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Yoruba Party Returns December 14 for Fourth Edition at National Museum of Unity, Ibadan

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The cultural entertainment landscape in Ibadan is set for another major highlight as the acclaimed Yoruba Party returns for its fourth edition on December 14, to be held at the National Museum of Unity, Aleshinloye, Ibadan.

The event curated by Egbe Atelewo and Ayo Adams, has become one of the city’s most anticipated celebrations of Yoruba heritage, blending traditional expressions with contemporary lifestyle.

Now in its fourth edition, Yoruba Party continues to grow a loyal following among culture lovers, creatives and young Nigerians eager to reconnect with their roots. Organizers say this edition will feature an expanded lineup of activities, including indigenous showcases, cultural trivia, fashion displays, and interactive games.

Speaking on the upcoming edition, Ayo Adams said the event was created to reaffirm pride in Yoruba culture while delivering world class entertainment. “Yoruba Party is a space where culture feels alive, modern and exciting,” he said. “December 14 will be another opportunity for people to celebrate identity without holding back.”

Egbe Atelewo, known for championing Yoruba arts and literature, described the collaboration as part of their broader mission to make culture accessible to younger generations. Representatives noted that hosting the event at the National Museum of Unity underscores its cultural significance and the need to situate contemporary expression within historical context.

With previous editions drawing large crowds and strong social media engagement, expectations are high for this year’s gathering. Organizers say the museum venue will offer an immersive cultural atmosphere befitting the event’s theme.

Bemi Orojuogun Wins TikTok’s Video of the Year With Viral Love Letter to London’s Transport Life

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Content creator Bemi Orojuogun has clinched TikTok’s Video of the Year, transforming a simple everyday moment beside a London bus into one of the platform’s most heart-warming tributes to the city’s transport culture.

Her winning clip—playful, authentic, and brimming with urban charm—struck a chord with global audiences, amassing nearly 50 million views. The video’s runaway success has now earned Orojuogun TikTok’s top annual honour, firmly establishing her as the internet’s beloved “Bus Aunty.”

The creator’s signature style blends humour, relatability, and an affectionate nod to London’s fast-paced street life. Fans say her content brings warmth to mundane commutes and captures the spirit of a city always on the move.

With this latest milestone, Orojuogun continues to expand her digital footprint, joining a growing class of UK-based creators reshaping online storytelling with everyday authenticity.

African Startup Funding Rebounds Strongly in October, Hits $441.9 Million

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Africa’s startup ecosystem staged a major comeback in October 2025, recording a total of $441.9 million raised across 59 disclosed deals, according to new industry data. The figure marks a sharp increase from the $139.4 million secured by 63 startups in September — a 217% month-on-month surge, signaling renewed momentum in the continent’s venture capital landscape.

 

The rebound was largely driven by a mix of mega-rounds, securitized bond issuances, and a growing flow of capital into clean energy and fintech ventures. Analysts say these sectors are increasingly attracting institutional investors who are shifting focus toward sustainable infrastructure and Africa’s expanding digital economy.

 

Despite four startups keeping their funding totals confidential, the disclosed transactions alone reflect heightened investor appetite as the continent enters the final quarter of the year. Industry experts note that the October performance could signal the beginning of a broader recovery cycle following months of uneven fundraising activity.

 

With investor confidence showing signs of strengthening, stakeholders across the African tech ecosystem are cautiously optimistic about maintaining the upward trajectory into the end of 2025.

Nigeria’s Telecom Sector Sheds 383 Jobs as Operating Costs Surge to ₦5.85 Trillion — NCC Report

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Nigeria’s telecommunications industry recorded a significant contraction in its workforce in 2024, cutting 383 jobs amid soaring operating expenses and worsening macroeconomic pressures. This is according to newly released Year-End Performance Reports from the Nigerian Communications Commission (NCC) covering 2023 and 2024.

The reports show that the sector’s total staff strength dropped from 17,882 employees in 2023 to 17,499 in 2024, reflecting job losses across multiple segments of the telecom market, including network operations, service providers, and infrastructure companies. The decline underscores the growing strain on operators battling steep cost escalations.

Operating Costs Nearly Double

The job cuts occurred in a year when the industry’s operating expenditure jumped dramatically from ₦3.16 trillion in 2023 to ₦5.85 trillion in 2024, representing an 85.35% year-on-year increase. The NCC attributed the spike to a combination of economic and structural challenges that have intensified the cost of doing business in the sector.

According to the Commission, operators faced:

  • Escalating energy expenses, driven by higher fuel prices and unreliable grid supply
  • Persistent inflation, which pushed up the cost of equipment, logistics, and staff welfare
  • Foreign exchange pressures, affecting the importation of telecom hardware and software
  • Multiple taxation and charges imposed by state and local governments
  • High network deployment and maintenance costs, despite regulatory interventions

While the NCC successfully negotiated zero Right-of-Way (RoW) fees in some states, many operators still reported heavy financial pressure due to inconsistent implementation and lingering charges across other regions.

Industry Voices Concern

In its assessment, the NCC noted widespread complaints from licensees about the harsh operating environment.

“Most licensees complained of high Right of Way (RoW) fees, harsh microeconomic conditions, and rising inflation,” the Commission stated, emphasizing that these factors continue to threaten sectoral growth and investment.

Economic Pressures Cast a Shadow Over Growth Plans

The telecom sector—responsible for more than 14% of Nigeria’s GDP—remains one of the country’s most critical economic pillars. However, analysts warn that rising costs and job losses could slow network expansion, delay 5G rollout targets, and place upward pressure on service prices.

Stakeholders are calling for stronger policy support, harmonized taxation frameworks, and sustained regulatory interventions to stabilise the industry and protect jobs.

As Nigeria’s digital economy continues to expand, the latest NCC report highlights the urgent need for coordinated action to safeguard the telecom sector’s long-term sustainability.

Over 40% of Nigerian Bakeries Shut Down Since COVID, Threatening Food Security — PBAN

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Nigeria’s bakery industry is facing one of its worst crises in decades, with more than 40% of bakeries nationwide forced to shut down between the post-COVID era and 2025. This is according to the Premium Breadmakers Association of Nigeria (PBAN), which warns that the sector is buckling under the weight of insecurity, soaring production costs, poor road networks, and a generally hostile business environment.

PBAN President, Emmanuel Onuorah, disclosed that the number of bakeries operating in the country has plummeted from over 100,000 to fewer than 60,000 within the period. He described the decline as alarming, noting that the closures are not only eroding livelihoods but also threatening the nation’s food security.

Bread at Risk: Nigeria’s Most Consumed Staple

Onuorah stressed that bread remains one of Nigeria’s most widely consumed foods across rural and urban communities. The continued shutdown of bakeries, he said, risks disrupting supply chains and making the staple increasingly inaccessible to low-income households.

“The situation is dire. Many bakeries can no longer cope with production costs or operate safely in the current environment,” he said, warning that more closures may occur without targeted government intervention.

Rising Costs and Harsh Realities

Operators across the country report being squeezed by:

  • Escalating prices of flour, sugar, and other raw materials
  • High energy and diesel costs
  • Transportation challenges due to poor road networks
  • Security threats affecting distribution and operations
  • Multiple taxation and regulatory pressures

PBAN maintains that without structural support, tax harmonisation, and improved access to credit, the industry could face a deeper collapse.

Calls for Urgent Policy Action

With the bakery sector playing a key role in food availability and employment, PBAN is urging federal and state authorities to prioritize interventions that stabilize input costs, enhance infrastructure, and improve the ease of doing business.

Analysts say the sustained decline signals deeper cracks in Nigeria’s manufacturing ecosystem and underscores the need for long-term policy reforms to protect essential sectors and prevent further erosion of local production capacity.

Autopsy report confirms m¥rder of former Ondo SDP governorship candidate Akingboye

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Autopsy report confirms m¥rder of former Ondo SDP governorship candidate Akingboye; seven family members rearrested as suspicion arises over ₦50 million transferred from the deceased’s account

The Lagos State Police Command has confirmed that former Social Democratic Party (SDP) governorship candidate in Ondo State, Bamidele Akingboye, was m¥rdered.

Lagos Commissioner of Police, CP Olorundare Jimoh, told Channels Television that the autopsy report has been concluded, enabling investigators to advance the case.

He noted that the autopsy conducted on September 11 and other recent findings led to the arrest and re-detention of seven of the fourteen Akingboye family members earlier questioned.

The police are now awaiting legal advice from the Directorate of Public Prosecution (DPP) to determine the next steps. Detectives from the State Criminal Investigation Department (SCID), Panti, Yaba, had earlier arrested and interrogated nine relatives and aides over the circumstances surrounding the politician’s d+ath.

One major concern was a suspicious ₦50 million transfer from Akingboye’s account, allegedly shared by some immediate family members. “With the toxicology results completed, we await the DPP’s advice so prosecution can begin against anyone found culpable,” CP Jimoh said.

Akingboye d+ed under unclear circumstances on September 3, with relatives claiming his b@dywas discovered in the backyard of his home.

His first son, Samuel Akingboye, who resides in Ondo State, notified the police and demanded a comprehensive investigation.

CP Jimoh reaffirmed the Command’s commitment to uncovering the truth and ensuring justice is served.

 

S&P Global Revises Nigeria’s Credit Outlook to Positive, Cites Reform Progress and Improving Indicators

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S&P Global Ratings has upgraded Nigeria’s sovereign credit outlook from stable to positive, reflecting renewed optimism over the country’s ongoing economic reforms and strengthening macroeconomic indicators. The ratings agency simultaneously affirmed Nigeria’s long- and short-term foreign and local currency ratings at ‘B-/B’, as well as its national scale ratings of ‘ngBBB+/ngA-2’.

In its assessment, S&P said the improved outlook underscores Nigeria’s progress in stabilising its fiscal, monetary, and external positions.

“The positive outlook reflects improving external, economic, fiscal, and monetary results,” the agency stated, while noting that persistent challenges remain, including low GDP per capita, elevated debt servicing obligations, and weak statistical systems.

Reforms Underpin Upgrade

The revised outlook comes on the back of a sweeping set of reforms rolled out since mid-2023 under President Bola Tinubu’s administration. Key actions include:

  • Exchange rate liberalisation aimed at unifying Nigeria’s FX market
  • Removal of fuel subsidies, freeing up revenue for public spending
  • Efforts to broaden government revenue collection
  • Increasing crude oil output following operational improvements and better pipeline security
  • Support from the commissioning of the Dangote refinery, expected to boost energy self-sufficiency and reduce import burdens

According to S&P, these policy steps have placed Nigeria on a “more stable fiscal and monetary trajectory” and improved confidence among investors and development partners.

Path Toward Greater Resilience

S&P also acknowledged the Nigerian authorities’ broader push to strengthen economic resilience and long-term growth potential.

“We think authorities are taking steps to improve the economy’s growth prospects and macroeconomic resilience,” the agency added.

Analysts say the positive outlook—typically a precursor to a potential upgrade—signals growing international confidence in Nigeria’s reform direction. However, sustained implementation will be critical, especially as the country continues to contend with inflationary pressures, foreign exchange volatility, and structural production constraints.

With the outlook now improved, Nigeria could be positioned for stronger credit ratings in the near future if reforms continue to gain traction and macroeconomic gains hold steady.

SEC, FMBN Launch Non-Interest Mortgage Scheme to Tackle Nigeria’s 28 Million Housing Deficit

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The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have entered into a strategic partnership to establish a comprehensive Non-Interest Mortgage (NIM) scheme aimed at reducing Nigeria’s massive housing deficit, currently estimated at over 28 million units.

The initiative was formally announced on Friday during a high-level meeting in Abuja, where both institutions outlined plans to expand access to homeownership through ethical, Sharia-compliant financing models. The scheme is designed to accommodate millions of Nigerians who remain excluded from conventional, interest-based mortgage products.

A Major Step Toward Inclusive Housing Finance

Officials say the NIM framework will offer structured, non-interest home financing options that align with Islamic financial principles—an important development in a country where a significant portion of the population does not participate in interest-bearing financial services.

For decades, Nigeria’s housing deficit has been compounded by limited funding mechanisms, high construction costs, restrictive loan terms, and a shortage of mortgage products suited to diverse income and religious groups. By integrating capital market expertise from the SEC with FMBN’s experience in housing finance, the partners aim to create a scalable, affordable, and culturally acceptable solution.

A Catalyst for Housing Sector Reform

The collaboration is expected to lay the foundation for innovative housing products that can attract new investors, deepen the non-interest capital market, and enhance mortgage accessibility for low- and middle-income earners.

SEC and FMBN officials described the partnership as a “catalyst for bridging the housing deficit” and a key milestone in the government’s broader drive to reform the housing sector.

As implementation plans advance, stakeholders say the scheme could mark a turning point for millions of Nigerians seeking stable homeownership pathways without violating personal or religious principles.

Nduka Obaigbena Unveils “Lekeleke,” a New African-Owned Social Media Platform

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Media mogul and founder of THISDAY and ARISE News, Prince Nduka Obaigbena, has announced plans to launch “Lekeleke,” a new African-owned social media platform intended to strengthen the continent’s presence in the global digital ecosystem.

Obaigbena revealed the project at the 2025 All Nigeria Editors Conference in Abuja, where he emphasized the urgent need for Africa to develop and control its own digital infrastructure. He warned that the continent’s rising dependence on platforms built and governed by the United States and China leaves Africa vulnerable to external influence, data insecurity, and limited autonomy.

Championing Digital Independence

Speaking to senior editors, Obaigbena said Lekeleke is part of a broader push to ensure African voices, content creators, and media institutions can thrive on platforms rooted in the continent’s cultural, economic, and regulatory realities. The upcoming platform is expected to promote homegrown innovation, protect user data locally, and provide new economic opportunities for African creatives.

He argued that Africa must move beyond being “digital consumers” to becoming architects of its own technologies, noting that local platforms are critical for safeguarding sovereignty in an increasingly data-driven world.

A New Frontier for African Tech

While details of the platform’s launch timeline and features remain under wraps, its announcement has already sparked conversations in media and tech circles about Africa’s next steps in asserting control over its digital future.

Analysts say Lekeleke could emerge as a symbolic and strategic milestone, marking one of the most ambitious attempts to establish a competitive African-owned social network on the global stage.

As preparations continue, Obaigbena’s move signals a growing recognition that Africa’s digital destiny must be shaped by Africans themselves—one platform at a time.

Ex-Access Bank Operations Head Arraigned for Alleged $510,000 Diversion, Forgery — EFCC

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A former Head of Operations at Access Bank, Obinna Nwaobi, has been arraigned before the Federal High Court in Enugu State over allegations of diverting a customer’s $510,000 and forging a document to facilitate the fraud.

The Economic and Financial Crimes Commission (EFCC) disclosed the development in a statement released on Friday.

According to the EFCC, its Enugu Zonal Directorate presented Nwaobi before Justice F. O. Giwa-Ogunbanjo on Thursday. The defendant was docked on charges bordering on fraud, criminal diversion, and document falsification. He, however, pleaded not guilty to all counts.

Details of the Alleged Offence

Investigators allege that Nwaobi, while serving as a senior official within Access Bank, manipulated internal processes to divert the funds belonging to a customer. The prosecution also claims he forged a key document to conceal the fraudulent transaction.

The EFCC stated that the offences violate provisions of the Money Laundering (Prohibition) Act and other relevant financial regulations.

Case Continues

Following his plea, the court adjourned the matter to allow the prosecution and defence prepare for trial. Nwaobi is expected to remain in custody or meet bail conditions pending the next hearing.

The EFCC reaffirmed its commitment to pursuing financial crime cases, noting that corruption and internal banking fraud pose threats to Nigeria’s financial stability and public trust.

Further updates are expected as the trial progresses.