E-Business
Bridging the Divide: The Fund We Owe Our Children
By Eric Gumbo, MBS
The writer is a partner at G&A Advocates LLP, a firm with two decades of experience advising on infrastructure, capital markets, and regulatory law across East Africa.
In 1961, John F. Kennedy promised the American people something that, by any rational measure, should have been impossible: that the United States would land a man on the moon and return him safely to earth before the decade was out.
The technology did not yet exist. What existed was the decision to begin. Six decades later, that decision is still paying forward.
On April 1, 2026, NASA’s Artemis II lifted off from Kennedy Space Center in Florida, carrying four astronauts on a ten-day journey around the moon, the first crewed lunar mission in over fifty years.
It was a test flight, one rung on a ladder that future missions will continue to climb. The greatest national achievements are rarely completed in a single term. They are built incrementally, passed from one generation to the next.
Kenya is at a similar moment today. Having spent two decades advising on infrastructure and regulatory frameworks across East Africa, I have seen the pattern repeat: the countries that succeed are not those with the most resources at the outset.
They are the ones that build the strongest legal and institutional foundations beneath their ambitions. The Sovereign Wealth Fund framework is Kenya beginning to do exactly that.
The Draft Sovereign Wealth Fund Bill proposes to gather revenues from oil, minerals, privatisations, and strategic investments into a single disciplined framework. Its three purposes are clear: stabilise revenues when commodity prices fall, finance critical infrastructure, and preserve savings for future generations.
With oil reserves estimated at 560 million barrels and resource revenues projected to exceed $1.5 billion annually, Kenya is not a poor country imagining wealth. It is a resourced country deciding whether to spend that wealth on today or invest it in tomorrow.
“A sovereign wealth fund is not a savings account. It is a declaration that we believe our country’s best days are ahead, and that we intend to fund them.”
The wise farmer does not eat all the seed after the harvest. She saves enough for the next planting season, because what she holds today is not just food. It is the future.
Those entrusted with managing this fund must act not as owners, but as caretakers. Nigeria’s oil revenues once promised national transformation; five decades later, the Niger Delta remains among the most underdeveloped regions on the continent, a cautionary tale written in squandered windfalls and weak institutions.
The Santiago Principles, which the draft bill aligns with, exist precisely to prevent that story from repeating. Auditors, parliament, civil society, and the media must be empowered to scrutinise this fund as its guardians, not as obstacles to it.
Kenya is not venturing into unknown territory. Botswana built the Pula Fund from diamond revenues and transformed one of Africa’s smallest economies into one of its most stable. Ghana’s Petroleum Funds have cushioned oil shocks and preserved a heritage for future generations.
Both succeeded not because they struck lucky, but because they built the governance architecture to protect what they found.
From M-Pesa to the 2010 Constitution, Kenya has a documented history of building things others eventually copy. The Sovereign Wealth Fund is the next chapter.
But it must be written with discipline and institutional independence that outlasts any single administration. Visible returns, better hospitals, more schools, jobs funded by resource revenues rather than donor goodwill, are what will determine whether ordinary Kenyans trust this fund across generations.
When we extract minerals from Kenyan soil today, coal from Kitui, rare earth elements from Kwale, gold from Migori, we are drawing down on a balance sheet that does not belong to us alone. It belongs to the Kenyan who will be born twenty years from now, who never had a vote in how we used her inheritance.
As Xi Jinping has put it: “We must act on the responsibility to our ancestors, our generation, and those yet to come.” The Sovereign Wealth Fund is how Kenya answers that responsibility. Not with words, but with architecture that lasts.
Human Rights Writers Association of Nigeria (HURIWA) has opposed a bill seeking to compel major global social media companies to establish physical offices in Nigeria.
The rights advocacy group urged the National Assembly to discard the proposed legislation, warning that it could become a tool for censorship and undermine citizens’ constitutional right to freedom of expression, despite being presented as a measure to strengthen Nigeria’s digital economy and improve corporate accountability.
The position was contained in a presentation submitted yesterday by Emmanuel Onwubiko, national coordinator, HURIWA, to the chairman of the Senate Committee on ICT and Cyber Security.
The bill, sponsored by Senator Ned Munir Nwoko, has already passed second reading in the Senate and is before the committee for further legislative consideration.
HURIWA said it carefully reviewed the proposed legislation and concluded that compelling global technology companies to establish offices in Nigeria was unnecessary and potentially counterproductive.
The organisation argued that while the firms generate substantial revenue from Nigeria’s vast digital market, they already engage Nigerians through existing structures, including paying eligible content creators, working with local technology professionals and participating in legal proceedings whenever required.
According to the group, appointing local representatives where necessary would adequately address concerns about engagement with regulators and users without forcing the companies to maintain physical offices.
It also dismissed claims that mandatory country offices would significantly improve consumer complaint resolution, technology transfer or employment generation.
HURIWA maintained that the platforms already have effective feedback mechanisms for resolving users’ complaints and routinely appear before Nigerian courts through their representatives whenever litigation arises.
The group, however, said its greatest concern was the potential for the proposed law to be used as an instrument for restricting freedom of expression.
It argued that establishing local offices could expose global social media companies to pressure from government authorities to remove online content considered critical of those in power.
According to the rights group, the presence of social media companies in Nigeria could become an avenue for authorities to pressure them into abandoning internationally recognised digital rights standards in favour of politically motivated content moderation.
It recalled previous attempts to regulate social media in Nigeria that generated widespread concerns over possible restrictions on free speech, stressing that any legislation affecting the digital space must contain clear safeguards against abuse.
The organisation warned that the proposed law should never become “a backdoor mechanism for government surveillance, arbitrary content removal or political censorship.
Nigeria has emerged as one of Africa’s most regulated online gambling markets, even as illegal operators continue to dominate the continent, according to a new report by Gaming Compliance International (GCI).
The report, the first comprehensive assessment of online gambling across all 54 African countries, showed that Africa’s online gambling Gross Gaming Revenue (GGR) reached $23 billion in 2025.
However, only $5.2 billion (23 per cent) was generated by licensed operators, while $17.8 billion (77 per cent) remained in the unregulated market.
In West Africa, total online gambling revenue rose to $4.8 billion in 2025 from $4.3 billion in 2024. Of the 2025 figure, regulated operators accounted for $1.5 billion (31 per cent), while $3.3 billion (69 per cent) flowed to unlicensed platforms, highlighting the region’s persistent enforcement challenges.
Nigeria stood out as the region’s strongest performer, recording the lowest unregulated market share at 56 per cent, compared with the West African average of 69 per cent and the African average of 77 per cent.
The study also found that online gambling participation across Africa increased from 198 million people (13 per cent of the population) in 2024 to 215 million (14 per cent) in 2025.
Despite this growth, GCI estimated that illegal operators deprived African governments of about $3.55 billion in tax revenue in 2025. The number of unlicensed gambling platforms targeting African consumers also rose to 4,129, up from 3,644 in 2024.
Commenting on the findings, Matt Holt, chief executive officer, GCI, said the report provides regulators with the first continent-wide benchmark for strengthening oversight and consumer protection.
Ismail Vali, president, GCI, urged governments to develop competitive and well-regulated markets that encourage consumers to patronise licensed operators, boost public revenue and attract greater investment.
Online gambling in Nigeria is regulated by the Nation Lottery Regulatory Commission.
At the height of the Northern Hemisphere tourist season, demand for communications and mobile Internet services rises sharply. Kaspersky’s security experts have uncovered scams that target anyone purchasing mobile connections or SIM cards worldwide.
Fraudsters create counterfeit websites that look like the portals of major regional and international telecom providers to trick users into revealing their phone numbers, personal details or banking information.
Kaspersky is sharing several examples of these fake login pages that mimic legitimate telecom operator sites and giving recommendations on how not to be deceived.
In the first case, scammers exploit the brand name of an international telecommunications company operating services in Asia, Africa and Europe. Fake authentication pages encourage users to put in their phone number and credentials.
While the first example shows the different design, the second scam site closely mimics the original log in page, making it hard for users to tell the difference and spot a fake. Entering authentication or payment data on fraudulent web sites may result in money or data loss and become a reason for more frequent spam and fraudulent calls.
Another example is a scam page which poses as another international communications company, working in North Africa, the Middle East and Southeast Asia. In this scheme scammers encourage users to top up their mobile data/Internet plans by entering their personal information and bank cards details.
Kaspersky experts have also identified a scam when cyber criminals suggest users enter their personal data to check and pay a bill inquiry. Such scam schemes are usually aimed at gaining victims’ personal data for further fraud or account hacking and stealing money.
“Because of the active use of AI, scammers can now create fake pages with ever increasing accuracy and speed, targeting the most popular user interest areas. We constantly see scams revolving around sports events, music concerts, seasonal sales and holidays. Unfortunately, the telecoms industry is no exception.
To keep your data and money safe, be vigilant when purchasing mobile or Internet plans online. Using an eSIM – purchased through an official app – is one way to avoid fake telecom sites, as it eliminates the need to enter personal details on questionable web pages.
If you’re unsure about a site’s legitimacy, search for the brand name directly in a search engine and enable a security solution that blocks phishing links for you,” comments Tatyana Kulikova, cybersecurity expert at Kaspersky.
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