News
Access Bank, FG Partner to Provide N50bn Funding for MSMEs
Access Bank has said that it will be working with the Office of the Vice President to provide N50 billion as soft loans and grants to four million Micro, Small and Medium Enterprises (MSMEs), in the country.
Chioma Ogwo, Head, Emerging Businesses at Access Bank Plc, disclosed this at the Inaugural Job Creation and MSME Quarterly Communications Forum in Abuja on Thursday.
Ogwo said the initiative was aimed at empowering businesses in Nigeria, by building their capacities and providing them with financial support.
According to her, 4 million MSMEs are expected to be empowered every year for four years, with 70,000 having access to finance while 300,000 will receive training.
She also mentioned that as part of the initiative, selected SMEs will have the chance to travel overseas and observe how businesses operate in other nations through its Business Exchange Programme.
Ogwo said: “So, this initiative, called the Youth Thrive by Access, is focused on MSMEs and we are looking at empowering them. There are different ways in which we are going to empower them. We are going to empower them by building their capacity and giving them access to affordable finance.
“We are going to build their capacities in different ways. There is going to be digital, technical, and also, skill acquisition training. With regards to finance, we are going to be giving them loans, and we are also going to be giving them grants.
“The grants are free. They are not paying us back. But, we are only giving grants to deserving SMEs who have done very well and there are price ranges for different categories.
“So, we have earmarked 50 billion for this intervention. For the first year, we will look at it and then will would review it”
While praising Access Bank for the initiative, Mr. Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, Office of the Vice-President, stated that the objective was to remove obstacles to MSMEs’ loan access and to secure lower interest rates for them.
Johnson added that after evaluating the initiative’s effectiveness, the federal government would then consider whether to expand the funding.
According to him, “What we are trying to achieve is to be able to guarantee seamless and easy access to funding for the SMEs. We want businesses to be able to apply for funding and be sure that in the worst case, in 14 days, you have the funds that you need for your business.
“We do not want businesses to apply for loans and be waiting for disbursement in six weeks. Some of these businesses can fold up within those months. So, what we want, and what they have promised us, which we know they have the capacity to deliver on, is that this disbursements will be quick after the loan assessments are processed, so that we will help reduce the bottlenecks of MSMEs running from pillar to looking for funding.”
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Affordable, Flexible Streaming Platforms May Kill PAYtv – Report
FG Suspends NAICOM’s N680m Insurance Recapitalisation Fees
FG Taps Indian, Chinese Technologies to Tackle $2.5Bn in Food Losses
MTN Nigeria Clocks 25, Connects over 90m People
Subscribers to Seek Legal Redress if Poor Quality of Service Continue in September
EFCC Busts NIS Visa Overstay Racket, Uncovers N700m in an Account
Fact-Check: Elon Musk’s “Tesla Pi Phone” is Internet Rumor
NBC Tasks Broadcasting Stations over 2028 DSO Global Deadline
NBC Scraps Annual Digital Access Fee on DSO
Glo Sponsored African Voices to Feature Netflix’s “The Polygamist” Stars
E-Business2 days agoX Replaces Revenue Sharing wit New Creator Rewards Programme
Telecom2 days agoMTN Alerts Subscribers over Fake 25GB Anniversary MTN Data Giveaway
E-Financial2 days agoInterswitch, Temenos Commit to Advancing Nigeria’s Digital Banking Technology
General News2 days agoFake Agency: ICPC Indicts NITDA, Others over Inadequate Due Diligence
E-Financial2 days agoFG Spent N3.1 Trillion on Domestic Debt Servicing in Q1- DMO
General News2 days agoUNESCO Taps Oguamanam,Nigerian Scholar to Advisory Body on Science, Tech Ethics
General News2 days agoTax Reform Built on Taxing Prosperity, Not Poverty– Adedeji
Broadcasting2 days agoAwba-Ofemili Unveils 2026 Health Campaign, Offers Free Medical Screening