A Court of Appeal ruling has revealed that former CBN Governor, Godwin Emefiele, earned N350 million annually, with additional allowances exceeding $6 million. The court has overturned an earlier asset forfeiture judgment, ordering a retrial due to gaps in the original proceedings.
UK-based legal tech company Definely has secured $30 million in Series B funding to expand its AI-driven legal productivity suite and strengthen its presence in the U.S. market. Co-founded to solve accessibility challenges in legal work, Definely now serves over 100 law firms and corporate legal teams worldwide.
Salpha Energy has secured $1.3 million from All On to scale its locally built solar solutions in Nigeria. The female-led company is driving clean energy, job creation, and local manufacturing to close Africa’s energy access gap.
The African Development Bank has approved $184.1 million to support Egypt’s 1GW Obelisk Solar Project, reinforcing the country’s clean energy transition. The project, which includes battery storage, is expected to generate 2,772 GWh of clean electricity annually and create over 4,000 jobs.
Collab Capital has secured $75 million for its second fund, expanding its mission to back early-stage startups transforming work, healthcare, and community systems. The firm’s strategy combines capital with deep, hands-on support to create meaningful impact and long-term growth.
WeThinkCode, supported by a $2 million grant from Google.org, is launching an inclusive AI training programme for 12,000 young people in South Africa and Kenya. The initiative targets underserved communities, offering free courses and real-world exposure to help close Africa’s growing AI skills gap.
In 2024, Nigerian banks saw significant profits from their foreign subsidiaries, generating N1.695 trillion — over a third of their total group earnings. Supported by macroeconomic shifts, these offshore operations are increasingly crucial for revenue diversification and growth.
The Nigerian equities market ended the week of June 5, 2025, in positive territory, with the All-Share Index climbing 2.57% to 114,616.75 points. Premium stocks, banking, insurance, oil, and consumer goods sectors led the rally, while major companies like Oando, MTN, and FIRST HOLDCO drove market growth. Despite a dip in trading volume, investor sentiment remained strong.
Ogun State has launched AgriConnect, a digital agriculture initiative providing over 1,000 farmers with smart devices, free internet, and AI-powered tools to boost productivity and market access. Supported by Huawei, MTN Foundation, and OGFIMS, the programme aims to drive food security, modernize agriculture, and promote rural inclusion across Nigeria.
World Bank President Ajay Banga has urged stronger, impact-focused partnerships to tackle Africa’s development challenges. Speaking at the AfDB’s 2025 Annual Meetings, he highlighted the importance of strategic collaboration, citing the Mission 300 electricity access initiative as a model.