Moniepoint moves, FG’s new deep-seaport approvals, AFC commits US$100m: Here are top business news 

Poor market risk analysis major cause of loan defaults, says bank’s risk and compliance officer 

The Chief Risk and Compliance Officer of Accion Microfinance Bank, Kazeem Bisiriyu, has identified poor analysis of market risk as the major cause of loan default, especially by micro, small and medium enterprises (MSMEs).

Bisiriyu highlighted other causes to include economic instability, rising operational costs, reduced cash flow and market volatility.

He said this during a press conference to mark the bank’s 20th anniversary, stating that the challenges create market risk that affects purchasing power, thereby reducing the cash flow of customers.

According to Bisiriyu, while profitability is important for every financial institution, the need to also recognise and ensure customers are supported responsibly and sustainably was critical.

He said the reason banks place strong emphasis on customer assessment, risk management, financial discipline and lending solutions is that they align with customers’ repayment capacity and business realities.

The Managing Director and Chief Executive Officer of Accion Microfinance Bank, Taiwo Joda, said that with the country’s SMEs battling inflation, currency volatility, and high operating costs, one of the major gaps remained access to affordable and sustainable financing for small businesses, particularly businesses operating within formal and underserved sectors.

He said many SMEs also required flexible financing structures, business support and improved access to financial education to remain resilient within today’s economic environment.

Looking ahead at the role microfinance banks could play in Nigeria’s economic growth, the bank chief said that with about 40 million micro-medium enterprises across the country, they have contributed immensely to economic growth, adding that Accion, as a microfinance bank, has impacted through giving loans, granting access to credit and financial services, as well as serving as an advisory to the micro-entrepreneurs.

According to him, the bank has been able to maintain a 99.5 per cent collection rate, without any attempt to pressurise their customers as modes of payment have been mapped out vis-à-vis their cash flow.

On what has been the bank’s approach to lending and support for SMEs that ensures reduced non-performing loans and growth for its customers, Accion Board Chairman Christian Ruehmer, pointed to responsible lending, proper customer assessment, and relationship-driven banking.

According to him, rather than focusing solely on loan disbursement, the bank places significant emphasis on understanding customers’ businesses, repayment capacity, and financial realities before providing support.

Stakeholders back FG’s new deep-seaport approvals, predict 500,000 jobs

Stakeholders in Nigeria’s blue economy sector have welcomed the federal government’s approval of five additional deep-seaports, projecting that the development could generate about 500,000 direct and indirect jobs across the maritime value chain.

The stakeholders, under the platform of Gadfly Consulting Limited, described the approvals as a significant intervention capable of easing long-standing logistics bottlenecks, reducing pressure on Lagos ports, and expanding economic opportunities across coastal regions.

In a statement issued in Port Harcourt at the weekend, Senior Consultant at Gadfly Consulting, Philemon Adjekuko, criticised the continued concentration of maritime activity around Lagos despite the existence of underutilised port infrastructure in other parts of the country.

“The continued congestion of ports in Lagos, while other port facilities, particularly in the Niger Delta, remain abandoned, is both inexplicable and embarrassing.

“We are pleased that with these approvals, the logistics nightmare and avoidable delays may soon become a thing of the past.

“However, we must ensure that we pursue economically viable ports so they can remain sustainable”.

Also, the Lead Consultant at Gadfly Consulting, Uche Igwe, said the expansion of the blue economy sector could create employment opportunities across multiple industries.

“However, we must be careful and deliberate in preparing our young people for the opportunities ahead

“This is the time to anticipate the skills and competencies required and begin aligning accordingly.

“Momentum is building, and pathways are becoming clearer”.

Igwe said collaboration between government agencies, educational institutions and private sector operators would be necessary to prepare the workforce for emerging opportunities in the sector.

The stakeholders also announced plans for a meeting on financing investment in Africa’s blue economy.

The session is scheduled to be held in Mombasa, Kenya on June 17 on the sidelines of the ‘Our Ocean Conference’.

According to the organisers, the meeting will focus on bankable projects, including deep seaport development plans and financing options.

Representatives of government agencies, the Commonwealth Secretariat, Ocean Risk and Resilience Action Alliance, FSD Africa, Blue Bond Accelerator and the Sasakawa Peace Foundation are expected to attend the meeting.

Lagos State govt, Diageo advocate more investment in hospitality, skills devt

The Lagos State Government has called for increased private and public investment in skills training and hospitality development, saying the sector is central to the state’s plan to expand jobs and boost tourism revenue.

Speaking at the graduation ceremony of the first cohort of the Diageo Learning for Life (L4L) programme in Nigeria on Friday at Victoria Island, Lagos, the Commissioner, Ministry of Tertiary Education, Tolani Sule, said the state’s hospitality industry was growing rapidly and that increased investment in skills development to enhance the hospitality sector remained key.

He added that the country’s economic diversification goals would depend on a workforce equipped for service-driven industries.

Sule, who was represented at the event by the Director of the Lagos State Agency for Mass Education, Mrs Oluwakemi Kalesanwo, underscored the need to equip young people with practical skills that would maximise productivity.

“Today’s convocation ceremony is pertinent for the celebration of empowerment, achievement and opportunity. It showcases the importance of equipping our young people with practical skills that will enable them to become productive, self-reliant, and economically empowered citizens.

“Learning for Life development initiative in partnership with Celebr-8 Lyfe and the Lagos State Employment Trust Fund (LSETF) is highly commendable for its focus on practical hospitality, employability and entrepreneurship skills, which are critical to our economic growth and social stability programmes; making real opportunities for young people to explore meaningful careers and sustainable livelihood”.

He also commended partners and organisations’ contributions to human capital development towards investment in the future of the youth.

While congratulating the graduands on their milestone, the commissioner said skills and knowledge should serve as the foundation for future success.

He urged the graduands to remain hardworking, maintain discipline, and be committed to innovative self-development.

“The world encourages creativity. Try to become ambassadors of excellence”, he added.

He also  affirmed the government’s continuous commitment to support initiatives that promote education, vocational training, entrepreneurship and youth empowerment, noting that investing in people is an investment in the future of the society.

Earlier, the General Manager, Diageo Nigeria, Adebayo Alli, while delivering his keynote address, said the event marked a significant milestone in Nigeria’s ongoing efforts to professionalise, regulate and strengthen the tourism and hospitality sector as a major driver of economic diversification, employment generation, cultural diplomacy and sustainable national development.

“Today is a celebration of resilience, growth, opportunity, and the incredible potential that exists within young Nigerians when they are given access to the right support, training, and platform to thrive.

“At Diageo, we believe that business success and community progress must go hand in hand. That belief is what drives initiatives like Learning for Life, a programme designed not only to equip young people with hospitality and tourism skills, but also to create pathways to confidence, employability, and long-term economic empowerment.

“At Diageo, our commitment to inclusion, empowerment, and sustainable social impact remains strong. We see Learning for Life not as a one-off initiative, but as part of a broader commitment to supporting communities, strengthening industries, and creating opportunities for future generations, and as we celebrate this important milestone today, we are also excited about the future and the possibilities ahead for this programme in Nigeria”.

He added that the programme served to empower young Nigerians with practical, industry-relevant skills that would make for meaningful opportunities within the hospitality sector.

Speaking on the organisation’s achievement, Alli said, “Today, we are proud to say that the programme has exceeded expectations. We successfully trained over 300 young people, surpassing our initial target of 250 participants.

“Beyond the classroom, more than 150 participants secured internship placements across the hospitality industry, with several already transitioning into permanent employment opportunities”.

The Lagos State tate Commissioner of Art and Culture, Toke Benson-Awoyinka, who was represented by the Deputy Director of the ministry, Idera Folakemi, hailed the initiative for impacting meaningfully on the lives of young people in the country.

IFC targets investment in Nigeria’s livestock, energy sectors

The International Finance Corporation (IFC) has concluded plans to send a mission to Nigeria to explore scalable investment structures that could unlock private capital.

Managing Director of the corporation, Diop Makhtar, announced this in Kigali, Rwanda, during a meeting with President Bola Tinubu on the sidelines of the just concluded 13th Africa CEO Summit.

Makhtar, who led an IFC delegation that included Regional Vice President, Africa, EthiopisTafara, and Director, Central Africa and Nigeria, IFC, Dahlia Khalifa, said IFC is interested in discussing modalities for collaboration with Nigeria in energy, housing, and livestock production.

He lauded President Tinubu for the bold reforms initiated by his administration, especially the removal of the fuel subsidy and the harmonisation of the nation’s exchange rate.

Makhtar described Nigeria’s reform process as courageous and transformative, sending a strong signal to international investors about the country’s commitment to difficult but necessary reforms.

He said local currency facilities and banking partnerships, including structures involving Nigerian financial institutions such as Access Bank, could strengthen efforts towards interstate financial integration, ease trade, and enhance business across the continent.

Makhtar said African leaders faced common development challenges and must collectively drive what he described as “African Renaissance” built around strong African institutions and regional economic champions.

At the meeting, President Tinubu reaffirmed Nigeria’s openness to harnessing private capital for institutional development.

He stated that it has become imperative for African pension funds to evolve into strategic development finance instruments capable of supporting major infrastructure and productive-sector investments.

President Tinubu also said African leaders, as well as the private sector, must focus on mobilising African institutional capital to finance infrastructure, energy transition, and long-term economic transformation across the continent.

He said this is fundamental to the realisation of the continental effort to upscale development across the continent and lift it out of its present socio-economic challenges.

He said the continent must also focus on decentralising energy systems and transmission infrastructure to attract private-sector investment, including strengthening regional interconnectivity and transmission lines as part of Africa’s long-term industrialisation agenda.

“If you want Africa to leapfrog, then energy transmission and decentralisation are important. The funding gap is there, and we must work together”, the president said.

A State House statement signed by the Special Adviser to the President, Information and Strategy, Bayo Onanuga, said the meeting discussed mechanisms for using institutional investors, local currency financing structures, and swap arrangements to deepen infrastructure funding.

AFC commits US$100m to accelerate Africa’s digital industrialisation

The board of Africa’s leading infrastructure solutions provider, the Africa Finance Corporation (AFC), has approved a commitment of up to US$100 million to invest in Africa-focused technology fund managers.

The launch comes at a pivotal moment for Africa. The continent’s digital economy is projected to contribute over US$700 billion to GDP by 2050, driven by a fast-growing, digitally connected population and accelerating enterprise adoption of technology.

Despite this momentum, a persistent gap in long-term institutional capital continues to constrain the development and scaling of high-potential technology businesses across the continent.

Through this commitment, AFC will deploy catalytic capital in leading Africa-focused technology Funds and in particular African-owned fund managers.

In doing so, AFC aims to address the underrepresentation of local capital in venture funding by catalysing greater participation from African institutional investors and deepening local ownership within the ecosystem.

Africa’s venture capital ecosystem has demonstrated real potential – the continent has produced nine unicorns, some of its leading fund managers have generated returns of up to 128 times the capital originally invested, and African start-ups raised US$3.8 billion in 2025 alone. Yet local institutional capital remains significantly underrepresented across many fund cap tables, with the majority of venture funding continuing to flow from international sources. AFC’s commitment is designed to shift that dynamic.

President and CEO of AFC, SamailaZubairu, said: “Across the continent, young Africans are not waiting for the digital economy to arrive; they are seizing the moment — adopting technology, creating markets and solving real economic problems faster than infrastructure has kept pace.

That is the investment signal. AFC’s US$100 million Africa-focused Technology Fund will accelerate the convergence of growing demand, rapid technology adoption, youthful demographics and the enabling infrastructure we are building.

Digital infrastructure is now as fundamental to Africa’s transformation as roads, rail, ports and power — enabling productivity, payments, logistics, services, data and cross-border trade, while creating jobs and industrial scale.”

As part of the initial deployment, AFC has made anchor commitments to Lightrock Africa Fund II and Future Africa Fund III, positioning the Corporation across the full innovation lifecycle – from early-stage venture capital through to growth-stage scaling.

These initial commitments represent the first tranche of a broader deployment, with AFC actively evaluating a pipeline of additional Africa-focused funds spanning a range of strategies and stages, with further commitments expected in the near term.

Pal Erik Sjatil, Managing Partner & CEO, Lightrock, said: “We are delighted to welcome Africa Finance Corporation as an anchor investor in Lightrock Africa II, deepening a strong partnership shaped by our collaboration on high-impact investments across Africa, including Moniepoint, Lula, and M-KOPA.

Founding Partner, Future Africa, IyinAboyeji, said young Africans are not waiting for the digital economy to arrive; but are already among its most active participants globally.

“What they need now are the skills, productive assets and infrastructure to build and scale within it. By investing in AI-native skills, financing productive tools such as phones and laptops, and expanding energy, connectivity and compute infrastructure, we can convert Africa’s greatest asset — its people — into critical participants in the new global economy.

“AFC’s US$100 million commitment is the anchor this moment demands. As our first multilateral development bank partner, AFC is sending a clear signal that digital is as fundamental to Africa’s transformation as agriculture, manufacturing and physical infrastructure.

“We trust that other development finance institutions, insurers, reinsurers and pension funds will follow AFC’s lead”, he said.

NDIC, Nile University partner on leadership immersion for business students

The Nigeria Deposit Insurance Corporation (NDIC) has reaffirmed its commitment to talent development and stronger collaboration with academia through the Executive Industry Immersion Challenge (EIIC) organised in partnership with the Nile Business School, Abuja.

Speaking at the opening ceremony of the four-day programme at the corporation’s headquarters in Abuja, the Managing Director and Chief Executive of NDIC, Thompson Oludare Sunday, described the initiative as a strategic response to the widening gap between academia and the business community.

He said the changing global work environment now demands professionals with both academic knowledge and practical understanding of the corporate world.

“The Executive Industry Immersion Challenge has provided the NDIC with the opportunity of a practical platform to expose participants to real-world experience in policy formulation, institutional governance, and public sector management”.

Sunday reiterated the commitment of the NDIC, as a critical financial safety-net institution, to promoting financial system stability and enhancing depositor confidence in the country’s financial system.

He urged participants, who are students of the university’s executive MBA programme, to embrace the values and lessons from the programme as guiding principles for leadership and national development.

The NDIC boss stressed that institutions can only earn public trust when their actions consistently reflect honesty, ethical conduct, good governance and transparency.

Also speaking, the Project Coordinator of the programme for NDIC and Director of Research, Policy and International Relations Department, Ibrahim Aliyu, said the EIIC was deliberately designed as an experiential learning initiative aimed at bridging the gap between theory and industry practice.

In his remarks, the Dean of the Nile Business School, Prof. Hauwa Lamido, represented by a senior faculty member, Dr. Festus Ekechi, said the choice of NDIC for the immersion programme was based on its record of sound corporate governance, professionalism and integrity within the nation’s financial sector.

He added that the school would take deliberate steps to integrate lessons from the programme into its curriculum to ensure participants apply the knowledge gained in their workplaces.

Experts seek implementation of tax incentives under Nigeria Startup Act

Stakeholders in Nigeria’s technology and innovation ecosystem have called for the implementation of tax incentives under the Nigeria Startup Act, saying the measures are critical to attracting investment, supporting innovation and driving economic growth.

The stakeholders spoke at the startup technical training organised by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) in partnership with French Tech and Duplo in Lagos.

Speaking on the issue, Senior Associate at ALEX, Jibrin Dasun, highlighted the importance of fiscal policies designed to reduce the burden on emerging businesses and encourage long-term investment in the digital economy.

According to him, the Nigeria Startup Act 2025 provides a range of incentives for “labelled startups”, including tax holidays, investment tax credits, capital gains tax exemptions and research and development deductions aimed at strengthening the country’s innovation ecosystem.

The act allows qualified startups operating in pioneer sectors to enjoy tax reliefs for an initial three-year period, renewable for an additional two years, subject to approval by the Nigerian Investment Promotion Commission (NIPC).

Dasun noted that the incentives were introduced to position Nigeria as a leading hub for digital entrepreneurship in Africa by lowering operational costs for startups and making the sector more attractive to local and foreign investors.

He explained that investors in labelled startups may also benefit from tax credits of up to 30 per cent on qualifying investments, while capital gains from startup investments held for at least two years could be exempted from taxation.

Manager, Finance and Tax Consultant, KPMG Africa, Nicholas Etsu, said the incentives also extend to investors, including angel investors, venture capital firms, accelerators and incubators.

He said the incentives also extend to investors, including angel investors, venture capital firms, accelerators and incubators.

“The policy allows qualifying investors to access tax credits and exemptions on gains derived from investments in labelled startups.

Other benefits under the Act include deductions for research and development expenses incurred in Nigeria, reduced withholding tax rates for certain foreign technical service providers, and exemptions from Industrial Training Fund contributions for startups that provide in-house staff training.

Industry experts, however, stressed that beyond the provisions of the law, effective implementation remains key to unlocking the full benefits of the incentives.

They argued that many startups still face challenges accessing the incentives due to regulatory bottlenecks, limited awareness and compliance hurdles associated with obtaining startup labelling and other approvals.

Analysts believe that with improved implementation, Nigeria’s startup ecosystem could witness increased investment inflows, greater job creation and accelerated innovation across sectors including fintech, agritech, healthtech and digital services.

Nigeria remains one of Africa’s leading startup destinations, with technology ventures attracting significant funding over the past decade.

Second cohort of Moniepoint DreamDevs Bootcamp set for Demo Day

Moniepoint has announced that the second cohort of its flagship DreamDevs Bootcamp will conclude with a Demo Day event scheduled for May 26, 2026, at the company’s Ikeja facility in Lagos.

The event, themed “Training Done! Demo Up!”, will showcase the capstone projects built by participants following nine weeks of intensive, industry-grade software engineering training.

The DreamDevs Bootcamp is Moniepoint’s commitment to identifying and developing the brightest engineering talent across Africa.

The nine-week intensive programme is designed to immerse participants in real-world, practical software engineering through a curriculum spanning Java OOP Foundations, Data Structures & Algorithms, Testing, MySQL & JDBC, Spring Boot APIs & System Design, Docker & Messaging Queues, Frontend UI & Cloud Infrastructure, and core Practical Software Engineering Concepts. In recognition of their commitment and effort, cohort participants are paid monthly throughout the duration of the programme.

The curriculum was developed by the Engineering Unit at Moniepoint and delivered in partnership with Semicolon, a leading technology education institution.

Admission to the DreamDevs Bootcamp is highly competitive, with only top performers advancing through multiple stages of assessment, including a HackerRank technical test and an in-person code challenge, before earning a place in the programme.

Moniepoint’s Co-Founder and CTO, Felix Ike, reflected on what the programme means to the company and the country

“Engineering excellence is a curated and intentionally built process that requires the right systems, resources, and time.

“The DreamDevs Bootcamp is our way of taking that responsibility seriously. We designed a programme that does not just teach syntax or frameworks, but develops engineers who can think, solve, and build at the highest level.

“Seeing graduates from our first cohort already thriving within our engineering team tells us we are on the right track, and we are excited to see what this second group brings to Demo Day”.

Some of the first cohort’s successful graduates are now active members of the Moniepoint engineering team, a testament to the programme’s effectiveness and its role as a genuine pipeline for world-class engineering talent.

The DreamDevs Bootcamp reflects Moniepoint’s broader mission to invest in Nigeria’s talent and build engineering capacity that can compete and lead on a global stage. Moniepoint looks forward to welcoming the second cohort to the fold and witnessing the innovative solutions they have built.

Monnify plugin for Zoho Books simplifies payment collection for businesses in Nigeria

Leading payment gateway service, Monnify, is now available as a  plugin for Zoho Books, a comprehensive cloud-based accounting platform.

With this plugin, businesses in Nigeria can simplify how they invoice and collect payments while offering end-to-end financial management, and improving operational efficiency.

With the Monnify plugin, available in Zoho Marketplace, businesses can generate invoices in Zoho Books and select Monnify as their preferred payment gateway.

Customers are then directed to a secure Monnify checkout page where they can conveniently pay using Nigerian debit or credit cards, bank transfers, or other supported payment channels.

This plugin allows real-time reconciliation of payments within Zoho Books, helping merchants reduce administrative overhead, manual effort involved in recording payments, and gain better visibility into their cash flow.

“We believe that payments should be seamless, efficient, and reliable,” said Ifeanyi Duru, Senior Vice President of Enterprise Network Sales at Moniepoint Inc. “The Monnify plugin for Zoho Books helps simplify how businesses receive payments while offering customers multiple options to settle invoices. With this, entrepreneurs and SMEs can focus on running their businesses with confidence that their collections and financial records are always in sync.

“At Zoho, our goal is to provide comprehensive, and connected financial ecosystem that reduces operational complexity for growing businesses,” said Prashant Ganti, Vice President of Global Product Strategy, Finance and Operations BU, Zoho.

“As Nigerian businesses scale, they need their accounting and payment systems to work together seamlessly. With Zoho Books and Monnify, businesses can move from invoicing to collections without the friction, while maintaining accurate financial records with better visibility into their cash flow”.