BrandArena

Ousted Tottenham chairman Daniel Levy reportedly sells 25% stake in Enic

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 16:26:33 +0000

Former Tottenham Hotspur executive chairman Daniel Levy has reportedly sold a 24.99% stake in the club’s parent company Enic to sports investment group Eight Sports Capital, according to the company.

The move would reduce Levy’s holding in Enic to 4.89%, though Enic has stated that neither the company nor Tottenham Hotspur are aware of any such sale by Levy.

Levy stepped down from his role in September 2025 after 24 years at the helm, following a restructuring initiated by the club’s ultimate owners, the Lewis Family Trust.

Eight Sports Capital Ltd is a sports investment firm owned by Triller, the American entertainment and technology company controlled by Wing-Fai Ng and Richard Tsai.

The group’s chief executive, Brooklyn Earick, an American tech entrepreneur who previously led a consortium interested in buying Tottenham last year, said the firm is targeting long-term involvement in the club’s ownership structure. At the time, Tottenham “unequivocally rejected” the informal expression of interest.

While no financial details have been disclosed, reports in September indicated Tottenham was valued at just under the £4.25bn paid for Chelsea in 2022, suggesting a near 25% stake could be worth close to £1billion.

Earick, described as an engineer, founder, and serial technology entrepreneur, has reportedly raised more than $25bn (£18.65bn) from global investors, including family offices, sovereign wealth funds, and leading institutions. He is also said to be a lifelong Tottenham supporter.

Before entering entrepreneurship, he worked as an engineer at NASA Ames Research Center, contributing to small spacecraft and satellite technology.

Levy, who became the public face of Tottenham for nearly a quarter of a century, oversaw the development of the club’s state-of-the-art training ground and its 62,850-capacity stadium, which opened in 2019 and is the second-largest club ground in England.

However, his tenure also attracted sustained criticism from supporters over the club’s limited on-pitch success, yielding just two major trophies — the 2008 EFL Cup and last season’s Europa League.

Dangote Refinery boosts crude processing capacity to 700,000 barrels per day

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 16:20:25 +0000

Dangote Petroleum Refinery has increased its crude processing capacity to 700,000 barrels per day, surpassing its official nameplate capacity of 650,000 barrels per day in a significant operational milestone for Africa’s largest refinery.

The development strengthens Aliko Dangote’s broader ambition for the Lagos-based facility. In October 2025, Innovation Village reported that Dangote had outlined plans to double the refinery’s nameplate capacity from 650,000 barrels per day to 1.4 million barrels per day. If achieved, this expansion would exceed India’s 1.36 million barrels-per-day Jamnagar refinery complex, potentially making it the largest refinery in the world.

The new output level was reached during a performance test conducted by the refinery’s process licensors, according to reports. This confirms that the 700,000 barrels per day figure is not merely a production target but a tested operational benchmark, taking the facility beyond its original design specifications.

The Dangote Refinery began operations in 2024 and has since become central to Nigeria’s push to reduce its reliance on imported refined petroleum products. For decades, Africa’s largest oil producer exported crude oil while importing much of its petrol, diesel, aviation fuel and other refined products due to limited domestic refining capacity.

This structural imbalance placed pressure on foreign exchange reserves, exposed the economy to global supply shocks, and sustained dependence on imported fuel despite Nigeria’s status as a major crude oil producer.

Reaching 700,000 barrels per day therefore represents more than an industrial achievement. It signals a shift in Nigeria’s energy structure from crude export dependence towards increased domestic value addition.

What it means for Nigeria

Higher refining capacity could improve local fuel availability, strengthen supply stability, and reduce reliance on imported petroleum products. The refinery already produces petrol, diesel and jet fuel for domestic consumption while also exporting to markets across Africa, Europe, the United States and Saudi Arabia.

The development comes as Nigeria explores ways to strengthen energy security. In 2025, regulators discussed plans for a national strategic petroleum products stockpile to shield the economy from global disruptions, with local refining capacity expected to play a key role.

If sustained, the increased output could help stabilise supply, ease shortages and reduce exposure to international price volatility.

The Dangote Refinery is increasingly becoming a continental player rather than just a domestic facility. Across Africa, many countries continue to rely heavily on imported refined petroleum products despite producing crude oil locally, exposing structural weaknesses in the region’s energy value chain.

The refinery’s export performance reflects this shift. Reuters reported that exports rose from 168,000 barrels per day in February to 353,000 barrels per day in April, before easing to 285,000 barrels per day in May.

This underscores its dual role in addressing Nigeria’s domestic fuel needs while competing in international refined product markets.

The 700,000 barrels per day milestone may be a stepping stone towards a larger expansion. Dangote Industries has previously outlined plans to double capacity to 1.4 million barrels per day within about 30 months, a move that would place the refinery among the largest in the world.

The company has also indicated interest in expanding its footprint beyond Nigeria, including potential investments in East Africa, which could further increase its refining capacity and regional influence.

World Out of Home Organisation honours global excellence at London Congress Awards

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 16:17:35 +0000

The World Out of Home Organisation (WOO) has announced winners across its Individual, Digital, Classic and Special Build Creative, Sustainability and Technical Innovation categories at its annual Global Congress held in London on 4 June.

The Technical Innovation Award was selected by delegates at the Congress from a shortlist of three entries.

WOO confirmed the following award winners:

Creative Award – Classic: The Hidden Eye Test, 1001 Optometry, VML Australia, Wavemaker, Australia
Creative Award – Digital: Blue Jays “Hit It Here”, TD Bank, COMMB, Starcom, Canada
Creative Award – Special Build: If You Can Take It It’s Yours, Selleys (Dulux Group), Howatson+Company, IPG Mediabrands, Australia
Sustainability Award: Carbon Reduction through intelligent illumination and remote monitoring, Outdoorlink USA

Technical Innovation – President’s Award: Ichiro Jinnai, Perion, Japan
Leadership Award: John O’Neill, QMS
Rising Star Award: Melanie Blood, Ocean Outdoor
Lifetime Achievement Award: Antonio Vincenti, Pikasso
Chair of Judges Award: Flex Forward, Goonj, Publicis OOH, Publicis Groupe, India

Chair of Judges and Co-Founder of Alight Media Matthew Dearden said: "All driven by the greatly talented people in our medium, from rising stars to lifetime achievers. The quality of entries was exceptional and showcased the talent, expertise and ambition of the people and teams behind every idea. I'm incredibly grateful to my fellow judges for their insight, dedication and expertise as we undertook the difficult task of selecting winners from such a strong field of entries."

"Congratulations to all of this year's winners and finalists. I look forward to celebrating their achievements and the creativity that continues to drive our industry forward," adds Dearden.

Dino Burbidge, Creative-in-Residence at WOO, said: "The step-change in entry quality, quantity, and location this year was very noticeable. It's both a signal that the OOH advertising landscape is getting more sophisticated globally, but also that the tangible value creativity brings is shining through."

"It's great to see Specsavers, the enduring darling of OOH creativity, finally has some worthy competition in TD Bank. Special Builds was a hugely competitive category, but Classic really stole my heart this year. In a world increasingly driven by digital, paper still has the power to push creative boundaries, innovate and stop audiences in their tracks," concludes Burbidge.

Nike Unveils Star-Studded ‘Rip The Script’ Campaign Ahead of 2026 FIFA World Cup

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 16:14:42 +0000

Nike has launched its latest global football campaign, “Rip The Script”, a cinematic six-minute production featuring some of the biggest names in sport and entertainment ahead of the 2026 FIFA World Cup.

The campaign brings together football icons Cristiano Ronaldo, Kylian Mbappé, Vinícius Jr., Erling Haaland, Bruno Fernandes, Virgil van Dijk, Zlatan Ibrahimović and Didier Drogba, alongside basketball superstar LeBron James, media personality Kim Kardashian, rapper Travis Scott, actors Channing Tatum and Jason Sudeikis in his popular Ted Lasso role.

More than a traditional football advert, “Rip The Script” blends sport, film, music, fashion and popular culture into a high-energy narrative designed to capture global audiences. The campaign centres on the idea that the upcoming World Cup will defy expectations, celebrating creativity, instinct and individuality on football’s biggest stage.

From Mbappé’s athletic flair to Haaland’s dramatic appearance and Ronaldo’s enduring star appeal, the production positions football not only as a sport but also as a global entertainment platform capable of shaping culture far beyond the pitch.

The significance of the campaign extends beyond its star-studded cast. Nike’s latest effort highlights the growing role of storytelling in modern brand marketing, where companies compete for attention in an increasingly crowded digital landscape.

With audiences consuming content across streaming platforms, social media, gaming and live sport, brands are increasingly seeking ways to entertain rather than simply advertise. “Rip The Script” reflects this shift, presenting itself more as a short film than a conventional commercial.

Industry observers have described the campaign as part of Nike’s wider World Cup strategy, built around themes of creativity, passion, instinct and fearless self-expression. The approach aligns with a broader trend in which brands are creating immersive content experiences rather than standalone advertising campaigns.

The campaign also underscores football’s unique position at the intersection of sport, culture and commerce. By combining athletes, musicians, actors, reality television personalities and fictional characters in a single production, Nike is engaging multiple audiences simultaneously and expanding football’s reach beyond traditional fan bases.

The release comes amid heightened competition among sportswear brands ahead of the 2026 FIFA World Cup. Adidas recently generated significant online engagement with its own World Cup-themed campaign, increasing expectations for rival brands seeking to make an impact during football’s biggest tournament.

With “Rip The Script”, Nike has responded with a campaign defined by scale, celebrity influence, humour and cinematic storytelling.

For African brands and emerging businesses, the campaign offers a notable example of how successful marketing increasingly depends on the ability to combine product, culture, storytelling and community. Rather than focusing solely on football merchandise, Nike’s message centres on aspiration, imagination and the emotional connection that sport creates among fans worldwide.

Crypto Market Capitalisation Falls to $2.1 Trillion as Bitcoin, Ethereum and XRP Extend Losses

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 16:12:52 +0000

The global cryptocurrency market suffered a sharp sell-off over the past 24 hours, with total market capitalisation dropping to $2.1 trillion amid mounting liquidation pressure across major digital assets.

Bitcoin, Ethereum, Binance Coin (BNB), XRP and a host of altcoins all traded lower as a wave of forced liquidations triggered widespread selling, deepening losses across the market.

The downturn was largely driven by the unwinding of leveraged positions, creating a self-reinforcing cycle of price declines and further liquidations. More than $333 million worth of Bitcoin positions were liquidated during the period, with long positions accounting for $217 million of the total.

The latest decline reflects a classic deleveraging event, as traders rapidly unwind excessive leverage built up during recent market weakness. The resulting forced sales have intensified downward pressure on cryptocurrency prices.

Market analysts are closely monitoring total open interest, currently standing at $395.9 billion. A sustained reduction in open interest, coupled with a return to positive funding rates, could indicate that liquidation-driven selling is beginning to ease.

Investor sentiment has also been weighed down by institutional outflows. According to data reported by DeepWhale, US spot Bitcoin exchange-traded funds recorded net outflows of $1.72 billion during the week ending 5 June. At the same time, discussions across social media platforms have highlighted concerns that stronger-than-expected US jobs data could delay potential Federal Reserve interest rate cuts, reducing liquidity for risk assets such as cryptocurrencies.

The retreat of institutional capital has removed an important source of buying support at a time when market confidence remains fragile. Meanwhile, the crypto market’s reported 55 per cent correlation with gold suggests investors continue to view both asset classes as potential hedges against inflation and broader economic uncertainty.

Attention is now focused on the $2.1 trillion level, a critical support zone that coincides with the market’s yearly low. Traders are also watching the planned SpaceX initial public offering on 12 June, which some analysts believe could divert speculative capital away from digital assets.

From a technical perspective, the market would need to reclaim the $2.23 trillion level to signal the possibility of a near-term recovery. For now, the cryptocurrency sector remains at a pivotal juncture. Holding above current support levels could attract bargain hunters, while a further breakdown may expose the market to deeper losses towards the $1.9 trillion mark.

The latest sell-off underscores the combined impact of excessive leverage and institutional outflows on digital asset prices. Market participants will be watching closely for signs of stabilisation in ETF flows and an improvement in macroeconomic sentiment before confidence can return to the sector.

Promasidor Reaffirms Commitment to Nigeria’s Dairy Industry at World Milk Day 2026

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 15:55:44 +0000

Promasidor Nigeria Limited has reiterated its commitment to the growth and transformation of Nigeria’s dairy sector through sustainable local production and strategic investments, as stakeholders gathered in Abuja to mark World Milk Day 2026.

The company joined the Federal Ministry of Livestock Development, the Commercial Dairy Ranchers Association of Nigeria (CODARAN), development partners and key players across the dairy value chain for the celebration held at the NAF Conference Centre in Abuja.

The event, themed “Celebrating Women Dairy Farmers – Promoting Fresh Milk Consumption for a Healthy Nation,” brought together policymakers, industry leaders, dairy farmers, researchers, development partners, media representatives and private-sector operators to discuss the future of Nigeria’s dairy industry and the role of women in driving sustainable sector growth.

Among those in attendance were the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha; the Senior Special Assistant to the President on Livestock Development, Idris Ajimobi; representatives of the Federal Ministry of Industry, Trade and Investment; officials of the Federal Ministry of Livestock Development; state government representatives, including the Commissioner for Livestock and Fisheries of Niger State; Chairman of CODARAN, Alhaji Muhammadu Abubakar; development partners; and industry stakeholders.

Speaking at the event, the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha, commended Promasidor and other private-sector organisations for their contributions to advancing Nigeria’s dairy industry. He also unveiled the National Dairy Policy Implementation Framework, designed to strengthen local milk production, dairy processing, cold-chain infrastructure, milk aggregation and pasture development nationwide.

Delivering a goodwill message on behalf of Promasidor Nigeria Limited, the company’s Managing Director, Francois Gillet, reaffirmed the organisation’s commitment to supporting local dairy development.

He said, "It is a great honour to join you as we commemorate World Milk Day 2026 under the theme: ‘Celebrating Women Dairy Farmers – Promoting Fresh Milk Consumption for a Healthy Nation.’ Today, we celebrate the vital contributions of women dairy farmers to food security, livelihoods, and improved nutrition across our communities."

Gillet also praised the efforts of the Federal Ministry of Livestock Development under the leadership of the Minister, Alhaji Idi Mukhtar Maiha, as well as other stakeholders working to transform the sector.

Highlighting the company’s contributions to dairy development, he noted that Promasidor continues to invest in local production and capacity building.

"At Promasidor Nigeria, we remain committed to advancing Nigeria’s dairy sector through sustainable local production and investment in dairy development. We are proud to operate the largest dairy farm in Nigeria, the Ikun Dairy Farm in Ikun-Amure, Ekiti State, with over 750 cattle producing an average of 25 kilograms of milk daily, while indirectly employing over 1,000 people," he noted.

As part of the World Milk Day activities, Promasidor’s Chief Technical Officer, Brighton Ochieng, participated in a high-level panel discussion where he shared insights into the company’s operations at the Ikun Dairy Farm and the role of technology in modernising dairy farming in Nigeria.

During the session, Ochieng emphasised the importance of innovation, modern dairy management practices, improved genetics and technology-driven solutions, including artificial intelligence, in boosting productivity and strengthening the competitiveness of Nigeria’s dairy industry.

He also reaffirmed the company’s readiness to continue investing in the sector while collaborating with government agencies, development partners and industry stakeholders to improve local milk production and strengthen the country’s dairy value chain.

The World Milk Day celebration provided a platform for stakeholders to renew their commitment to increasing local milk production, improving nutrition, empowering women dairy farmers and fostering stronger public-private partnerships to accelerate the growth of Nigeria’s dairy sector.

Promasidor Nigeria said it remains committed to providing quality nutrition to Nigerians while supporting sustainable dairy development initiatives that create jobs, empower communities and contribute to national food security.

Emirates Recycles 88,000kg of Plastic Waste from Inflight Dining in Sustainability Drive

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 15:38:58 +0000

Emirates has recycled and repurposed more than 88,000 kilograms of plastic from its Economy Class inflight dining operations over the past year, as part of a wider sustainability initiative aimed at reducing waste and supporting a circular economy.

Marking World Environment Day on 5 June, the airline highlighted the impact of its closed-loop recycling programme, launched in June 2023, which transforms used in-flight meal service items into new products for use onboard.

As part of the initiative, Emirates has invested more than AED50 million in transitioning its inflight dining serviceware to a closed-loop manufacturing model. Damaged and unserviceable Economy Class trays, casseroles, snack dishes and bowls are collected after flights, cleaned, inspected and processed at a specialist facility in Dubai.

The recycled materials are then used to manufacture new meal service items containing up to 25 per cent recycled content before being returned to Emirates Flight Catering and reintroduced across the airline’s global network.

With millions of trays, bowls and dishes used annually, the programme is helping to reduce plastic waste sent to landfill while lowering transport-related emissions through local recycling and manufacturing.

The initiative is delivered in partnership with deSter FZE UAE, an aviation serviceware provider specialising in closed-loop manufacturing. The company is a member of the CE100 network, which promotes circular economy practices, and has received a Gold sustainability rating from Ecovadis. Its facility incorporates sustainable features including solar power, efficient water management systems and waste reduction measures.

PodFest Naija 2026 Set to Unite Nigeria’s Top Storytellers, Podcasters and Brands in Lagos

noreply@blogger.com (BrandArena) — Sat, 06 Jun 2026 15:35:44 +0000

Nigeria’s leading podcast and storytelling festival, PodFest Naija, will return on 25 September 2026, bringing together some of the country’s most influential creators, storytellers, brands and thought leaders for a day of conversations, learning and networking in Lagos.

The event, organised by The Muvmnt Studio, will take place at Harbour Point, Victoria Island, building on the success of its maiden edition and reinforcing its position as a key platform for Nigeria’s growing storytelling and podcasting ecosystem.

Designed as a hub for creators and cultural innovators, PodFest Naija seeks to celebrate storytelling while fostering collaboration, innovation and professional development among podcasters, content creators and media professionals.

Participants will engage in discussions on the future of storytelling, changing audience behaviour, emerging digital platforms and the growing influence of authentic narratives in shaping communities and culture. The festival will also provide opportunities for attendees to connect directly with some of Nigeria’s most recognised storytellers through a series of themed sessions and curated stage experiences.

“Storytelling remains the heartbeat of meaningful communication,” said Tosin Adefeko, Curator of PodFest Naija and Chief Executive Officer of AT3 Resources – The Muvmnt Agency.

“At The Muvmnt Agency, we recognised a major shift: consumers have become storytellers in their own right, shaping narratives, influencing culture, and driving conversations. Yet, despite the growth of the ecosystem, many creators were still operating in silos. No one was gathering the tribe. PodFest Naija was our response to that gap. The success of our first edition validated the power and potential of storytelling. This year, we are bringing together an even broader and more influential community of voices to amplify consumer-led narratives, foster deeper connections, and strengthen the storytelling ecosystem.”

This year’s edition will feature dedicated stages hosted by leading voices across finance, branding, culture, health, relationships and public discourse. Among the featured hosts are Rolake Akinkugbe-Filani, Olushola Olaleye, Ife Durosinmi-Etti, Aproko Doctor, Joro Olomofin, Tochukwu Macfoy, Babajide Ogunsanwo and Francesca Uriri.

They will be joined by a diverse lineup of speakers and storytellers, including Grace Ofure, Ify Mogekwu, Abdulhafees Adelani, Bola Balogun, Rosemary Egabor-Afolahan, Adefunke Arowolo, Audu Maikori, Morenike Molehin, Tomike Adeoye, Anthony Wolve, William Benson, Gbemi Olateru Olagbegi and Audrey Abayomi.

In addition to the main-stage discussions, the festival will host the Next Big Podcaster initiative, a talent discovery programme aimed at identifying and supporting emerging podcast creators across Nigeria.

PodFest Naija 2026 will also feature a masterclass led by Spotify, offering creators practical guidance on building sustainable platforms and expanding their audiences. An interactive exhibition area will provide brands with opportunities to showcase products and services, engage directly with attendees and connect with one of Nigeria’s most dynamic creative communities.

The festival is supported by MTN Nigeria, Fan Milk Nigeria, UAC Nigeria and other corporate partners, further strengthening PodFest Naija’s reputation as one of Nigeria’s foremost gatherings for podcasting, storytelling and creator-led innovation.

MarkHack 5.0 to Unveil Africa’s First AI Platform Built for Advertising Agencies

noreply@blogger.com (BrandArena) — Tue, 02 Jun 2026 18:08:45 +0000

MarkHack 5.0, Nigeria’s leading marketing, media and technology conference, is set to host the unveiling of Ad-Agency GPT, described as Africa’s first generative artificial intelligence platform designed specifically for marketing and advertising agencies.

The platform will be formally introduced by Tomi Davies and Dr. Victor 'Gbenga Afolabi on June 5, 2026, at the Oriental Hotel in Victoria Island, Lagos.

Developed as an end-to-end intelligent system for agency operations, Ad-Agency GPT is designed to support the entire marketing workflow, from interpreting client briefs and generating culturally relevant copy to campaign planning, strategic scenario modelling and content validation. The platform aims to enable agencies of all sizes to access capabilities typically associated with large international agency networks.

A key feature of the platform is its focus on African market realities. By incorporating insights into consumer behaviour, regional language nuances, FMCG activation models and cultural contexts across the continent, Ad-Agency GPT seeks to generate outputs tailored to local markets. The platform is also designed to help agencies retain institutional knowledge and improve campaign development over time.

This year's MarkHack conference is themed “The Culture Algorithm: AI × Human Experience” and will bring together stakeholders from marketing, technology, policy and the creative industries to examine the growing influence of artificial intelligence on culture, identity and decision-making.

Against this backdrop, the launch of Ad-Agency GPT represents a significant development in the evolution of marketing technology in Africa, signalling a shift towards AI-powered infrastructure for campaign execution and agency management.

Conference attendees will witness live demonstrations of the platform, including campaign ideation, multi-format content creation and culturally adaptive strategy development. The sessions are expected to provide practical insights into how agencies can streamline operations, enhance creative output and deliver more effective campaigns across diverse African markets.

Ad-Agency GPT will initially launch under an open-access model, allowing agencies and marketing professionals to begin using the platform immediately. A Pro version, offering expanded capabilities such as increased output capacity, collaborative workspaces and access to proprietary campaign playbooks developed by GDM Group, is expected to be introduced as adoption grows.

The unveiling of Ad-Agency GPT further reinforces MarkHack’s position as a platform for innovation and industry transformation, while highlighting GDM Group’s role in advancing AI-driven marketing solutions across Africa.

Quest Merchant Bank Outlook Upgraded to Stable as GCR Affirms Ratings

noreply@blogger.com (BrandArena) — Mon, 01 Jun 2026 16:37:25 +0000

Quest Merchant Bank Limited has reinforced its standing in Nigeria’s financial services sector after GCR Ratings affirmed the bank’s national scale issuer ratings of BBB(NG) and A3(NG), while revising its outlook to Stable from Rating Watch Negative.

The ratings action represents a significant milestone for Quest Merchant Bank following a period of strategic transformation, reflecting increased confidence in the institution’s financial strength, market position, liquidity profile and long-term growth prospects.

According to GCR, the Stable Outlook is supported by the bank’s sound risk profile, improved capitalisation and strong liquidity position. The agency also cited the successful transition in the bank’s ownership structure following its acquisition by EverQuest LLP after the divestment by FBN Holdings.

GCR further highlighted Quest Merchant Bank’s growing influence within Nigeria’s merchant banking industry. As of 31 December 2025, the bank accounted for approximately 30 per cent of the sector’s total assets, underlining its position among the country’s leading merchant banking institutions.

The agency also pointed to the successful completion of the bank’s ₦42.9 billion capital raise in March 2026, undertaken in line with the Central Bank of Nigeria’s revised minimum capital requirements. According to GCR, the fresh capital is expected to strengthen the bank’s capital adequacy levels and support the next phase of business expansion.

Quest Merchant Bank’s asset quality and liquidity profile remained key factors behind the ratings affirmation. The bank maintained a non-performing loan (NPL) ratio of 3.2 per cent, significantly below the wider banking industry average, while sustaining strong liquidity metrics and resilient earnings performance.

GCR also recognised the strategic importance of the bank’s relationship with Custodian Investment Plc, noting the potential for enhanced business opportunities, operational synergies and stronger profitability over time.

Commenting on the development, Afolabi Olorode, Ag. Managing Director/CEO, Quest Merchant Bank Limited, said:

“This outlook revision is a strong signal of confidence in the future of Quest Merchant Bank and the progress we have made in strengthening our organization over the last year.

“Beyond the ratings action itself, this recognition reflects the resilience of our business, the quality of our balance sheet, and the confidence our clients, partners and stakeholders continue to place in the Bank.

“We have emerged from a defining transition period stronger, well-capitalized and better positioned to capture the opportunities ahead. We remain committed to delivering innovative solutions, creating long-term value and supporting economic growth across the sectors we serve.”

The Stable Outlook reflects GCR’s expectation that Quest Merchant Bank will continue to maintain sound asset quality, stable funding and robust liquidity metrics over the next 12 to 18 months, further strengthening confidence in the bank’s long-term strategy and operating fundamentals.

Quest Merchant Bank is a Nigerian-licensed merchant bank providing corporate and investment banking, global markets and wealth management services to corporate, institutional and public sector clients. The institution says it remains focused on strong governance, disciplined execution and sustainable value creation.

Africa’s Business Leaders Shift Focus from Growth to Institutional Strength, New Report Finds

noreply@blogger.com (BrandArena) — Mon, 01 Jun 2026 16:28:16 +0000

Africa’s corporate landscape is undergoing a fundamental transformation, with business leaders increasingly prioritising institutional resilience, governance and operational performance over rapid expansion, according to a new report by TheBoardroom Africa.

The executive search and leadership advisory firm’s 2026 Industry Trends Report highlights what it describes as a decisive shift from growth-driven narratives to institutional credibility, signalling a new phase in the evolution of African markets.

Drawing on insights from 30 senior executives, founders, investors and policymakers, the report examines emerging trends across more than 20 sectors, including financial services, energy, technology, healthcare, infrastructure and the creative economy. Contributors include Omoyemi Akerele, Founder of Lagos Fashion Week; Dr Beatrice Murage, Global Director of Sustainability and Access to Care at Philips; Steve Cadigan, First CHRO of LinkedIn and Founder of Cadigan Ventures; Amb. Lavina Ramkissoon, Technology Diplomat at the African Union; and Dr Sangu Delle, CEO of CarePoint.

The report identifies four structural shifts that are already influencing capital allocation, regulatory priorities and competitive positioning across the continent.

One of the most significant changes is the repricing of capital. According to the report, private credit is increasingly replacing equity-led growth as the preferred financing model across African markets. With global venture capital funding slowing and exit opportunities becoming more limited, investors are placing greater emphasis on cash-flow stability and operational resilience rather than growth projections and market-size narratives.

Structured debt, revenue-linked financing instruments and risk-partitioned facilities are emerging as financing solutions better suited to local market conditions. For businesses seeking investment, the report notes that demonstrating sustainable performance and prudent risk management has become essential to securing capital and building credibility with mainstream investors.

The report also finds that artificial intelligence has evolved from an experimental tool to critical business infrastructure. Across sectors such as fintech, healthcare, energy and compliance, AI is increasingly embedded in core operations.

In healthcare, AI is being used to improve workflow management, triage systems and clinical decision support. Within financial services, it is strengthening fraud detection, credit assessment and compliance monitoring, while communications teams are leveraging the technology to manage reputation and audience engagement more effectively.

However, the report argues that competitive advantage now lies less in adopting AI and more in establishing the governance frameworks required to deploy it responsibly and at scale. Boards are increasingly expected to oversee issues such as accountability, explainability and automated decision-making as core governance responsibilities.

Healthcare is another sector experiencing significant transformation. The report highlights a shift from volume-based care models towards value-based healthcare, where outcomes and cost efficiency take precedence over the number of procedures performed.

At the same time, healthcare delivery is becoming more decentralised, moving beyond traditional hospitals to outpatient centres, community-based facilities and virtual care platforms. Impact investment, meanwhile, is being recognised as an important complement to public-sector funding rather than a substitute for it.

The report further notes that governance expectations have intensified as environmental, social and governance considerations, AI ethics, cybersecurity and social performance increasingly converge within a single accountability framework.

Rather than relying solely on policies and disclosures, organisations are now expected to demonstrate measurable evidence of institutional integrity. Compliance effectiveness, the report argues, will be judged by behaviours and outcomes rather than statements of intent.

Speaking on the report, Marcia Ashong-Sam, Founder and CEO, TheBoardroom Africa, remarks, “Africa’s challenges have always been its most compelling investment case. What is different now is that its leaders are building the institutions to prove it. TheBoardroom Africa exists because the most consequential thinking about this continent rarely makes it into the public conversation. It stays in boardrooms, in investment committees, in the private deliberations of leaders who are too busy building to narrate what they are building. This report changes that.”

The findings suggest that as African economies mature, business success will increasingly be determined by institutional strength, governance quality and the ability to deliver sustainable performance. As the continent moves from expansion to optimisation, narrative to proof, and pilot programmes to scalable platforms, the report argues that the next generation of African business leaders is already shaping that future.

For more than a decade, TheBoardroom Africa has worked with organisations including MTN Group, Unilever, British International Investment, Mastercard Foundation and the International Finance Corporation, providing executive search and leadership advisory services across the continent.

Akinwumi Adesina appointed chair of Botswana’s Diamonds for Development Fund

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:59:29 +0000

Dr Akinwumi Adesina, former president of the African Development Bank Group, has been appointed inaugural chairperson of Botswana’s Diamonds for Development Fund, a major new initiative aimed at accelerating economic diversification in the diamond-rich nation.

The appointment brings a prominent pan-African development leader to the helm of a fund created through a landmark partnership between the Government of the Republic of Botswana and De Beers Group. The initiative follows a period of extensive negotiation and consultation between the state and the global diamond company.

The Diamonds for Development Fund has been established to support Botswana’s long-term transition away from reliance on raw mineral extraction. It will focus investment on infrastructure, technology and human capital development as part of efforts to build a knowledge-based economy.

Its core objectives include economic diversification into high-value sectors such as services, technology and manufacturing, as well as the creation of sustainable, skilled employment opportunities for local communities.

Welcoming the appointment, De Beers Group chief executive Al Cook said Dr Adesina’s experience made him uniquely suited to lead the initiative.

“When we set up the groundbreaking Diamonds for Development Fund with the Botswana Government, we knew that we would need an extraordinary leader to achieve our ambition of economic diversification and job creation. In Dr Adesina, I am confident we have found just that person.”

Cook highlighted Adesina’s long record in development finance and agricultural transformation across Africa, as well as his international networks and commitment to strong governance.

“He is a man characterized by deep integrity and outstanding delivery,” Cook added, “and I very much look forward to seeing him steer Diamonds for Development in the years to come.”

Under Dr Adesina’s leadership, the fund is expected to move from agreement into implementation, positioning itself as a key vehicle for development finance in Botswana.

It is designed to channel resource wealth into productive sectors and strengthen the country’s economic resilience beyond diamonds, with a focus on long-term structural transformation.

Nigerian Breweries appoints Nkechi Runsewe as Human Resources Director

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:55:50 +0000

Nigerian Breweries Plc has announced the appointment of Nkechi Runsewe as its new Human Resources Director, effective 1 August 2026.

Runsewe joins Nigerian Breweries from its parent company HEINEKEN, where she currently serves as Global Head of Talent Management. She succeeds Grace Omo-Lamai, who will retire on 28 July 2026 after nearly a decade of service marked by significant leadership contributions.

In a statement issued by the company’s Corporate Affairs Director, Uzo Odenigbo, Runsewe will play a key role in driving the execution of Nigerian Breweries’ EverGreen 2030 strategy. Her responsibilities will include shaping organisational design, leadership behaviour, workforce capability and performance systems to support sustained volume growth, cost discipline and consistent business performance.

Welcoming her appointment, the Managing Director of Nigerian Breweries Plc, Thibaut Boidin, said the company was delighted to bring Runsewe into the leadership team at a critical stage of its transformation journey.

He said Runsewe brings deep expertise in talent management and a strong track record of driving high-performance cultures across geographies.

According to him, her leadership will be critical as we continue to build a future-ready organisation, strengthen our people capabilities and deliver our EverGreen 2030 ambitions.

He added: “Runsewe joins us from HEINEKEN, bringing strong global experience in talent management and organisational development. As Global Head of Talent Management at HEINEKEN, she strengthened leadership pipelines across the business, significantly improving succession readiness and advancing performance and development frameworks across HEINEKEN operating companies.”

Since joining HEINEKEN in September 2021, Runsewe has built strong partnerships across the people function and contributed to global communities of practice. She is recognised for her collaborative and pragmatic approach to continuous improvement.

Prior to her current role, she served as Regional Talent Lead for the Africa, Middle East and Eastern Europe (AMEE) region. She has also held senior roles at Etisalat, M-Net Africa and Diageo, gaining experience across consulting, media, telecommunications, financial services and consumer goods.

Speaking on her appointment, Runsewe said: “I am honoured to join Nigerian Breweries at such an important moment in its journey. The company’s strong legacy, combined with its forward-looking EverGreen 2030 strategy, presents a unique opportunity to build an even stronger, high-performing organisation. I look forward to working closely with our teams to strengthen our leadership capabilities, deepen our talent pipeline, and foster a culture where our people can thrive and deliver sustainable growth for the business.”

The company also paid tribute to outgoing Human Resources Director Grace Omo-Lamai, who will retire after nearly a decade of service.

Under her leadership, Nigerian Breweries achieved its first Great Place To Work Silver recognition in 2021 and Top Employer Certification in Nigeria and Africa in 2026, alongside honours from the Nigeria Employers Consultative Association, the Chartered Institute of Personnel Management of Nigeria, the International Coaching Federation Nigeria Chapter, HR People Magazine, and the Food, Beverage and Tobacco Senior Staff Association.

Anthropic overtakes OpenAI to become world’s most valuable AI startup after $965bn valuation surge

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:52:15 +0000

Anthropic has overtaken OpenAI to become the world’s most valuable artificial intelligence startup following a blockbuster $65 billion Series H funding round announced on Thursday.

The San Francisco-based developer of the Claude chatbot family now commands a post-money valuation of $965 billion, surpassing OpenAI’s $852 billion market capitalisation.

The record-breaking round was co-led by major venture capital firms Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital. It nearly triples Anthropic’s previous $380 billion valuation recorded in February. The funding package also includes $15 billion in previously committed investments from hyperscalers, including a $5 billion tranche from Amazon, alongside fresh backing from semiconductor and hardware groups such as Samsung, SK Hynix, and Micron.

Enterprise adoption drives rapid growth

The sharp rise in valuation reflects Anthropic’s aggressive commercial expansion and growing adoption across enterprise markets. Alongside the funding announcement, the company said its run-rate revenue has exceeded $47 billion this month, up from $30 billion earlier in the year.

Industry analysts say much of this momentum has been driven by demand for its software development tools, particularly Claude Code.

“This is a big market where apparently Anthropic has the best product. The increase in valuation in a short period of time is unprecedented for a startup.”

Anthropic is now the world’s most valuable artificial intelligence company.

New model releases and infrastructure push

To reinforce its position, Anthropic also unveiled its latest flagship model, Claude Opus 4.8, alongside a preview of Claude Mythos, a specialised security-focused ecosystem. Internal benchmarks reportedly show Opus 4.8 delivering major improvements in financial analysis, agentic reasoning and autonomous coding, with a four-fold reduction in code vulnerabilities compared with its predecessor.

“This funding will help us serve the historic demand we are experiencing, stay at the research frontier, and bring Claude to more of the places where work happens,” said Anthropic chief financial officer Krishna Rao.

The company said the fresh capital will also help address compute constraints that have forced it to impose peak-hour usage limits in recent months.

Regulatory scrutiny and IPO speculation

Founded in 2021 by former OpenAI researchers Dario and Daniela Amodei, Anthropic has positioned itself as a safety-focused developer of frontier AI systems. However, its rapid rise has attracted regulatory scrutiny, including a dispute with the US administration, which recently labelled the company a “supply chain risk” after it declined to grant the military unrestricted access to its core models.

Despite these challenges, the funding round is widely seen as a stepping stone towards a potential public listing. Major Wall Street institutions are already preparing for a wave of technology IPOs, with Anthropic, OpenAI and Elon Musk’s SpaceX all widely reported to be considering large-scale listings as competition intensifies in the race to develop artificial general intelligence systems.

Presco appoints François Van Hoydonck to board amid continued director exits

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:48:25 +0000

Presco Plc has appointed François Van Hoydonck as a Non-Executive Director, marking the second time in four months that the Nigerian palm oil producer has filled what it described as a "casual board vacancy" without disclosing which director left the board.

The appointment was announced in a regulatory filing dated 29 May and signed by the company's secretary, Frederick Ichekwai.

According to the disclosure, Van Hoydonck's appointment was made to fill a casual vacancy on the board. However, the company did not identify the director whose departure created the opening.

This is the second such appointment by Presco in 2025. Under the Companies and Allied Matters Act (CAMA), a casual vacancy arises when a board position becomes vacant unexpectedly due to resignation, death or other unforeseen circumstances.

Board changes at the company have accelerated in recent months. Since November 2024, four directors have resigned, while Group Managing Director Felix Nwabuko retired in January. Three of those departures resulted in casual vacancies requiring board replacements.

The developments come amid limited public disclosure regarding the company's board composition. Presco did not provide details of its board structure in its unaudited first-quarter financial statements filed on 1 May. The company has also yet to publish its 2025 Nigeria Code of Corporate Governance (NCCG 2018) compliance report, leaving shareholders with little information about recent boardroom changes.

The corporate governance code requires directors who resign to submit their resignation to the board chairman and state the reasons for their departure.

"The company is pleased to announce the appointment of François Van Hoydonck as a Non-Executive Director to fill the vacancy," Ichekwai said.

Van Hoydonck spent most of his professional career at SIPEF, where he served in several senior leadership roles, including Chief Financial Officer, Managing Director and Non-Executive Director. Following his retirement from SIPEF in late 2024, he also served as a director of Jabelmalux SA.

His appointment remains subject to shareholder approval at the company's next Annual General Meeting, in accordance with the provisions of CAMA.

CBN Extends PoS Geo-Tagging Deadline to August 2026, Eases Location Compliance Rules

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:45:35 +0000

The Central Bank of Nigeria (CBN) has extended the enforcement deadline for its point-of-sale (PoS) geo-tagging regulations to 1 August 2026 and relaxed the operational radius requirement, increasing it from 10 metres to 70 metres.

The move signals a recognition that the original standard posed practical challenges for operators, while maintaining the regulator’s broader objective of improving oversight, reducing fraud and strengthening compliance with anti-money laundering regulations.

Under the policy, every PoS terminal must be linked to a registered business location and operate within a designated geographic area around that address. Devices operating beyond the approved radius can be flagged by regulators. The framework is designed to curb the movement of terminals to unregistered locations where transactions may be more difficult to monitor.

The geo-tagging directive was first introduced in August 2025, when the apex bank instructed financial institutions and payment service providers to upgrade and register PoS terminals nationwide. Since then, the CBN has granted several extensions and revised aspects of the technical requirements as operators raised concerns over implementation.

According to a statement cited by Nairametrics on 29 May 2026:

“…the Central Bank of Nigeria has considered and approved the following:
i. Geo-fence radius is hereby increased from 10 metres to 70 metres.
ii. Enforcement of PoS Terminal Geo-fence is extended to August 1, 2026…”

The decision follows criticism of the original 10-metre compliance radius announced last year. Industry stakeholders argued that the requirement was difficult to achieve consistently, given the limitations of standard GPS technology. In densely populated urban centres, operators risked breaching the rules even when conducting legitimate business activities within their approved premises.

Despite the extension and revised radius, the penalty for non-compliance remains unchanged. The CBN has maintained a minimum fine of ₦5 million for violations of the geo-fencing requirements.

For many PoS agents and small-scale operators, the sanction represents a significant financial risk. Nigeria’s agent banking ecosystem is largely powered by entrepreneurs and micro-business owners who depend on PoS services as a primary source of income. Meeting the compliance requirements—including equipment upgrades, terminal registration and location verification—could place additional financial pressure on many operators.

Nigeria operates one of Africa’s largest PoS networks, driven in part by limited access to traditional banking infrastructure in many communities. The sector expanded rapidly following the CBN’s 2022 cash redesign policy, which triggered widespread cash shortages and accelerated reliance on agent banking services across the country.

As the network has grown, tighter regulatory oversight has become increasingly likely. However, industry observers note that the effectiveness of such measures will depend not only on the rules themselves but also on how they are implemented and enforced.

The extended August 2026 deadline now places focus on the CBN’s ability to monitor geo-fence compliance across millions of transactions and thousands of terminals nationwide. While the ₦5 million penalty provides a strong deterrent, the consistency and transparency of enforcement will ultimately determine how the industry responds to the regulation in the months ahead.

Grammy House New York Returns for 2026 with Two-Day Celebration of Music, Diversity and Industry Innovation

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:41:25 +0000

The Recording Academy will bring back Grammy House New York for a second consecutive year, hosting a two-day pop-up event on 10 and 11 June 2026 that celebrates music, culture and community while highlighting the artists and industry leaders shaping the future of the business.

Following its successful debut in 2025, Grammy House NY will serve as a hub for musicians, creatives and music professionals, offering a programme of discussions, live performances and networking opportunities designed to foster collaboration, creativity and cultural exchange.

This year’s event coincides with Indie Week, New York Music Month, Pride Month and Black Music Month. Across six programmes over two days, Grammy House NY will spotlight women in music, independent artists, Black, Latin and LGBTQIA+ creators, while also addressing mental health and wellbeing within the music industry.

The event is anchored by the Recording Academy’s DREAM Network (Diversity Reimagined by Engaging All Music People), an initiative focused on supporting music professionals across eight priority communities and creating a greater sense of belonging among Academy members.

“Music is collaborative, diverse and inclusive. It celebrates different identities and also brings people together like nothing else,” said Harvey Mason Jr., CEO of the Grammys. “We look forward to bringing the New York music community together at this specially curated space and fostering memorable moments between music people and fans.”

Partners supporting the event include A2IM (American Association of Independent Music), United Airlines and PATRÓN Tequila, which will serve signature cocktails throughout the event, including the official 2026 Grammys cocktail, “The Clear Winner”.

Women, AI and Independent Music Take Centre Stage

The opening day begins with Breaking Boundaries, a programme presented by Women in the Mix that will celebrate the achievements and influence of women in the music industry.

The session will feature a conversation between Slayyyter and Jamie Dominguez, National Director of Industry Relations at The Mechanical Licensing Collective, moderated by Leah Dowdy of the Recording Academy. The discussion will be followed by an intimate performance from Slayyyter.

Later, Empowered for Advocacy will explore how artists can protect and advance their careers as artificial intelligence continues to reshape the music landscape. The panel will feature independent artist Russ, singer-songwriter Stella Prince and Grammy-nominated artist Wizzmer, with moderation from music executive Andreea Gleeson.

The evening concludes with Frecuencia Latina: A Latin Artist Showcase, the first Latin music showcase to be held at Grammy House NY. Presented by DREAM Network group Crear Música, the event will celebrate the growing global influence of Latin music through performances from aLex vs aLex, Snow Tha Product and ZTVZ.

Black Music Month and Mental Health in Focus

Day two opens with A Celebration of Black Creators, presented by the Academy’s Black Music Collective. The programme will honour Black Music Month through discussions centred on culture, creativity and community.

Featured guest Erick the Architect, the rapper, producer and founding member of the influential Brooklyn hip-hop group Flatbush Zombies, will take part in a panel discussion before delivering a live performance.

Mental health and wellness will then move to the forefront during Mind, Body & Music, presented by MusiCares. The session will feature a fireside conversation between Michelle Williams and MusiCares Executive Director Theresa Wolters, focusing on maintaining wellbeing throughout the creative process, touring schedules and wider industry pressures.

Pride Month Celebration Closes Event

The event will conclude with Out + Proud: A Queer Artist Showcase, celebrating emerging LGBTQIA+ talent and creativity during Pride Month.

The showcase, presented by Academy Proud, will feature a performance from Mad Tsai, with additional artists to be announced. Hosting duties will be carried out by Luxx Noir London, known for her appearance on the hit television series RuPaul's Drag Race.

Grammy House NY is an invitation-only event and forms part of the Recording Academy’s wider efforts to promote inclusion, representation and meaningful engagement across the global music community.

LG Electronics Brings Clean Water Relief to Akwa Ibom Community with Solar-Powered Borehole Project

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:37:47 +0000

Residents of Ifa Ikot Idang community in the Etoi Clan of Uyo Local Government Area, Akwa Ibom State, have welcomed a major improvement in their quality of life following the donation of a solar-powered borehole by LG Electronics.

The project, delivered as part of the company's Corporate Social Responsibility (CSR) programme, provides the community with reliable access to clean water after years of water scarcity that forced many residents to travel long distances in search of safe drinking water.

The facility comprises a 180-foot borehole connected to a 5,000-litre overhead tank powered by dual 1,440-watt bifacial solar panels, ensuring a sustainable and uninterrupted water supply independent of the national electricity grid.

Speaking during the commissioning ceremony, Head of Corporate Marketing at LG Electronics Nigeria, Mr Paul Mba, said the initiative reflects the company's commitment to addressing critical community needs through technology-driven solutions.

“This intervention reflects our commitment to leveraging technology to tackle real-life challenges in water access, energy sustainability, and community development. Our solar-powered system guarantees a continuous water supply without relying on the national grid. The 5,000-litre tank, powered by high-efficiency solar panels, drives a pump drawing water from an 180-foot borehole, making the system both sustainable and cost-effective for the long-term benefit of the community,” he said.

L-R: Vice Chairman II, Mboho Mkparawa Ibibio, Aparawa Jimmy Essien, Head of Corporate Marketing at LG Electronics Nigeria,Mr. Paul Mba, Uyo Branch Manager, Fouani Nigeria Limited, Mr. Nabih Hawila, Secretary Youth Forum, Idang Community, Mr. Bassey Inyang, The Youth Leader, Ifa Ikot Idang, Mr. Effiong Edet, Wife of Idiong, Mrs. Maurice Asuquo Ibanga, and The Village Head of Ifa Ikot Idang, Efe Idiong, Maurcus Asuquo Ibanga at the commissioning of LG's expanded Environmental, Social, and Governance (ESG) initiative, marked by the donation of a solar-powered borehole to the Ifa Ikot Idang in the Etoi clan, Uyo Local Government Area, Akwa Ibom State.

Public Relations and CSR Manager at LG Electronics Nigeria, Mr Moses Osime, described the project as more than just an infrastructure development.

“At LG Electronics, we understand the struggle communities like Ifa Ikot Idang face in accessing clean water. This intervention restores dignity, renews hope, and underscores that sustainable development must prioritize people. Today marks the easing of a long-standing burden and the start of a better daily life. Every drop from this facility symbolizes our care, responsibility, and ongoing commitment to meaningful change,” he said.

Community leaders hailed the project as a transformative intervention that will have a lasting impact on residents, particularly women and children who previously bore the burden of sourcing water from distant locations.

Village Head of Idang, Idarag Efe-Idiong, Mancus Asuquo Ibanga, expressed gratitude to the company for the initiative.

“The support from LG Electronics is a long-awaited blessing for our community,” he said. “Having clean water close to home has restored dignity to our daily lives, especially for our women and children who used to travel far just to find safe drinking water. This project has eased our hardships and brought a real improvement to the well-being of everyone here.”

Also speaking at the event, Vice Chairman II of Mboho Mkparawa Ibibio, Aparawa Jimmy Essien, described the project as a milestone for the community.

“As a proud representative of our people, I stand here to affirm that this project marks a new chapter of hope and progress for our community. Access to clean, sustainable water is not just a necessity; it is a foundation for health, dignity, and opportunity. Together, we embrace this gift with gratitude and a shared commitment to protect and nurture it for generations ahead,” he said.

Essien also commended the quality and durability associated with LG Electronics products, noting that the solar-powered borehole reflected the company's commitment to excellence.

“The people of Idang recognize and appreciate the lasting value LG brings,” he said. “From this day forward, we proudly become brand ambassadors for LG, sharing our positive experience and standing behind a company that truly invests in the wellbeing of our community.”

The project received support from Mr and Mrs Itoro Atakpa, as well as Mr Udo Ibong, an aide to Akwa Ibom State Governor Umo Eno on Digital Marketing and Social Media, who helped facilitate the initiative.

Speaking on behalf of her husband, a native of the community, Mrs Atakpa said their involvement was motivated by a desire to contribute to the long-term development of their hometown.

She noted that the solar-powered borehole donated by LG Electronics was designed to serve the community for many years.

Residents also shared their appreciation for the project. Speaking during the commissioning, Mrs Joyce Mbong described the facility as life-changing.

“Having clean, reliable water right here in our village is nothing short of life-changing,” she said. “For years, we faced the burden of traveling long distances and spending money just to get water. This project has lifted that weight, bringing relief and convenience to every household. More than that, it has made us feel seen and included, reminding us that our community matters.”

Traditional rulers and community stakeholders present at the event commended the initiative, describing it as a model of successful collaboration between the private sector and local communities. They also urged other corporate organisations to invest in similar projects aimed at addressing infrastructure deficits in rural areas.

They further emphasised the importance of renewable energy-powered infrastructure, noting that solar solutions offer sustainability while reducing long-term operating costs.

The solar-powered borehole project reinforces LG Electronics’ commitment to community development and social impact through innovation, while providing uninterrupted access to clean water for residents of Ifa Ikot Idang for the first time in many years.

For many members of the community, the project represents not only improved access to water but also a renewed sense of dignity, hope and opportunity.

World Public Relations Forum 2026: Early Bird Registration Closes May 31

noreply@blogger.com (BrandArena) — Sat, 30 May 2026 13:34:10 +0000

Public relations professionals across the world have been urged to take advantage of the early bird registration window for the 2026 World Public Relations Forum, which closes on Sunday, 31 May.

The 14th edition of the global communications gathering will hold in Abuja, Nigeria, from Sunday, 15 November to Saturday, 21 November 2026, bringing together public relations practitioners, industry leaders and communication experts from more than 100 countries.

Organisers described the forum as a major opportunity for networking, knowledge sharing and professional collaboration within the global public relations industry.

“Do not miss this unique opportunity to network and learn from PR professionals from over 100 countries who will converge in Abuja this November,” the organisers said in a statement.

The forum will feature plenary sessions, panel discussions, workshops, high-level dialogues, exhibitions, awards ceremonies, entertainment and networking activities designed for communication professionals, young practitioners and students.

Registration categories cover international delegates, Nigerian delegates, students, young professionals and virtual participants.

Under the early bird category, members of the Global Alliance and the African Public Relations Association (APRA) will pay $326, while non-members will pay $366. Young professionals aged 35 years and below will pay between $120 and $180, while student registration is fixed at $36.

For Nigerian participants, members of the Nigerian Institute of Public Relations (NIPR) will pay ₦300,000, while non-members will pay ₦350,000. Discounted rates are also available for young professionals and students.

The organisers also announced that group registrations will attract one free registration for every five participants from the same organisation.

Regular registration fees will apply from 1 May to 31 August 2026, while late registration rates will commence from September 2026 ahead of the forum in November.

Promasidor Nigeria boosts Isolo community with borehole and water tower donation

noreply@blogger.com (BrandArena) — Thu, 28 May 2026 16:06:27 +0000

Promasidor Nigeria has strengthened its corporate social responsibility commitment with the donation of a water tower and borehole system to the palace of the Osolo of Isolo Kingdom in Lagos State, in a move aimed at improving access to clean water within the host community.

The project, delivered under the company’s CSR initiatives, was commissioned on Thursday, 21 May 2026, by the Chief Executive Officer of Promasidor Nigeria, François Gillet, at the palace of His Royal Majesty, Oba Isa Abiodun Faronbi-Shekoni, the Osolo of Isolo Kingdom.

The ceremony was attended by the monarch, his wife, Olori Tawakalitu Abike Faronbi-Shekoni, members of the royal cabinet, and senior executives of Promasidor Nigeria.

Speaking at the event, Gillet said sustainable businesses depend on the wellbeing of their host communities, adding that the borehole project reflects Promasidor Nigeria’s commitment to improving lives and supporting long-term development.

He noted that access to clean and safe water is vital to public health, human dignity, and economic progress, adding that the initiative aligns with the United Nations Sustainable Development Goal 6, which promotes clean water and sanitation for all.

“At Promasidor Nigeria, our responsibility extends beyond business operations. We believe in building meaningful and lasting relationships with our host communities through mutual respect, trust, and shared progress. This project is another reflection of that commitment and our enduring partnership with the people of Isolo,” he said.

Gillet also expressed appreciation to the Isolo community for its continued support over the years.

“We sincerely value the warmth and goodwill we have received from the Isolo community and look forward to sustaining this cordial relationship for many years to come,” he added.

In his remarks, Oba Faronbi praised Promasidor Nigeria for what he described as a thoughtful intervention that would significantly improve access to clean water for the palace and surrounding community.

“We appreciate this laudable gesture from Promasidor Nigeria. This donation will go a long way in serving the needs of the palace and the community. We pray for continued growth and success for the company and its wide range of quality products,” the monarch stated.

Promasidor Nigeria, known for its range of affordable food products consumed by millions of households nationwide, said it remains committed not only to nutrition but also to economic development through job creation, investment, and sustained community engagement across Nigeria.

Ride-hailing drivers petition Lagos AG over health insurance and welfare demands

noreply@blogger.com (BrandArena) — Thu, 28 May 2026 16:02:54 +0000

Drivers operating on Uber, Bolt, inDrive and other ride-hailing platforms under the Amalgamated Union of App-based Transporters of Nigeria (AUATON) have petitioned the Lagos State Attorney-General, Lawal Pedro (SAN), calling for the enforcement of a federal directive mandating digital transport companies to provide health insurance for drivers.

The petition, submitted to the Lagos State Ministry of Justice, accused ride-hailing operators of failing to provide adequate welfare protection for drivers despite what the union described as multiple deductions, including commissions, booking fees and service charges.

According to the union, drivers continue to work under unsafe and financially strained conditions without access to meaningful health insurance or broader social protection.

Drivers demand enforcement of NHIA Act

AUATON argued that the current arrangement contravenes the objectives of the National Health Insurance Authority (NHIA) Act 2022 and wider labour protection frameworks intended to safeguard workers in Nigeria’s growing digital economy.

The union called on the Lagos State government to investigate ride-hailing operations and ensure compliance with existing regulations governing the sector.

It also proposed that at least 2% of commissions earned by app-based transport companies be channelled into a jointly managed escrow account to fund driver welfare schemes.

The proposed structure would support initiatives including ILERA EKO health insurance coverage, pension contributions, and emergency welfare support for drivers.

Security concerns in e-hailing sector

Beyond welfare issues, AUATON raised concerns over rising insecurity within the ride-hailing industry.

The union said several drivers had been attacked, robbed or killed while on duty, while some passengers had also experienced security-related incidents involving drivers.

It is therefore demanding stricter safety measures across platforms, including mandatory National Identification Number linkage for drivers and riders, compulsory facial verification systems, and improved verification processes for all users.

AUATON said stronger security protocols would improve trust and help reduce criminal activity within the sector.

Drivers protest commission charges

The union also criticised the commission structure used by ride-hailing platforms, alleging that companies such as Uber and Bolt deduct between 27% and 38% of ride earnings.

AUATON claimed that after accounting for fuel, vehicle maintenance, taxes and other operating costs, many drivers are left with less than ₦3,000 in daily profit despite long working hours.

It argued that this financial pressure is contributing to fatigue-related accidents and worsening working conditions across the industry.

To address the issue, the union proposed either a maximum commission cap of 5% or a daily subscription model ranging from ₦500 to ₦1,000.

It also called for a transparent fare-setting system and greater inclusion of drivers in pricing decisions affecting the sector.

Call for regulatory intervention

The petition highlights growing tensions between ride-hailing operators and drivers within Nigeria’s app-based transport economy.

AUATON warned that without urgent regulatory intervention, the sector risks becoming increasingly exploitative and unsustainable for drivers.

The union added that peaceful protests and advocacy actions would continue until meaningful reforms are implemented to improve welfare, safety and operational standards across the industry.

MTN Nigeria pays N878.7bn in taxes as revenue and profit surge in 2025

noreply@blogger.com (BrandArena) — Thu, 28 May 2026 15:59:33 +0000

MTN Nigeria Communications Plc has remitted N878.7 billion in taxes, levies and duties to federal and state authorities for the 2025 financial year, underscoring the growing role of the telecommunications sector in Nigeria’s non-oil revenue drive as the Federal Government intensifies fiscal reforms.

The figure, disclosed in the company’s 2025 Sustainability Report, represents a 15 per cent increase from the N764 billion paid in 2024. It also reflects a sustained upward trend in contributions, rising from N543.9 billion in 2023, an overall growth of about 62 per cent over two years.

The telecoms operator said the remittances highlight its expanding economic footprint amid stronger financial performance and a broader recovery from previous macroeconomic pressures.

Strong turnaround in earnings

MTN Nigeria’s tax contributions come alongside a sharp financial rebound, after earlier periods impacted by significant foreign exchange losses. The company moved from a net loss of N399 billion to a profit after tax of N1.11 trillion.

Revenue rose by 54.8 per cent to N5.20 trillion, driven by increased data consumption, growth in digital services and tariff adjustments. Operating profit also climbed significantly to N2.08 trillion, up from N778.2 billion in the previous year.

Financial analysts say the performance reflects the company’s operational resilience, with sustained investment translating into stronger revenue generation and a firmer contribution to public finances.

Breakdown of tax and statutory payments

The total N878.7 billion remittance includes company income tax, value-added tax, import duties and customs levies, spectrum fees paid to the federal government, and annual operating levies to the Nigerian Communications Commission (NCC).

Beyond standard taxation, MTN Nigeria also participated in public infrastructure financing schemes. Under the Federal Government’s Road Infrastructure Tax Credit Scheme, the company committed N202.8 billion to the reconstruction of the 110-kilometre Enugu-Onitsha Expressway.

It also advanced its Rural and Urban Terrestrial Infrastructure (RUTI) tax credit programme, which has reached 50 per cent completion. The initiative, supported by an additional N23 billion tax credit, is aimed at expanding fibre-optic and telecommunications infrastructure to underserved and rural communities.

Local sourcing and digital expansion

The sustainability report also highlighted MTN Nigeria’s push for local economic participation, with 62 per cent of procurement spend directed to Nigerian suppliers, up from 59.6 per cent the previous year. The spending supports sectors including engineering, logistics, software development and power infrastructure.

Operationally, the company reported 85.4 million active mobile subscribers and 51.1 million active data users. Smartphone penetration on its network stood at 65.1 per cent, reflecting growing adoption of digital services such as mobile banking, e-commerce and online entertainment.

Spectrum strategy and long-term capacity

To strengthen network capacity, MTN Nigeria renewed its 800MHz spectrum licence for another 10 years, extending usage rights to December 2034. The company also secured approval to lease additional spectrum from T2 Mobile (formerly 9mobile) across 17 states and the Federal Capital Territory, a move aimed at improving coverage and easing network congestion.

As Nigeria continues to rely on non-oil sectors to support public finances, industry observers say telecommunications has become a central pillar of economic growth. MTN Nigeria’s latest tax remittance further reflects the sector’s expanding role in driving both digital transformation and government revenue.

Nala secures $50m credit facility to expand stablecoin-powered cross-border payments

noreply@blogger.com (BrandArena) — Thu, 28 May 2026 15:56:41 +0000

Tanzanian-founded fintech Nala has secured a credit financing facility of up to $50 million to scale its stablecoin-powered cross-border payments infrastructure, as demand for high-speed business-to-business transactions between emerging markets, Europe and the United States continues to grow.

The debt funding has been provided by Liquidity, a private credit firm, and is structured through Mars Growth Capital, a joint venture between Liquidity and Japan’s largest financial institution, MUFG Bank.

Flexible financing structure to match transaction growth

According to an official statement from Nala, the facility is designed to scale in line with transaction volumes, beginning with an immediate $25 million drawdown and expanding to $50 million or more, depending on demand.

The fintech said it remains in a strong financial position following its $40 million Series A round in 2024, still holding more than half of that capital. The new facility will be used strictly to support liquidity needs rather than general operating costs.

Addressing liquidity pressures in cross-border payments

The company said the funding will help address one of the biggest challenges in cross-border payments: the need for pre-funding local accounts to enable instant settlements.

Benjamin Fernandes, Founder and Chief Executive Officer of Nala, explained, “At some point, our business was more than doubling every other quarter. We grew faster than we could handle pre-funding for single-direction payments.”

In traditional payment systems, funds often need to be held in advance within destination countries before transfers can be completed. This creates significant liquidity pressure for fast-scaling fintechs.

Nala said the credit line will help it absorb pre-funding requirements, expand into new payment corridors, and support large enterprise clients processing high-volume transactions.

Shift from remittances to enterprise payment infrastructure

Founded in 2017, Nala originally focused on consumer remittances for the African diaspora but has since pivoted towards enterprise-grade payment infrastructure.

Its B2B platform, Rafiki, connects local fiat systems with stablecoin-based payment rails to improve speed and efficiency in cross-border settlement.

The network currently integrates with more than 249 commercial banks globally and 26 mobile money providers, including M-Pesa and Airtel Money, across 16 countries.

Growing demand for stablecoin settlement rails

Stablecoin-based settlement is increasingly being adopted by businesses seeking to avoid delays, foreign exchange volatility and high intermediary banking fees. Nala said its infrastructure enables real-time FX pricing and faster settlement at a lower cost.

Paul Brodie, Global Head of Investments at Liquidity, said “Our team structured a facility that accounts for Nala’s compliant stablecoin rails and rapid growth in emerging market corridors. This wasn’t a rigid venture debt model; it was customised directly around Nala’s real-time transactional flows and unique treasury requirements.”

Expansion plans

While Nala has not disclosed transaction volumes or revenue, it said it has a pipeline of major enterprise contracts expected to go live in the coming quarters.

The company added that the new financing ensures it can support large-scale settlement flows as adoption of its stablecoin-powered infrastructure continues to grow across global trade corridors.

Rite Foods marks Eid al-Kabir, calls for unity, gratitude and togetherness

noreply@blogger.com (BrandArena) — Thu, 28 May 2026 15:47:08 +0000

Rite Foods Limited has extended warm greetings to Muslim faithful in Nigeria and across the world as they celebrate Eid al-Kabir, urging Nigerians to embrace the spirit of sacrifice, gratitude, love and togetherness that defines the Islamic festival.

Eid al-Kabir commemorates the obedience and steadfast faith of Prophet Ibrahim, serving as a reminder of selflessness, compassion and unity, values that continue to inspire meaningful moments within families, communities and wider society.

Speaking on the celebration, the Managing Director of Rite Foods Limited, Seleem Adegunwa, encouraged Muslim faithful to reflect on the deeper significance of the festival by upholding the virtues of sacrifice, kindness and resilience.

He noted that beyond the festivities, Eid is a time for sharing joyful moments with loved ones, creating memories and strengthening bonds—moments the company said it is proud to support through its range of consumer products designed for different occasions.

Rite Foods highlighted its product portfolio, including the 13 variants of Bigi Carbonated Soft Drinks, Bigi Premium Drinking Water, Sosa Fruit Drink, Fearless Energy Drink, and its range of sausages such as Rite Spicy Beef Sausage, Bigi Beef Sausage and Bigi Flex Sausage, noting that these offerings are designed to complement celebrations and shared experiences.

The company’s Head of Corporate Affairs and Sustainability, Ekuma Eze, also called on Nigerians to continue embodying peace, generosity and unity during and beyond the Eid period.

“Eid al-Kabir is a period that reminds us of the importance of faith, sacrifice, and humanity. At Rite Foods, we remain committed to enriching everyday experiences by providing quality brands that bring people together around moments of happiness and celebration,” he said.

Rite Foods, a major player in Nigeria’s fast-moving consumer goods sector, is recognised for its focus on innovation, sustainability and social impact, with accolades from industry platforms including the SISA Awards, SERAS Awards and the Edge Awards.

AFRIMA and African Union celebrate rising African music stars at Diamond Party in Lagos

noreply@blogger.com (BrandArena) — Thu, 28 May 2026 14:39:52 +0000

The All Africa Music Awards, AFRIMA, in partnership with the African Union Commission, is set to host the Diamond Party and Prize Presentation on Wednesday, 3 June 2026, at Voyage Lagos in Nigeria as part of efforts to strengthen talent development and support the long-term growth of Africa’s creative industry.

The event will honour seven emerging African artistes, Ellacentric, Black Astro, Yamayeh Vibez, Mayowa Afolabi, DELLFIRE, El Nayaan and Blinkz Baba, collectively known as the AFRIMA Diamonds. The artistes were discovered through the AFRIMA Talent Discovery and Promotion Initiative, a programme aimed at identifying, nurturing and elevating the next generation of African music talents.

The Diamond Party marks the conclusion of a year-long talent discovery and development process that attracted entries from across the continent. Following a selection exercise conducted by AFRIMA’s International Jury, the seven artistes were chosen and later performed at the AFRIMA Music Village during the ninth AFRIMA Awards held in Lagos.

Their performances introduced them to more than 10,000 music fans at the venue, while also reaching millions of viewers through global broadcast networks and digital streaming platforms across Africa and the diaspora.

Speaking ahead of the event, Member of the International Jury of AFRIMA representing Northern Africa, Marwane Fachane, said the organisation’s vision extends beyond celebrating established stars to building sustainable opportunities for young African creatives.

“AFRIMA is not only focused on rewarding excellence in African music; we are equally committed to creating structures and opportunities that support the future of the industry. Through the Talent Discovery and Promotion Initiative, we are intentionally investing in young African talents by providing visibility, mentorship, industry access and platforms that can accelerate their growth and global competitiveness,” Fachane said.

He added that the initiative forms part of AFRIMA’s wider strategy to contribute to the sustainable growth of Africa’s creative economy by connecting emerging artistes with key stakeholders in the music industry.

“These young talents are being exposed to record label executives, producers, promoters, broadcasters and other key industry players who can guide their careers and open doors to greater opportunities. The objective is to ensure that African creatives are not only discovered, but also properly supported to thrive within the global music ecosystem,” he added.

Fachane described the Diamond Party as both a celebration of emerging talent and a launchpad for future opportunities within the global entertainment industry.

“The seven Diamonds have already demonstrated immense potential on the AFRIMA stage before thousands of fans and millions of viewers globally. This event formally introduces them to wider opportunities within the African and international music industry while reinforcing AFRIMA’s commitment to talent development and cultural advancement,” he stated.

As part of their continued professional development, the finalists have also been selected to participate in the Showbiz 101 Workshop and Music Creation Camp organised by bridgeAFRIC, scheduled to take place in Lagos from 23 to 30 June 2026.

President of bridgeAFRIC, Victoria Nkong, described the initiative as a critical investment in the future of Africa’s creative sector.

“At bridgeAFRIC, we strongly believe that Africa’s creative future depends on how intentionally we invest in emerging talents today. The AFRIMA Diamonds have already shown remarkable promise, and through the Showbiz 101 Workshop & Music Creation Camp, we want to help sharpen their artistry, deepen their understanding of the music business, and expose them to collaboration opportunities by putting them in the studio with some of the biggest music producers and artistes in Africa like Mastercraft, Qing Madi, Makhadzi, Tamsir, Phina e.t.c and link them to mentorship that can accelerate their careers,” Nkong said.

She also praised AFRIMA for creating platforms that extend beyond awards recognition to support long-term talent development across Africa.

“AFRIMA continues to demonstrate leadership in building a stronger African creative ecosystem. We are excited to collaborate in empowering these young artistes with the knowledge, networks and opportunities they need to compete globally while proudly representing African creativity and culture,” she added.

The event is being organised in partnership with SE Electronics and Voyage Lagos, both supporting emerging African creatives through strategic collaborations.

Voyage Lagos will provide hospitality support, while SE Electronics will present professional audio equipment and music production tools to selected talents to aid their artistic development.

According to Bolaji Onisiwo, Management for New Media Technologies Nigeria, the national distributor for SE Electronics, the partnership reflects a commitment to strengthening Africa’s creative economy.

“SE Electronics is demonstrating a strong commitment to the future of African music. Through this collaboration, these young artistes are receiving not just recognition, but practical support, industry exposure and access to tools that can help shape their careers. This is how sustainable creative industries are built,” he said.

The Diamond Party and Prize Presentation is expected to attract prominent figures from Africa’s entertainment industry, including rapper Ladipoe, Afrobeats star Qing Madi, media personality Olisa Adibua, radio host Dotun ‘Energy Gahd’, creative director Alex Okeke and influencer Enioluwa, alongside music executives, entrepreneurs and cultural stakeholders.

AFRIMA remains Africa’s biggest and longest-running music awards platform, with its week-long programme broadcast to more than 85 countries worldwide. The Talent Discovery and Promotion Initiative continues to play a central role in AFRIMA’s vision of developing globally competitive African talents while promoting youth empowerment, innovation and African culture.