General News
Afreximbank, Sterling to Offer Supply Chain Finance in Nigeria

African Export-Import Bank (Afreximbank) has partnered with Sterling Bank to introduce ‘Payables Finance’, a supply chain finance product in Nigeria. This product, branded as ‘Afreximbank Tradelink,’ is one of Afreximbank’s digital offerings under the umbrella of the Africa Trade Gateway (ATG).

ATG provides African corporates and commercial banks with relevant digital tools to access market information, connect with buyers and sellers across the continent for efficient marketing and procurement, facilitate Know Your Customer (KYC) processes, and promote trade payments between African countries in local currencies.
The product enables suppliers to access financing from the banking system by obtaining early payment for invoices which have been approved for payment by their corporate buyers.
The buyers continue to receive trade credit from the suppliers, and the suppliers finance their working capital through the early payment received, enabling them to grow their business.
The financing cost is linked to the credit rating of the corporate buyers, thereby making this product particularly valuable for SME suppliers who may face challenges in accessing bank finance at competitive pricing.
Payables Finance is the fastest growing trade finance product globally and there is an enormous opportunity for African businesses to benefit from it. The partnership with Sterling Bank is a unique arrangement which leverages the complementary strengths of both institutions to provide a comprehensive market-led solution to Nigerian corporates and their suppliers.
Under this arrangement, Afreximbank will provide financing to corporates and banks in both US dollars and euros while Sterling Bank will manage financing in naira.
Suppliers of Nigerian corporates can thus benefit from financing in both local and foreign currency as per their requirements.
Haytham ElMaayergi, Executive Vice President of Afreximbank Global Trade Bank, welcomed the launch as another milestone in realising the Bank’s vision of transforming Africa’s trade.
He said: “Afreximbank identified supply chain finance as a solution for improving access to trade finance in Africa and embarked on a journey to increase penetration through financial intervention and capacity building.
“The Bank’s Factoring Working Group has done extremely well to provide lines of credit to support factoring and has actively promoted factoring across the continent in collaboration with other institutions.” He added that the introduction of Payables Finance is the next step on the Bank’s roadmap for supply chain finance across Africa.
“African businesses now have the opportunity to harness the potential of this product, which has been widely adopted globally, at an accelerated pace by learning from the experiences of other regions and using the latest technologies which have been developed,” he explained.
Commenting on this partnership, Gwen Mwaba, Director & Global Head Trade Finance, Afreximbank said: “The launch in Nigeria is a first step in Afreximbank’s plans to introduce Payables Finance across Africa in partnership with leading African financial institutions.
“The product, which will deploy world class technology and a collaborative delivery model and will contribute towards achievement of the Bank’s strategic objective of reducing the trade finance gap in Africa, particularly for the Small and Medium Enterprises (SMEs) segment.”
Chukwuka Onuaguluchi, Ecosystem Banking Head at Sterling Bank, said: “Sterling Bank is committed to meeting the trade finance needs of Nigerian corporates and their suppliers and we are proud to introduce this much-needed product in partnership with Afreximbank for the benefit of Nigerian businesses.”
Afreximbank provides both US Dollar and Euro financing to businesses in its member countries across Africa and in Caribbean Community (CARICOM) member countries. The launch in Nigeria will be followed by similar partnerships in other African countries to expand local currency financing capability across the continent in a phased manner.
Adoption of the product will be supported by capacity building events to increase awareness of supply chain finance and its benefits. The product rollout in Nigeria is complemented by a workshop targeting corporate institutions and banks, in collaboration with Woodhall Capital, a leading finance company in Nigeria.
Underpinning the delivery of these new financial products is a market-leading supply chain finance platform, developed by UK-based fintech Demica, a leader in working capital solutions. Demica works with the world’s leading banks to power their supply chain finance solutions. In 2021, the company established a partnership with Afreximbank to extend this technology to banks across Africa.
General News
FG to Connect Schools Nationwide to Internet – Education Minister

Federal government of Nigeria has announced plans to connect schools across the country to reliable internet services as part of a major initiative aimed at strengthening digital learning and expanding access to modern educational tools.

The government said the programme will help equip students with the digital skills needed to thrive in a technology-driven global economy while ensuring that every Nigerian child has access to quality education comparable to global standards.
The development was disclosed in a statement issued on Wednesday in Abuja by Folasade Boriowo, director of Press and Public Relations at the Federal Ministry of Education Nigeria.
According to the statement President Bola Ahmed Tinubu directed Tunji Alausa, minister of Education, and Bosun Tijani, minister of Communications, Innovation and Digital Economy, to work together to implement the nationwide connectivity project.
Speaking during a high level meeting with stakeholders in Abuja, Alausa explained that the initiative builds on earlier connectivity efforts through the Nigerian Research and Education Network (NgREN), which previously supported broadband connectivity for tertiary institutions under a World Bank-funded project.
He noted that although the programme initially recorded significant progress in connecting universities and other tertiary institutions, the momentum slowed after the initial funding cycle ended, making a renewed and expanded strategy necessary.
The minister said the new effort aims to revive and strengthen the programme while extending connectivity across all levels of the education sector.
“Connectivity is not limited to broadband fibre alone. It also involves telecommunications towers, satellite systems and other digital infrastructure required to provide reliable internet access across the country,” Alausa said.
He revealed that the government is implementing major connectivity projects, including the deployment of about 90,000 kilometres of fibre optic broadband infrastructure, the installation of 3,700 telecommunications towers, especially in rural and underserved communities, and the expansion of satellite capacity to improve nationwide coverage.
According to him, the goal is to ensure that schools from primary to tertiary institutions are deliberately connected as broadband cables are deployed and towers installed across the country.
Alausa also said the meeting produced several concrete steps to accelerate connectivity within the education sector, including the expansion of the NgREN governing council to include representatives responsible for foundational and secondary education.
Two technical working groups have also been established to drive implementation one focusing on connectivity for tertiary institutions and another dedicated to foundational and secondary schools.
He expressed optimism that the first phase of the initiative would begin to deliver visible improvements within the next three months.
The minister added that improved connectivity would enable students and teachers to access digital learning platforms, global knowledge resources, and emerging technologies such as Artificial Intelligence (AI).
He further disclosed that the project would support the gradual transition of major national examinations to Computer-Based Testing (CBT), with plans for exams conducted by West African Examinations Council (WAEC) and National Examinations Council (NECO) to fully adopt CBT within the next two to three years, similar to the system currently used by the Joint Admissions and Matriculation Board (JAMB).
Also speaking, Tijani emphasized that technology-driven education cannot succeed without reliable internet connectivity.
He noted that although Nigeria hosts about eight international submarine internet cables the highest number in Africa the challenge lies in distributing that capacity inland through fibre networks capable of reaching communities nationwide.
“Most of the internet capacity enters Nigeria through submarine cables landing in Lagos, but without sufficient inland fibre infrastructure, that capacity cannot effectively reach schools and communities across the country,” he said.
Both ministers reaffirmed the government’s commitment to collaboration between the education and communications sectors to ensure that investments in digital infrastructure translate into improved learning outcomes for Nigerian students.
General News
WhatsApp Launches Parent-managed Accounts for Pre-teens Amid Safety Concerns

WhatsApp said yesterday it would allow parents to create accounts for pre-teens, restricted to messaging and calling, amid rising global concerns about the impact of social media and chat apps on children.

A number of countries around the world are now seeking to follow Australia, which last year became the first country to adopt a social media ban for teenagers because of mental health worries.
Messaging apps have also triggered concerns following hacking incidents where users were persuaded to divulge security verification and pin codes giving malicious actors access to personal accounts and group chats.
WhatsApp said the idea of parent-managed accounts came after feedback from parents, who wanted a messaging service tailored for under-13s.
“These accounts come with strict new default settings, parental controls and options for parents to guide their pre-teens’ (under 13s) first messaging experiences,” the messaging app said in a blog post.
“Once set up, these accounts are controlled by the parent or guardian who will be able to decide who can contact the account and which groups they can join. In addition, parents can review message requests from unknown contacts and manage the account’s privacy settings,” it said.
General News
Reps Give FAAN Two-week Ultimatum to Recover N18.98bn Debts from Foreign Airlines

House of Representatives Committee on Finance has given the Federal Airports Authority of Nigeria (FAAN) two weeks to recover N18.98 billion owed to the Federal Government by foreign airlines operating in the country.

The directive was issued on Tuesday by the Committee Chairman, Rep. James Faleke, during an interactive session with FAAN officials led by the Managing Director, Mrs Olubunmi Kuku, as part of the committee’s ongoing revenue monitoring exercise.
Lawmakers expressed displeasure over what they described as the growing debt profile of international airlines, insisting that the situation was unacceptable in the face of government’s revenue needs.
Faleke said the accumulation of liabilities, despite clearly defined payment timelines for airport service charges, raised serious concerns about enforcement and compliance in the aviation sector.
In her presentation, Kuku explained that airlines using Nigerian airports are required to settle their service charges within two weeks.
She, however, disclosed that several operators had exceeded this window, with some liabilities ageing beyond 30 days, 90 days and, in certain instances, more than a year.
She put the total outstanding indebtedness of foreign airlines to FAAN at N18.98 billion.
According to her, the debts relate to statutory charges for services provided by FAAN and are largely processed through the International Air Transport Association’s (IATA) global settlement platform.
Airlines listed in the debt profile include Qatar Airways, Lufthansa, British Airways, Virgin Atlantic, KLM, EgyptAir, Ethiopian Airlines, Air France, Royal Air Maroc, Turkish Airlines and Africa World Airlines.
She said Qatar Airways and Lufthansa each owe about N1.5 billion, Virgin Atlantic about N1.35 billion, while KLM, EgyptAir and Ethiopian Airlines each owe over N1 billion.
Other carriers, including Air France, Royal Air Maroc, Turkish Airlines and Africa World Airlines, carry liabilities ranging between N700 million and N1 billion.
Committee members queried why FAAN allowed the debts to accumulate beyond the stipulated two-week payment period.
One lawmaker asked why airlines that defaulted were neither sanctioned nor barred from operating at Nigerian airports, and whether late payments attracted interest charges.
Members warned that persistent delays in settling obligations could amount to negligence and undermine the integrity of government revenue collection.
Responding, Kuku said international airline payments often pass through IATA’s central clearing system used globally for ticketing and financial settlements, which can create delays beyond FAAN’s direct control.
She stressed that FAAN closely monitors ageing of debts, steps up engagements with airlines once liabilities exceed 30 days and applies stronger enforcement measures when debts cross 90 days.
She added that the authority had, in some instances, grounded defaulting airlines, particularly domestic operators that do not operate under the same global credit structure as foreign carriers.
Unsatisfied, the committee directed FAAN to furnish it with detailed addresses and documentation of all indebted airlines and warned that the affected carriers would be invited to appear before the House if they failed to clear their debts within the two-week deadline. “We need every kobo that belongs to this country,” Faleke said, adding that any airline found violating its financial obligations to Nigeria would be held accountable.
Foreign airlines operating in Nigeria are required to pay passenger service charges, landing and parking fees, aeronautical charges and other operational levies for the use of airport facilities and services.
Lawmakers have repeatedly argued that while the IATA settlement structure is global, it should not be used as justification for prolonged delays in remitting monies owed to Nigerian agencies.
The latest directive by the House Committee on Finance forms part of wider National Assembly efforts to strengthen revenue collection, block leakages and shore up government income, especially from strategic sectors such as aviation.
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