General News
CBN Increases Interest Rate to 18%

Policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 17.5 percent to 18 percent.

Godwin Emefiele, CBN Governor, disclosed this while reading the communiqué of the second MPC meeting of the year in Abuja on Tuesday.
Addressing journalists at the end of the two-day meeting, Emefiele, said the Committee voted to keep the asymmetric corridor at +100 and -500 basis points around the MPR.
The governor stated the slight increase is to mitigate the effect of inflation and other economic issues.
The MPR has been on the rise since April 2022, when it was 11.50 per cent.
The rate impacts lending and inflation rates, and, when jacked up, consequently affects upward movement of prices of goods and services.
He said, The MPC committee voted to raise the MPR by 50 basis point to 18 per cent, retain asymmetric corridor at +100 and -500 basis points around the MPR.”
General News
PalmPay Strengthens Data Protection Culture with Employee Privacy Workshop and Privacy Champions Programme

PalmPay has reinforced its commitment to responsible data governance and customer information protection through a specialised two-day data protection workshop for employees and the launch of its internal Privacy Champions Programme, an initiative designed to strengthen awareness, accountability, and responsible data handling across the organisation.

The initiative comes at a time when data protection is increasingly critical following recent reports of recorded 281,500 compromised user accounts in the first quarter of 2026, ranking 34th among the world’s most breached countries, according to a new quarterly data breach analysis by cybersecurity firm, Surfshark.
Facilitated by the Nigeria Data Protection Commission (NDPC) and leading Data Protection Compliance Organisation (DPCO) TechHive Advisory, the two-day workshop equipped employees with practical knowledge on privacy governance and data protection obligations, incident awareness, and the role each employee plays in protecting personal data.
The initiative forms part of PalmPay’s ongoing efforts to advance compliance with the Nigeria Data Protection Act (NDPA) 2023. It also reflects the company’s continued investment in safeguarding customer information and fostering a culture where privacy remains everyone’s responsibility.
The Privacy Champions Programme establishes a network of employee representatives across business functions who will support awareness, promote best practices and help strengthen the organisation’s privacy culture. By integrating privacy considerations into day-to–day activities the initiative aims to further enhance accountability and reinforces customer trust.
Speaking on the initiative, Managing Director of PalmPay, Chika Nwosu, stated: “At PalmPay, protecting customer information is fundamental to maintaining the trust our customers place in us everyday, and remains central to our operations. Statistically, 10 out of 100 Nigerians have been affected by data breaches.
Hence, we have a greater responsibility to ensure that personal information is collected, processed, stored, and protected responsibly. This specialised training reflects our continued investment in strengthening internal awareness and ensuring our teams remain equipped to uphold the highest standards of data privacy and protection.”
As a digital financial services platform serving millions of users, PalmPay reaffirmed that privacy and data protection remain embedded in its operational culture, with continuous investments in data governance practices.
PalmPay also encourages customers to remain vigilant and adopt safe digital practices, including protecting account credentials, exercising caution when sharing personal information online, and reporting suspicious activities promptly. The company maintains that building a secure digital ecosystem requires a shared commitment from organisations, regulators, and users alike.
General News
The Gathering on 100 Awards N5m to Young Entrepreneurs in Enugu

The Gathering on 100 made its latest stop in Enugu over the weekend, bringing together hundreds of young Nigerians for a day of networking, fun, entertainment, and business opportunities.

The event, previously held in Lagos and Aba, arrived in Enugu as the city gains recognition as one of Nigeria’s emerging innovation and startup hubs. Recent ecosystem reports rank Enugu among the country’s leading startup cities. The South-East region now accounts for more than half of identified startups across the South-East and South-South, highlighting the region’s growing role in Nigeria’s entrepreneurial landscape.
A major highlight of the Enugu edition was the Pitch-a-thon competition, where three entrepreneurs received a combined ₦5 million in grants to support their business growth. More than 100 entrepreneurs applied for the competition, with 10 finalists selected to pitch before a panel of judges. At the end of the contest, Velas Global Nutrition Limited emerged as the overall winner, securing ₦2.5 million. Werxio, founded by Donatus Prince, received ₦1.5 million, while Whipcare Company was awarded ₦1 million.
These grants address a persistent funding challenge. According to the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), the country is home to over 39 million MSMEs, contributing nearly half of Nigeria’s Gross Domestic Product and accounting for about 84 per cent of employment nationwide. Despite this, access to finance remains a significant obstacle to business growth.
For Chizoba Osuji, founder of Velas Global Nutrition Limited, the funding facilitates the expansion of a business built on years of research. Her company processes indigenous crops into shelf-stable blends, supporting nutrition and local women smallholder farmers. “This is motivation to keep making Nigerians healthier through better food,” she remarked, noting the grant will fund semi-automated equipment to increase production capacity to 20 tonnes monthly.
She added that the ₦2.5 million grant would be used to acquire semi-automated equipment capable of increasing production capacity to about 20 tonnes monthly. Beyond increasing output, the expansion is expected to create additional opportunities for women smallholder farmers across the South-East who supply many of the raw materials used by the company.
Speaking on the initiative, MTN’s Regional General Manager (Sales), Callima Inino, represented by Peter Kajovo, said The Gathering on 100 was designed to provide young Nigerians with platforms to connect, learn, showcase their talents and access opportunities that can help them grow.“We want to encourage youths to live their best lives and have fuller expressions of themselves,” he said.
As the Enugu edition concludes, the energy of the South-East’s startup scene remains evident. The Gathering on 100 continues its nationwide tour, connecting more young founders with the visibility and support they need. Stay tuned to discover where the tour will land next as it moves to its next exciting location.
General News
Nestlé Commits to Boosting West Africa Solar Rollout Through Partnership

Renewable energy firm Daystar Power Group has expanded its installed solar capacity across West Africa through a partnership with Nestlé, bringing total deployments to 6,884 kilowatt-peak (kWp), or nearly 7 megawatts (MW), in what the company describes as one of the largest commercial and industrial solar partnerships in the region.

Four manufacturing facilities across Nestlé sites in Côte d’Ivoire, Ghana and Senegal are now operational, with installations located in Abidjan, Tema and Dakar.
Daystar Power has installed 3,447 kWp across two sites in Abidjan, Côte d’Ivoire. In Ghana, a 2,547 kWp system powers Nestlé’s Tema factory, while in Senegal an 890 kWp installation operates at the Dakar facility.
The company said each system is designed to deliver measurable environmental impact, including reduced greenhouse gas emissions and improved energy resilience.
The installations are tailored to local operational and grid conditions to ensure reliable renewable energy supply while supporting Nestlé’s net-zero ambitions and its commitment to reducing greenhouse gas emissions.
“Nearly 7MW across four Nestlé facilities is a number we are proud of, but what it represents matters more than the figure itself. It means that one of the world’s most demanding manufacturers has tested our model, trusted it, and come back. Our job now is to keep earning that across every market where industry needs energy it can count on,” said Yischai Beinisch, CEO of Daystar Power Group.
Samer Chedid, CEO of Nestlé Central and West Africa Region, said: “This investment reflects our commitment to building a business that not only grows but does so responsibly.
“By advancing solar energy projects in Ghana, Côte d’Ivoire and Senegal, we are embedding sustainability into our growth, reinforcing our role as a force for good, creating long-term value for communities and ensuring that our footprint actively contributes to a cleaner, more resilient future.”
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