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Yudala Spreads Goodwill to Nigerians

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Yudala, pioneer composite and fastest growing e-commerce outfit has continued to live up to its status as a company that cares, with the propagation of a video through which the organization is spreading goodwill to its numerous customers and other Nigerians for a rewarding 2017.

The minute-long video, which has been making the rounds on social media, has one of the company’s brand ambassadors – multiple award-winning Gospel artiste, Frank Edwards – at his most sonorous best in a moving rendition of his hit track – Oghene Doh.

Clearly depicted in the video are the following heart-warming wishes: As we celebrate God’s favours in years ahead, we appreciate you for inspiring us with your patronage. We wish you Yudala which means long life, prosperity and peace of mind in 2017. Happy New Year from all of us at Yudala

The trending video can be accessed here: https://www.youtube.com/watch?v=RDBhfJzcVEc

From its most ground-breaking entry into the e-commerce sector a little over a year ago, Yudala has successfully expanded the focus and offerings in the sector, with a bold and futuristic fusion of online and offline retail which has given the consumer more options and convenience.

In addition to its unique strategy and tact, Yudala has warmed its way into the hearts of many Nigerians as a platform renowned for guaranteed genuine products, responsive customer service and after-sales support.

Added to this is a number of creative marketing campaigns and far-reaching interventions such as the first drone delivery in the e-commerce world, Mobile Monday, first-ever online and offline Black Friday sales, launch of same day delivery on a nationwide scale and a mega festive season promotion known as Yu-Jara, among many others through which the company is building an army of loyal and satisfied customers.

With over 18 stores spread nationwide and many more in the pipeline, Yudala is taking the e-commerce revolution to many unreached and under-served individuals and prospective shoppers in the hinterlands and in many of Nigeria’s rural communities, thereby living up to its vision of spear-heading a positive revolution in trade and commerce on the continent.

Through the rapidly expanding network of stores, Yudala has succeeded in bringing the benefits and convenience of e-commerce home to many Nigerians who would hitherto have had no chance of participating.

Also setting Yudala apart is its entertainment division through which it has powered a number of world-class concerts, offering Nigerians from all walks of life sublime entertainment with a suite of best-in-class multimedia musical equipment.

These include the Yudala Zero Gravity Mega Music Concerts 2016 – a series of dual concerts featuring a Contemporary Music and Rock Gospel concert hosted in Lagos, Abuja and Enugu.

The company has also gone ahead to host a year-end dual concert in Owerri, the Imo State capital as part of the state’s much-publicized and well-attended 2016 carnival.

And early in 2017, Yudala had also featured in a Gospel concert organized by the Office of the Imo State First Lady – an event which saw the entire state gather to offer prayers and supplications for Nigeria and the host state for a prosperous and more rewarding 2017.

Indeed, Yudala is doing the unprecedented as one of the few companies in Nigeria at the moment supporting the propagation of the Gospel, leading many souls back to God and in the process, giving millions of Nigerians a fitting outlet to cope and find renewed hope in a better tomorrow in spite of the current state of the economy.


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EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

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Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC), Ikoyi, Lagos, on Tuesday, March 3, 2026, arraigned two bank officials, Bakare Oladimeji Surajudeen and James Olukayode Imokwede, over an alleged $306,667.81 and €50,250 fraud before Justice Ismaila Ijelu of the Lagos State High Court sitting in Ikeja.
EFCC Arraigns Two FSDH Bank Officials Over $307k, €50k Fraud

EFCC

The defendants, who are both top officials of FSDH Merchant Bank Limited, were arraigned on a 10-count charge bordering on alleged stealing and retention of stolen property to the tune of $306,667.81 and €50,250.
The petitioner, FSDH Merchant Bank Limited, alleged that an internal audit uncovered unauthorized debits totaling $306,667.81 and €50,250, equivalent to N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), from its Letters of Credit (LC) payable accounts.
Investigations revealed that the defendants processed fraudulent transfers through the SWIFT platform to third parties.
One of the counts reads:
“That you, BAKARE OLADIMEJI SURAJUDEEN and JAMES OLUKAYODE IMOKWEDE, sometime in 2021 in Lagos within the jurisdiction of this Honourable Court, dishonestly took the sum of N527,406,916.66 (Five Hundred and Twenty-Seven Million, Four Hundred and Six Thousand, Nine Hundred and Sixteen Naira, Sixty Six kobo), property of FSDH Merchant Bank Limited.”
Another count reads:
“That you BAKARE OLADIMEJI SURAJUDEEN AND JAMES Olukayode Imokwede sometime in 2021 in Lagos within the jurisdiction of this Honourable Court dishonestly took sum of $306,667. 81 (Three Hundred and Six Thousand, Six Hundred and Sixty Seven dollars, Eighty one cents) property of FSDH Merchant Bank Limited”.
The defendants pleaded “not guilty” to all the charges preferred against them.
Following their pleas, prosecution counsel, H. U. Kofarnaisa, asked the court for a trial date and also prayed that the defendants be remanded in a Correctional facility pending trial.
Counsel to the first and second defendants, Oluwaseun Akintunde and Olajide S. Onasanya, informed the court that bail applications had been filed on behalf of the defendants and also urged the court to grant them bail on liberal terms.
They also prayed that the defendants be remanded in the EFCC custody pending the perfection of their bail conditions.
The prosecution counsel, however, opposed the prayers of the defence seeking the remand of the defendants in the EFCC custody, saying that “the EFCC detention facilities are overstretched.”
After listening to both parties, Justice Ijelu granted the defendants bail in the sum of N2 million each, with two sureties in like sum.
The court ordered that one of the sureties must be a relative, who is gainfully employed.
The sureties must provide evidence of tax payment in the last three years and must show proof of livelihood, with their residences verified.
The defendants were ordered to deposit their international passports with the court, and must not travel outside the country without the leave of the court.
The judge subsequently remanded the defendants in a Correctional facility pending the perfection of their bail conditions.
Justice Ijelu adjourned the matter till March 25, 2026, for the commencement of trial.

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AfDB Supports Francophone Africa Start-ups with €6.5M

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The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.

The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.

This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.

Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.

The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.

The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.

In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.


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Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

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Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.

Nigeria Inks $1.3bn MoU with AFC for Alumina Refinery, Mining Push

Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.

Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.

The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.

SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.

The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.

Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.

Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.


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