News
Ekeh, Zinox Boss Calls for Intervention to Stem Unemployment in S/East
Leo Stan Ekeh, serial digital entrepreneur and chairman of Zinox Group, has called on the Federal Government to partner credible businessmen and entrepreneurs from the South East to save the region from the looming effects of mass unemployment currently plaguing the zone.
He made this call at a two-day convention organized by the Owerri People’s Assembly, an apex socio-cultural organization held in Owerri, the Imo State capital on April 2nd and 3rd 2018.
In attendance were a host of dignitaries from the state including renowned politician and businessman, Chief Emmanuel Iwuanyanwu; Deputy Governor of Imo State, Prince Eze Madumere; First Lady of Ondo State, Mrs. Betty Akeredolu; former Min. of Education, Prof. Chinwe Obaji and Senator Chris Anyanwu, among several others.
Ekeh, who was the Chairman on the occasion, disclosed that the unemployment situation in the region is a ticking time bomb, describing it as a social problem of immense ramifications which may see all-inclusive peace elude the nation, if not urgently addressed.
“The problem of massive unemployment facing the South East region is one that requires concerted efforts from the Federal Government and other stakeholders. A situation in which thousands of qualified graduates, most of them with upper class degrees, are still looking for their first jobs 10 or 12 years after leaving school, is highly worrisome. It is a suicidal situation; one that will potentially explode in disastrous consequences, if not immediately addressed.
“If you rely on statistics, there are over a million of such unemployed graduates in the South East. Having such a huge number of active yet unengaged youths concentrated in the region is a serious cause for concern and the Federal Government has a role to play in nipping this situation in the bud.”
While disclosing that a lot is being done by private individuals and entrepreneurs from the region to ameliorate the situation, Ekeh noted that this was grossly insufficient and urged the Federal Government to partner with such well-meaning Nigerians to achieve more.
“What is required is a joint effort to save our youths. In reality, the State Governments cannot do it alone. Also, a number of entrepreneurs, businessmen and other well-meaning Nigerians from the region are equally doing their best but it is hardly enough. Personally, I have been quietly supporting the Imo State Government for many years in creating employment opportunities for youths in various communities in the state. These investments often exceed the sum of N1bn annually but it is like a drop of water in an ocean.
“The Federal Government must come to the aid of these youths by partnering with other well-meaning individuals from the state in creating platforms that will generate employment opportunities for the unemployed and equip them with the right mindset and confidence to take their place in today’s knowledge economy,” he advised.
While commending the members of the Owerri People’s Assembly (OPA) for their commitment in improving the lot of the people, Ekeh called for a united front in achieving the political ambitions of the zone.
“I am not a politician and not remotely interested in contesting any elective position. However, I identify with the wishes and aspirations of people of Owerri zone to have one of their own emerge the next Governor. For this to be possible, however, the zone must forge a common front and put forward their best candidates for each elective position. I recently engaged the Governor, His Excellency, Owelle Rochas Okorocha on this matter and he has also declared his willingness to help actualize this dream, provided the zone provides a credible candidate. Only a fool will agree to hand over to an incompetent successor or someone who will come and destroy the legacies he has put in years of hard work to build,” he said.
Counselling the youths on the need to embrace humility as one of the core virtues to success, the Zinox Chairman, whose tech conglomerate recently concluded the acquisition of e-commerce giant Konga, reiterated his determination to create more capacity-building avenues to support the youths through the creation of a finishing school and digital skills acquisition centre in the zone, pledging to use the facilities as a proof of concept for the 27 local governments in the state.
News
AfDB Approves Equity Investment in The Currency Exchange Fund to Support Access to Local Currency Financing Across Africa
The Board of Directors of the African Development Bank Group has approved an equity investment of USD 25 million in The Currency Exchange Fund (TCX), a global leader in offering long-term local currency hedging solutions in emerging and frontier markets.
This strategic investment will strengthen TCX’s capital base, enhance its risk-bearing capacity, and expand its ability to offer hedging instruments in illiquid and less liquid currencies across the African continent.
The transaction will help mitigate the foreign exchange risks faced by borrowers in Africa, particularly those operating in fragile states and underserved markets. TCX operates as a development-focused fund that provides tailor-made FX hedging instruments to enable local currency lending in countries where conventional hedging markets are either underdeveloped or non-existent.
The Bank’s investment will crowd in additional DFIs and private investors, reinforce Africa’s integration into global capital markets, and support sustainable growth by reducing the mismatch between the currency of debt and revenue for local borrowers.
Ahmed Attout, Director of the financial Sector Development Department, at the African Development Bank Group, stated: “This investment in TCX marks an important milestone in the Bank’s effort to deepen African capital markets and address the root causes of debt distress. The Bank’s support to TCX will unlock local currency financing for MSMEs, infrastructure and many sectors across Africa.”
He added : “The transaction forms part of the Bank’s broader objective to promote access to adequate financing through innovative alternative solutions.”
The investment builds on the Bank’s prior participation in TCX and reflects its continued confidence in the fund’s track record and impact-driven model. TCX has hedged more than USD 17 billion in notional amounts since inception, including over USD 4 billion across 31 African countries.
The Bank’s participation is expected to facilitate increased hedging volumes in priority sectors such as the public sector (Debt Management Offices and Public Development Banks), infrastructure, energy access, microfinance, and SME development. TCX also plays a unique role in fragile and low-income countries, with around 18% of its global outstanding portfolio currently focused on such markets.
Ruurd Brouwer, TCX’s Chief Executive Officer stated : “We are thrilled to welcome African Development Bank Group to TCX’s capital base, joining fellow development finance institutions, impact investors and governments that support our local currency hedging solution. It marks the start of a close partnership in protecting AfDB’s public and private sector borrowers from currency risk and promoting the development of African capital markets. We very much look forward to increasing our joint impact on the continent.”
This operation is aligned with the Bank’s Ten-Year Strategy 2024–2033. It complements the Bank’s broader capital markets strategy, which includes support for local currency bond issuance, Partial Credit Guarantees, and private sector local currency lending.
The investment is expected to deliver strong development impact. The African Development Bank remains committed to fostering resilient capital markets in Africa, supporting de-risking mechanisms for the private sector, and expanding access to local currency finance to promote inclusive and sustainable development.
Shoprite, once a beacon of modern retail shopping in Nigeria, is currently grappling with significant operational challenges as several of its stores across the country face closure or remain understocked.
Investigations reveal that Shoprite outlets in Ilorin and Ibadan have permanently shut down, while other branches, including the popular Ikeja City Mall outlet in Lagos and the Jabi Lake Mall branch in Abuja, are struggling with empty shelves and few customers. The usually bustling shopping spots now resemble shadows of their former selves, with hollow aisles and dwindling merchandise.
A staff member at Ikeja City Mall told our correspondent that the new management is in the middle of tough negotiations with suppliers that have delayed restocking. “Hopefully, when that is completed, things will return to normal,” she said, while also admitting that the impasse has stretched on for months, leaving many workers anxious about the future.
Similarly, workers at the Jabi Lake Mall branch lamented a lack of supplies for over two months, expressing fears about their job security. “Everybody here, our chest is beating because we don’t know what’s happening,” one employee disclosed.
Shoprite first entered Nigeria in 2005 and quickly expanded to multiple cities, employing thousands of Nigerians. However, a combination of rising operational costs, including exorbitant rents such as the reported ₦66 million monthly rent at the Kano Ado Bayero Mall branch, forex challenges, and fierce competition have severely affected the chain’s operations.
Despite the gloomy outlook, Shoprite management insists they are not exiting Nigeria. A spokesperson said efforts are ongoing to resolve the supply chain issues and assured that shelves would be restocked by the end of September.
Still, with two branches already closed and others appearing deserted, shoppers and workers alike are left wondering whether Shoprite can regain its footing and recapture its former dominance in Nigeria’s retail sector.
Africa’s leading neobank and foremost fintech platform, PalmPay, is celebrating six years of delivering value, impact, and reliable banking services to millions of users across Nigeria. With more than 35 million people now choosing PalmPay for their everyday financial needs, the company marks this milestone by reflecting on a journey shaped by its users.
Since its launch in 2019, PalmPay has transformed from facilitating its very first transaction into powering millions daily. Along the way, PalmPay has helped small and medium businesses scale, supported families in reaching their goals, and made everyday money management simpler, safer, and more rewarding. Its users’ trust has fueled PalmPay’s journey and continues to inspire the company’s commitment to making financial services smarter, simpler, and more inclusive.
“PalmPay was built on the belief that banking should be accessible to everyone, safe, easy, and rewarding,” said Chika Nwosu, Managing Director at PalmPay. “Over the last six years, we’ve earned the trust of our users, and their impact stories remind us that our solutions are not just about technology, but enabling smarter banking habits tailored to individual needs.”
To celebrate this milestone, PalmPay is launching the Lucky Wish Campaign, running from September 12 – 29th, 2025. The campaign will spotlight user stories, reward loyal customers with Apple AirPods, iPhone 17 Pro, Samsung A16, and highlight impact data, to showcase the trajectory of the brand’s impact since its launch in 2019.
In addition, the ongoing Hustle Grant Campaign continues to spotlight ambitious entrepreneurs leveraging PalmPay’s solutions. As part of the celebrations, 9 final winners will be announced in phases with the final announcement scheduled for September 26th. Each of these winners are set to receive N500,000 to support and grow their businesses, further amplifying the celebrations and reinforcing PalmPay’s user-centric approach to marking this milestone.
As PalmPay looks ahead, the company remains focused on powering the future of smarter banking and driving impact across its diverse user base.
Glo-sponsored African Voices Features Star Author, Chimamanda Adichie
AfDB Approves Equity Investment in The Currency Exchange Fund to Support Access to Local Currency Financing Across Africa
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