News
Afreximbank, Starcomms Ink N9.7Bn Deal

Africa Export Import Bank (Afreximbank) has concluded arrangements to extend a loan facility of $62 million (N9.7 billion) to new owners of Starcomms, Capcom to facilitate the acquisition of the latest fourth generation (4G) technology, according to a report in Leadership Newspaper.
Capcom plans to invest $210 million, consisting of selected assets of Multi-Links and MTS, two Code Division Multiple Access (CDMA) operators valued at $112 million and $98 million in cash into Starcomms as part of the proposed transaction.
Starcomms has since issued shares representing 90.5 per cent of the total new share capital to Capcom in exchange for its investment and is awaiting regulatory approvals.
Investigations by Leadership Newspaper showed that the African regional bank would fund a large part of the transaction with the sale of Multi-Links Limited fibre cable assets to Suburban FibreCo, a broadband operator with lots of dark fibre cables in the country.
The sale will raise needed cash required to make the deal a success and thereafter enable it launch Long Term Evolution (LTE) network with its 20MHz spectrum.
A fully binding sale and purchase agreement to purchase these assets is being finalised between Capcom and Suburban FiberCo. Suburban FiberCo is expected to satisfy its obligations under the sale and purchase agreement through a credit facility by Afreximbank and equity.
Multi-Links Limited was acquired by Helios Towers Nigeria (an infrastructure service provider that builds and rents towers to operators) in 2011 from Telkom of South Africa for $10 million following a trade partnership dispute which had to be resolved by a high court in Nigeria. Telkom SA acquired Multi-Links between 2007 and 2009 for $410 million.
It was learnt that the parent investors behind Helios Towers Nigeria, Helios Investment Partners (HIP) are the same people behind Capcom.
Capcom consists of the following principal entities: Helios Investment Partners, an Africa-focused private investment firm which manages funds in excess of $1.7 billion which also owns Interswitch Limited, a leading e-payment and transaction switching company in Africa.
Other investors are MBC, a private trust with a focus on investing in emerging markets; Oldonyo Laro Estate, a private family office based in Kenya with over 40 years experience of investing in Africa across numerous industries as well as the Asset Management Corporation of Nigeria (AMCON) which took over MTS Wireless, an indebted mobile operator that is involved in the Starcomms transaction deal.
Mr. Dem Elesho, chief executive officer of Multi-Links and CEO designate of the new Starcomms, confirmed to Leadership that Capcom would fund the transaction through a mixture of equity, debt and asset sales.
As part of the transaction Capcom has raised $50 million of equity from a limited number of key investors which has been deposited into escrow account ahead of the annual general meeting (AGM) which held on December 28, 2012.
Capcom’s turnaround strategy for Starcomms is based on a consolidation of the CDMA market and using the increased spectrum to shift its business model to the profitable data segment.
The company has reduced outstanding financial debt from N31.9bn in Q1 2010 to N15.1bn as at Q3 2012. Starcomms has seen declining sales and earnings before interest taxation depreciation and amortization (Ebitda) since third quarter 2010.
It has been unable to pay major infrastructure suppliers and invest in the network has exasperated the decline in the operating performance. Company has stopped all debt service to conserve cash, effectively going into consensual lender default.
News
MTN ASAP Enugu Stakeholders’ Conference Rallies More Action Against Youth Drug Abuse, Unveils N33Bn ASAP Impact

In a renewed push to confront the rising tide of drug abuse among Nigerian youth, stakeholders converged on Tuesday, June 9, 2026, at the ICC Dome, Enugu, for a State Stakeholders’ Engagement convened under the Anti-Substance Abuse Programme (ASAP).

The conference brought together government representatives, educators, development partners, and civil society actors to chart a unified path against substance abuse, with disclosures at the gathering revealing that an estimated ₦33 billion has so far been committed to developmental projects, programmes, and initiatives across the country, interventions that have impacted more than 33 million Nigerians directly and reached over 100 million through advocacy and awareness campaigns.
The Executive Governor of Enugu State, Barr. Peter Mbah, represented by the Secretary to the State Government, Prof. Chidiebere Onyia, commended the Foundation for its sustained investment in youth development and the fight against substance abuse.
He noted that the state’s transformation agenda is anchored in youth empowerment, education, healthcare, and human capital development – areas where the Foundation’s ₦33 billion commitment was already making a measurable difference.
“The MTN Foundation’s investment in youth development and the fight against substance abuse aligns directly with our administration’s transformational agenda. Initiatives like ASAP are exactly the kind of partnerships that move the needle on national development,” Prof. Onyia said.
He further urged other private sector players to emulate the Foundation’s example, stressing that the scale of Nigeria’s drug abuse demands sustained collaboration between government, the private sector, development partners, and civil society.
Addressing stakeholders, Odunayo Sanya, Executive Director of the MTN Foundation, said the Foundation, established in 2004 and fully funded by MTN Nigeria, was created to drive impact across health, capacity building, and economic empowerment, with deliberate focus on young people, who constitute the majority of Nigeria’s population.
She explained that the ASAP initiative, launched in 2019 in partnership with the National Drug Law Enforcement Agency (NDLEA) and the United Nations Office on Drugs and Crime (UNODC), was designed to reduce first-time drug use among young Nigerians through awareness campaigns and school-based interventions.
“We have reached over 50,000 students across the country and trained about 1,556 teachers as part of our efforts to create anti-drug ambassadors in schools and communities.”
“For us at the MTN Foundation, saving even one young person from substance abuse is a worthwhile achievement. The consequences go beyond the individual and affect families, communities, and the nation at large,” Odunayo said.
Looking ahead, she disclosed that the Foundation plans to reach more than 20,000 additional students in 2026 through expanded stakeholder engagements, school-based interventions, teacher training programmes, and community awareness campaigns.
She described substance abuse as a major threat to families, communities, and national development, stressing the urgent need for collective action to shield young people from addiction.
According to her, the Foundation’s mission is rooted not just in numbers, but in human outcomes – the lives, families, and futures it helps preserve.
The Executive Director, on her part, called on parents, educators, faith leaders, and community influencers to remain active partners in safeguarding the next generation from the dangers of substance abuse.
The intervention comes at a critical time. Fresh data presented at the conference indicate that over 360,000 youths in Enugu State – approximately 13.4% of the state’s young population – are actively involved in drug use.
Currently, the MTN Foundation (MTNF) and the United Nations Office on Drugs and Crime (UNODC) are conducting a comprehensive National Substance Use Survey to gather grassroots data on drug abuse, especially among secondary school students.
News
PalmPay MD Seeks Stronger Infrastructure, Access to Finance for SMEs @ Digital Pay Expo 2026

PalmPay has called for stronger infrastructure and better access to finance for small businesses as essential to the next phase of financial inclusion and economic growth in Nigeria.

This position was shared by Chika Nwosu, Managing Director of PalmPay Nigeria, during a panel session at Digital Pay Expo 2026, where regulators, fintech leaders, payment operators and other key ecosystem stakeholders gather to discuss the future of digital payments in Africa.
Speaking during a session focussed on advancing financial inclusion and SME growth, Nwosu said that while the micro, small, and medium enterprises remain central to economic activity, many still face real barriers around access to credit, reliable payment infrastructure, and the relevant digital tools needed to grow sustainably.
According to him, meaningful financial inclusion must go beyond onboarding more users into the formal financial rail. It must also address the structural issues that limit how small businesses participate, transact, and scale.
“SMEs contribute 40 per cent of the country’s GDP. For us in PalmPay, Financial inclusion is not just about enabling transactions. It is also about helping businesses access the tools and support they need to expand, build resilience, and create jobs.
He also highlighted the importance of digital literacy, noting that as digital tools and AI become more embedded in financial services, business owners must be equipped to use them effectively and responsibly.
For PalmPay, the future of inclusion will depend not only on innovation, but on how well the ecosystem reduces friction for small businesses and provides the infrastructure and financial support they need to grow.
Discussions at the event also pointed to the need for stronger collaboration across the ecosystem and more practical approaches to helping SMEs move from awareness to adoption of digital financial services.
PalmPay’s MD noted that unlocking the full potential of Nigeria’s SMEs will require a combination of accessible finance, financial education, trusted platforms, and coordinated ecosystem support.
News
Kaspersky Identifies over 336 Unique Domains Impersonating the Official World Cup Website

The World Cup 2026 kicked off on June 11 and alongside it the number of scammers attempting to exploit fan excitement has also increased. According to Kaspersky, at least 336 unique domains mimicking official World Cup resources have been detected. In addition, cybercriminals are actively exploiting growing interest in match streaming and sports betting.

Fake broadcasting schemes
Since the start of the tournament, millions of viewers worldwide have been tuning in across TVs and other devices to watch matches live. At the same time, fraudsters have been creating websites offering “online streaming” of the championship.
The scam works as follows: attackers set up fake websites that claim to provide free access to World Cup broadcasts. After clicking “Watch now,” users are prompted to register to gain access. They are then asked to pay a cryptocurrency fee for “lifetime tournament access.” The danger of this scheme lies in the potential loss of both registration data and cryptocurrency funds.
Betting traps: When the wager is already lost
Another trap targeting football fans involves fraudulent betting and match prediction platforms. For instance, a Spanish-language website was found requesting extensive personal information, including first and last name, email address, phone number and more, under the guise of account creation.
Such schemes expose users to credential theft, particularly if they reuse the same password across multiple services, as well as to potential financial loss.
“Since the start of the tournament, scammers have increasingly focused on the ways fans engage with the event online, as watching matches today requires only an Internet connection and a device.
As a result, criminal activity continues to grow, as reflected in the fraudulent websites we observe offering streaming and betting services in multiple languages. We recommend that users stick to official broadcasts to help protect their data and finances,” says Olga Altukhova, Senior Web Content Analyst at Kaspersky.
You’ve got mail: (Un)real predictions
Another attack scenario involves emails in which attackers attempt to trick users into sending money or clicking phishing links. To increase engagement, these messages often use compelling subject lines and persuasive wording.
In one observed case, fans received emails advertising football analytics services and match winner predictions. A notable feature is the sense of urgency, asking recipients to act quickly, which is one of the common indicators of a possible scam email.
In this case, users are asked to pay a $200 fee to access football analytics. While the offer targets fans interested in betting, paying for such “services” can potentially result in irreversible financial loss.
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