General News
Lagos State Bond records 18% over Subscription
The Lagos State N50 Billion bond issue has recorded an oversubscription of 18 percent leading to the raising of a total amount of N58.9 billion.
Mr. Rotimi Oyekan, Commissioner for Finance and Mr. Opeyemi Bamidele, his Information and Strategy counterpart, made this disclosure at a joint press briefing held in Ikeja.
He said though the challenge was to raise N50Billion, but successfully raised 58.9Billion. “This is the first issue in the last 18 to 24 months in the annals of the recent history of the Nigerian financial markets that would record an oversubscription,” he said.
Mr. Oyekan added that by oversubscribing to it, the Nigerian public and Lagosians in general have displayed their confidence in the issue and in the Governor Babatunde Fashola –led administration.
He added that the state has already reached out to the Security and Exchange Commission to allow the State make use of all of the oversubscribed funds of the issue, which is subject to the approval of SEC, adding that the State is still awaiting SEC’s directive on the move.
He explained that if SEC however directs the return of the oversubscribed funds, it would be returned to the investors who made the money available as soon as possible.
The Finance Commissioner emphasized that the success of the State in the Bond issue is a clear demonstration that investors will always embrace issues that have clearly spelt out purposes, institutions that have directions and are direct and conservative.
Mr. Oyekan revealed that the state shall be coming to the market again this year to sustain the volume of work that the government is doing in Lagos through this kind of financing subject to regulatory approvals. “We intend to come back to the market to launch something in furtherance of what we have started.”
This result he said is a vote of confidence by the Nigerian investing public in the capital market. “It shows that the capital market can still stand as an avenue where people can access funds for their needs provided they meet minimum criteria as spelt out by the regulatory authorities,” he said.
He reiterated that it is also necessary to communicate the over subscription to ensure that more people continue to invest in capital markets where people who have money are needed, adding that it is clear that governments at all levels and private institutions require the access to do the jobs of development of all the people and financing that is very important for their welfare.
Also speaking, Mr Ben Akabueze, Commissioner for Economic Planning and Budget, expressed the hope that other issuers, governments and other agencies will summon the kind of courage which the Lagos State Government has brought to bear in ensuring the rebuilding of confidence in the market.
He stated that the capital market is one which thrives substantially on confidence but which has been greatly shaken in the last several months with the risk of the people throwing away the baby with the bath water.
Mr. Akabueze added that the Capital market remains a veritable option for those who intend to raise funds and those with surplus funds to invest just as the state has done pointing out that what is required is greater care in choosing the instrument to invest in.
The Finance Commissioner also listed some of the projects to benefits from the Bond to include the Yaba to Iddo road, the construction of a bridge to link Okota to Surulere and the recently completed Bourdillon Road and many other on-going.
“What we will be doing is to use the process of the Bond to complete all these projects or refinance the obligations that we entered into when we started the projects such that we will have repayment obligations that are long term in nature. It would enable us manage those obligations better than we are using short term funding”.
He also called on the Federal Government to as a matter of necessity create the enabling environment that would enable people have the confidence to invest in equity markets and a market that allows investors to diversify their holdings .
General News
Cellulant Taps Freddie Oduro to Lead Enterprise Payments Expansion in Ghana

Cellulant, a leading Pan-African payments company enabling seamless digital transactions across Africa, has appointed Mr. Freddie Oduro as its new Country Manager for Ghana.

Mr. Freddie Oduro, New Country Manager for Ghana.
Freddie’s appointment is a key step in Cellulant’s broader strategy to deepen its presence in priority markets by accelerating the acquisition of in-country enterprise businesses and strengthening its position as the payments partner of choice in Africa.
Freddie brings over a decade of commercial and strategic leadership experience in the telecommunications and financial services sectors, with expertise in sales, business operations, and market expansion.
In his new role, he will drive merchant acquisition, strengthening partnerships, oversee collections and payout operations, while ensuring strong internal controls and regulatory compliance.
He joins Cellulant from Payaza and previously served as Sales Director at Cellulant, where he helped significantly expand the company’s footprint in Ghana.
Cellulant has been powering payments in Ghana for leading brands in sectors like e-commerce, utilities, oil and gas and retail, helping them offer their customers a wide range of secure digital payment options.
“We are happy to welcome Freddie back to the Cellulant family,” says Richard Gesimba, Chief Revenue Officer at Cellulant. “Ghana remains a critical market for us, with immense potential driven by rising digital payments adoption.
“As we sharpen our focus on in-country enterprise customers, Freddie’s leadership and industry insight make him the ideal person to steer our Ghana operations.”
The appointment comes at a transformative time for the company. Following a strategic shift between late 2023 and early 2024, focused on streamlining operations, doubling down on enterprise payments, and strengthening customer intimacy, Cellulant achieved profitability in 2024 and continues to build on this momentum.
The company now processes close to 4.5 million transactions daily for businesses across Africa, reinforcing its position as a fintech leader.
“I am honoured to return to Cellulant and lead the Ghana team at such a defining moment,” says Freddie, Country Manager for Cellulant Ghana. “Ghana presents a tremendous opportunity.
“We will ramp up our efforts to sign on more local merchants, strengthen our compliance and control frameworks, and introduce innovative solutions like Tingg Edupay, our automated school fee management solution that eliminates reconciliation delays by validating payments in real time and instantly updating student accounts.
“We will build on Cellulant’s strong foundation to deliver real value, reliability, and economic impact.”
Ghana’s digital payments sector continues to grow steadily, supported by increased mobile money usage and a progressive regulatory environment. Between January and October 2025, the value of mobile money transactions hit about GH¢ 3.6 trillion, up sharply from GH¢ 2.37 trillion in the same period of 2024.
Registered mobile money accounts now exceed 79 million, demonstrating strong consumer and business confidence in digital financial services and in turn creating many opportunities for payment innovation.
This leadership appointment underscores Cellulant’s commitment to building a resilient, high-performance organisation geared towards playing a pivotal role in the next era of Africa’s digital economy.
Looking ahead to 2026, Cellulant plans to further enhance the user experience on its payment platform, Tingg, and expand its footprint across Ghana.
General News
Top Nigerian Startups Secure Funding Boost @ iHatch Demo Day Awards

Nigeria’s startup ecosystem received a fresh injection of momentum as top emerging ventures secured funding and investor attention at the iHatch National Demo Day, where Interface Africa clinched the highest prize of $15,000.

The 4th cohort of the NITDA–JICA-backed accelerator brought together founders, policymakers, and venture stakeholders in Abuja, showcasing innovations ranging from clean-energy financing and digital food marketplaces to next-gen fintech tools.
The startups went rounds of running through state-level selections and regional competition. iHatch was established in 2021 as a strategic partnership to create an enabling environment for young Nigerians to develop and scale their innovative solutions.
The iHatch National Demo Day (4th Cohort), is an initiative by NITDA and JICA which provides a clear pathway for homegrown talent to contribute significantly to economic diversification and digital transformation.
After rigorous selection processes, the top founders converged to pitch their innovations, recognised the standout performers, which are:
Interface Africa with $15,000, the firm is driving Nigeria’s clean energy transition by enabling structured and affordable solar financing.
Ahioma with $12,000, the firm enhances food accessibility with a digital marketplace connecting consumers directly to trusted vendors.
Linia Finance with $10,000, the firm is helping Nigerians take control of their finances with tools for budgeting, tracking, and smart money planning.
Chapta got a laptop reward. They delivering an offline-capable school application ensuring consistent, accessible learning for students everywhere.
Softdrop also got a laptop reward, they solve logistics challenges through a modern delivery platform designed for speed, convenience, and efficiency.
General News
Fidelity Bank to Host Virtual Masterclass on New Tax Law

Fidelity Bank Plc, a leading financial institution, will host a free virtual training on the Nigeria Tax Act 2025 (NTA) as part of its commitment to helping small businesses prepare for the upcoming legislation.

Fidelity Bank
The masterclass is scheduled for 10:00 AM (Nigerian time) on Friday, 12 December 2025. It will provide participants with clear insights into changes in the tax framework, the impact on income and business operations, and practical steps to avoid penalties in 2026.
Attendees will also learn strategies to stay ahead in an evolving regulatory environment.
The Nigerian government enacted major tax reforms on 26 June 2025 when President Bola Ahmed Tinubu signed four tax bills into law.
These Acts will take effect on 1 January 2026 and represent a significant overhaul of the country’s tax system.
The reforms aim to modernize and harmonize Nigeria’s tax framework, improve revenue generation, broaden the tax base, and create clearer rules for individuals, businesses, and government agencies.
“Our decision to host this masterclass reflects our commitment to empowering businesses with the right information ahead of the commencement of the new tax regime.
“Information is money and a well-informed business owner is already steps ahead in the race to success.
“This is why we are bringing experts to provide accurate details and demystify the tax act,” said Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc.
Interested participants can register via https://bit.ly/2026TaxLawMasterclass .
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