General News
UK Backs Africa’s Ambitious Continental Free Trade Initiative
The UK launches a program of up to £35 million to support the negotiations and implementation of the African Continental Free Trade Area (AfCFTA).
The AfCTFA is expected to lift 30 million people out of extreme poverty, create jobs and provide new business opportunities for companies in Africa and the UK. It comes as Wamkele Mene, Secretary General of the AfCFTA Secretariat, visits London to discuss how the UK can continue its work as a strategic partner to the trading bloc.
International Trade Secretary Anne-Marie Trevelyan has announced a new UK program to support the implementation of the African Continental Free Trade Area (AfCFTA) trading bloc.
Through the AfCFTA Support Programme, the Foreign Commonwealth and Development Office (FCDO) will provide up to £35 million to facilitate trade and support trade policy to the AfCFTA Secretariat and member states through TradeMark East Africa ( TMEA), Overseas Development Institute (ODI) and other regional partners.
The announcement of the program comes as the Secretary General of the AfCFTA Secretariat, Wamkele Mene, visits London to discuss how the UK can continue its work as a strategic partner of the AfCFTA.
As the world’s largest free trade area, the AfCFTA has the potential to drive Africa’s economic growth by driving industrialization, creating jobs and bringing prosperity across the continent.
For UK businesses, the trading bloc will remove barriers to market access by creating a single continental market, making it easier and more profitable for UK businesses to export goods and services to all 54 member states. of AfCFTA.
International Trade Secretary Anne-Marie Trevelyan said: As an independent free trade nation, the UK is a strong supporter of the AfCFTA, the world’s largest free trade area.
We look forward to seeing continued momentum in the pending negotiations and practical implementation of the agreement on the ground.
This new aid program shows that trade is a positive force and will lead to increased trade, investment and prosperity for both Africa and the UK.
Minister for Africa Vicky Ford said: Closer integration among African economies drives growth across the continent, creates opportunity and helps lift people out of poverty.
The UK is a committed partner in this mission. This UK funding will promote long-term partnerships between African countries and support a greener and more prosperous continent.
I am delighted to support the AfCFTA Secretariat and its member states in delivering freer and fairer trading systems in Africa.
Secretary General of the AfCFTA Secretariat Wamkele Mene said: “We are pleased to receive this support from the UK Government as it brings us into a partnership to strengthen cooperation related to customs and trade facilitation and trade policy across the African continent.
In the last five years, we have seen the re-engineering of our Regional Economic Communities, to take into account the aspirations that are embedded in the AfCFTA instruments. We have also witnessed during this period the enthusiasm and energy of our private sector to rise to the occasion and begin to exploit the provisions of the Agreement.
Our ambition now is to see commercially significant trade in ‘Made in the AfCFTA’ products across our continent, to create jobs and economic opportunity for Africans, especially women and youth. We want to make trade easier for Africans, in particular for our African women and youth who trade across our borders.
This new AfCFTA support program is therefore timely to facilitate the implementation of the AfCFTA, by supporting national implementation committees and regional economic communities.
The program builds on the existing work of the Trade for Development unit of FCDO and DIT to strengthen partnerships and resilience in Africa.
Under the UK’s G7 presidency last year, the new British Investment International (BII) group committed to working with other G7 development finance institutions (DFIs) to invest at least $80 billion in the African private sector to 2027.
Support for projects in Africa from UK Export Finance is also at its highest point in decades, backing a range of infrastructure projects in countries from Côte d’Ivoire to Uganda, with more than £2.3bn of financial support a year. past.
The AfCFTA Support Program also complements the UK’s broader partnership with the African Union as a multilateral institution to promote global values.
Along with the Secretary of State for International Trade and Minister for Africa, Secretary General Mene will meet members of the UK business and investment community during his stay in London.
Economic and Financial Crimes Commission (EFCC), has detained Tunde Ayeni, former chairman of defunct Skye Bank Plc, for alleged fraud involving N36.5 billion and $30 million.
Tunde Ayeni, former chairman of defunct Skye Bank Plc,
This follows the probe of alleged diversion of N36.5 billion and $30 million secured as loans from Polaris Bank Plc through companies linked to Ayeni.
He was arrested by EFCC operatives in Abuja on April 23, 2026, and is still been held in custody as at the time of filling the report.
Dele Oyewale, spokesperson, EFCC, confirmed the arrest on Friday but declined to provide further details.
Ayeni is under investigation for diverting funds obtained for marine security, electricity distribution, and real estate projects into other unknown projects.
Investigators allege the loans were instead channelled into telecom investments tied to NITEL/MTEL assets via a NATCOM account.
About 12 firms believed to be connected to Ayeni are also under investigation for their role in securing the loans.
The EFCC is expected to file charges once the investigation is concluded.
Summit Household Solutions Limited has opened its ultra-modern manufacturing facility in Ota, Ogun State, as part of its efforts to scale production of home and personal care products in Nigeria.
The plant, which started operations in April 2025, produces items such as dishwashing liquids, handwash, sanitisers and multipurpose liquid soaps, with an annual capacity estimated at 7,000 tonnes.
Commissioning the facility on behalf of Governor Dapo Abiodun, the Permanent Secretary, Ministry of Commerce, Trade and Investment, Mr Kehinde Akintomide, said the investment reflects growing confidence in Ogun State’s business environment.
He noted that the state hosts over 6,000 manufacturing firms and described the development as consistent with ongoing efforts to promote industrialisation, attract investment and reduce reliance on imports under the Federal Government’s Renewed Hope initiative.
Akintomide disclosed that the factory has already employed more than 50 Nigerians, with projections to exceed 250 jobs as operations expand.
In his remarks, the General Manager of the company, Mr Sadiq Ali, said the facility represents a major step in Summit’s growth plans, adding that its flagship brand, 2Sure, currently leads production at the plant.
He also revealed that the company is preparing to introduce new home and personal care products later this year.
Summit Household Solutions manufactures the 2Sure brand and has expanded into the personal care segment with Lewar, a premium beauty soap line positioned for quality and affordability.
Among dignitaries present were the Onikotun of Otun, Ota, Oba Abdulakeem Odunaro, representing the Olota of Ota, Prof. Adeyemi Abdulkabir Obalanlege; the Agba Akin of Ota, Chief Dada Olusola; Director of Investment, Ms Yemisi Folarin; Director of Industrial Promotion, Mr Femi Adeboye; former Managing Director of 7Up Bottling Company, Mr Ziad Maalouf; and the Chief Executive Officer of OmniRetail, Mr Deepanker Rustagi.
Speaking at the event, Maalouf, who conceived the 2Sure brand during his time at 7Up Bottling Company, expressed satisfaction with its growth and commended Summit Solutions Limited for advancing the brand.
The special guests were conducted around the facility, and the programme was concluded with a luncheon.
The administration of Donald Trump has frozen $344 million in cryptocurrency allegedly linked to Iran, marking a sharp escalation in financial pressure on Tehran.
The move comes amid stalled diplomatic efforts and a fragile ceasefire in the region.
U.S. Treasury Secretary Scott Bessent confirmed that authorities are sanctioning multiple crypto wallets tied to Iran. “We will follow the money that Tehran is desperately attempting to move outside of the country and target all financial lifelines tied to the regime,” he said.
Tether, which facilitated the transactions, said it worked with U.S. authorities to freeze the funds across two wallet addresses after receiving intelligence linked to unlawful activity.
A U.S. official said blockchain analysis revealed “material links” to the Iranian regime, including transactions routed through intermediary addresses connected to wallets associated with the Central Bank of Iran.
Responding to the development, Tether CEO Paolo Ardoino said the company does not tolerate illicit use of its stablecoin. “USD₮ is not a safe haven for illegal activity. When there is credible linkage to sanctioned entities or criminal networks, we act immediately,” he stated.
The crackdown underscores the growing reliance of sanctioned states on digital assets to bypass traditional banking restrictions. Data from Chainalysis shows Iran’s cryptocurrency holdings reached $7.8 billion in 2025, with the Islamic Revolutionary Guard Corps reportedly controlling about half.
Analysts say while the freeze is significant, Iran has historically adapted to sanctions. Daniel Tannebaum of the Atlantic Council noted that targeting third-party actors enabling such transactions may be key to increasing pressure.
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