BrandArena

Nike Closes More Than a Dozen Neighbourhood Stores Across US

noreply@blogger.com (BrandArena) — Thu, 20 Aug 2026 15:18:39 +0000

Nike has abruptly closed more than a dozen of its small, neighbourhood-focused stores across the United States, marking another shift in the sportswear giant’s physical retail strategy.

The company launched Nike Live, its neighbourhood-store concept, in Los Angeles in 2018. The original store in Melrose used digital data from customers living in the area to determine which products to stock based on local shoppers’ preferences.

The stores were also integrated with Nike’s app and membership programme, allowing customers to reserve products for in-store trials and collect purchases.

The Los Angeles location and at least 14 other Nike Live stores have since permanently closed, including outlets in California, Colorado, Georgia, Illinois, New Jersey, New York, Florida, Kentucky, Maryland, Missouri, North Carolina and Texas, Retail Dive reported Wednesday.

"Like all retailers, we regularly evaluate our fleet and make adjustments across our marketplace to better align to our strategy for growth, including elevating stores and streamlining our physical retail footprint," a Nike spokesperson told Retail Dive in a statement. "This is part of our work to create Nike's future marketplace."

Nike had previously outlined ambitious plans for the concept. In 2020, after testing Nike Live, the company said it could open as many as 200 locations across North America, Europe, the Middle East and Africa.

The Nike Live locations were rebranded as Nike Well Collective stores in 2023, broadening the concept to incorporate wellness and fitness alongside retail.

Nike did not say whether it plans to continue the neighbourhood-store concept or whether the reported closures represent the full extent of the shutdowns, Retail Dive reported.

During a summer earnings call, Nike CEO Elliott Hill said the company was making changes to its Nike Direct business, including improving the in-store experience and reducing its reliance on online discounts.

"We've elevated more than 150 stores with sport-led experiences," Hill said, according to Retail Dive. "Over time, we will continue to rezone and elevate our fleet and close the doors that are no longer aligned to our strategy."

Nike Live stores were originally introduced as part of the company's direct-to-consumer strategy. The approach initially gained traction, but its momentum later faded under former CEO John Donahoe, according to Retail Dive.

Andrea Quaye Named Marketer of the Year at Bookmark Awards

noreply@blogger.com (BrandArena) — Thu, 20 Aug 2026 15:09:17 +0000

Publicis Groupe Africa has celebrated Andrea Quaye's recognition as Marketer of the Year at this year's Bookmark Awards.

The award recognises Quaye's leadership and contribution to advancing marketing excellence, innovation and industry growth across Africa.

According to the group, Quaye has built her career around championing digital-first marketing, with notable work including Carling Black Label's "Be the Coach", Heineken's "Social Screens" and Savanna's "Try January".

After serving as Global Vice President for the Coffee Category at Coca-Cola in Ireland, Quaye returned home to join Heineken Beverages as Chief Marketing Officer in late 2024. She was tasked with aligning the business following the Distell acquisition and driving digital transformation across the group's marketing operations.

Her insistence that every marketing plan combines creativity with a digital-first focus has given agency partners a clear mandate to produce digitally integrated and creatively effective work.

That approach is evident across the company's portfolio, from a data-reactive billboard that mirrored Max Verstappen's race-day speed at the Dakar rally to a Returnable Star Bottle initiative that used QR codes and WhatsApp to reward consumers. The initiative contributed to the return of more than four million bottles.

The same strategy underpins campaigns for Windhoek, Bernini, Amstel, J.C. Le Roux and Savanna, each built around digitally led ecosystems designed to turn ideas into large-scale consumer participation, the group added.

Koo Govender, CEO of Publicis Groupe Africa, credited Quaye's partnership with agency LePub as a driving force behind the integrated work.

"It's her ability to drive a digital-first marketing approach with clarity and courage that aligns stakeholders and creates the conditions for brand and agency partners to deliver breakthrough, integrated work. Andrea raises the standard of how modern marketing should be done in South Africa."

Luca Gallerelli, Group CEO of TBWA\Hunt\Lascaris, added: "Andrea leads in a way that makes digital transformation practical and scalable. She is rigorous on strategy, but equally committed to the craft of digital ideas. That leadership elevates the client-agency relationship, accelerates the digital agenda, and sets a benchmark for the wider industry."

Quaye has also championed emerging talent through Heineken's sponsorship of the Cannes Young Lions Digital category over the past two years.

Her team's digital work helped Heineken Beverages secure a strong share of honours at the Loeries 2025, where she ranked as the festival's second-best marketer in her first year in the role.

Coenie Grebe, ECD at Brand Halo, pointed to Klipdrift's "Legends" work as further evidence of the digital-first thinking spreading across the wider Heineken Beverages portfolio, the group said.

Publicis Groupe Africa said Quaye embodies a marketer who not only champions a digital mindset in her own role but actively drives the approach across the industry.

The group added that the recognition celebrates the impact she has delivered in a remarkably short period.

What dollar strength cycle mean for traders

noreply@blogger.com (BrandArena) — Thu, 20 Aug 2026 14:48:35 +0000

The USD still ranks among the major forces that drive financial markets all over the world. When the USD gains in value, it rarely affects currency pairs alone; it may have implications for commodities, stock market indices, capital movement, and risk appetite.

As a trader, knowledge about the cyclical nature of the USD’s strength may help discover trading opportunities in several CFD markets at once. JustMarkets, a multi-asset CFD trading platform, allows traders to have access to various instruments in one single trading System.

What drives dollar strength

For example, there are several factors that play a role in determining the value of the dollar.

First, the stance of the Federal Reserve plays an important role. An expectation of tighter US monetary policy and higher interest rates is likely to increase the demand for the US dollar.

Secondly, safe-haven flows of money play an important role. Investors tend to invest in dollars when there are high tensions in geopolitics or when risk appetite falls.

Thirdly, growth differentials matter. The perception of the US economy being healthier than that of other countries can lead to the expectation of a relatively more hawkish stance of the Fed against an easier stance of other central banks.

Why traders watch DXY

DXY is the name of the US Dollar Index. Even though this index is usually not used to generate any signals for trading directly, it may give some hints about how the USD behaves overall.

If the DXY is growing, then there is usually increased demand for the dollar. It can make pairs like EUR/USD and GBP/USD fall in value, USD/JPY rise, and have an impact on commodity markets. The decline of the index can potentially have the opposite effect. Impact on major currency pairs

The strength of the dollar impacts major FX pairs. The EUR/USD and GBP/USD tend to fall when there is an increase in the demand for the dollar. The USD/JPY can appreciate if the strength of the dollar is due to strong US yields; however, the flow into JPY due to safety concerns can make things more complicated.

Commodity-related currencies might also have a reaction. In the case of the dollar gaining strength due to risk-off conditions, commodity-related currencies could come under pressure.

Impact on commodities

The strong dollar can exert pressure on commodities, since most international commodities have been priced in US dollars. As the dollar appreciates, commodities could become relatively expensive for those who pay in foreign currencies.

Gold contracts tend to be particularly vulnerable to dollar strength and high interest rates. The appreciation of the dollar and interest rate hikes could affect the gold price, whereas the dollar depreciation could favor the precious metal.

CFD opportunities across markets

The dollar cycle can generate trades for CFDs in forex, commodities, indices, shares, and cryptocurrency marketplaces. Via the use of JustMarkets, traders can keep track and trade in the CFD markets from one single platform, thus comparing correlations and responding to changes. For instance, a stronger dollar and declining gold and indices can imply that there is a general risk-off scenario.

Turning USD movements into market insight

For traders, watching DXY and its market reactions may assist in finding other CFD trades. Sometimes, some of the important clues can be found when all three market groups tell the same story.

Risk warning: Trading CFDs involves a high level of risk and may not be suitable for all

investors. CFDs are leveraged products and can result in rapid financial loss.

FG Commissions Upgraded Ijora, Apapa Substations, Adds 208MW Transmission Capacity in Lagos

noreply@blogger.com (BrandArena) — Thu, 20 Aug 2026 14:44:13 +0000

The Federal Government of Nigeria has commissioned two upgraded transmission substations in Lagos, adding 208 megawatts (MW) of bulk transmission capacity to one of the country's most economically important corridors.

The projects, commissioned on Monday, are part of the administration’s efforts to address longstanding structural challenges in the power sector and strengthen the country’s electricity transmission network.

At the Ijora substation, two new 100MVA transformers increased the facility’s capacity from 90MVA to 230MVA, representing an additional 112MW. At Apapa Road, a new Gas Insulated Substation (GIS) added 96MW, replacing an outdoor transformer that had served as a stopgap since the original facility, commissioned in 1985, was decommissioned.

Speaking at the commissioning, Minister of Power, Joseph Tegbe, said the upgrades were part of the administration’s response to years of transmission constraints and infrastructure decay.

He described President Bola Ahmed Tinubu as demonstrating “fearless commitment to addressing the structural constraints that have held our economy back,” linking the investment to the administration’s stated ambition of building a one trillion-dollar economy.

Tegbe commended Lagos State Governor Babajide Sanwo-Olu for supporting the projects, adding that the Ministry would continue to reinforce transmission infrastructure nationwide to bridge the gap between available generation and the capacity to deliver electricity to consumers.

According to officials, transmission constraints have repeatedly resulted in available electricity being stranded because the national grid lacked sufficient capacity to evacuate it.

In his welcome address at the Apapa transmission facility, the Managing Director/CEO of the Transmission Company of Nigeria (TCN), Engr. Sule Ahmed Abdulaziz, said the installation and energisation of two new 60MVA transformers and modern Gas Insulated Switchgear (GIS) had tripled the substation’s capacity from 60MVA to 180MVA.

He added that the Ijora facility now has a capacity of 230MVA, with the upgrades expected to increase the bulk power available to Eko Electricity Distribution Company (EKEDC) for onward distribution to Apapa Causeway, Ijora, Amukoko, Ajegunle, Apapa Wharf, Tin Can Island and other critical commercial areas.

Abdulaziz described the projects, sponsored by the Japan International Cooperation Agency (JICA) and World Bank respectively, in partnership with TCN, as a demonstration of the Federal Government’s commitment to modernising Nigeria’s transmission network and stabilising the national grid.

He commended the Ministry of Power, JICA, the Government of Japan, Lagos State Government and other stakeholders for their support, while appealing for similar grant assistance for other critical sections of the transmission network.

The commissioning ceremonies were attended by senior government and industry officials, including Japan’s Ambassador to Nigeria, Hideo Suzuki, who was represented by his Deputy; JICA Nigeria’s Chief Representative, Ishigame Keiji; the Permanent Secretary of the Ministry of Power; the CEO of the Nigerian Independent System Operator (NISO); Directors and Ministerial Aides from the Federal Ministry of Power; a representative of the Lagos State Government; and representatives of the Eko and Ikeja electricity distribution companies.

BIGI, Fearless Take Soundcity OnTour to 20 Nigerian Campuses

noreply@blogger.com (BrandArena) — Thu, 20 Aug 2026 14:20:22 +0000

Rite Foods Limited, through its BIGI Carbonated Soft Drinks and Fearless Energy Drink brands, has partnered with Soundcity OnTour to bring music, entertainment and talent discovery to 20 tertiary institutions across Nigeria.

The 2026 Soundcity OnTour has completed activations at 14 institutions, including the University of Port Harcourt and Niger Delta University in Bayelsa State, as the nationwide campus experience continues to connect students with emerging talents and opportunities to advance their creative careers.

The tour visited the University of Port Harcourt from August 10 to 12 before moving to Niger Delta University from August 13 to 15, with each campus hosting three days of music, entertainment and talent discovery.

A key feature of the tour is BIGI Music, a talent platform created to discover and support emerging artistes. At participating campuses, performers compete for cash prizes, while outstanding talents have the opportunity to progress to the national stage.

Beyond the cash prizes, national winners will receive studio production support, A&R mentorship led by Bankulli, Soundcity Radio exposure and a professionally produced music video. The initiative is designed to give promising artistes the resources and visibility needed to take their music beyond the university environment.

According to Rite Foods, the partnership reflects its commitment to engaging authentically with young Nigerians while creating platforms for creativity, self-expression and talent development.

“Young people are not waiting for culture to happen; they are creating it every day. From the music they make and listen to, to the trends they set and the conversations they influence, they are shaping what comes next,” said Ekuma Eze, Head of Corporate Affairs and Sustainability, Rite Foods Limited.

He added that BIGI and Fearless enable the company to engage young Nigerians in an environment that reflects their passions while supporting creativity and talent development.

The 2026 edition of Soundcity OnTour is scheduled to visit 20 tertiary institutions nationwide, with 14 campuses completed and six remaining. Previous stops have included Pan-Atlantic University, Olabisi Onabanjo University, Yaba College of Technology, University of Lagos, University of Uyo, University of Calabar and Obafemi Awolowo University, among others. The tour is expected to continue through October.

The tour has also recorded significant student participation. At the University of Lagos, more than 5,000 students braved heavy rainfall to watch performances by Qing Madi, Falz, Joeboy, Wande Coal and Mr P of P-Square, while more than 25 emerging artistes took to the Soundcity stage.

Speaking on the tour’s impact, Adedeji Adeniji, Executive Producer of Soundcity OnTour and Chief Operating Officer of Group8 Limited, said the UNILAG experience “truly set the bar,” citing the exceptional energy, turnout and resilience of students despite the weather.

With performances from artistes including Teni, Falz, Iyanya, Qing Madi, DJ Spinall, Nasboi, Kunmie, Shoday, Guchhi, Priesst, Shine and TTW, Soundcity OnTour continues to blend live entertainment with opportunities for emerging Nigerian music talents.

Following the successful activations at the University of Port Harcourt and Niger Delta University, the tour moves to Ahmadu Bello University, Zaria, Kaduna State, from August 18 to 20.

Through the Soundcity OnTour partnership, BIGI and Fearless are providing young Nigerian music creators with platforms to showcase their talents, connect with audiences and pursue opportunities that could take their careers beyond the campus stage.

STEM Africa Fest 2026 Inspires Over 3,800 Young Innovators in Lagos

noreply@blogger.com (BrandArena) — Tue, 18 Aug 2026 17:43:55 +0000

STEM Africa Fest 2026 brought together more than 3,800 children, parents, educators and STEM enthusiasts in Lagos on 18 July 2026, promoting the theme “Building Future Innovators” through interactive workshops in science, engineering, coding and artificial intelligence.

The festival, established in 2021, provided participants with hands-on learning experiences in areas including drone technology, chess, mental mathematics, and traditional Adire design, while connecting young people with industry professionals and mentors to inspire future careers in science, technology, engineering, and mathematics.

Since its launch, STEM Africa Fest has grown into one of Africa’s leading experiential STEM learning platforms, reaching more than 20,000 children, parents, educators and industry professionals. Its approach is built around a simple principle: children learn best by doing.

With Africa home to the world’s youngest population and its digital economy developing rapidly, providing young people with early opportunities to build critical thinking, creativity and problem-solving skills through practical STEM education is becoming increasingly important.

Across Africa, discussions about preparing young people for the future often focus on digital skills, artificial intelligence and innovation. Yet innovation is rarely developed through listening alone. It grows through curiosity, experimentation and the confidence to ask questions such as, “What happens if I try this?”

While classrooms provide the foundation for learning, experiences that allow children to test ideas, solve problems and make discoveries can transform knowledge into lasting understanding. STEM Africa Fest was created to provide that kind of environment.

Rather than treating science and technology simply as subjects to be studied, this year’s festival encouraged children to engage with learning in practical, exciting and relevant ways. Activities were designed to take learning beyond theory, giving participants opportunities to build, create, question and imagine.

Festival Highlights

The 2026 edition featured a range of interactive activities designed to help participants extend their learning beyond the classroom.

Science Learning Labs: Children conducted practical experiments, observed chemical reactions and explored how scientific concepts work in real-world situations.
Engineering Corner: Participants explored the principles of engineering and machine design, learning how everyday inventions are built, improved and adapted to solve problems.
Coding Bootcamp: Interactive coding sessions introduced participants to the foundations of website, mobile application and software development, giving beginners an introduction to programming concepts.
AI Masterclass: Participants explored the creative possibilities of artificial intelligence by using AI to evaluate stories, demonstrating how imagination and technology can work together to drive innovation.
Drone Technology Experience: Children learned about the use of drones in industries such as agriculture, healthcare, logistics and environmental monitoring, while considering how similar technologies could address challenges in their communities.
Chess in Slums Africa: Chess sessions helped participants develop strategic thinking, patience and decision-making skills, reinforcing the importance of problem-solving in innovation.
Abacus Mental Mathematics: Fast-paced mental arithmetic exercises challenged participants to improve their concentration, speed and analytical abilities in an engaging environment.
Adire Creative Workshop: Participants explored traditional textile design through practical Adire-making sessions, discovering how culture, creativity and entrepreneurship can combine to create value.
Maltina STEM Trivia: A lively quiz tested participants’ scientific knowledge while promoting teamwork, confidence and healthy competition.
Young Innovators Inspiration Wall: The showcase celebrated notable young innovators and their achievements, including Louise Braille, inventor of the Braille writing system; Benjamin Franklin, inventor of hand swim fins; and Frank Epperson, inventor of the Popsicle.

Beyond the learning spaces, the festival provided opportunities for children and parents to interact with professionals working across science, technology and innovation. These interactions opened conversations about future careers and the different pathways available within the STEM ecosystem.

The experience reinforced an important message: innovation is not reserved for a select few. It begins wherever curiosity is encouraged and young people are given the opportunity to develop their potential.

The 2026 edition was supported by 9ijakids, STEM-METS, Golden Penny, Argentil Capital Partners, Access Bank, FirstBank, LEBARA, Nigerian Breweries, VDL Technologies, Iwosan Health Systems and other partners committed to expanding access to practical STEM education and nurturing Africa’s next generation of innovators.

For the organisers, the lasting value of STEM Africa Fest extends beyond its annual activities. The festival aims to help children see themselves not simply as learners preparing for the future, but as future innovators capable of influencing how that future takes shape.

As STEM Africa Fest continues its multi-city journey across Nigeria, its impact extends beyond a single day of activities. By making learning fun, accessible and hands-on, the festival is helping to nurture a generation of children who ask big questions, have the confidence to test new ideas and are equipped to develop solutions to the challenges of tomorrow.

Anthropic projects up to $200bn revenue by 2028 as AI giant prepares for IPO

noreply@blogger.com (BrandArena) — Sun, 16 Aug 2026 13:42:36 +0000

Anthropic is projecting annual revenue of between $190 billion and $200 billion by 2028 as the artificial intelligence company prepares for what could become one of the largest Initial Public Offerings (IPOs) in history.

The ambitious forecasts are shaping how Wall Street is approaching Anthropic’s potential valuation, with bankers and investors looking beyond the company’s current financial performance and placing greater emphasis on its projected revenue two years into the future.

According to sources familiar with Anthropic’s financials, the AI company expects its revenue to increase dramatically over the next two years, highlighting the scale of growth investors are being asked to factor into its valuation.

Anthropic reportedly ended 2025 with an annualised revenue run rate of $9 billion. That figure had risen to $47 billion by May 2026, while projected revenue for the second quarter of 2026 stands at $10.9 billion.

The company is also expected to record its first quarterly operating profit, estimated at $559 million, during the second quarter.

Anthropic has reportedly achieved roughly tenfold annual growth in its revenue run rate for three consecutive years through early 2026.

For a company growing at such a pace, traditional valuation measures based heavily on current earnings or EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) may provide an incomplete picture of its potential.

Anthropic’s margins are currently under significant pressure from substantial spending on artificial intelligence infrastructure and development. The company is investing heavily in acquiring GPUs and computing capacity, training next-generation large language models, expanding inference infrastructure and recruiting highly skilled engineers.

As a result, bankers are reportedly relying on enterprise value-to-revenue multiples based on forward projections rather than placing primary emphasis on current profitability.

The investment thesis is that Anthropic’s revenue will eventually grow substantially faster than the infrastructure costs required to support it. As AI systems mature, improvements in training and inference efficiency could reduce operating costs as a proportion of revenue and result in significantly wider margins.

Wall Street is also turning to other high-growth technology companies to establish benchmarks for Anthropic’s potential valuation. Companies such as Cerebras Systems and SpaceX have previously used extended financial projections, including forecasts for 2028 and 2029 respectively, to support their market valuations.

Ahead of Anthropic’s analyst day, Palantir, SpaceX and Cloudflare are reportedly among the companies being used as reference points.

Palantir is trading at about 53 times current-year expected revenue, making it a key benchmark for companies experiencing rapid growth and significant exposure to artificial intelligence.

SpaceX and Cloudflare are each valued at about 41.6 times expected 2026 revenue, providing further comparisons for businesses whose valuations are driven heavily by future growth, digital infrastructure and technological potential.

However, the aggressive approach to valuing Anthropic also carries considerable risk. Heavy spending across the AI infrastructure sector has already contributed to pullbacks in several high-profile technology stocks, raising questions about whether the enormous investments being made in artificial intelligence will ultimately translate into equivalent economic returns.

The success of Anthropic’s eventual IPO valuation could therefore depend on whether generative AI delivers the productivity gains and commercial value investors currently anticipate.

David Merkel, a principal at investment firm Aleph Investments, encapsulated the market hesitation: “Could they get a $2-trillion valuation, yeah they could, and I just wonder if it would stay there over time. Does AI really produce so much additional productivity… These are just questions that we have to ask if we were thinking of pricing this, buying this.”

Tegbe Calls for Swift Implementation of Nigeria-China Aquatic Products Protocol

noreply@blogger.com (BrandArena) — Sun, 16 Aug 2026 13:33:11 +0000

The Honourable Minister of Power, Joseph Tegbe, has called for the swift implementation of the Nigeria-China Aquatic Products Protocol, saying the landmark agreement must translate into increased exports, higher foreign exchange earnings and stronger opportunities for Nigerian businesses.

Tegbe made the call during a courtesy visit and reception following the signing of the Nigeria-China Aquatic Protocol by the Chinese Ambassador to Nigeria, H.E. Yu Dunhai. The Ambassador was accompanied by Zhu Songbo, the Embassy's Chief of Political Section, and the Deputy Director of the Economic and Commercial Section.

Also present were the Comptroller-General of the Nigeria Agricultural Quarantine Service (NAQS), Dr Vincent Isegbe; representatives of the Federal Ministry of Justice; and officials of the Nigeria-China Strategic Partnership.

The Protocol, concluded after nearly five years of negotiations, grants eligible Nigerian aquatic products zero-tariff access to China's market of 1.4 billion consumers.

Welcoming Ambassador Yu, the Minister thanked him for his continued support for the Nigeria-China Strategic Partnership (NCSP) and its efforts to strengthen trade and business relations between both countries.

Tegbe noted that Nigeria-China trade had reached $18 billion in the first half of 2026, compared with $28 billion for the whole of 2025. He said effective implementation of the Protocol would help fast-track other initiatives, including the Zero Tariff Agreement for African countries, and urged Nigerian exporters to move quickly to take advantage of the new market opportunity.

Ambassador Yu reaffirmed the Embassy's commitment to supporting the implementation of the agreement and facilitating the entry of qualified Nigerian exports into the Chinese market.

He described the Minister's appointment as a testament to his leadership, vision and pragmatism. The Ambassador cited a 35-percent rise in bilateral trade and an 80-percent increase in Nigerian exports in the first half of 2026 as evidence of the significant untapped potential for greater cooperation between Nigeria and China.

He also assured the Minister of the Chinese government's support as Nigeria seeks to modernise and expand its power system.

In his remarks, NAQS Comptroller-General Dr Vincent Isegbe reaffirmed the Service's commitment to providing compliance support to Nigerian exporters. He also highlighted the potential for similar market-access agreements covering other agricultural and fishery products.

Isegbe noted that global demand for aquatic products could double Nigeria's exports to China if the opportunity is properly leveraged.

Representing the private sector, Atlantic Shrimpers said it was ready to commence exports to China, noting that its engagement with the Chinese market dates back to 2018 and that it had already identified buyers.

Stakeholders agreed to prioritise the swift implementation of the Protocol and focus on measurable outcomes, with the Nigeria-China Strategic Partnership expected to continue driving deeper economic cooperation, increased exports and sustainable opportunities for Nigerian businesses.

FMYD, NiYA Partner Cascador to Unlock Capital for Young Nigerian Entrepreneurs

noreply@blogger.com (BrandArena) — Sun, 16 Aug 2026 13:30:05 +0000

The Federal Ministry of Youth Development (FMYD), through the Nigerian Youth Academy (NiYA), has partnered with Cascador, a Nigeria-focused platform for growth-stage founders, to support and fund the next generation of Nigerian youth entrepreneurs.

The partnership was announced on International Youth Day 2026, whose global theme, “Different Contexts, Common Aspirations”, calls on institutions to bridge the gap between young people’s circumstances and their opportunities.

Under the NiYA × Cascador Founders Program, an initial cohort of 20 early-stage Nigerian youth founders will undergo an intensive four-week programme focused on business fundamentals, investment readiness and pitch preparation.

Many of the participating founders are expected to have little or no formal business registration or financial track record.

At the end of the programme, the eight top-performing founders will receive non-dilutive funding of up to ₦5 million each from Cascador. They will also receive an Enterprise Resource Planning (ERP) solution to help structure, manage and scale their business operations.

The funding and support will be awarded at a NiYA/FMYD-organised Pitch Day.

The pilot represents an early step towards NiYA’s wider ambition of training and empowering seven million Nigerian youths within two years.

“For NiYA, training is only one part of the journey. The real value is in helping young people move from learning to enterprise, from ideas to investable businesses, and from potential to sustainable economic participation. The partnership with Cascador strengthens that pathway by combining business preparation with access to capital, particularly for young founders who may not yet have the formal structures or financial history that traditional funding often requires,” the Minister said.

The programme combines the reach of NiYA and FMYD across Nigeria’s youth ecosystem with Cascador’s experience in preparing founders for access to capital.

NiYA and FMYD will oversee founder sourcing, training and day-to-day programme delivery, while Cascador will help establish eligibility criteria, support investment readiness, judge participants’ pitches and provide funding to the top-performing founders.

"NiYA and FMYD have already shown what real commitment to Nigeria's youth looks like — the platforms, the reach, the ambition to train millions. What we're building together now is the missing piece, a practical bridge from the ideation stage to real capital-readiness. When a Ministry so dedicated to its young people asked Cascador to help build that bridge, it was an easy decision," said Trish Thomas, CEO of Cascador.

Oyin Solebo, COO of Cascador and former Managing Director of the ARM Labs Lagos Techstars Accelerator, said the partnership demonstrated a new approach to deploying capital to young entrepreneurs.

"This is what innovative capital deployment looks like: a government building real investment readiness at scale, and a partner meeting that foundational work with non-dilutive funding at exactly the moment it's needed. Partnerships like this open doors that neither of us could open alone."

The Minister for Youth also spoke on the significance of the pilot, saying, “The pilot is deliberately designed to test a model that can go beyond one cohort. If young founders can be identified early, prepared properly, connected to credible capital and supported to build stronger business systems, then access to opportunity becomes less dependent on background or existing networks. That is the larger objective: to build a youth entrepreneurship ecosystem in which readiness, ideas and execution can increasingly determine who gets the opportunity to grow."

The pilot will be delivered in person in Abuja, with virtual touchpoints and one-to-one mentorship. All 20 graduates will retain NiYA alumni status and receive priority consideration for future opportunities.

Applications for the programme will open on Wednesday, 19 August 2026.

The Nigerian Youth Academy is a flagship digital platform of the Federal Ministry of Youth Development designed to give Nigerian youths access to learning, skills development, opportunities, resources and programmes that support their personal and professional growth.

Through a digital-first approach, NiYA connects young Nigerians with training, entrepreneurship support, career opportunities, grants, mentorship and other interventions, creating a more accessible and coordinated youth development ecosystem.

The Federal Ministry of Youth Development provides strategic leadership and a framework for policies, programmes and initiatives aimed at empowering young Nigerians and strengthening their participation in national development. Its work spans skills development, entrepreneurship, employment, innovation, digital transformation, leadership and economic participation.

Cascador is a Nigeria-focused platform for growth-stage founders building businesses that make an impact. Through Cascador ScaleUp, its flagship programme, the organisation works with a select cohort of entrepreneurs to strengthen their leadership and sharpen their strategy in preparation for successful scaling.

ScaleUp alumni gain access to the Catalytic Fund, which deploys up to $5 million in capital annually through a combination of debt and equity investments.

The NiYA-Cascador partnership is expected to provide young Nigerian entrepreneurs with a pathway that combines training, investment readiness, business support and access to non-dilutive capital, potentially reducing some of the barriers faced by early-stage founders seeking to grow their businesses.

LG Introduces Smarter Washing Solutions for Nigerian Households

noreply@blogger.com (BrandArena) — Sun, 16 Aug 2026 13:25:50 +0000

As Nigerian households increasingly embrace technology to simplify everyday life, laundry care is evolving from a routine chore into a smarter and more efficient home experience.

From busy professionals managing demanding schedules to growing families seeking greater convenience, consumers are increasingly looking for washing solutions that save time, reduce effort and provide better care for their clothes.

TwinTub washing machines remain a familiar choice in many Nigerian homes because of their affordability and practicality. However, changing consumer expectations around convenience, hygiene, fabric care and energy efficiency are driving growing interest in washing machines that offer more than basic cleaning performance.

Responding to these needs, LG Electronics has developed a portfolio of TwinTub, Top Load and Front Load washing machines designed to meet different household requirements. The range incorporates advanced washing technologies aimed at delivering effective cleaning while improving efficiency, protecting fabrics and making everyday laundry easier.

For consumers looking to upgrade from traditional laundry methods, LG Top Load washing machines are designed to meet the demands of modern households. They offer larger load capacities, intuitive controls and efficient washing performance to simplify regular laundry routines.

At the premium end of the range, LG Front Load washing machines provide advanced laundry care through enhanced cleaning performance, improved water and energy efficiency and fabric protection. Their intelligent washing systems are designed to deliver thorough cleaning while helping garments retain their quality over time, making them an option for consumers seeking convenience and long-term value.

According to Oktae Kim, General Manager, Home Appliances Solutions, LG Electronics West Africa, modern laundry solutions should do more than simply wash clothes. They should help families reclaim valuable time and make everyday life easier.

"Modern families are looking for solutions that help them spend less time on household chores and more time on the moments that matter most," he said. "At LG, our approach to laundry innovation combines advanced technology with consumer education and community engagement. Through our Free Laundry Centres, our partnership with Aspira Nigeria Limited, makers of VIVA-Matic Detergent, and the LG Laundry Masterclass organized in collaboration with Clean Ace Dry Cleaners, we are helping consumers make informed decisions about garment care while enjoying a more convenient laundry experience. These initiatives reflect our commitment to making laundry easier, more efficient, and more rewarding for Nigerian households."

Beyond convenience, hygiene is also becoming an important consideration for consumers. Families are paying greater attention to how effectively their clothes and household fabrics are cleaned as awareness of health and wellness grows. This is contributing to demand for washing solutions capable of delivering deeper cleaning while supporting appropriate fabric care.

The shift towards smarter living is also influencing how Nigerians evaluate household appliances. Performance, efficiency and convenience are increasingly considered alongside features that support hygiene, fabric protection and responsible resource use.

Against this backdrop, consumer education and access to innovative technologies are helping shape the future of laundry care in Nigeria. Through its washing machine range and consumer-focused initiatives, LG is encouraging households to adopt smarter approaches to laundry while promoting greater convenience, efficiency and confidence in garment care.

Vodacom appoints former Airtel Africa CEO Segun Ogunsanya to board

noreply@blogger.com (BrandArena) — Thu, 13 Aug 2026 10:33:39 +0000

Vodacom Group has appointed Segun Ogunsanya, the former chief executive officer of Airtel Africa, to its board as the telecommunications company strengthens its leadership team to drive its Vision 2030 strategy.

Ogunsanya will join the Vodacom board as an independent non-executive director on October 9, 2026. His appointment brings more than 35 years of senior leadership experience across finance, banking, telecommunications and corporate governance to the pan-African telecoms group.

Ogunsanya served as Group CEO and Managing Director of Airtel Africa PLC until his retirement in July 2024, having led the FTSE 100-listed telecommunications company across 14 African markets.

Before joining Airtel Africa, he held senior leadership positions at major multinational companies, including Coca-Cola’s African operations and Ecobank Transnational.

His appointment comes as Vodacom accelerates its transformation from a traditional mobile network operator into a pan-African technology company.

The group has increasingly expanded its focus beyond mobile connectivity, with international operations, its stake in Safaricom and financial services emerging as key drivers of its growth strategy. The shift forms part of the company’s broader Vision 2030 ambitions.

Vodacom chairman Saki Macozoma to retire

Vodacom also confirmed that Saki Macozoma will retire as chairman of the board at the company’s annual general meeting on July 20, 2027.

Macozoma joined the board in July 2017 and will retire in line with Vodacom’s 10-year limit for board members. The company credited him with guiding the business through a significant period of transformation, including the implementation of its Vision 2025 strategy and the foundations for Vision 2030.

He will be succeeded by Khumo Shuenyane, the current lead independent director, who will become chairman on July 21, 2027.

Further changes to Vodacom board

The board changes will also include the departure of Phuthi Mahanyele-Dabengwa, currently CEO of Naspers South Africa. She will leave the Vodacom board and step down from the Remuneration Committee and Nomination Committee on October 8, 2026.

Clive Thomson, the former CEO of Barloworld, will become chairman of the Remuneration Committee from October 8, 2026, while retaining his position as chairman of the Audit, Risk and Compliance Committee.

Vodacom said further committee changes would be announced by the board in due course.

The key changes to the Vodacom board will see Segun Ogunsanya, the former CEO of Airtel Africa, join as an independent non-executive director on October 9, 2026. Phuthi Mahanyele-Dabengwa, CEO of Naspers South Africa, will retire from the board and leave the Remuneration and Nomination Committees on October 8, 2026. Clive Thomson, the former CEO of Barloworld, will become chairman of the Remuneration Committee from October 8, 2026, while retaining his chairmanship of the Audit, Risk and Compliance Committee. Saki Macozoma, the current chairman of Vodacom Group, will retire from the board on July 20, 2027, after which Khumo Shuenyane, the current lead independent director, will assume the chairmanship on July 21, 2027.

CBN Lifts Restrictions on Banks’ Access to FX, Government Securities at Discount Window

noreply@blogger.com (BrandArena) — Thu, 13 Aug 2026 10:28:30 +0000

The Central Bank of Nigeria (CBN) has lifted its previous restrictions on banks’ access to foreign exchange and government securities at the Discount Window (DW), with the decision taking immediate effect.

The regulatory change means banks participating in the foreign exchange market or purchasing government securities will no longer be automatically barred from accessing the Discount Window to obtain liquidity.

Under the revised framework guiding Nigerian banks’ activities in the foreign exchange and money markets, the CBN said it reviewed existing market practices and developments across the foreign exchange, money and fixed-income markets.

Referring to financial institutions, the CBN said it had removed restrictions on access to the Discount Window for participants in the Nigerian Foreign Exchange Market (NFEM) and institutions involved in primary auctions of government securities.

However, the apex bank reaffirmed its existing limitation on institutions accessing the Discount Window on the same day.

The CBN also revised the framework governing access to the Standing Lending Facility (SLF), Tenored Repo Operations and participation in Open Market Operations (OMO).

As part of the changes, the CBN reinstated Tenored Repo Operations, allowing repo transactions across approved tenors of four to 90 days. The measure is aimed at improving liquidity management, strengthening money market operations and enhancing the implementation of monetary policy.

The circular also stated that participation in OMO transactions in both the primary and secondary markets would be open to all eligible investors through Deposit Money Banks (DMBs).

Eligible investors include individuals, corporates and non-bank financial institutions, while DMBs will continue to facilitate bids and transaction settlements on their behalf.

The CBN stated that the volume, tenor and frequency of OMO issuances would be determined by prevailing liquidity conditions and monetary policy objectives. Auctions will continue to use the existing single-bid auction format.

Removing restrictions on banks’ access to the CBN’s Discount Window generally allows lenders greater flexibility to obtain liquidity support from the apex bank when required.

Market analysts said the move would strengthen banks’ ability to manage short-term liquidity needs more efficiently. It could also support stability in the banking sector by providing a reliable source of funds during periods of cash flow pressure.

The regulator’s decision to broaden access to liquidity is expected to promote smoother functioning of the financial system by ensuring banks can obtain central bank funding when needed.

The move could also reduce the risk of systemic shocks arising from liquidity shortages and strengthen the effectiveness of monetary policy transmission

NCC Records Over 5,000 Fibre Cuts in Six Months, Blames Road Construction, Excavation

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:52:49 +0000

The Nigerian Communications Commission (NCC) has disclosed that more than 5,000 telecoms fibre-optic cable cuts were recorded across Nigeria in the first six months of 2026, with road construction, excavation and other civil works identified as major causes.

The Commission urged road construction companies, contractors, engineers, government agencies and other stakeholders to strengthen coordination and adopt preventive measures to protect critical telecommunications infrastructure during construction activities.

The Executive Vice Chairman and Chief Executive Officer of the NCC, Dr Aminu Maida, made the call on Tuesday at a stakeholders’ workshop on the protection of fibre-optic cables held at the National Counter-Terrorism Centre (NCTC), Office of the National Security Adviser (ONSA), Abuja.

Maida said Nigeria’s drive to expand physical infrastructure must not undermine the digital infrastructure connecting Nigerians to information, services, markets and opportunities.

According to him, telecommunications infrastructure has become a critical national lifeline, supporting banking, government services, education, healthcare, commerce, security and emergency communications.

He warned that damage to fibre infrastructure could disrupt essential services and impose significant costs on citizens, businesses and the wider economy.

“To a machine operator on a construction site, it may appear to be one buried cable. To the nation, it can mean failed calls, stalled payments, interrupted services and missed opportunities,” Maida said.

He recalled that fibre cuts in February 2024, including those caused by road construction, resulted in an almost network-wide disruption for one telecommunications operator, affecting millions of users for several hours and placing additional pressure on other networks.

The NCC chief executive stressed that the challenge was not about assigning blame, noting that road contractors did not deliberately seek to disconnect communities, just as telecommunications operators did not intend to obstruct road construction.

Rather, he said, there was a need for a dependable system of early coordination among all stakeholders involved in construction and excavation projects.

Maida disclosed that the Permanent Secretaries of the Federal Ministry of Works and the Federal Ministry of Communications, Innovation and Digital Economy had inaugurated a Standing Committee on the Protection of Fibre Optic Cables to develop practical coordination mechanisms before, during and after road construction.

He added that the committee’s membership had recently been expanded to include representatives of the Office of the National Security Adviser, reflecting the security implications of protecting telecommunications infrastructure.

According to him, telecommunications infrastructure has been designated as Critical National Information Infrastructure, requiring it to be treated as national infrastructure and protected accordingly, with appropriate legal, regulatory and remedial consequences for damage.

Maida urged telecommunications operators, contractors, government agencies, regulators and security agencies to play their respective roles in preventing damage to fibre infrastructure.

He stressed that coordination must become an integral part of the planning and execution of road construction, rehabilitation and other excavation projects.

“Our central message is simple: Nigeria must build the roads that connect our communities while protecting the fibre networks that connect our economy. We need both forms of infrastructure, and we need them to work together,” he said.

The workshop is part of ongoing efforts by the NCC and other stakeholders to institutionalise coordination mechanisms aimed at safeguarding telecommunications infrastructure, minimising service disruptions and supporting Nigeria’s digital transformation agenda.

The engagement is expected to culminate in a framework for protecting telecommunications fibre-optic infrastructure during road construction and other excavation activities across the country.

What the ICC Email Controversy Tells Nigeria About Danger of Digital Dependence

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:49:25 +0000

Nigeria’s rapid digital transformation is creating a new strategic challenge: the country is becoming increasingly dependent on foreign-owned cloud and digital infrastructure to run critical parts of its economy.

That dependence should concern policymakers and businesses.

The recent controversy involving International Criminal Court (ICC) Chief Prosecutor Karim Khan offers a powerful illustration of the risk. Following US sanctions imposed on Khan in February 2025, Microsoft cancelled his email account, according to the Associated Press, forcing him to move to a Swiss email provider.

The episode was not about Nigeria, but the underlying lesson is relevant: when critical digital services are controlled by entities operating under another jurisdiction, access can ultimately be affected by decisions made outside the country.

For Nigeria, this raises an uncomfortable question: what happens if a geopolitical dispute, foreign regulation, sanctions or a major technology policy decision affects access to infrastructure on which Nigerian institutions depend?

Nigeria's digital economy is running largely on foreign clouds

The concern is particularly relevant because Nigeria has embraced cloud computing at remarkable speed.

Kashifu Inuwa, Director-General of the National Information Technology Development Agency (NITDA), recently said more than 85 per cent of Nigerian workloads now run on public cloud platforms, with much of the underlying infrastructure hosted outside the country.

Nigeria is responding through its National Sovereign Cloud Initiative, which seeks to increase domestic cloud capacity and encourage global providers to deploy more infrastructure locally.

The objective should not be to shut out companies such as Microsoft, Google and Amazon. Nigeria needs global technology companies and the investment, expertise and services they provide.

The bigger issue is balance.

Nigeria should have sufficient domestic infrastructure to ensure that critical government, financial, healthcare and business services are not completely dependent on systems outside its jurisdiction.

The 2024 cable outage was another warning

Nigeria has already experienced what excessive dependence on external digital infrastructure can mean.

In March 2024, failures affecting several submarine cables caused major internet disruptions across West and Central Africa, including Nigeria. The Internet Society recorded impacts across 13 countries, while Reuters reported that the disruption followed damage to submarine cable systems off the West African coast.

The incident demonstrated that digital connectivity is only as resilient as the infrastructure supporting it.

Local cloud infrastructure would not prevent an undersea cable failure. But Nigeria needs redundancy across the entire digital ecosystem: multiple data centres, diverse international connections, local internet exchange capacity, reliable electricity, cybersecurity infrastructure and locally controlled cloud services.

Data localisation is already becoming a reality

The Central Bank of Nigeria is also moving in this direction.

From January 1, 2027, banks, fintech companies and other payment service providers will be required to store payment transaction data generated in Nigeria on local servers. The CBN says the move is intended to strengthen oversight, data security and access to financial information.

This creates an opportunity for Nigeria to develop a stronger domestic cloud and data-centre industry.

But localisation should not simply mean forcing companies to put servers in Nigeria. It should mean building a competitive ecosystem capable of providing secure, affordable and reliable infrastructure.

Nigeria must capture the economic value of its data

There is also a significant economic argument.

If Nigerian banks, fintechs, startups and government agencies pay foreign providers for most of their computing, storage and software infrastructure, a significant portion of the economic value generated by Nigeria's digital economy ultimately flows abroad.

Developing competitive Nigerian cloud infrastructure could retain more of that value domestically while creating demand for data centres, software developers, cybersecurity professionals, network engineers and other highly skilled workers.

It could also reduce some of the foreign-exchange pressure created when companies pay international technology providers in dollars.

The answer is not digital isolation

Nigeria should not pursue digital isolation.

Global cloud providers will remain essential to the country's technology ecosystem, particularly as artificial intelligence, fintech and enterprise software expand.

The goal should instead be digital resilience and strategic independence.

Nigeria should be able to use foreign technology while maintaining enough domestic capacity to protect sensitive data, operate critical services and respond when international connectivity or geopolitical relationships come under pressure.

The ICC email controversy demonstrates the principle. The 2024 cable disruption demonstrates the infrastructure risk. The CBN's data-localisation policy demonstrates that Nigerian regulators are already recognising the importance of control over critical data.

Nigeria now needs to turn those lessons into a broader digital infrastructure strategy.

The question is no longer whether Nigeria should use the cloud.

It is whether Nigeria can afford to build its digital economy almost entirely on infrastructure it does not control.

WARC reveals key insights from winners of Cannes Creative Effectiveness Lions 2026

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:35:44 +0000

Strategic use of cultural insights, interactive experiences, creator partnerships and platform-native ideas are emerging as key drivers of commercial success, according to a new report by WARC, the global authority on marketing effectiveness.

The report, Creative Effectiveness Lions – Insights from the 2026 winners, identifies common trends and themes among this year’s Cannes Creative Effectiveness Lions winners. The category recognises creative work that has achieved business objectives while delivering sustainable impact over time.

Drawing on WARC’s exclusive access to jury deliberations and analysis of award entries, the report examines what makes campaigns both creative and effective. It also provides insights into the strategies behind successful work, with lessons for advertisers, agencies, media owners, people and the planet.

Commenting on the report, John Bizzell, Content Lead, WARC, said: “This year's winning Creative Effectiveness campaigns offer valuable insights for marketers, demonstrating how creative excellence can address genuine business and social issues while delivering meaningful growth.”

On the winners, jury president Bertille Toledano, CEO, BETC, Havas Creative Middle East and President of Havas Creative Network, commented: “The jury sought to award Lions to campaigns that delivered genuine impact on real people – the kind of campaigns you would discuss with your mother over lunch. We kept in mind the Creative Effectiveness Ladder to select the most effective creative work that embodied a cultural vision and a clear sense of what the brand stands for. These are the ones I’ll be telling my mother about."

The report highlights three key themes among the Creative Effectiveness Lions 2026 winners.

Rewrite cultural rules, don’t just reflect them

Cultural insight can serve as a strategic business tool, helping brands identify what connects people and determine how they can respond and innovate.

According to WARC, brands that go beyond surface-level cultural understanding and apply cultural analysis strategically can uncover new opportunities for growth, relevance and differentiation.

Brands should prioritise activation over observation, position themselves as solutions to cultural challenges and focus on value exchange rather than transactional relationships.

The Creative Effectiveness Grand Prix winner, Three Words for insurance brand AXA by Publicis France, transformed AXA’s home insurance offering to support victims of domestic violence in France. The campaign added the clause ‘and domestic violence’ to insurance contracts, enabling emergency relocations for people in need.

Gold winner Pedigree’s Caramelo campaign by AlmapBBDO São Paulo redefined the concept of ‘pedigree’ and increased the adoption of mixed-breed dogs in Brazil, particularly the culturally significant Caramelo, while expanding the brand’s total addressable market.

Interactive experiences foster deeper brand involvement

Turning brand assets into interactive tools can deepen engagement, encourage participation and create memorable experiences for audiences.

WARC said brands should embrace direct consumer participation through their assets, use data to build credibility and introduce meaningful reward mechanisms to encourage engagement.

Vaseline, the trusted skin healer’s silver-winning Vaseline Verified campaign by Ogilvy Singapore, worked directly with creators to tackle misinformation about its products on social media and promote safer usage among consumers.

Furniture retailer IKEA’s silver-winning Hidden Tags campaign in Portugal by Uzina, Lisbon, encouraged customers to discover hidden production dates on its products. The initiative aimed to build consumer trust and strengthen long-term brand commitment.

Strategic creator partnerships and platform-native ideas build brands

Creators can play a role beyond that of paid promoters, becoming authentic advocates who provide genuine value to audiences. Meanwhile, platform-specific features can generate community support and help campaigns maintain reach after paid media spending ends.

Brands should focus on integration rather than interruption, look beyond simple amplification and engage audiences where they naturally spend their time.

Uber Eats’ silver-winning Football is for Food campaign by Special US transformed the food delivery platform’s NFL sponsorship into a purchase opportunity by embedding the brand within the sport and linking football directly with food.

Bronze-winning U Up? by Rethink Canada for IKEA used multiple touchpoints to turn unexpected brand interactions into points of purchase for mattresses, using consumer insomnia as the starting point for immediate conversations.

WARC’s John Bizzell added: “This year’s jury talked a lot about context, from sourcing to metrics and culture. The jury wanted to see work that included well-sourced, credible data and metrics on what was the business impact. They also wanted to see cultural context – on an international jury, not everyone may understand why an insight is so important for a brand or category. Entrants should bear these factors in mind for next year.”

The full report is available to WARC Strategy subscribers. An upcoming WARC Podcast, available from 20 August, will discuss the findings.

BIGI, Fearless Transform Campus Activations Through Soundcity On Tour 2026

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:21:57 +0000

BIGI and Fearless Energy Drink are redefining youth engagement by turning campus activations into immersive consumer experiences through Soundcity On Tour 2026.

The nationwide tour, which will visit 20 tertiary institutions, is bringing music, entertainment, talent discovery and brand interaction closer to thousands of Nigerian students.

For BIGI and Fearless, the partnership reflects a shift from traditional brand communication to experience-led engagement, creating moments where consumers do not just see brands but actively participate in them.

Students interested in the competition can register digitally or on-site and submit a one-minute video demonstrating their rap or vocal ability. Participants are expected to tag @drinkbigi and @soundcityontour in their entries.

BIGI Spotters review the digital submissions and shortlist participants for campus auditions. At each participating institution, a dedicated BIGI Talent Zone will provide a platform for shortlisted students to perform before a panel of industry professionals.

The judges select the strongest performers to compete at the campus finale, with the third day of the activation serving as the Grand Finale, where the campus winner is determined.

L-R: Mrs Ruth Mark, Brand Manager, SOSA; Mrs Temilade Adu, Corporate Communications Manager, Rite Foods Limited; Biola Aransiola, Brand Manager, Bigi; and Adetutu Adedoyin, Assistant Brand Manager, Bigi, at the Bigi X Fearless Soundcity On Tour Media Update Session in Lagos on August 12, 2026.

The competition offers a cash prize structure at each campus, with the winner receiving ₦500,000, the first runner-up ₦250,000 and the second runner-up ₦150,000.

The competition also provides a pathway beyond individual campuses. Winners from participating schools will progress to compete against other campus winners within their respective geographical regions. A regional winner will emerge from each region, with the regional champions advancing to Abuja for the next and final stage of the competition.

While BIGI leads the music component of the activation, Fearless Energy Drink supports the entertainment offering through the Fearless Dance Competition, designed to encourage participation, generate energy and deepen engagement among students throughout the campus tour.

Across campuses, students are experiencing live performances, competitions, talent showcases and interactive activities designed around their interests, passions and lifestyles.

At the University of Lagos, more than 5,000 students attended the tour despite rainfall, enjoying performances from leading artistes while taking part in activities including the BIGI Music Competition, which offered prizes worth more than ₦5 million, including scholarships.

The initiative builds on BIGI’s reputation for connecting with consumers through entertainment and youth-focused platforms, including its sponsorship of Nigerian Idol, which has supported music talent discovery over multiple seasons.

Toyin Nnodi, Head of Marketing, Rite Foods Limited, said “Today’s consumers want brands that understand them and create experiences they can be part of. Through BIGI and Fearless, we are building stronger emotional connections by bringing entertainment, creativity and opportunities directly to young Nigerians.”

As Soundcity On Tour moves to the University of Port Harcourt and other campuses, BIGI and Fearless continue to demonstrate that meaningful consumer relationships are built not only through products, but through shared experiences.

The Mutual Fund Menu: Choosing the Right Investment for Every Financial Goal – First Asset Management

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:19:05 +0000

Imagine walking into a restaurant with an extensive menu. There are healthy salads, hearty local dishes, spicy delicacies, and indulgent desserts. If you ask the waiter which meal is the best, the answer will likely be, “It depends on what you are looking for.” Someone looking for a light lunch will choose differently from someone celebrating a special occasion.

Investing works the same way.

A young professional building an emergency fund should invest differently from a parent saving for a child’s education, and both will likely have different needs from someone planning for retirement. The “best” investment is therefore not necessarily the one with the highest return, but the one that aligns with your financial goals, investment horizon, and risk appetite.

This is where mutual funds come in. Mutual funds pool money from multiple investors and invest in a diversified portfolio of assets such as Treasury Bills, bonds, equities, commodities, gold, digital assets, and foreign securities. Regulated by the Securities and Exchange Commission (SEC) and managed by professional investment managers, they provide investors with expert portfolio management, diversification, and access to investment opportunities that may be difficult to achieve individually.

One of the greatest advantages of mutual funds is the variety they offer. Just as different meals on a menu serve different tastes and occasions, different mutual funds are designed to meet different financial goals, time horizons, and risk appetites.

For investors whose priority is capital preservation and easy access to their money, Money Market Funds are often the starting point. These funds primarily invest in short-term instruments such as Treasury Bills, commercial papers, and bank placements, they are suited to emergency savings, short-term goals, and conservative investors seeking stability and liquidity.

As investors become more comfortable locking away funds for longer periods and taking on moderate risk, Bond Funds may become an attractive option by investing primarily in government and corporate bonds, they aim to provide a steady income stream while offering the potential for higher returns than traditional savings products.

For those focused on long-term wealth creation, Equity Funds provide exposure to shares of listed companies. While equities can experience periods of market volatility, they have historically offered some of the strongest opportunities for long-term capital appreciation, making them more suitable for investors with longer investment horizons and higher risk tolerance.

Some investors, however, prefer a balance between growth and stability rather than choosing one over the other. Balanced Funds address this need by combining equities, bonds, and money market instruments in a single portfolio, seeking to provide growth potential while helping to manage overall investment risk.

Beyond these traditional categories, investors can also access specialized solutions tailored to specific needs. These include Shariah-Compliant Funds for values-based investing, US Equity Funds for global diversification, and Dollar Funds for exposure to foreign-currency-denominated assets and potential protection against local currency fluctuations.

While each of these funds serves a different purpose, they are not necessarily mutually exclusive. Many investors combine multiple fund types to build a diversified portfolio that balances risk and return. By aligning investments with their goals, time horizon, and risk appetite, investors can preserve capital, generate income, pursue growth, and manage risk more effectively. Over the long term, however, successful investing is driven not only by choosing the right investments, but also by consistency, discipline, and staying committed through changing market conditions.

At First Asset Management, we offer a broad range of investment solutions to help investors achieve their financial goals, regardless of their stage in life or risk appetite. To get started, you can download the FirstEdge App or contact us on any of the following channels.

Emirates expands travel flexibility with free date changes, lower refund fees and enhanced travel cover

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:09:56 +0000

Emirates is introducing a range of measures designed to give customers greater flexibility, choice and peace of mind when planning and managing their journeys.

From unlimited free date changes on flights to Dubai to comprehensive travel insurance and enhanced benefits for Emirates Skywards members, the airline says the measures are intended to provide greater confidence from the time of booking until passengers reach their destinations.

Here are five ways Emirates is making travel more flexible:

1. Unlimited free date changes to Dubai

From 10 August 2026, customers travelling to Dubai can change their travel dates as many times as they need, free of charge, across eligible fare types.

The offer applies to Economy Saver through to Flex fares, as well as Special, Saver and Flex fares in Business Class.

Economy Flex Plus, Premium Economy, Business Flex Plus and First Class fares will continue to offer full flexibility.

2. Lower-cost refunds

Emirates has also significantly reduced refund fees on flights to Dubai.

For Economy passengers, refund fees are now US$50 on Saver fares and US$25 on Flex fares. In Business Class, the fees are US$50 for Special and Saver fares and US$25 for Flex fares.**

Combined with unlimited free date changes to Dubai, the changes allow customers to modify or cancel their bookings with significantly lower penalties, depending on their circumstances.

3. One free date change across the Emirates network

Customers travelling anywhere across the Emirates network can receive one free date change on tickets booked from 2 April 2026, including journeys connecting through Dubai.

Customers can also hold a fare for 24 hours at no charge while they finalise their travel plans.*

4. Comprehensive Travel Cover

Emirates' Comprehensive Travel Cover is an industry-first insurance product designed to provide protection across a range of travel-related circumstances.

The policy includes enhanced conflict cover, with reimbursement of medical expenses of up to US$25,000, as well as a free trip extension of up to 30 days. The cover is not restricted by government travel advice.

Customers are also covered for trip cancellation, baggage delays and loss, unlimited worldwide medical expenses and emergency evacuation.

Available at an accessible premium in 27 countries, the cover can be purchased when booking through Emirates or added to an existing reservation through Manage Booking.

Where flights are disrupted, Emirates will provide accommodation directly for affected customers. If onward connections on other airlines are disrupted, or Emirates services are unavailable, customers will be rebooked to their destination at no additional cost, including when cancellations result from airspace disruptions.

5. Greater flexibility and savings for Emirates Skywards members

Emirates Skywards members can also benefit from greater flexibility, additional opportunities to progress through membership tiers and increased savings when using their Miles.

Until 31 August 2026, members can benefit from:

20% fewer Tier Miles required to reach Silver, Gold and Platinum status.
20% bonus Tier Miles on Emirates and flydubai flights.
Greater savings with Cash+Miles, with a special rate of 2,000 Miles = USD 30, compared with the usual USD 15, when using Miles towards Emirates or flydubai flights, excess baggage, lounge access and seat selection.

The latest measures underline Emirates' focus on giving customers greater control over their travel arrangements, particularly when plans change unexpectedly.

Yomi Otubela Named Chairman of The Industry Newspaper’s Top 50 Nigerian Companies of Impact 2026

noreply@blogger.com (BrandArena) — Wed, 12 Aug 2026 18:05:35 +0000

The Industry Newspaper, Nigeria’s premier publication covering marketing, media and the business economy, has announced renowned entrepreneur and educationist, Chief Yomi Otubela, as Chairman of the 2026 edition of its flagship special project, Top 50 Nigerian Companies of Impact.

The annual recognition celebrates Nigerian companies driving resilience, innovation, job creation and national development across key sectors of the economy.

The 2026 edition, themed “Building Resilience, Driving Growth: Nigerian Companies Shaping the Next Decade,” will be unveiled at a special awards and networking luncheon on Friday, August 21, 2026, at the Lagos Oriental Hotel, Victoria Island, Lagos.

Chief Otubela brings decades of distinguished leadership experience as an entrepreneur and educationist. He is the President of the National Association of Proprietors of Private Schools (NAPPS) and the Founder/CEO of Lagooz Schools, one of Nigeria’s leading educational institutions, recognised for academic excellence, innovation in learning and youth development.

Under his stewardship, Lagooz Schools has established benchmarks in curriculum delivery, technology integration and talent development, impacting thousands of Nigerian students.

As an entrepreneur, Chief Otubela has championed private sector participation in education and advocated policies that enable businesses to thrive while contributing to national development. His voice has helped shape conversations around skills development, human capital investment and the role of small and large enterprises in Nigeria’s economic future.

As Chairman of the 2026 Top 50, Chief Otubela will provide strategic guidance for the selection process, deliver the Chairman’s Address at the event and lead discussions on how Nigerian companies can deepen their impact through innovation, good governance and social responsibility.

Speaking on the appointment, Goddie Ofose, Editor-in-Chief & Publisher of The Industry Newspaper, said “We are honored to have Chief Yomi Otubela chair this year’s Top 50. He embodies the spirit of impact we seek to celebrate — building institutions, empowering people, and creating value that outlives quarterly reports. His experience as both an entrepreneur and educationist makes him uniquely positioned to spotlight companies that are not just profitable, but purposeful.”

The Top 50 Nigerian Companies of Impact 2026 will feature leading companies across banking, energy, manufacturing, healthcare, technology, aviation and education, among other sectors.

The special edition will be widely distributed to C-suite executives, investors, policymakers and other stakeholders across Nigeria and the diaspora.

South Africa’s Content Creator Awards Unveils 2026 Partners as Creator Economy Grows

noreply@blogger.com (BrandArena) — Sat, 08 Aug 2026 09:49:25 +0000

South Africa’s growing creator economy is attracting increasing attention from major brands, with companies recognising the influence, reach and commercial value of digital creators.

The Content Creator Awards has announced its partners for the 2026 edition, highlighting the expanding role of content creators in marketing, entertainment and culture.

The 2026 partners include YouTube, which will present a new award; Telkom, sponsor of the Best Online Series Award; 947, sponsor of the Sound of Tomorrow Award; and Cars.co.za, sponsor of the Automotive Award.

For Content Creator Awards Founder Manuela Dias de Deus, the calibre of this year’s partners reflects the significant evolution of the creator industry.

"Content creation has evolved from a passion project into a thriving industry that's shaping culture, influencing purchasing decisions and creating entirely new careers," she says. "The fact that leading brands continue to invest in these awards demonstrates the value they see in South Africa's creator community and the impact creators are having across every sector."

Three-time Content Creator Awards winner Nadia Jaftha has also partnered with the awards through her business, Creator Club, to sponsor the Emerging Creator Award.

The winner will receive a R50 000 creator campaign from Creator Club, providing financial support and a commercial opportunity to help accelerate their career, adds the awards.

"Winning these awards genuinely changed the trajectory of my business and my career," Jaftha says. "Supporting the Emerging Creator Award is my way of paying that forward and investing in the next generation of South African creators."

Dias de Deus says the partnership reflects the values at the heart of the Content Creator Awards.

"It's partnerships like these that demonstrate what the Content Creator Awards have always been about: creators opening doors for other creators. Seeing someone like Nadia return, not as a nominee but as a partner investing in emerging talent, is incredibly special and speaks to the community we're building."

The growing number of partners underscores the increasing recognition of content creators as a powerful force in media, marketing and culture. It also reinforces the Content Creator Awards’ role in celebrating and supporting talent across South Africa’s creator industry.

The Content Creator Awards will announce further details next week, including this year's headline sponsor and the full list of nominees.

Tegbe Inaugurates REA Board, Calls for People-Centred Leadership

noreply@blogger.com (BrandArena) — Sat, 08 Aug 2026 09:31:20 +0000

The Honourable Minister of Power, Joseph Tegbe, has inaugurated the newly constituted Governing Board of the Rural Electrification Agency (REA), urging members to place the interests and welfare of ordinary Nigerians at the centre of their decisions.

The inauguration ceremony, held in Abuja, was attended by the Permanent Secretary, Board Chairman, His Excellency Mr Ayodele Fayose, REA Managing Director/Chief Executive Officer, members of the Board and management of the Ministry.

Tegbe said the constitution of the new Board was in line with President Bola Ahmed Tinubu's drive to strengthen governance and accountability across public institutions.

He described REA as an institution focused on expanding opportunities, stressing that every mini-grid, solar home system and electrified market, school, health centre or farm represents an investment in human capital and economic inclusion.

Inauguration of the newly constituted Governing Board of the Rural Electrification Agency (REA)

The Minister highlighted REA's existing programmes, including the Energising Education Programme, Energising Economies Programme, Energising Agriculture Programme and the Africa Mini-Grids Programme, as evidence of the Agency's contribution to the Federal Government's strategy for expanding access to electricity and supporting economic development.

He noted that the Board, constituted under Section 130 of the Electricity Act, was assuming office at a defining moment for the Agency and urged members to provide strong strategic leadership while maintaining effective oversight.

On governance, Tegbe drew a clear distinction between the Board's non-executive responsibility for strategic direction and oversight and Management's responsibility for day-to-day execution.

He explained that the Board would meet quarterly to review performance, while Management would retain operational latitude between meetings, subject to full accountability.

The Minister commended Fayose's record as a former Governor of Ekiti State and welcomed the other members of the newly constituted Board.

He assured the Board of the Ministry's continued partnership, describing electricity as an instrument of inclusion, opportunity and prosperity.

Responding on behalf of the Board, Chairman Fayose described President Tinubu's decision to appoint Tegbe as a statement of seriousness rather than a routine appointment.

He said the appointment signalled that the administration would settle for nothing less than a lasting solution to Nigeria's power problem.

Fayose described the Minister as a technocrat whose technical depth and managerial competence had already produced a positive turning point for the sector.

He affirmed that REA's leadership was proud to work with Tegbe in advancing efforts to address Nigeria's electricity challenges and improve access to power for underserved communities.

STEM Africa Fest 2026 Gives More Than 3,800 Young Nigerians Hands-on STEM Experience

noreply@blogger.com (BrandArena) — Sat, 08 Aug 2026 09:24:06 +0000

More than 3,800 children, parents, teachers and STEM enthusiasts gathered at Landmark Event Centre on July 18 for STEM Africa Fest 2026, one of Nigeria’s largest practical learning events designed to inspire children through science, technology, engineering and mathematics.

The sixth edition of Africa’s largest STEM festival for children, held under the theme “Building Future Innovators”, featured 46 exhibitors and attracted participants from more than 119 schools for a day of discovery, experimentation and creativity.

Rather than simply observing demonstrations, participants had the opportunity to build, test and solve problems while exploring how innovation works in real-world settings through robotics, artificial intelligence, coding, engineering, science laboratories, drone technology and entrepreneurship.

Speaking on the vision behind the festival, Co-founder of STEM Africa Fest, Mrs. Jadesola Adedeji, said “Children are naturally curious. We simply asked ourselves what learning would look like if they had the chance to explore, build, and discover things for themselves. We felt there had to be a better way to bring STEM to life beyond the classroom, and that’s the thinking that has shaped STEM Africa Fest from the very beginning.”

The festival featured a range of practical activities, including STEM laboratories, coding bootcamps, drone demonstrations, engineering challenges, AI storytelling, science experiments, the Young Innovators Showcase, Adire innovation workshops, Chess in Slums Africa, Abacus Mental Mathematics and a STEM Trivia session hosted in partnership with Maltina.

Also commenting on the festival, Co-founder of 9ijakids and organiser of STEM Africa Fest, Mrs. Titi Adewusi, said “Children are already learning these concepts in school. Our goal is to help them experience them. If they’re learning about robotics, we want them to build one. If they’re learning about artificial intelligence or 3D printing, we want them to see what those technologies look like outside the pages of a textbook. Those experiences stay with children long after they leave the festival.”

Since its launch in 2021, STEM Africa Fest has reached more than 20,000 children, parents and educators across Nigeria and other African countries, contributing to efforts to reshape how young people experience STEM education across the continent.

The 2026 edition was supported by 9ijakids, STEM-METS, Golden Penny, Argentil Capital Partners, Access Bank, FirstBank, LEBARA, Nigerian Breweries, VDL Technologies, Iwosan Health Systems and other partners, highlighting a shared commitment to expanding access to practical STEM education across Africa.

GITEX highlights Nigeria’s digital transformation drive as Africa eyes US$1 trillion AI economy

noreply@blogger.com (BrandArena) — Sat, 08 Aug 2026 09:06:55 +0000

Nigeria is turning its digital ambitions into tangible national transformation, using progressive policies, artificial intelligence (AI) innovation and human capital development to accelerate socio-economic growth and deliver long-term benefits to citizens.

GITEX NIGERIA, described as West Africa’s largest technology, AI and startup event, is showcasing Nigeria’s progress from digital ambition to implementation while reinforcing the country’s position as one of Africa’s leading markets for AI and digital economy growth.

Held under the patronage of President Bola Ahmed Tinubu GCFR, GITEX NIGERIA will take place in Abuja and Lagos from 31 August to 3 September 2026.

The event is supported by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the National Information Technology Development Agency (NITDA), endorsed by the Lagos State Government and organised by KAOUN International, the global organiser of GITEX events.

The second edition, themed “Beyond Connectivity, The Bridge to Sovereign Innovation”, comes as Nigeria advances its national digital transformation agenda through reforms aimed at translating policy into measurable outcomes.

Under the 3 Million Technical Talent (3MTT) programme, Nigeria is addressing rising demand for digital skills while expanding its national technology talent pool.

Since its inception, 3MTT has recorded 1.87 million registrations across all 774 local government areas, with more than 135,000 Nigerians trained through three cohorts. Learning has also been extended to more than 300,000 people through community resources, while 15,000 job and opportunity pathways have been created.

Nigeria has also moved Project BRIDGE from policy to implementation, establishing a national ICT backbone designed to expand universal connectivity and support long-term digital transformation.

The initiative is designed to stimulate economic growth, improve digital inclusion and accelerate skills development. It is expected to create up to 20,000 direct jobs and more than 150,000 indirect jobs, train 5,000 Nigerian youths, increase internet penetration to more than 70% and extend high-speed connectivity to millions of households, businesses, schools and hospitality establishments in underserved communities nationwide.

Building on this momentum, GITEX NIGERIA is reinforcing the Federal Government’s digital transformation agenda by bringing together global technology leaders, investors and public-private partners to accelerate the next phase of Nigeria’s digital growth.

The event will seek to mobilise international alliances and strategic partnerships to scale AI infrastructure, attract strategic investment, strengthen digital resilience, advance innovation ecosystems and support West Africa’s longer-term pursuit of digital sovereignty and sustainable economic growth.

Hon. Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy for the Federal Republic of Nigeria, said: “Building on the momentum forged through the implementation of Project BRIDGE, our national blueprint for expanding digital infrastructure and connecting communities across Nigeria, our aspiration ahead of this year’s edition is clear: to solidify the foundations Africa needs for digital sovereignty, technological self-determination, and a globally competitive AI-powered economy. Nigeria is a nation galvanised by the prospect of promoting equitable access, accelerating cross-continental progress, and serving as a central architect of Africa’s transition from a traditional consumer to a trusted producer and exporter of digital technologies and AI solutions.”

Nigeria positions itself as an emerging AI hub

GITEX NIGERIA will open in Abuja on 31 August with the GITEX NIGERIA Government Leadership and AI Summit, bringing together ministers, governors and regulators to examine key issues surrounding West Africa’s digital public infrastructure.

The GITEX NIGERIA Tech Expo & Future Economy Conference and Startup Festival will also return for a second successive year.

They will be joined by the inaugural FDX NIGERIA by GITEX, a platform dedicated to finance and digital asset exchange.

The new platform is designed to promote financial inclusion across West Africa by helping countries leapfrog legacy financial systems and bring millions of businesses into the formal economy. It will also seek to bridge the gap between emerging technology innovation and global capital.

H.E. Babajide Sanwo-Olu, Governor of Lagos State, Federal Republic of Nigeria, said: “Africa’s digital rise is deeply intertwined with that of Lagos State. With a gross state product estimated at around US$259 billion in purchasing power parity terms, and contributing more than 30% of Nigeria’s GDP, Lagos stands at the forefront of technological transformation, attracting talent, capital, and innovation from across the continent and beyond. This is why we are delighted to welcome GITEX NIGERIA once again – a unique event certain to elevate our mission to support a smarter, more connected, and globally competitive African economy, while cementing Lagos’ position as a gateway to opportunity for Nigeria and beyond.”

Kashifu Inuwa Abdullahi, Director General/CEO, National Information Technology Development Agency, added: “Nigeria's digital future will be defined not only by the technologies we adopt, but by the resilience, trust, and governance frameworks we build around them. GITEX NIGERIA seamlessly complements this mandate, creating a unique environment for the dialogue needed to accelerate responsible AI adoption, develop a secure digital economy, and unlock new opportunities for innovation and economic growth. The global expertise, investment, and partnerships forged through this event will help shape an AI ecosystem that is secure by design, inclusive by nature, and built to support the long-term competitiveness and prosperity of Nigeria and West Africa.”

Nigeria strengthens foundations for digital economy growth

Nigeria has emerged as a major force in Africa’s digital economy, supported by a homegrown and resilient ecosystem driven by government initiatives, global technology companies and a growing startup sector.

Through programmes including 3MTT, Project BRIDGE and the National AI Strategy, Nigeria is strengthening the foundations needed to expand digital skills, improve infrastructure, attract investment and promote responsible AI adoption.

These efforts are reinforcing Nigeria’s position as a leading player in Africa’s digital transformation and a key contributor to the continent’s projected US$1 trillion AI economic uplift by 2035.

Trixie LohMirmand, CEO of GITEX, added: “GITEX NIGERIA sends a clear, unequivocal message to the world: West Africa is open for business, ready to translate bold ideas and technological ambition into prosperity, resilience, and enduring global leadership for generations to come. This is a genuine prospect that GITEX is proud to help bring to life – and we are excited to facilitate the conversations and connections that actuate strategies, strengthen regional competitiveness, and unlock scalable growth for the increasingly globalised digital ecosystems of Nigeria and West Africa.”

Meta announces Muse Code and Muse Spark 1.2 for advanced AI coding

noreply@blogger.com (BrandArena) — Sat, 08 Aug 2026 09:03:11 +0000

Meta has announced Muse Code (beta), MSL's first coding agent, alongside Muse Spark 1.2, an upgraded AI model designed to power the coding tool and support more advanced software development tasks.

Mark announced Muse Code and Muse Spark 1.2, following the release of Muse Spark 1.1 last month. The latest launch highlights the rapid pace of development across Meta's AI technology stack, with both products now available through expanded global access via the Meta Model API.

Muse Code is a terminal-based coding tool designed to handle complete engineering tasks from natural-language instructions. It can plan, write, test and verify code across entire repositories, allowing developers to delegate complex software development workflows to AI.

The coding agent uses a multi-agent architecture that coordinates multiple AI agents working in parallel to tackle complex tasks more efficiently. Users can install the tool with a single command, while two pricing tiers are available, including an opt-in contributor tier offered at a significantly lower price point.

Muse Spark 1.2 is the coding-optimised model powering Muse Code. The update was co-trained with Muse Code to provide tighter integration between the model and coding agent, with improvements aimed at increasing first-attempt success, producing cleaner execution and reducing the need for repeated prompts.

The model is designed for long-running, multi-file development workflows and features a 1 million-token context window, enabling it to process and maintain substantially larger amounts of code and project information during development tasks.

Meta said Muse Spark 1.2 is competitive with leading coding models and represents its next step towards frontier AI models, with larger and more capable models expected to follow.

The launch of Muse Code and Muse Spark 1.2 further underscores the growing focus on AI agents capable of carrying out complex, multi-stage software engineering tasks rather than simply generating snippets of code.

Nigeria Introduces Stamp Duties, Tax ID Requirement for Crypto Traders

noreply@blogger.com (BrandArena) — Sat, 08 Aug 2026 09:00:35 +0000

The Nigeria Revenue Service (NRS) has introduced new tax guidelines requiring cryptocurrency exchanges and other virtual asset platforms to collect stamp duties, value-added tax (VAT) and withholding taxes, while integrating customers’ Tax Identification Numbers (TINs) into their registration processes.

The Nigeria Revenue Service (NRS), recently renamed following a tax administrative reform from the Federal Inland Revenue Service (FIRS), released new guidelines on the taxation of virtual assets in August 2026.

Under the new rules, supervised Virtual Asset Service Providers (VASPs), centralised exchanges and peer-to-peer (P2P) marketplaces must act as collecting agents for stamp duties, VAT and withholding taxes.

The policy introduces transaction-based stamp duties and levies similar to the Electronic Money Transfer Levy (EMTL) applied by banks. The charges will apply to crypto-registered transaction receipts, contract transfers and exchange settlements.

To facilitate the collection process, digital asset platforms must integrate customers’ Tax Identification Numbers (TINs) into their registration systems and automatically deduct applicable duties during trade settlements before remitting them to the NRS.

Tax rates and thresholds

The new guidelines clarify that digital assets and unrealised gains are not taxable until the assets are disposed of or exchanged.

Self-transfers between digital wallets owned by the same individual, where there is no change in beneficial ownership, will not attract tax.

However, corporate profits generated from virtual asset activities will be taxed at the standard corporate income tax rate of 30%.

For individual traders, profits realised from selling, trading or swapping digital assets will be taxed under the progressive Personal Income Tax framework.

Income earned from staking rewards, mining, airdrops and verification services will also be treated as gross income and subject to tax.

Traders must keep accurate records of their cost bases, including exchange charges, network fees and original purchase prices, to calculate their actual net gains.

Failure to maintain adequate records will result in traders being liable for tax on their gross revenue rather than their realised net gains.

Heavy penalties for non-compliance

The NRS has established strict penalties aimed at deterring tax evasion among cryptocurrency platforms and individual traders.

Defaulters also risk having their Securities and Exchange Commission (SEC) licences suspended or revoked.

For VASPs and P2P operators, failure to register, collect or remit applicable duties and taxes attracts an initial penalty of N10 million in the first month, followed by a recurring fine of N1 million for each subsequent month of non-compliance.

Individuals and businesses that fail to register for tax purposes face a penalty of N50,000 in the first month and N25,000 for each subsequent month.

Operational changes for crypto exchanges

To comply with the new directives, domestic cryptocurrency exchanges must upgrade their infrastructure to automatically calculate, separate and remit stamp duties through the NRS TaxPro portal.

Exchanges will also be required to maintain and submit daily user logs containing transaction dates, trading volumes, transaction values and the identities of individuals placing orders.

The requirements effectively end pseudonymity for crypto traders using centralised platforms in Nigeria, as users will no longer be able to trade on these platforms without a registered Tax ID.

The introduction of transaction-based charges and additional administrative requirements could also encourage some retail traders, high-frequency traders and large market-makers to move liquidity towards decentralised exchanges (DEXs) and non-custodial P2P platforms, where they may seek to avoid cumulative transaction costs.

Despite the additional compliance burden, the formalisation of stamp duties and income taxes on digital assets could help integrate cryptocurrency into Nigeria’s legal and tax framework.

The move could also potentially help resolve some of the long-standing regulatory tensions between Nigeria’s cryptocurrency sector and the Central Bank of Nigeria.