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From Cowries to Mobile Money

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Great ancient African empires were regional kingdoms where trade and commerce where striving before the advent of colonialism. The great kingdoms of Africa from the Ashanti Empire (Modern Ghana) to Zulu Land (Southern Africa), were striving strong economic centers serving local and regional communities. Commodity trading and services where exchanged at reasonable and stable rates to meet the expansionist drive of the kingdom. Money had always been used all across the old world and Bible even recorded that at some point, tax was demanded from Jesus Christ in form of a gold coin. Many forms of currencies were in use all across Africa, ranging from shells, salts, cloths, grains, goats to even, human slaves! Though all forms of money tokens were existing all across Africa but the cowry was one of the early currency standards. Value was judged based on how many Bags of cowries that is in possession. Bill Gates would have required ware houses filled with bags of cowries to be the richest man in the world by cowry standards and western Union would actually need the logistics of UPS and DHL, combined, to remit money across the globe by the cowry standards. By the cowry standards, value is hard to determine since all you will require to become rich is to live by the sea side and visit the coastline on a consistent basis. The acceptance of cowries was strongly supported by religious beliefs of having power of fertility and it was on that basis that the acceptance was universal across the West African region without a need for regulatory approvals. Metals were later to be adopted and used across many economies in Africa. Metalworking has ancient beginnings in Africa. Bracelets, anklets and collars that were cast or hammered from copper were widely used for transactions and also as a means to store wealth. Coins later emerge in many territories across Africa as colonial powers became strong business partners all across Africa. The Austrian Maria Theresea ‘Thaler’ was one of the most used coins in the early stages and It was so popular that the supply could not meet the demand. The British Royal Mint also made coins for overseas trade in Africa in 1937, followed by other European colonial powers all across Africa. Coins has its own intrinsic value, some were made with silver or gold. Money evolved very quickly from coins and other commodity based value systems to Paper currency in Africa by the mid 2Oth century. Most African nations, though pre-independence where issuing paper based currencies for local trade and international trade. Paper based currencies gave rise to the use and adoption of other monetary instruments that are also acceptable as a means of legal tender by Government decrees or fiat. Paper based Money was strongly promoted as Banks begin to reach more provinces and commercial cities / towns in Africa. Electronic money in forms of credit/Debit Cards which is an offshoot of paper based money could not gain wide spread use in Africa because of limited points of acceptance, huge cost of infrastructure roll out and literacy levels in Africa. Welcome to the future. Mobile Money is changing the way people transact Business and Banking in some countries on the continent. Africa is home to millions of Mobile phone users and it has reached more people in Africa than Internet, Banking, ATM, Television and radio, combined together. Though still not documented or legalized as a form of legal In some parts of Africa, Mobile money is already striving informally in some countries where more than 5 percent of Airtime top ups are actually exchanged for money at corner stores and street vendors. It is only a matter of months and years before the MPESA bug catches up all around Africa


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LG Electronics Celebrates Women Who Power Progress @ 2026 Women’s Month Event

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LG Electronics has reinforced its commitment to gender inclusion and women’s empowerment with the successful hosting of its 2026 Women’s Month event, themed “Women Who Power Progress,” at its Lagos office.

The event brought together accomplished women from diverse industries for a thought‑provoking panel discussion that explored their personal journeys, career-defining moments, and the inspiration behind their success in traditionally male-dominated and highly competitive fields.

The distinguished panel featured award‑winning filmmaker Mrs. Biodun Stephen, Mechanical Engineer Engr. Adeola A. Adeleke, Interior Design Leader Dr. Jennifer Chukwujekwe, and MEP Engineer Engr. Moyosore Onabolu. The session was expertly moderated by actress and entrepreneur Blessing Obasi‑Nze, who guided candid conversations around ambition, resilience, and purpose.

Throughout the discussion, panelists shared compelling stories of perseverance, the challenges they overcame, and the values that shaped their professional paths. They also offered practical advice to women navigating their careers, emphasizing the importance of resilience, continuous learning, self-belief, and mentorship as key drivers of long-term success.

A major highlight of the event was the keynote address delivered by Engr. Dr. Funmilade Akingbagbohun, the first female National Chairman of the Nigerian Institution of Mechanical Engineers (NIMechE), Mechanical Engineer, and STEM Advocate. Her keynote address tagged “Women Building, Fixing, Innovating, and Powering the Future of Technology,” delivered a compelling call to action for women, organisations, and society at large.

“Women are building, fixing, innovating, and powering the future of technology. As we mark International Women’s Day, my call to action is simple but urgent: rise, build, break barriers, and lift others along the way,” she said.

“To organisations like LG Electronics, continue to foster inclusive environments where women can thrive, lead, and innovate. To every woman here, be bold, pursue excellence, and never underestimate your potential. To the next generation, embrace STEM careers with confidence and courage. And to all of us, support one another because success is more meaningful when it is shared.”

“While we celebrate progress, we must acknowledge the challenges that still exist, from gender stereotypes and underrepresentation in leadership to the pressure of balancing multiple roles. Yet today’s woman is competent, resilient, and visionary. We are no longer waiting for opportunities; we are creating them, claiming them, and excelling in them. When women rise, organisations grow, and society progresses. There is no limit to what we, as women, can accomplish.”

Speaking at the event, the Managing Director of LG Electronics, Mr. Hyoung Sub Ji, underscored the company’s belief in the transformative power of inclusion.

“At LG Electronics, we believe that empowering women is not just a social responsibility, it is a catalyst for innovation, growth, and sustainable progress. Creating platforms where women’s voices and experiences are celebrated is essential to building a more inclusive future,” he said.

Held in a vibrant and engaging atmosphere, the event also provided a valuable networking platform for attendees to connect, celebrate achievements, and exchange ideas in a relaxed and inspiring environment.

In line with the broader International Women’s Day theme, “Give to Gain,” LG Electronics used the occasion to reaffirm its belief that investing in women strengthens communities, organisations, and society at large.

Through initiatives like “Women Who Power Progress,” LG Electronics continues to champion diversity and inclusion, celebrating women who are not only breaking barriers but actively shaping the future and powering progress across industries.


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EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

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Economic and Financial Crimes Commission (EFCC) has warned of rising cryptocurrency-related crimes, revealing that illicit digital currency transactions exceeded $160 billion globally in 2025.

EFCC Waxes Worriedly over $160Bn Crypto Crime Losses

Ola Olukoyede, chairman, raised the concern during the inauguration of the United Nations Office on Drugs and Crime Country Programme for Nigeria (2026–2030) in Abuja.

Olukoyede, warned that digital currencies such as Bitcoin are increasingly being exploited by criminal networks to move funds across borders undetected.

According to him, advances in technology, weak regulatory frameworks, and gaps in global financial systems have created fertile ground for cyber-enabled financial crimes.

The anti-graft agency boss stressed that tackling cryptocurrency crime required coordinated national strategies, stronger institutions, and intelligence-driven enforcement.

According to him, the new UNODC programme comes at a critical time when Nigeria and the global community are facing growing threats from organised crime, cybercrime, and illicit financial flows.

Olukoyede described the initiative as a strategic platform to strengthen the rule of law, improve the criminal justice system, and protect citizens from financial and violent crimes.

Musa Aliyu, chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), in his comments, called for stronger inter-agency cooperation.

Aliyu said Nigeria faced interconnected threats, including violent extremism, smuggling, organised crime, and illicit financial flows, warning that no single agency could address them alone.

 

 


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FG Awards N50m Each to 45 Students under S-VCG

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Federal government has awarded N50 million each to 45 students selected from 65 finalists drawn from public and private tertiary institutions nationwide under the Student Venture Capital Grant (S-VCG).

FG Awards N50m Each to 45 Students under S-VCG

Tunji Alausa, minister of Education, unveiled the initiative at the weekend at the United Nations Development Programme Innovation Hub in Ikoyi, Lagos, describing it as a bold step toward positioning Nigerian youth as drivers of global innovation.

Alausa said the programme marked a significant shift in education policy, aimed at empowering students through innovation, entrepreneurship, and skills development. He noted that the grant offers equity-free funding, mentorship, incubation, and access to digital tools.

He explained that the beneficiaries emerged after a rigorous selection process involving over 30,000 applicants from more than 400 tertiary institutions across the country, culminating in a three-day bootcamp and pitch session before industry experts.

According to the minister, the initiative is designed to transform tertiary institutions into hubs of innovation and economic development, enabling students to move from ideation to commercialisation and become job creators.

“Today is not just another programme event. We are activating a new future for Nigerian students where great ideas are nurtured into impactful solutions,” he said.

Also speaking, Suwaiba Ahmad, minister of State for Education, described student entrepreneurship as a critical national strategy for job creation and economic growth. She emphasised the need for institutions to move beyond theory and support students in translating ideas into viable enterprises.

Similarly, Bosun Tijani, minister of Communications and Digital Economy, commended the initiative, urging beneficiaries to focus on building sustainable and impactful solutions rather than pursuing short-term gains.

He advised students to adopt consistency and long-term thinking, noting that small, sustained efforts could lead to meaningful innovation and societal impact.

In her goodwill message, Elsie Attafuah reaffirmed the commitment of the United Nations to supporting Nigeria’s innovation ecosystem.

She encouraged beneficiaries to refine their ideas, respond to market needs, and contribute meaningfully to national development through innovative solutions.

The minister acknowledged key partners, including the UNDP, Google, and the Bank of Industry, for their support in implementing the initiative and expanding opportunities for young innovators across Nigeria.


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