News
FDI in Africa Grown by $4Bn Since 2001

Trends in retail trading, the business landscape in Sub-Saharan Africa, how international retailers enter the continent and the innovation in payment methods were some of the issues tackled during the second day of the World Retail Congress Africa in Sandton, Johannesburg.
Led by Godfrey Tapela, senior investment officer, Manufacturing and Services at the IFC, the morning session highlighted the key driving factors persuading retailers to enter the continent.
Africa’s rapid urbanization and a growing middle class are welcome developments to retailers seeking new markets.
Foreign Direct Investment, (FDI) he added, grew from $140 million in 2001 to a sizeable $4billion in 2012, a sign of how international investors and development agencies view Africa.
Tapela highlighted the critical elements that retailers must address if they are to succeed in Africa, including understanding country risk mitigation and having regional on-the-ground knowledge.
Tapela re-emphasized the impediments to new entrants to the retail sector in the continent – challenges such as inadequate infrastructure, lack of access to finance and the shortage of skills, and a regulatory framework that is different from one country to another.
Chris Bishop, editor-in-chief of Forbes Africa chaired a panel discussion featuring Michael Elliot General Manager of Luxottica (South Africa) a luxury brand specialist retailer and Michael Yates, managing director of Procter & Gamble (P&G) South Africa on how international retailers and brands manage entry into the African market.
Yates said Procter & Gamble’s mission is to create value for its shareholders and add value for its customers, whilst Mr Elliot said his company entered into franchise agreements with established local retailers to get their products to customers.
Mr Elliot and Mr Yates said counterfeiting was an ever present threat and they worked with local authorities to deal with the problem. Mr Yates reiterated the fact that Africa’s relatively young market, (50% of Africa’s population is under 15 years), is encouraging for any manufacturer or retailer with long term plans.
Mr Elliot said the growing middle class, particularly the black middle class in South Africa bodes well for the luxury goods sector.
Mr Yates added that as a manufacturer, it was important to anticipate the aspirations of the local population in territories that a company operates; otherwise a company could lose its competitive advantage.
Independent analyst, Syd Vianello chaired a series of discussions on franchising, master licensing, joint ventures and acquisition models. Francisco Sousa Pimentel, managing Director of Sonae SR said his company has 20 partnerships in 4 continents. He said their focus is on having equity and franchise partners and in getting local companies to handle distribution of their products.
Pimentel said it was difficult to form partnerships due to political barriers. He however said it was important to find opportunities to involve communities. Sonae has partnerships with Neotel in South Africa.
Luke Mckend, country head, South Africa Google said the penetration of mobile phones enabled the company to access most of its customers, but highlighted the two biggest challenges were limited access to the internet and getting people to understand the culture and enjoy the benefits of the internet.
He highlighted the fact that Youtube had 4.5 billion hits in South Africa alone in 2012 and this figure will double in a few years.
News
LIRS to Invoke NTAA to Recover Unpaid Taxes from Bank Accounts, Others

Lagos Internal Revenue Service (LIRS) pursuant to Section 60 of the Nigeria Tax Administration Act (NTAA), plans to ask Nigerian banks to debit bank accounts of employers who failed to remit tax liability.

This was disclosed in a recent notice on Sunday.
LIRS stressed that the move was in line with the implementation of the country’s NTAA and other new tax laws, which took effect on January 1, 2026.
“Where a taxpayer fails, neglects, or refuses to settle any established outstanding tax liability when due, LIRS may exercise its power under Section 60 to direct any of the following persons to pay the amount owed by the taxpayer:
“Banks and other financial institutions; Employers; tenants, debtors, or customers of the taxpayer; Agents, business partners, and any person holding money on behalf of the taxpayer; Any person owing money to the taxpayer, whether presently due or accruing. Once a substitution notice is issued, the person served is statutorily required to remit to LIRS the amount. Specified in the notice from funds belonging to, or payable to, the defaulting taxpayer,” the LIRS notice partly read.
Meanwhile, Taiwo Oyedele, chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, weeks ago ruled out claims that the government would debit personal accounts over tax remittances.
News
Anambra Cuts Monday Pay to Kill Sit-at-Home

Anambra State will implement pro-rata salary payments for civil servants starting February 2026, targeting chronic Monday absenteeism from the long-running sit-at-home order, Information Commissioner Dr. Law Mefor announced Saturday.

Soludo
Speaking at an Awka briefing after the Executive Council’s end-of-tenure retreat, Mefor said improved security and transport have eliminated excuses for the four-year disruption, which cost the state trillions in lost revenue. “Workers enjoyed full pay despite staying away; now, no work means no pay for that day, calculated over 24 working days,” he stated.
Compliance measures include mandatory Monday clock-in forms, with markets urged to reopen fully amid bolstered security. This builds on a January 22 executive order docking 20% pay from teachers absent on Mondays.
Mefor warned that lost Mondays cripple revenue collection and productivity, rejecting alternatives like Saturday shifts as capitulation to agitators.
News
Stakeholders Demand Stronger Governance and Infrastructure to Drive Tech Adoption @ Lagos AI Summit

As AI adoption accelerates across Nigeria, leaders at the “AI in Action Now” conference 2026 have called for a balance between rapid innovation and strict regulatory governance. The event, held at the Lagos Oriental Hotel, highlighted both the doggedness of Nigerian builders and the risks of unregulated data usage.

Dotun Adeoye, Co-Founder of AI Nigeria, raised alarms over “Shadow AI”, a trend where employees upload sensitive official documents to public AI platforms. He praised the Nigerian Data Protection Commission (NDPC) for its recent aggressive stance, including multi-million-dollar fines against major banks and social media brands.
“Innovation without governance is dangerous. The regulator now has the job of educating players. We are working in partnership with them to ensure players don’t just get fined, but actually understand how to protect data locally rather than storing it abroad, ” Adeoye noted.
Addressing issues of lack of infrastructure to carry AI adoption, Conference Convener Debola Ibiyode admitted that while Nigeria lacks the traditional foundation for AI adoption, the tech community cannot afford to wait.

“The simple answer is we don’t have the infrastructure, but Nigeria has never really had infrastructure to drive anything, and we still thrive, ” Iboyode said, encouraging students and builders to look beyond current limitations. “Once we start to build based on what we have now, it will encourage those who need to provide the infrastructure to do their part. The world will not wait for us,” she insisted.
To bridge this gap, she highlighted the AI Foundry Africa, an incubator designed to mentor ideas into market-ready products.
Meanwhile, speaking to journalists on the sidelines, Biodun Ogunleye, the Lagos State Commissioner of Energy and Mineral Resources, echoed the sentiment that the government’s role is to facilitate the right environment through partnership. He emphasized that data generated from interactions with the government must have long-term value.
“We must ensure that in all facets from production to interaction with government, the tools required to ensure data has value are appreciated,” Ogunleye stated.
He concluded that through private-sector collaboration, the government can focus on its primary functions while leveraging AI to ensure the nation aspires for the future.
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