for creativity and its link to Africa’s digital transformation.

Globacom’s sponsorship underscores the importance of private sector engagement in scaling Africa’s creative economy, which is projected to exceed $15 billion in value by 2030. The forum also portrays how Lagos is evolving from a cultural hotspot into a regional hub for creative enterprise, where innovation, youth, and digital growth intersect.