General News
Over 53 Percent of Nigerians Aged 15 to 24 are Jobless- Salami
Zainab Salami, executive director and co-founder, MSwitch Creative Hub, on Sunday revealed that over 53% of young Nigerians aged 15-24 are jobless, emphasizing the urgent need for strategic interventions to tackle the crisis.
She emphasized MSwitch’s commitment to empowering young creatives and digital professionals by equipping them with the skills and opportunities needed for sustainable careers.
Salami disclosed this in Abuja during the MSwitch launch of the ‘Remote Job Initiative,’ a groundbreaking program in partnership with AfriLabs, aimed at positioning Nigeria as a global hub for digital excellence.
She emphasized that the initiative seeks to connect Nigerian talent with global employers, strengthening the country’s presence in the international digital economy.
She noted that the program aims to bridge the gap between talent and opportunity by equipping youth with essential skills, access to global employers, and state-of-the-art co-working spaces.
Salami said: “Over 53% of young Nigerians aged 15-24 are either unemployed or underemployed. This program will create 2,000 remote job opportunities for young creatives and tech professionals, enabling them to earn, grow, and contribute to the nation’s economy without leaving the country.
“Beyond job placement, this initiative is designed to equip young professionals with the tools and environment needed for long-term success.
“To support this, we are investing in infrastructure and establishing fully equipped co-working spaces with 24/7 electricity, high-speed internet, cutting-edge technology, and industry-standard tools to maximize productivity.”
In his remarks, Ajibola Odukoya, chief operating officer, AfriLabs, described the organization’s expansive footprint across Africa and its dedication to capacity building.
He emphasized that beyond training, the next step is placing Africans in gainful employment.
Odukoya said: “AfriLabs is the largest network of innovation and technology hubs in Africa. We operate in 53 countries, across 225 cities, with 500 physical locations, and have about 80 million people in our ecosystem.
“We have partnered with international businesses and generated a pool of over 200,000 job vacancies targeted at Africans of all ages, as long as they qualify. To solve infrastructure challenges associated with remote work in Africa, we are using our innovation hubs, such as MSwitch in Abuja, as dedicated workstations with world-class facilities to support productivity,” Odukoya added.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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