Category: Money

  • AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

    AfDB Approves €25m Trade Finance Guarantee for Cameroon’s CCA-Bank to Boost SME Lending

    ABIDJAN/YAOUNDÉ, December 2, 2025 — The African Development Bank Group has approved a €25 million trade finance facility for Cameroon’s Crédit Communautaire d’Afrique-Bank (CCA-Bank), aimed at expanding support to small and medium-sized enterprises (SMEs) and other businesses across key sectors of the economy.

    The facility, cleared by the Bank’s Board of Directors at a session held on 1 December in Abidjan, will be deployed as a Transaction Guarantee, a risk-sharing instrument that provides cover to eligible African banks for their trade finance operations.

    According to Lamin Drammeh, Head of the Bank Group’s Trade Finance Division, the guarantee will help unlock critical imports needed for Cameroon’s productive sectors.

    “The facility will support Cameroon’s economy by facilitating imports of equipment for the industrial, agro-industrial and telecommunications sectors. It will also enable the African Development Bank to provide up to a 100 percent guarantee to confirming banks, to facilitate the confirmation of letters of credit and other similar trade finance instruments issued by CCA-Bank for the benefit of SMEs in Cameroon,” Drammeh explained.

    Léandre Bassolé, Director General for the Bank’s Central Africa region, noted that the operation aligns with AfDB’s drive to deepen direct interventions in support of the private sector in Cameroon.

    “It will strengthen CCA-Bank’s capacity to support the activities of SMEs, including those owned by women and young people, to boost the local productive sector, facilitate economic growth, and create and maintain thousands of jobs,” he said.

    Welcoming what she described as a strategic milestone, CCA-Bank’s Managing Director, Marguerite Fonkwen Atanga, said the partnership would significantly enhance the bank’s ability to serve smaller businesses and emerging entrepreneurs.

    “We would like to express our gratitude to the African Development Bank Group for this important trade finance facility. This strategic partnership marks a major milestone for our institution and will significantly strengthen our capacity to support small and medium-sized enterprises, women entrepreneurs and start-ups in Cameroon and Africa,” she stated.

    Background: AfDB’s Transaction Guarantee

    The Transaction Guarantee is a trade finance instrument introduced by the African Development Bank in 2021 to support commercial banks operating in Africa. It covers a range of trade-related instruments, including confirmed letters of credit, commercial loans, irrevocable repayment undertakings, endorsed drafts and promissory notes, among others.

    The facility is available to banks registered and operating in Africa that have successfully passed the Bank’s due diligence process, helping them reduce perceived risk from international confirming banks and expand access to trade finance for their clients.

    About the African Development Bank Group

    The African Development Bank Group is Africa’s leading development finance institution, comprising the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). With representation in 41 African countries and a field office in Japan, the Bank supports economic development and social progress across its 54 regional member states.

    Source Credit:

    African Development Bank Group (AfDB) – press release distributed by APO Group, 2 December 2025.

  • Mohbad Family DNA Debate Reignites

    Mohbad Family DNA Debate Reignites

    Mohbad’s father reiterated support for a transparent DNA process regarding the late singer’s son amid intense public debate and legal attention.

    The dispute remains a flashpoint in the broader demand by fans and stakeholders for clarity and justice around the singer’s death and legacy.

    Source: Punch, 2025-12-09

  • PalmPay Launches ‘Purple December’ Rewards Push

    PalmPay Launches ‘Purple December’ Rewards Push

    PalmPay has launched a month-long ‘Purple December’ campaign encouraging users to complete weekly digital tasks for prizes, culminating in a Christmas-themed social challenge.

    The fintech says the activation celebrates user loyalty and highlights everyday digital-payment stories during the festive season.

    Source: Punch, 2025-12-09

  • CBN Grants Final Licences to 82 BDCs

    CBN Grants Final Licences to 82 BDCs

    The Central Bank of Nigeria has granted final operating licences to 82 Bureaux De Change under updated regulatory guidelines, warning the public to transact only with authorised operators.

    The move is part of broader FX-market reforms aimed at tightening compliance and reducing parallel-market abuses.

    Source:The Nation, 2025-12-08

  • ICPC Tracks 760 Road Projects for Possible Abandonment

    ICPC Tracks 760 Road Projects for Possible Abandonment

    The ICPC says it is monitoring 760 road projects across Nigeria to determine status, curb abandonment and strengthen accountability in capital-project delivery.

    The move signals tougher scrutiny of contract performance and value-for-money outcomes in public infrastructure.

    Source: Punch2025-12-08

  • Makinde Approves 13th-Month Bonus for Oyo Workers

    Makinde Approves 13th-Month Bonus for Oyo Workers

    Oyo State Governor Seyi Makinde approved a 13th-month salary bonus for 2025 and authorised payment of some outstanding arrears for LAUTECH Teaching Hospital staff.

    The move continues the administration’s worker-welfare messaging amid broader cost-of-living pressures.

    Source: Punch 2025-12-08

  • Osun LG funds: Supreme Court strikes out suit but faults FG action

    Osun LG funds: Supreme Court strikes out suit but faults FG action

    The Supreme Court has struck out Osun State’s suit seeking release of withheld local government allocations, ruling that the state attorney-general lacked standing to sue on behalf of the councils. However, reports indicate the Court also faulted the Federal Government’s withholding of the funds and reaffirmed the principle that allocations should be released directly to duly elected local governments. The judgment has sparked political reactions, including public commendation from Minister Adegboyega Oyetola, who described the ruling as reinforcing due process and local government autonomy. (Sources: The Punch, Premium Times, The Guardian, Dec 5–6, 2025.)

  • NEPZA seeks 10-year tax relief for SEZ operators

    NEPZA seeks 10-year tax relief for SEZ operators

    The Nigeria Export Processing Zones Authority (NEPZA) has urged the Federal Government to grant a 10-year tax relief for operators within Special Economic Zones, warning that failure to do so could weaken investor confidence and trigger disruptions across the free-zone ecosystem. The call comes as implementation of a new tax act approaches, with NEPZA framing the relief as a competitiveness tool to protect Nigeria’s FDI prospects amid rising global investment scrutiny. (Source: The Punch, Dec 6, 2025.)

  • FG’s electronic transfer levy revenue doubles to N360bn

    FG’s electronic transfer levy revenue doubles to N360bn

    Federal revenue from the electronic money transfer levy hit about N360.29 billion between January and October 2025, more than doubling the comparable 2024 figure, according to an internal FIRS document cited by Punch. The year-on-year jump suggests increased taxable transfer volumes and/or stronger compliance, with the report noting monthly gains across the period. The data adds another angle to ongoing debates about the balance between broadening non-oil revenue and the public sensitivity around transaction-related taxes. Source: Punch, December 7, 2025.

  • Tinted Glass Permits: Why Nigerians Shouldn’t Pay Twice for One Car

    Tinted Glass Permits: Why Nigerians Shouldn’t Pay Twice for One Car

     

    Policeman checking vehicle particulars of a vehicle
    Policeman checking vehicle particulars of a vehicle

    For years, motorists in Nigeria have endured a frustrating ritual: registering their vehicles with the state licensing offices, only to be stopped on the highway by police officers demanding an additional permit for factory-fitted tinted glass. The irony is painful — every new vehicle, including those with tinted or shielded glass, is already captured in the National Vehicle Identification Scheme (NVIS), the centralized database managed by the Federal Road Safety Corps (FRSC). So why are Nigerians being compelled to re-register with the police?

    The answer lies not in necessity but in bureaucratic silos and institutional turf wars. By law, the Nigerian Police Force (NPF) retains the authority to issue tinted glass permits under the Motor Vehicles (Prohibition of Tinted Glass) Act of 1991. But in practice, FRSC already has the data. Every plate number, chassis number, and glass specification is captured the moment a car is registered. The logical solution would be for the police to access NVIS directly, extract a filtered report of all vehicles with factory-fitted shields, and enforce compliance seamlessly.

    Instead, motorists are dragged through a second, often opaque process at police stations. This duplication breeds confusion, harassment, and informal revenue collection on the highways. Worse, it undermines public trust in law enforcement, turning a legitimate security concern into yet another avenue for extortion.

    Yes, there are genuine worries. Aftermarket tinting is a security risk. Criminals exploit heavily darkened windows to evade detection. Police must have the authority to check and sanction illegal modifications. But this can be done through inspection points and digital cross-checks, not endless manual registrations.

    Nigeria cannot claim to be pursuing digital transformation while its agencies cling to outdated silos. A simple reform could save time, money, and lives:
    • Mandate FRSC to auto-flag tinted vehicles at registration.
    • Provide NPF secure access to NVIS.
    • Automate permit issuance electronically, with a transparent fee schedule.

    This way, motorists deal with one system, not two. Police officers enforce compliance using real-time data, not roadside guesswork. And the state builds trust by showing that regulation is about safety, not rent-seeking.

    The time has come to end this double compliance burden. Nigerians deserve a system where technology replaces intimidation, and where institutions collaborate rather than compete. In an era of insecurity, the Police need the public’s confidence more than ever. Simplifying tinted glass permits would be a small but powerful step in that direction.