General News
AfDB, OpenOil Launch Report on How African Governments Manage Extractive Resources.
African Development Bank (AfDB) and OpenOil, a Berlin-based financial analysis firm, have jointly produced a report on how African governments use financial models to manage oil & gas and mining projects.
The report was launched at the 13th Annual General Meeting of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) in Geneva, Switzerland.
Over 150 experts and representatives of international development institutions, governments, civil society and extractives companies attended the launch.
These included the World Bank, United Nations Environment Programme (UNEP), United Nations Development Programme (UNDP), United Nations Conference on Trade and Development (UNCTAD), Organisation for Economic Co-operation and Development (OECD).
Mining companies and miners’ associations such as Newmont Mining Corporation, AngloGold Ashanti, Anglo American and International Council on Mining and Metals (ICMM) also attended.
The joint report was presented by Pietro Toigo of the AfDB’s African Natural Resources Center and Olumide Abimbola from OpenOil.
“This report is the first of its kind in Africa and we hope that it will stir debate within the continent’s mining sector and contribute to countries getting more out of their mining projects,” they told the participants.
The report, Running the Numbers: How African Governments Model Extractive Projects, analyses the capacity of 19 African resource-rich countries to use financial models, which simulate a simplified version of a real-world project in order to determine their financial benefits to the countries.
AfDB and OpenOil conducted a survey of nearly 50 government officials to illustrate not only how widespread use of financial models is, but also how their results are utilised to inform policy.
“Financial models are essential throughout the life-cycle of extractive projects,” said Johnny West, Director of OpenOil.
“They are not just important during the development of the fiscal regime, but also for the negotiation of fiscal terms with companies, for revenue forecasting, and for auditing and tax-gap analysis.”
“This report not only stresses the need for African Governments to make efforts to close the information gap with extractive companies, but also shows where there are capacity gaps and how those gaps could be addressed,” Traore said, urging development partners to invest more in capacity building.
Also, there is a substantial gap in access to data that are key inputs for financial models in African countries, with the largest gaps in assessing information on capital costs and operating costs of projects.
In addition to the need to build in-house financial modelling capacity, the report suggests that governments need to improve internal business processes and address the large gap that the report shows exist between information available to different agencies, departments and ministries.
“This study forms a crucial part of the Center’s support to African countries in realising the full potential of their natural resources”, Traore said.
“How are countries supposed to enter into negotiations with extraction companies that use financial models if the governments of such countries are not in possession of the latest and best models to calculate what a potential project is worth?” Toigo asked.
The report also encourages development partners to make capacity building in financial modeling a more significant part of their support to the management of extractive resources.
Partners doing so already were encouraged to not just supply financial models as part of isolated technical assistance, but to also invest in equipping government officials with skills to create and use models.
The Nigeria Immigration Service (NIS) has announced the rollout of a fully digital application system for the Combined Expatriate Residence Permit and Aliens Card (CERPAC).
The new online portal, https://cerpac.immigration.gov.ng, will become the exclusive platform for submitting CERPAC applications from August 1, 2025.
According to NIS, the digital migration is part of the Federal Government’s broader initiative to reform the immigration system by promoting transparency, improving operational efficiency, and enhancing the overall user experience for expatriates and organizations interacting with the Service.
In a press statement signed by A.S Akinlabi, Service Public Relations Officer, the NIS disclosed that manual or physical CERPAC forms will be completely phased out by July 31, 2025.
It noted that after this date, all applications must be submitted exclusively through the online portal.
The Service has advised applicants who have paid for physical forms but are yet to complete the submission process to do so on or before July 31, 2025, warning that any unsubmitted applications after the deadline will be deemed invalid, and associated payments may be forfeited.
Companies and individuals assuming Immigration Responsibility (IR) for expatriates have also been urged to ensure that all outstanding applications are finalized within the stipulated timeframe, to avoid potential delays or administrative setbacks.
“This digital transition marks a critical milestone in our effort to simplify processes and serve the public better,” the statement reads.
The NIS urged members of the public to direct all inquiries and correspondence regarding the new digital process to the office of the Public Relations Officer at the Service Headquarters in Abuja.
Tosin Eniolorunda and Felix Ike
Moniepoint joins a select group of leading fintech players recognised for their financial performance and success across 2023-4. The list – compiled by CNBC in conjunction with market research firm Statista – follows analysis of key performance indicators, such as revenue growth, transaction volume, employee headcount, and capital raised. The result is a diverse group of 250 trailblazing fintech companies.
Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint (formerly known as TeamApt Inc.) has been instrumental in advancing financial inclusion across Africa – especially for individuals and businesses operating in the informal economy, underserved by formal and traditional institutions.
The Company services 10 million+ customers through its comprehensive, integrated ecosystem of digital banking, credit, payments, and business management tools, and processes over one billion transactions monthly with volumes exceeding US$22 billion.
The accolade follows recent milestones for the Company which reiterate Moniepoint’s commitment to innovation and widening access to the formal financial system.
Notably, Moniepoint expanded its offering to Africans in the international diaspora via the launch of the MonieWorld platform. MonieWorld offers seamless remittance and digital financial services capabilities to individuals in markets such as the UK; the first time the Company has provided services to consumers outside Africa.
In June, Moniepoint was named in the TIME100 Most Influential Companies list for 2025, highlighting the Company’s extraordinary impact. Moniepoint has also been recognised by the Financial Times for three consecutive years as one of Africa’s fastest-growing companies, reflecting its remarkable revenue growth and business expansion; and by CB Insights in the Fintech 100 list, highlighting the Company’s status as one of the world’s most promising private fintech companies.
Tosin Eniolorunda, Group CEO of Moniepoint Inc., said: “It is an honour to be named as one of the world’s top fintech companies by CNBC. Moniepoint’s inclusion in this prestigious, authoritative list is testament to the hard-work and success of the entire team while highlighting our emergence as a key player shaping the future of fintech worldwide.
“Our mission to power the dreams of millions of African entrepreneurs and businesses continues to propel us forward with renewed vigor. As we continue to scale, we remain committed to driving global financial inclusion and widening access to economic opportunities for Africans everywhere – transforming lives and livelihoods.”
CNBC’s list of the world’s top fintech companies was launched in 2023 to identify global market leaders in technology-driven financial services. The list, which includes companies operating across various regions and market categories including banking solutions, digital assets, and payments, highlights the dynamic and rapidly evolving FinTech industry, offering readers, investors, and stakeholders a comprehensive overview of the leading players across various segments.
Innovative financial institution and pioneer of Africa’s first fully digital bank, Wema Bank, has reaffirmed its commitment to advancing women’s empowerment by partnering with the SheCan Conference for the fifth consecutive year.
The collaboration has announced it would empower women with N2 million grant during the 6th edition of SheCan 6.0. conference, that will be held on July 18, 2025, at Balmoral, Federal Palace Hotel, Lagos.
The event is expected to host over 7,000 women under the theme “SheCan Do More.”
Announcing this partnership, Wema Bank through its women-focused platform, SARA by Wema, said it will be awarding ₦2 million in business grants to support women entrepreneurs within the SARA Community.
This grant is to support small and medium businesses within the SARA Community to scale up their business.
Ayodele Olojede, Head, Retail and SME Banking at Wema Bank, said, “Wema Bank is committed to empowering women entrepreneurs by providing the financial backing, tools, training, and networks they need to scale sustainably. Year after year, we’ve seen the incredible ripple effect that access, and opportunity can create in the lives of women and their communities.
“Through SARA by Wema, our goal is to create an environment where Nigerian women can dream bigger, build stronger, and lead the economy with confidence. This partnership with SheCan is a statement of belief in the power of women to transform society.”
“This year’s partnership represents more than sponsorship; it is a tangible investment in helping Nigerian women build sustainable businesses, scale their impact, and contribute meaningfully to economic growth.
“Eligible applicants must be women-led businesses with active Wema Bank accounts and must be registered members of the SARA Community.
“Interested participants are required to submit a written pitch of no more than two pages, detailing their business and founder story, the problem being solved, target audience and competitive advantage, proposed use of the grant, and the expected outcomes and community impact. Entries must also include the applicant’s Wema Bank account number, full name, and the email address used to join the SARA Community.”
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