General News
The Sunny Disposition of Private Equity in Today’s COVID-19 World

Gregory Kronsten
We listened with great interest to four prominent private equity players in Africa in a discussion of prospects during and after COVID-19.

The event took place in early November, and so was before the announcement by Pfizer and Moderna on their vaccines to tackle COVID-19. The panel discussion was part of the Africa Debate, an annual event put together by an established London-based business association.
Private equity houses are generally optimistic and did not disappoint in the discussion.
They had to contend with the great returns available in China and foreign exchange issues in several African markets before COVID-19 struck, yet were able to highlight many positives.
One investor who follows the script of the emerging middle class noted that 70 per cent of their companies qualify as essential businesses and have therefore remained open.
Another said that their investments in both telecoms and financial services had performed well with COVID-19 whereas the record for consumer goods had been mixed.
His experience in Africa was that the crisis has helped large companies more than small operations, mirroring trends in advanced economies. A third mentioned a successful investment in a remittance business, driven by a shift from sending cash across borders (now often closed) in taxis to digital transactions.
There is the general point, made in the context of infrastructure plays, that the global slowdown has made valuations more attractive.
Without travel, investors have been unable to send specialist outside contractors to factories for fire-fighting purposes. Whenever possible, they have sorted the problems out on Zoom. COVID-19 has accelerated programmes to deepen local expertise on the ground, while traditional due diligence has become highly challenging without travel.
At the other end of the transaction, an exit via Zoom requires good knowledge of the buyers. Nonetheless one investor has concluded two transactions in the past month, one of which is in the fintech space.
In the Q&A session investors were asked about their target Internal Rate of Return (IRR). The first to answer came up with between 15% and 20% net, and the three others were happy to nod their heads in agreement.
Another question covered the integration of ESG considerations into investment decisions. One investor had already said that all their decision-taking incorporated the impact on the climate. He argued that the valuation would suffer on a future exit from a climate-unfriendly holding.
Expectedly, working practices have also had to change. One company has worked hard to keep up morale as its employees work from home rather than network in their office.
Its responses have included organizing a party on Zoom to celebrate the appointment of three new partners. Some of the time saved from travelling has also been used to bring employees up to speed on the world of Environmental, Social and Governance (ESG).
Overall, the momentum has slowed for the industry in Africa in terms of new deals, exits and fund-raising because of COVID-19. It was clear from the discussion, however, that participants were confident about the future post-COVID, which point may well have been brought closer by the news on vaccine trials we have since had from Pfizer and Moderna in the US.
Gregory Kronsten is Head, Macroeconomic and Fixed Income Research, FBNQuest
General News
Catholic Bishops Urge FG to Give Tax Laws Human Face

Catholic Bishops of the Ibadan Ecclesiastical Province has called on the Federal Government to implement the ongoing tax reforms with equity, openness and empathy, cautioning that policies devoid of human consideration could further compound the suffering of millions of Nigerians.

The appeal was contained in a communiqué released after the bishops’ first provincial meeting for 2026, which took place at the Jubilee Conference Centre in Ibadan, Oyo State.
The document was jointly signed by Most Rev. Gabriel Abegunrin, chairman of the Ibadan Ecclesiastical Province, and Most Rev. John Oyejola, secretary.
Recall that the tax reforms were introduced by the administration of President Bola Tinubu and assented to on June 26, 2025.
They officially came into effect on January 1, 2026, and have continued to attract diverse reactions across the country.
In the communiqué, titled “Sustaining Hope and Strengthening Our Good Efforts,” the bishops acknowledged the government’s desire to overhaul Nigeria’s tax system but expressed concern that its implementation had sparked widespread unease and debate, especially among the poor and vulnerable.
“The reforms should be anchored on fairness, transparency and accountability, urging the government to apply them with compassion.
“The bishops also advised that vulnerable citizens should be given sufficient time to adapt to the new tax regime before strict enforcement measures are introduced.”
The clerics warned that economic policies pursued without sensitivity could widen inequality and heighten social unrest, noting that taxation should not become an added burden for Nigerians already grappling with inflation, unemployment, and rising costs of living.
The bishops encouraged Nigerians to remain hopeful while backing prayers with responsible citizenship, diligence and respect for justice and the rule of law.
“As shepherds of God’s people, we urge Nigerians to reject cynicism and despair. Prayer must be accompanied by good works. This is the only country we have,” the communiqué concluded.
General News
Taraba Adopts Electronic Case Management System
Taraba State in Nigeria has developed an electronic platform for filing criminal cases in the state’s High Courts, marking the implementation of the new National Case Management System.
![]()
The launch, announced on Monday, marks a move from manual to electronic filing of criminal cases and is part of attempts to reform court processes and expand access to justice using technology.
Governor Agbu Kefas stated that the action underlines the government’s dedication to institutional strengthening, the rule of law, and effective governance.
Kefas pledged continued government support for the judiciary, noting that technology is essential for delivering swift, fair and transparent justice.
He also stated that the state would give the resources and infrastructure required to maintain the ongoing judicial reforms.
Justice Joel Agya, Chief Judge of Taraba State, stated that the e-filing facility will enable the electronic filing of originating processes and subsequent applications.
He explained that the system would enhance case tracking from filing to final determination while reducing delays caused by manual registry procedures.
Justice Agya went on to say that the platform would improve the security and accessibility of court records, as well as help judges manage dockets and time better.
He emphasised that the platform is intended to supplement rather than replace judicial decision-making, ensuring that administrative procedures do not impede the delivery of speedy justice.
The development is consistent with a broader national push to digitalise judicial processes across Nigerian courts, which has already been implemented in several regions.
General News
Cybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy

Kaspersky has detected a wave of phishing attacks preying on former customers of the bankrupt crypto lending platform BlockFi.

These scams leverage the ongoing distribution of customer assets following BlockFi’s 2022 bankruptcy, tricking victims into surrendering cryptocurrency wallet seed phrases, potentially leading to financial losses.
BlockFi, once a prominent provider of high-yield interest accounts and crypto-backed loans, announced bankruptcy in November 2022. The company began disbursing repayments to affected clients in 2024 as part of its restructuring plan.
Kaspersky has detected fraudulent emails mimicking BlockFi’s official branding, which falsely invite recipients to “claim the payment” they are “entitled to.” After clicking on the link, users land on a phishing page and are prompted to “connect their wallet”.
The attackers suggest that users import their existing wallet by typing in the secret phrase – this grants attackers direct access to the funds in the victim’s wallet.
“Phishing attacks like this are widespread, capitalising on real-world events to build trust and urgency. Victims who fall for these scams risk exposing their crypto wallets to theft. It’s critical for individuals to verify any communications directly through official channels and to check the address from where the email originates for legitimacy,” comments Roman Dedenok, anti-spam expert at Kaspersky.
The phishing emails feature convincing logos, colour schemes, and language, making them difficult to spot at first glance. Kaspersky recommends the following steps to avoid falling victim to this or similar scams:
- Do not click on links or respond to unsolicited emails.
- Protect Sensitive Information: Never share banking credentials, wallet seed phrases, or other private keys in response to an email or online form.
- Use Security Tools: Enable two-factor authentication (2FA) on all financial accounts, employ reputable security software like Kaspersky Premium, and consider using a password manager to safeguard credentials.
E-Financial3 days agoHere Are Nigerian Banks That Have Secured Their Licences
E-Financial3 days agoZenith Bank Top Nigerian Bank Pick Ahead of GTCO, AccessCorp
Telecom3 days agoMTN CEO Toriola Hails Nigeria’s Telecom Transformation at MIPAD
News3 days agoICPC Charges Ozekhome with Forgery, Corruption Over London Property
E-Financial3 days agoNigeria Processed $92.1Bn Crypto Transactions in 12 Months — PwC
E-Financial3 days agoHow Crypto Criminals Stole $700m from People – often Using Age-Old Tricks
General News2 days agoCybersecurity Firm Detects a Wave of Crypto Phishing Following BlockFi Bankruptcy
Telecom3 days agoLebara Launches Agent Registration Portal


















