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Jim O’Neill at AFC Live Lists 4 Agenda for Africa’s Development

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Jim O’Neill, renowned economist who coined the ‘BRIC’ and ‘MINT’ acronyms, declares the African infrastructure divide, ‘both a defining challenge and a standout investment opportunity of our generation’.

Speaking at Africa Finance Corporation (AFC) inaugural summit 2014 held in Lagos, O’Neil said that Africa’s future depends on the continent’s policy makers doing the right thing.

The four key areas he wants African leaders focus on include redefining (better) governance, reducing crime, fighting corruption and delivering improved infrastructure.

According to him, “Africa’s future depends on the continent’s policy makers doing the right thing. That is working to create better governance, reducing crime, fighting corruption and delivering improved infrastructure. Infrastructure development is both a defining challenge and a standout investment opportunity for Africa and investors around the world.  For example, Nigeria is growing at 7% despite poor access to power; decent power could boost economic growth to 10%-12%. There is no reason why Nigeria should not become one of the G20.”

The Summit christened ‘AFC live’ attracted more than 500 leading thinkers from government, academia, business and finance, fuelled energetic debate on both the opportunities and the challenges of the African infrastructure landscape.

O’Neil who is also the former chairman of Goldman Sachs Asset Management, identified that, infrastructure in general, has been estimated to have the potential to add an average of 2% to Africa’s economic growth rate over the next decade as investment is brought to bear to bridge the current circa US$40 billion per annum investment deficit.

Andrew Alli, president and chief executive officer (AFC), told the delegates that, “The sheer number of people here today, passionately engaged in the debate on infrastructure and what it means for the future of this great continent, is inspiring.

“Our vision at the AFC is to bridge the infrastructure divide and seek a strong return for our shareholders at the same time. We believe our core role comes at the earliest stage of project conception and development.

“While international capital will be fundamental in bridging the investment divide, that capital will have nowhere to go if Africa does not focus on the development of bankable, sustainable projects. By focusing on supporting project development and using our local knowledge and sector expertise to identify and mitigate risk we come in to transactions at an earlier stage than many investors.

“Our role is to accelerate the number of viable, bankable projects across the continent, creating the market for other forms of capital that will follow, and ultimately bridging the investment divide that exists. We believe landmark transformational projects can yield financial dividends every bit as powerful as their social ones and our success to date demonstrates this.”

At a ceremony on stage, Cape Verde Minister of Finance Cristiana Duarte signed the instrument of accession for membership of the AFC.

Cape Verde becomes the 9th country to join other member nations, including: Chad, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Nigeria and Sierra Leone.

AFC is a pan-African investor and its investments are not limited to member states.

Cristiana Duarte, minister of Finance of Cape Verde said, “I am very pleased today to be able to formalise Cape Verde’s membership of the Africa Finance Corporation. Cape Verde and the AFC have enjoyed a very productive and collaborative relationship over the last few years.

“As the lead investor in Cabeolica, our award winning $90 million 26MW commercial wind farm we have firsthand experience of the expertise the corporation can bring to innovative projects and we look forward to working to deliver more projects over the coming years.”

Baring his mind on the infrastructural deficit in Nigeria, particularly, the power sector, Mr. Tony O. Elumelu, chairman of Transcorp Plc, managers of Ughelli Power Plant, said investors in both the power generation and distribution have not forgotten their promises to deliver to Nigerians, adding that, public awareness needs to be created on the progress made under the privatilization scheme.

Elumelu had declared intent of Transcorp Plc to leverage their time tested expertise in turning around businesses in growing the Ughelli Power Plant to a 1000mw generating plant by 2017.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Financial

Mastercard, BMONI Launch Multi-Currency Payment Cards in Nigeria

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Mastercard, global technology company in the payments industry and BMONI, smart digital wallet designed as a modern alternative to traditional banks have partnered to launch a new suite of virtual and physical payment cards in Nigeria, marking a significant step in the country’s expanding digital payments ecosystem.

Mastercard, BMONI Launch Multi-Currency Payment Cards in Nigeria

The new cards, available in both Naira and US dollars, are designed to support seamless domestic and international transactions.

The partnership combines Mastercard’s global payments infrastructure with BMONI’s AI-powered financial platform to deliver one of Nigeria’s first locally issued international card programmes focused on multi-currency functionality and instant digital access.

The launch comes as Nigeria’s e-commerce market continues to grow rapidly, with increasing demand for globally accepted digital payment solutions.

Through the BMONI mobile app, users can instantly create multiple virtual cards tailored for different spending needs, including travel, subscriptions, online shopping, and daily expenses.

The platform aims to give users greater visibility and control over spending through real-time tracking and customizable card management features.

Folasade Femi-Lawal, country manager for West Africa at Mastercard, said the collaboration aligns with the country’s accelerating digital transformation.

“This collaboration brings together a trusted global network with an innovative platform to deliver real value—instant card access, multi-currency flexibility, and seamless cross-border transaction capabilities,” she said.

Ashwin Ravichandran, head of Product at BMONI, said the partnership is focused on improving financial accessibility and user control.

“Our goal is to remove friction between people and their money. Partnering with Mastercard allows us to provide global access and financial control at a level previously unavailable to Nigerian consumers,” Ravichandran said.

The launch reflects a broader FinTech trend across Africa, where digital-first financial services providers are increasingly partnering with global payment networks to expand access to cross-border commerce, embedded finance, and multi-currency payment solutions.

The service is now live, with users able to access the offering directly through the BMONI app.

 

 


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General News

NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

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Nigeria Centre for Disease Control (NCDC) has intensified nationwide disease surveillance following reports of a Hantavirus infection cluster connected to international cruise ship travel involving several countries.

NCDC Enhances Monitoring, Releases Advisory amid Rising Global Hantavirus Cases

Dr Jide Idris, director-general, NCDC, in a public health advisory, confirmed that Nigeria has not recorded any confirmed Hantavirus case and stated that the overall public health risk remains low.

According to the agency, the reported outbreak currently involves a limited number of confirmed and suspected infections linked to cruise ship exposure, while international investigations and contact tracing efforts continue.

The NCDC explained that the advisory was released to strengthen national preparedness and encourage vigilance against emerging infectious diseases amid growing global concern surrounding the outbreak.

Health authorities noted that Hantaviruses are mainly transmitted through exposure to infected rodents, their urine, saliva, droppings, or contaminated dust particles. Symptoms may include fever, fatigue, muscle pain, gastrointestinal illness, and in severe cases, respiratory complications.

The current outbreak has reportedly been associated with the Andes virus strain, which has shown limited human-to-human transmission through close contact in previous cases.

The NCDC stated that enhanced monitoring systems have been activated nationwide to support early detection and rapid response efforts.

The agency also urged Nigerians to maintain proper hygiene, prevent rodent infestations, safely store food items, and avoid exposure to rodents and contaminated environments.

Officials further advised the public to rely only on verified information from recognized health authorities and avoid spreading misinformation regarding the outbreak.

 

 


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Broadcasting

Metro Digital, Nigerian Firm Accuses Multichoice Of Refusal to Obey Court Judgements

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Metro Digital Limited, a  licenced Indigenous broadcasting organisation,  has accused Multichoice, pay television company, of refusing to obey judgements emanating from Courts in Nigeria.

Metro Digital, Nigerian Firm Accuses Multichoice Of Refusal to Obey Court Judgements

It said the latest of such judgements is the one that was delivered by Justice Chinelo Odili of Rivers State High Court on May 4, 2026 in Suit No. PHC/3943/FHR/2025.

Dr. Paul Osuji, operations manager of Metro Digital,  at a press conference in Port Harcourt, Rivers State,

said the suit was filed by the organisation and two others against Multichoice and the Economic and Financial Crimes Commission (EFCC).

Osuji stated that Justice Odili has in the judgement described the arrest of a staff member of the company and the carting away of it’s properties and disruption of it’s broadcasting business by the EFCC over a civil dispute of copyrighy as unlawful and violations of the applicants’ rights.

The manager recalled that in October 2025, Multichoice instigated the EFCC to read their office in Port Harcourt, arrested a staff of the company and staff of another company, while the suit was still pending.

“On October 16, 2025, the premises of Metro Digital Limited, a licenced indigenous broadcasting organisation was raided by the Nigerian anti-graft agency, EFCC, instigated by Multichoice Nigeria, purportedly acting on a preservation order made by the Federal High Court sitting in Port Harcourt over the sub licensing of broadcasting content right.

“The preservation order came from a civil dispute already adjudicated by the Court of Appeal No. CA/CS/188/2021 – Multichoice Vs Metro Digital Limited and 20 others, which is a subject of a pending appeal -No. SC/CV/1248/2022 -Multichoice and 20 others before the Supreme Court.

“Instructively, while suit No. PHC/ 3943/ FHR/2025 was still pending, Metro Digital Limited filed an application to set aside the said preservation orders of the Federal High Court sitting in Port Harcourt and presided over by Hon. Justice A.T Mohammed.

“In his ruling delivered on December 10, 2025, set aside the preservation orders and it’s legal execution on Metro Digital Limited. The court also ordered EFCC to return unconditionally all the properties and records of Metro Digital Limited, illegally and unlawfully carted away during the raid but the agency has till today not obeyed those orders of the Court,” he said.

Metro Digital Limited is known for operating SLTV, a direct-to-home satellite television service launched to provide affordable, locally-owned alternatives to international pay TV


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