General News
IFC, Bank of Africa Group Deepen Partnership to Boost SME Financing in Africa
To support economic activity and job creation in 10 countries across sub-Saharan Africa, IFC announced an investment in a risk-sharing facility for the Bank of Africa Group (BOA) that will ease access to finance for smaller businesses, including those in fragile and conflict-affected countries and in the Sahel.
IFC will invest $77 million in the risk-sharing facility to scale up BOA’s lending to small and medium enterprises (SMEs), including women-owned businesses, in Benin, Burkina Faso, Côte d’Ivoire, Ghana, Madagascar, Mali, Niger, Senegal, Tanzania, and Togo.
IFC’s investment will guarantee 50 percent of an aggregate loan portfolio of up to $154 million equivalent to businesses in the agriculture, trade, energy, construction, and other sectors.
Through the facility, BOA is expected to make 12,000 new loans, of which at least 2,000 will be to women-owned businesses, which often face greater barriers accessing finance. IFC will also provide advisory services to help BOA strengthen its portfolio of women-owned SMEs across its affiliates in the ten countries.
“The asset transformation to increase our exposure to SMEs constitutes one of the three pillars of our strategy. Indeed, we are convinced of the driving role of SMEs. We thank IFC’s initiative that will help BOA to boost our SMEs penetration with more strength and confidence,” said Amine Bouabid, Group Chief Executive Officer of BOA.
“Ramping up access to finance for SMEs is pivotal when macroeconomic headwinds and supply chains disruptions are hampering growth, innovation, and economic activity in Africa, particularly in fragile, conflict-affected and low-income countries,” said Aliou Maiga, IFC’s Regional Industry Director for the Financial Institutions Group in Africa. “IFC’s deepening partnership with BOA reflects our strategy to support financial inclusion, access to credit, and more broadly, private sector development on the continent.”
“As we celebrate the 15th anniversary of Goldman Sachs 10,000 Women initiative, we are pleased to continue to empower female entrepreneurs to accelerate growth and recharge their businesses through access to capital,” said Charlotte Keenan, Global Director of Goldman Sachs 10,000 Women. “We look forward to supporting Bank of Africa Group as it expands lending to women-owned businesses across sub-Saharan Africa.”
Accounting for up to 90 percent of all businesses in sub-Saharan Africa and representing 38 percent of the region’s GDP, SMEs are the backbone of African economies. However, many SMEs are held back by a lack of access to finance. According to World Bank enterprise surveys data, the SME finance gap in the ten target countries is $21 billion and that 53 percent of SMEs are either partially or fully credit constrained.
IFC’s investment is supported by the Global SME Finance Facility (GSMEF), a blended finance partnership with donor funding from the United Kingdom and the Dutch Government; the Women Entrepreneurs Finance Initiative (We-Fi); and the Women Entrepreneurs Opportunity Facility launched by IFC through its Banking on Women Program, and Goldman Sachs 10,000 Women.
Yesterday’s announcement builds on a 2018 multi-country risk sharing facility IFC established with BOA, with GSMEF’s support, to encourage smaller business growth in eight African countries.
The project also aligns with IFC’s pledge to support the reduction of the SMEs financing gap in sub-Saharan Africa under the Alliance for Entrepreneurship in Africa.
Breathe Life Foundation partnered with Teach Nigeria Fellow, Ms Bunmi Rotimi, to deliver a respiratory health awareness session for over 200 senior students of Cleggs Girls High School, Surulere, Lagos.
The session equipped students aged 15–19 years with practical knowledge about the risks associated with smoking, vaping, and shisha, while challenging the misconception that shisha is a safer alternative to cigarettes or other substances.
Through an engaging and interactive discussion, students explored the influence of peer pressure and learned practical strategies for making healthier, more informed lifestyle choices.
They also gained a better understanding of common environmental triggers of asthma and other respiratory conditions, including cigarette smoke, generator fumes, bush burning, mosquito coil smoke, candles, charcoal, and firewood.
The session highlighted an important reality: young people may not always recognise how seemingly routine lifestyle choices and environmental exposures can gradually affect their respiratory health, quality of life, and long-term wellbeing.
For Breathe Life Foundation, this reinforces the importance of shifting the conversation from treatment to prevention through awareness and education. By equipping young people with the knowledge to identify risks and make healthier choices early, the Foundation is helping to build a generation that is more conscious of – and better prepared to protect – its respiratory health.
Breathe Life Foundation is dedicated to advancing respiratory health, an often-neglected public health priority. Healthy lungs are essential to life, yet respiratory diseases remain among the world’s leading causes of death and disability, even though many are preventable and treatable.
Nigeria’s technology retail landscape reached another significant milestone on Monday, August 3, 2026, as global technology giant ASUS, in partnership with Konga, officially commissioned its first flagship experience store in West Africa.
Strategically located at 16 Otigba Street, Computer Village, Ikeja, Lagos; the heartbeat of Nigeria’s technology ecosystem, the state-of-the-art facility represents a major investment in customer experience, product accessibility, and digital innovation.
The launch also reinforces Konga’s growing reputation as a preferred gateway for leading global technology brands into the Nigerian market.
The landmark event attracted Dr Kingsley Tochukwu Udeh, SAN, minister of Innovation, Science and Technology, who officially commissioned the store.
Also in attendance were the Chairman of Zinox Group, Leo Stan Ekeh; Chief Operating Officer of Konga, Dave Omoregie; VP Omni-channel & Commercial Planning, Melvin Onochie; and Head of Marketing and Communications at Konga Group, Victor Oluwaleye.
The ASUS team was led by E.EMEA General Manager, Aaron Tsai, alongside Business Development Manager, Sunnie Chen; Sales Manager, Mohammed Kazim; Gaming Product Manager, Joy Chen; Marketing Manager, Adeola Odeleye; and Sales Specialist, Williams Okenna.
The Honourable Minister described the facility as a defining achievement for Nigeria’s digital economy, noting that it is far more than the opening of a retail outlet.
He called it a strong vote of confidence by a global technology brand in Nigeria’s innovation, science, and technology ecosystem and the immense potential of its market.
He noted that his presence underscored the Federal Government’s commitment to fostering stronger collaboration between the public and private sectors, describing such partnerships as essential to achieving Nigeria’s ambition of building a one-trillion-dollar economy driven by private enterprise and enabled by government.
The Minister paid tribute to Leo Stan Ekeh, describing him as one of the foremost architects of Nigeria’s digital transformation.
He announced that Ekeh had recently agreed to champion the Federal Government’s Youth and Students in Innovation initiative, a flagship programme aimed at equipping young Nigerians with entrepreneurial and technology skills.
According to him, Ekeh’s decades of visionary entrepreneurship have played a pivotal role in shaping the country’s technology ecosystem and attracting prominent technology companies into the Nigerian market.
Using the occasion to address the international business community, the Minister encouraged global investors and brands to look beyond establishing commercial operations in Nigeria and actively partner with the government in driving national development.
He assured investors of the Federal Government’s commitment to creating an enabling environment that safeguards investments and delivers sustainable returns.
Speaking at the event, ASUS E.EMEA General Manager, Aaron Tsai, expressed appreciation to partners, government representatives, and customers for their support.
He explained that the flagship store was conceived to provide consumers with direct access to authentic ASUS products, and expressed confidence that the partnership with Konga will further accelerate the brand’s growth and strengthen customer engagement in the region.
The experience centre features dedicated sections showcasing ASUS’ complete portfolio of premium laptops, gaming devices, AI-powered PCs, and cutting-edge innovations. A standout attraction is an interactive digital display that allows visitors to explore ASUS’ latest technologies virtually before making purchase decisions, creating a more engaging and informed customer journey. Plus, every ASUS device purchased through the flagship store or online on Konga comes with a special one-year replacement warranty at no extra cost.
In his remark, Chief Operating Officer of Konga Group, Dave Omoregie, said the flagship store reflects Konga’s deliberate strategy to give Nigerian consumers a seamless blend of online and offline retail.
He noted that Konga’s logistics network, payment infrastructure, and nationwide retail footprint uniquely position the company to support global brands like ASUS at scale, while ensuring customers enjoy authentic products backed by reliable after-sales service.
According to him, the partnership demonstrates what becomes possible when world-class technology brands trust Nigerian platforms to deliver exceptional experiences, adding that Konga remains committed to setting the operational standard for authentic technology retail across the country.
The launch further reinforces the enduring partnership between ASUS and Konga, built on shared values of innovation, authenticity, and customer satisfaction.
It also highlights Konga’s continued evolution beyond traditional e-commerce into a comprehensive omnichannel technology ecosystem that combines online convenience with physical retail experiences.
For Nigerian consumers and businesses, the new ASUS Flagship Experience Store represents more than a retail outlet; it is a symbol of confidence in Nigeria’s technology market. It highlights Konga’s commitment to bridging the gap between global technology brands and Nigerian consumers. With its robust logistics infrastructure, digital payment solutions, and nationwide physical retail presence, Konga continues to set the standard for authentic, accessible, and reliable technology retail across Africa.
The flagship store opening featured guided product demonstrations, immersive technology experiences, exclusive launch-day offers and customer engagement activities celebrating this historic milestone.
Customers can begin shopping immediately at the ASUS Flagship Experience Store, located at 16 Otigba Street, Computer Village, Ikeja, Lagos. Visitors can explore authentic ASUS products, experience live product demonstrations, receive expert guidance, and access dedicated Starlink customer-support services.
Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to direct, Lateef Fagbemi (SAN), attorney general of the federation and minister of Justice; Olatunji Rilwan Disu, inspector-general of Police, and relevant anti-corruption agencies to investigate allegations that more than ₦6.79 billion in public funds were missing, diverted or misapplied within the Nigeria Police Force and the Federal Ministry of Police Affairs.
The allegations are contained in the Auditor-General of the Federation’s 2022 Annual Report, published on September 9, 2025.
In a letter dated August 1, 2026, and signed by Kolawole Oluwadare, deputy director, SERAP, the organisation urged the government to ensure that anyone implicated in the report is prosecuted and that all missing public funds, firearms and ammunition are recovered.
“Anyone suspected to be responsible—including contractors, companies and public officials implicated in the report—should be promptly prosecuted, while all missing public funds, firearms and ammunition should be fully recovered, secured and properly accounted for.”
SERAP described the Auditor-General’s findings as a serious breach of public trust.
“The Auditor-General’s findings suggest a grave betrayal of the public trust and raise serious concerns about corruption and the management of public funds, police exhibits, firearms and ammunition.”
The organisation also expressed concern over allegations involving missing firearms, unauthorised use and release of police exhibits, and poor storage of weapons.
“The report also raises serious concerns over missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for exhibits, and the insecure storage of firearms, creating significant risks to public safety and national security.”
According to SERAP, the alleged diversion of funds meant for policing and the reported irregularities have weakened the operational effectiveness of the Nigeria Police Force.
“The diversion of funds meant for policing, abandoned security projects, missing firearms and ammunition, and the misuse of police exhibits undermine the operational effectiveness of the Nigeria Police Force, weaken public confidence and may contribute to Nigeria’s worsening insecurity.”
The organisation said the Auditor-General’s report documented several alleged financial irregularities, including payments for projects that were never executed, abandoned contracts, inflated contract costs, irregular procurement, unretired cash advances, unsettled insurance claims and payments for services allegedly not rendered.
“The report documented numerous alleged financial irregularities within the Nigeria Police Force and the Federal Ministry of Police Affairs, including payments for projects that were never executed, abandoned contracts, inflated contract costs, and irregular procurement.”
“The report also documented unretired cash advances, unsettled insurance claims, payments for services allegedly not rendered, and other suspected diversion and misapplication of public funds amounting to over ₦6.79 billion.”SERAP further cited allegations of missing firearms and ammunition, failures to properly account for recovered weapons and exhibits, and insecure storage of firearms.
“The allegations also include missing firearms and ammunition, the unauthorised use and release of police exhibits, failures to properly account for recovered firearms and other exhibits, and the insecure storage of firearms, posing serious risks to public safety and national security.”
The organisation gave the Federal Government seven days to act on its demands, warning that it would pursue legal action if no response is received.
“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal action to compel your government to comply with our request in the public interest.”
SERAP also argued that the allegations, if left unaddressed, would violate constitutional provisions requiring the government to combat corruption and safeguard the welfare and security of Nigerians.
Among the specific findings cited from the Auditor-General’s report were allegations of payments for abandoned and unexecuted police projects worth hundreds of millions of naira, inflated contract values, unretired cash advances, irregular procurement processes, unsettled insurance claims exceeding ₦681 million, over ₦1 billion in uncleared insurance policy liabilities, missing firearms and ammunition, unauthorised release of police exhibits, and contracts allegedly awarded without due diligence by the Federal Ministry of Police Affairs.
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