News
Opportunity in Radio
Looking at the African broadcast media and technology landscape today, there is a definite flavour and preference that comes through; you can take your pick of [pay] TV; the Internet; Mobile telephony (and related data and media content delivery services) being launched, upgraded, and/or introduced on an almost continuous stream. We constantly here of new investments being made, new entrants into the market – either vendors or competitors. We hear of upgrades, new technologies being introduced, their impact on their markets and demographics. We are reminded of the subscriber and user numbers, their growth rate, the revenues they generate for their investors and incumbent service providers; the projected revenues and impact in the future for these technologies and media delivery platforms. The role they play in shaping perceptions, transferring information, enabling societies and communities; in essence, their critical importance to our communities and societies. You will not readily find announcements of a similar fanfare or interest in Radio. However, Radio is the most accessible and the most consumed media in all of Africa. This is especially true when you consider reach and access capabilities in the urban and rural areas. Radio reaches all parts of the African continent; rural and urban; electrified or not. Radio dominates the mass media spectrum with regionally-based commercial stations demonstrating the largest consistent growth in numbers, followed by community radio, where increases have been reported only in certain countries and growth remains strong, if inconsistent. Radio dominates the media output of, amongst other genres, the religious media (e.g. PanAm Broadcasting – 600 million listeners; over 20 countries, using shortwave & FM transmitters), partly due to the lower economic and regulatory entry barriers for owners than those for newspapers or television. Moreover, the focus on radio allows owners to expand the broadcast spectrum beyond the urban areas, avoid the economic barriers to consumers posed by high-priced newspaper or TV subscriptions, and to address the high illiteracy rates in the population. National commercial radio broadcasters are the exception not the rule, operating in only six countries (DRC, Kenya, Somalia, South Africa, Tanzania and Zambia). Some countries have experienced an increase in national commercial stations since 2000. State radio is coming under increasing pressure from regional or local commercial radio. This is mainly in urban areas, with the exceptions being Botswana, Ethiopia and Zimbabwe where state radio remains largely unchallenged. Large increases in regional or local commercial radio have been seen in nine countries. While DRC’s dramatic increase from eight to 150 stations may be explained partially by elections, growth in the other countries is attributed to economic growth brought on by changes in government (e.g., Senegal), or a liberalizing broadcast policy and investment. Adopting a Converged Technology Approach? Radio Stations should use the internet much more aggressively to promote their offerings and services, receive content, playlists, programming, etc. share content and programming (within a regional radio network, for example) and extend their reach and audience. At present, new communications and information technologies (such a on-line programmer sharing, internet radio, web portals, text-to- radio, etc.) will increase the efficiency and capability of Africa’s radio stations, to a similar extent as in the more developed parts of the world – especially the commercial (FM) radio stations operating in the larger urban areas with a sizeable demographic to justify the investment. It is possible, however, to combine the most advanced technologies – Internet audio, for example – with more traditional broadcasting techniques such as "radio relay". Audio files could be exchanged over the Internet between national "flagship" stations located in the capital (these could be community-radio associations) and then sent out by more conventional means (cassettes, CD ROMs) to the member stations. There are a variety of initiatives to promote the understanding and use of the Internet by Africa’s radio stations. One of these is BDP on-line, an Internet-based alternative to shipping CDs or cassettes by e-mail in West Africa. Using BDP on line, twelve participating radio stations in ten French-speaking African countries are able to use the Internet to upload or download programmes free-of-charge. There are a number of ‘extras’ that can be added to the basic station model, which add functionality. These include: Station Automation, to allow programming without a technician/producer in studio. Stream the station on the web. This requires a computer with a soundcard with an ‘always on’ link to the internet. This usually requires an internet link from the station premises. Another technology option is using a mobile phone to take SMS messages – prepaid phone is better/cheaper for this, as it won’t generally be used for outgoing calls. Yet another option is the provision of an Email address for requests/audience feedback (preferably with an internet link into the studio/station). Other Internet options, such as exchanging text instead of audio are more realistic for everyday radio use. There are factors that have to be addressed, however for this to be a viable reality that will add to the profitability and efficiency of radio stations. First of these is the cost and access to the Internet. The next is the awareness of Commercial Radio station owners as to the capabilities, features and benefits that an integrated (or converged) technology approach will deliver to them if designed and applied effectively . Using transmitting equipment with power ranging from 1,000 Watts (FM) to 250,000 Watts (Shortwave), commercial radio station owners (shortwave, and more often FM), are able to reach various sizes of demographics – rural or urban, literate or illiterate, electrified or not. In addition, several "intermediary" organisations with strong local roots – such as the Panos Institute of West Africa – could help to link new technologies (the Web or satellites) with local radio stations by selecting and formatting information from the Web and by supporting the development of networks. What’s Next 
Digital radio broadcasting has emerged, first in Europe, and later in many other countries worldwide. The most simple system is named DAB Digital Radio, for Digital Audio Broadcasting, HD Radio Technology enables AM and FM Radio stations to broadcast programs digitally, a tremendous technological leap forward from analog. The HD Radio system is propelling the medium into the digital space and marks the most significant advancement in Radio broadcasting since the introduction of FM stereo more than 50 years ago. The digital technology opens the doors to a variety of services in addition to the digital stations. In September 2007, iTunes® Tagging was introduced. This new HD Radio feature enables listeners using HD Radio receivers equipped with a special Tag button to download and buy songs they hear on HD Radio stations via Apple’s iTunes. The benefits of HD Radio Technology include the following: · · · · · · A Better Listening Experience · · · · · · · · · · Advanced data services: · · · · · · · · · · · · All of these enhancements to local AM and FM Radio are designed to better serve the listening public while offering tremendous growth opportunities for advertisers, broadcasters and retailers, amongst others. HD Radio Technology takes Radio into the digital age, allowing stations to compete more aggressively for Time Spent Listening (TSL) and share of audience. Finally (definitely one for the future!), · · · · ·
Xora Finance has announced it will no longer consider job applicants from Nigeria.
Xora Finance is a digital bank founded by Joren Lundgren, in February 2026 and allows users to deposit and earn interest on their XRP cryptocurrency.
Lundgren, founder, in an announcement on X (formerly Twitter), cited an ongoing pattern of misconduct, such as dishonesty and theft, from previous Nigerian hires as the reason for the decision.
This sudden blanket ban came just days after the company’s official career page was aggressively recruiting remote workers for marketing and content roles.
The announcement generated heavy backlash online, with many people upset that a blanket rule punishes honest job seekers.
Some lawyers have said that victims of Ponzi schemes have legal remedies, although recovering lost funds and prosecuting perpetrators remain major challenges.
A Ponzi scheme is an investment fraud that pays existing investors with funds collected from new participants rather than from actual profits.
Operators lure victims by promising high returns with little to no risk.
The scheme inevitably collapses when the flow of new investors slows down.
Some lawyers who spoke to News Agency of Nigeria (NAN) separate interviews with on Sunday, said that victims could pursue civil actions to recover their money.
Mr Chibuikem Opara, a lawyer at Justification Chambers, Ikeja,said many Nigerians continued to fall victim to Ponzi schemes in spite of repeated warnings.
Opara said it was wrong to attribute participation in Ponzi schemes to a lack of investment opportunities, noting that promoters often exploit investors’ greed through promises of unrealistic returns.
“What you cannot take away is the fact that many Nigerians have fallen and continue to fall victim to these schemes every time,” he said.
According to him, victims may individually or collectively institute civil actions against the beneficiary company for breach of contract or refund arising from failure of consideration.
Opara said victims could also unite to seek an order from the Federal High Court to wind up the beneficiary company.
He, however, noted that such efforts might yield little benefit if perpetrators had already siphoned the funds and left behind an empty shell.
The lawyer said available remedies largely depended on the actions of relevant authorities, adding that recipient accounts could be frozen to facilitate fund recovery and support winding-up proceedings.
Opara said regulators and law enforcement agencies often became aware of Ponzi schemes only after substantial losses had occurred.
According to him, victims frequently failed to report suspicious schemes early enough to enable timely intervention.
He added that funds are sometimes moved outside the country before authorities become aware of the fraud.
Opara also cited inadequate information and the deceptive nature of the schemes as major obstacles to investigation and prosecution.
“Most times, everything about the schemes is made to appear elusive, just like the profits promised to victims,” he said.
Also speaking, Mr Vincent Aminu of A.F. Aminu and Co. advised that victims of investment scams should report such cases to appropriate law enforcement agencies on time.
Aminu said victims could petition the Economic and Financial Crimes Commission (EFCC) or file reports with the police.
He said that after investigation, prosecutors could bring charges against suspects under relevant fraud-related laws, including provisions of the Criminal Code and the Advance Fee Fraud and Other Fraud Related Offences Act.
Beyond criminal prosecution, Aminu said .victims could pursue civil actions to recover their money
According to him, such actions may be based on breach of contract, unjust enrichment, or fraudulent misrepresentation, depending on the circumstances.
He added that victims could petition the Securities and Exchange Commission (SEC), which could investigate illegal operators, shut down unauthorised platforms, and freeze assets.
He identified the anonymity of online fraudsters as one of the biggest challenges confronting investigators.
According to him, many operators concealed their identities through fake digital profiles and technologies that made tracking them difficult.
Aminu also noted that victims who delayed taking legal action risked losing opportunities for redress.
He added that prolonged court proceedings often delayed justice for victims.
“Many fraud-related cases take years before the court reaches a verdict, thereby delaying justice for victims,” he said.
Also, Mr Chris Ayiyi of Ayiyi Chambers, Apapa, described Ponzi schemes as a gamble that benefited early participants at the expense of later investors.
Ayiyi said some early entrants received returns on their investments, thereby encouraging others to join the schemes.
He said the schemes eventually collapsed, leaving late investors to bear the losses
The lawyer called for a complete ban on Ponzi schemes or sustained public enlightenment campaigns against them.
He urged the National Assembly to enact laws that would strengthen regulation and provide greater protection for investors.
According to him, stronger legal safeguards are necessary in a country operating a capital-based economy.
PalmPay Group (“PalmPay”), a multinational fintech company providing digital financial services across high-growth emerging markets, is pleased to appoint Samuel Oluyemi as Chief Operating Officer (“COO”) of its Nigeria practice, effective immediately.
The appointment comes at a pivotal moment for PalmPay as it looks to reach more underserved communities and continuously strengthen the reliability and security of its services. It also comes as Nigeria’s broader financial services sector continues to modernize, bring millions more Nigerians into the formal financial system, and strengthen the cybersecurity and fraud-prevention standards that underpin public confidence in digital payments.
As COO of PalmPay Nigeria, Mr. Oluyemi will oversee PalmPay’s Nigerian operations — where the company provides a full suite of digital financial services to individuals and businesses — and communicate with regulators to ensure the company’s growth happens harmoniously with the country’s financial, digital, and social inclusion goals.
Mr. Oluyemi brings more than two decades of experience at the Nigeria Inter-Bank Settlement System (“NIBSS”). During his tenure as the Business Development Lead, he championed the development of key national payment services — including the Digital Validation of Nigerian International Passport (e-Passport Validation), Electronic Dividend Mandate Management System (“e-DMMS”), and the Electronic Pensions Contribution Collection System (“EPCCOS”) — and played a pivotal role in introducing and driving early adoption of NIBSS Instant Payment (“NIP”), Nigeria’s first online, real-time, inter-bank transfer system in 2011 and its subsequent extension to the Other Financial Institutions (“OFI”) segment of the Nigeria Payments System.
He holds an MSc in Monetary Economics from the University of Ibadan with extensive local and international professional training.
“Samuel joins PalmPay at an important stage in our journey to strengthen the foundations that will support our long-term goal of driving financial inclusion,” said Chika Nwosu, Managing Director of PalmPay Nigeria. “His extensive experience makes him well positioned to help us scale sustainably while maintaining the operational discipline, governance and customer-first culture that define PalmPay.”
“PalmPay has established itself as one of the most impactful fintech companies in emerging markets by making financial services more accessible and affordable for millions of people,” said Mr. Oluyemi.
“I am excited to join the company and look forward to working alongside an exceptional team to strengthen operational excellence and support PalmPay’s vision of building a leading digital financial services platform. Together, we will continue delivering secure, reliable, and customer-focused financial solutions while contributing to the continued evolution of Nigeria’s digital financial ecosystem.”
As Nigeria’s digital financial services sector continues to mature, this appointment reflects a broader commitment guiding PalmPay across all markets it serves: building financial services that are secure, reliable, and effective enough to earn a permanent place in people’s everyday lives.
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