General News
IFC Announces New Projects to Support MSMEs Through the Alliance for Entrepreneurship in Africa

IFC has announced four new projects to support micro, small, and medium-sized enterprises (MSMEs) in Africa and globally. The projects will help businesses address food insecurity across the continent and trade financing gaps and will support increased agricultural productivity and efficiency.

Announced at an event held by the Alliance for Entrepreneurship in Africa on the sidelines of the Summit for a New Global Financing Pact in Paris, France, the projects underscore IFC’s commitment to supporting smaller businesses, job creation, and private sector development.
The new projects announced by IFC include:
The MSME Finance Program: This multi-year initiative will provide up to $5 billion in financing to create increased capital and to mobilize financial markets as greater sources of development finance globally.
Specifically, the program will increase lending to women entrepreneurs, MSMEs contributing to food security, first-time MSME borrowers and MSMEs in vulnerable regions affected by climate change. It will support MSMEs in fragile and conflict-affected situations as well as those in Middle-Income Countries (MICs). Through the program, IFC will earmark $250 million to fund the resilience and protection of MSMEs in small island nations.
The Africa Agriculture Accelerator Program: An estimated 140 million people in Africa face food insecurity and despite an abundance of natural resources and arable land, the continent imports $35 billion in food each year.
This Alliance for Entrepreneurship in Africa initiative will provide financing to agribusiness companies to support their growth and expansion and ultimately foster more local food production and contribute to greater food security.
The program will help agribusinesses to access finance, improve productivity, and increase competitiveness in local and international markets. Through the program, IFC will finance up to $1 billon and reach up to one million hectares of land over the next three years.
EBRD Pilot Start-Up Project: Announced in partnership with EBRD, one of the Alliance’s seven core members, the Pilot Start-up Project will facilitate increased capacity building, mentoring, networking, and funding for early-stage enterprises, incubators, accelerators, and seed funds in North Africa.
Risk Distribution Partnership: A joint Alliance initiative between IFC and Proparco, the partnership will help facilitate greater access to sustainable trade finance for emerging African markets and develop deeper intra-Africa trade.
In Africa, trade costs can be as high as 300 percent of the value of the merchandise being traded. Through the partnership, Proparco will participate for up to $500 million in IFC’s Global Trade Finance Program (GTFP).
“We are pleased to announce these new projects as part of our ongoing commitment to support MSMEs, including through the Alliance for Entrepreneurship in Africa. These initiatives will help to increase access to finance, improve productivity, and build resilience for MSMEs, which are critical for economic growth and job creation,” said IFC’s Managing Director Makhtar Diop.
General News
Court Remands Akujobi, Ex Access over alleged Theft of N294.5m

Chinonso Akujobi, former staff of Access Bank in Lagos, has been remanded in Ikoyi prison after she was arraigned on a five-count charge bordering on stealing to the tune of N294.5m.

Akujobi who is being prosecuted by the Economic and Financial Crimes Commission (EFCC) was arraigned before Justice I.O. Ijelu of the State High Court sitting in Ikeja, Lagos.
EFCC alleged that Akujobi stole the money between January and December 2025 while under the employment of Access Bank Plc.
As stated in one the charges, the defendant stole the money through unauthorized payments from the general ledger of Access Bank to her account number 0036668871 with the name Chinonso A., Uchechi A. and Florence A., thereby committing an offence of stealing, contrary to Section 280 and punishable under Section 287 of the Criminal Law of Lagos State, 2015.
The defendant pleaded “not guilty“ to the charges when they were read to her.
In view of this, S.M.Yabo, prosecution counsel, asked the court for a trial date and also prayed for the remand of the defendant in a Correctional centre.
Justice Ijelu, thereafter, adjourned the case till October 8, 2026, for the hearing of the bail application and the commencement of trial.
The Judge also ordered that the defendant be remanded in the Ikoyi correctional Centre.
General News
NSIB Faults Runway Identification, Reveals Cockpit Disagreement in Asaba Jet Incident

The Nigerian Safety Investigation Bureau (NSIB) says the flight captain of the VMO Aero aircraft that landed on a roadway near Asaba Airport in Delta State told investigators that the observer pilot mistakenly identified the paved road as the runway before touchdown.

The bureau disclosed this in a preliminary report released on Thursday on the June 10 incident, which prompted the Nigeria Civil Aviation Authority (NCAA) to ground the private jet.
The aircraft had seven people on board, including the pilot-in-command (PIC), second-in-command (SIC), an observer pilot, a cabin crew member and three passengers.
According to the report, the aircraft was cleared by Air Traffic Control (ATC) to approach Runway 11 at Asaba Airport after the crew requested a right orbit.
The crew initially discontinued the approach, executed a missed approach and repositioned for a second landing attempt.
NSIB said the crew reported that the aircraft’s navigation systems indicated it was correctly established on the published RNAV Runway 11 approach.
“The PIC and SIC reported that the observer pilot identified the paved surface ahead as the runway,” the report stated.
However, the observer pilot gave investigators a different version of events.
According to NSIB, he said the aircraft remained inside cloud until late in the approach and that the Ground Proximity Warning System (GPWS) repeatedly issued “TERRAIN, TERRAIN, PULL UP” alerts.
He also said he observed a telecommunications mast directly ahead and instructed the flight captain to abandon the approach and climb immediately.
The bureau further disclosed that a cabin crew member reported that one of the passengers became concerned after overhearing discussions among the pilots and asked whether one of them was undergoing training. The passenger was reportedly reassured that all three pilots on board were experienced captains.
NSIB said no abnormal events were reported in the cabin before touchdown.
The aircraft eventually landed at about 8:57 a.m. on an under-construction paved roadway near Asaba Airport instead of the designated runway.
The bureau said its investigation into the incident is ongoing, while the preliminary report highlights conflicting accounts among the cockpit crew over the circumstances that led to the erroneous landing.
General News
EU warns Meta over addictive Facebook, Instagram designs, threatens fines

European Union has warned Meta Platforms Inc. that it could face a significant financial penalty unless it changes what regulators describe as the “addictive design” features of Facebook and Instagram.

The European Commission issued the warning in preliminary findings released on Friday, saying Meta had failed to sufficiently address risks posed by its platforms, particularly to children and vulnerable users.
The Commission said features such as infinite scrolling, personalised content recommendations and automatic video playback were designed in ways that encouraged excessive engagement with the platforms.
EU Executive Vice-President for Tech Sovereignty, Security and Democracy, Henna Virkkunen, said protecting the physical and mental well-being of European citizens should be a priority for social media companies.
The Commission said Meta should consider introducing design changes, including disabling autoplay and infinite scrolling by default, providing effective screen-time reminders and adjusting recommendation systems to reduce the focus on maximising user engagement.
The findings were issued under the European Union’s Digital Services Act (DSA), which sets obligations for major online platforms to address risks associated with their services.
Meta, however, rejected the Commission’s conclusions, saying it disagreed with the findings but would continue engaging with European regulators.
The company said it had already implemented measures aimed at protecting younger users, including Teen Accounts that allow parents to manage screen time limits and restrict access during night hours.
The EU said its investigation, which began in 2024, found that existing time-management tools on Facebook and Instagram could easily be bypassed, while parental controls required technical knowledge that limited their effectiveness.
Regulators also expressed concerns over children’s nighttime use of the platforms and the possibility that features such as Reels and Stories could encourage compulsive behaviour.
If the Commission’s preliminary findings are confirmed, Meta could face a fine of up to six per cent of its annual global revenue under the DSA.
The warning comes as the EU steps up efforts to strengthen online safety measures for children, with an expert panel established by European Commission President Ursula von der Leyen expected to present recommendations on protecting minors online.
Several EU member states, including France, have also supported discussions on restricting social media access for children, following Australia’s decision to ban users under 16 from accessing social media platforms.
Meanwhile, the Commission is continuing a separate investigation into whether Meta’s recommendation algorithms create “rabbit hole” effects by directing users towards increasingly extreme content.
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