BrandArena : January 2025

Thursday, 30 January 2025

Interbank Rates Ease as FAAC Disbursements Boost Banking System Liquidity

Liquidity pressures in the Nigerian banking system eased as inflows from the Federal Accounts Allocation Committee (FAAC) strengthened the financial sector's cash reserves.

In the 2023 film Air, which chronicles the rise of Nike, sports marketing icon Sonny Vaccaro (played by Matt Damon) famously declares: “A shoe is just a shoe until someone steps into it.” This philosophy helped secure a young Michael Jordan, propelling Nike to global dominance. Decades later, Nike’s influence in sports is unparalleled, and its latest move—signing Olympic gold medalist and world champion surfer Italo Ferreira—required far less persuasion.

FBN Holdings Plc delivered a stellar financial performance in 2024, with its net income soaring by 138.86% year-on-year to N736.734 billion, up from N308.433 billion in 2023. This remarkable growth was driven by robust revenue increases, particularly in net interest income, which rose by 155% to N1.391 trillion from N546.288 billion the previous year.

Airtel Africa has announced a 20.4% increase in revenue, reaching $3.64 billion for the nine-month period ending December 31, 2024. Despite economic challenges and currency devaluations across its markets, the telecom giant has expanded its subscriber base, boosted mobile money adoption, and improved operational efficiencies, reinforcing its position as a leading telecommunications provider in Africa.

Ebun Okubanjo, Chief Executive Officer of Bento Africa, a Nigerian payroll and HR management platform, has resigned following allegations that the company failed to remit taxes and pension contributions collected on behalf of its clients. In an email to Bento’s board, Okubanjo announced his resignation and revealed plans to sever all ties with the company by relinquishing his equity and debt holdings. This move signals a potential fresh start for both Okubanjo and Bento Africa.

Global corporate intelligence and cybersecurity consultancy S-RM has announced the continuation of its strategic partnership with Invest Africa, a leading business platform promoting trade and investment in Africa, for a second year. The partnership aims to empower businesses and investors with actionable intelligence and resilience-building solutions across the continent.

In a landmark collaboration, OceanX and OceanQuest have launched the Around Africa Expedition, a groundbreaking four-month journey aboard the cutting-edge research and media vessel, OceanXplorer. This ambitious expedition will explore the uncharted waters surrounding Africa, aiming to revolutionize our understanding of the continent’s marine ecosystems and drive global efforts toward ocean conservation and sustainable development.

LemFi Acquires Bureau Buttercrane to Strengthen European Expansion and Regulatory Compliance

LemFi has acquired Bureau Buttercrane, an Irish currency exchange platform, in a strategic move to enhance its European operations and regulatory compliance. With approval from the Central Bank of Ireland, this acquisition grants LemFi an Irish financial license, enabling it to expand seamlessly across the European Economic Area (EEA) through passport regulations.

Microsoft and OpenAI are probing a possible data breach involving Chinese AI startup DeepSeek after detecting suspicious activity linked to OpenAI’s API, according to a Bloomberg report.

Following the success of its debut edition, The Bloom Conversations with Sola made a highly anticipated return with an impactful 2.0 edition on Saturday, January 25, 2025, at the Providus Bank building in Lekki, Lagos.

SLB, a global leader in energy technology, has inaugurated its Africa Performance Center in Luanda, Angola. This advanced facility is designed to serve as a collaborative hub, bringing together industry stakeholders to explore cutting-edge solutions in digital transformation, artificial intelligence (AI), oil and gas, and emerging energy sectors across Angola and the African continent.

West Africa Leads in Biometric Fraud Cases in 2024, Smile ID Report Finds

...Report Highlights a Surge in Biometric Spoofing and Rising Fraud Losses Across Africa

West Africa recorded the highest number of biometric fraud cases in 2024, with rejection rates surging to 22% from 12% in 2023, according to Smile ID’s 2025 Digital Identity Fraud in Africa Report. This sharp increase is largely driven by a 15% rise in biometric spoof attempts, underscoring the growing sophistication of fraudsters exploiting digital identity systems.

LG Electronics has reaffirmed its dedication to sustainability and community development by delivering its 8th solar-powered borehole to the Ayeye Community in Ibadan, Oyo State, Nigeria. This initiative is part of the company’s ongoing efforts to combat water scarcity and improve access to clean, safe water for underserved communities.

Trevor Noah to Host the 67th Annual Grammy Awards on February 2, 2025

Emmy Award-winning comedian and Grammy Award-nominated Trevor Noah will return as host for the 67th Annual Grammy Awards, marking his fifth consecutive year at the helm. Noah, also a producer on the show, will lead the prestigious event as it focuses on supporting wildfire relief efforts and honouring the heroic first responders who risk their lives for our safety.

MainOne, a leading provider of connectivity and data center services in West Africa, is strengthening its offerings with the integration of the Equiano submarine cable. This strategic move adds an extra layer of redundancy, ensuring seamless, uninterrupted service for its enterprise customers at no additional cost.

Google Acquires Portion of HTC’s XR Business for $250 Million to Boost Virtual and Augmented Reality Efforts

Google has reached an agreement to acquire a portion of HTC’s extended reality (XR) business for $250 million, further strengthening its position in the virtual and augmented reality hardware market.

Moniepoint Inc., one of Nigeria’s premier business payments and banking platforms, has secured a strategic investment from Visa, a global leader in digital payments. This partnership is a significant step in Visa’s mission to enhance financial inclusion and drive the growth of small and medium-sized enterprises (SMEs) across Africa.

The yield on the 10-year US Treasury note declined to 4.63%, reversing a two-day increase following President Donald Trump’s call for the Federal Reserve to lower interest rates.

Excitement is building in the gaming world as Nintendo confirms the arrival of its next-generation console, the Switch 2. While players eagerly anticipate the new hardware, Nintendo is already making waves by reducing the price of its current model, the Nintendo Switch OLED.

Samsung’s highly anticipated Galaxy Unpacked event, streamed live from San Jose, California, on January 22, 2025, showcased the new Galaxy S25 series and introduced exciting innovations. The Galaxy S25 Ultra, Galaxy S25+, and Galaxy S25 were unveiled, offering cutting-edge features and performance upgrades, including AI-driven enhancements and next-gen mobile technology.

NESG Unveils 2025 Macroeconomic Outlook

...Calls for Stabilisation and Strategic Reforms

The Nigerian Economic Summit Group (NESG) has launched its 2025 Macroeconomic Outlook Report, titled “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond.” The report, presented on January 23, 2025, provides a comprehensive analysis of Nigeria’s economic reform progress and highlights the critical steps needed to ensure stability and sustainable growth.

Moniepoint Microfinance Bank has reportedly fallen victim to a cyberattack, losing over N1.1 billion in a dark web operation allegedly orchestrated by 43-year-old Sunday Ozimede. The suspect was arraigned by the Police Special Fraud Unit (PSFU) at the Federal High Court in Lagos on charges of conspiracy, fraud, and cybercrime.

President Bola Ahmed Tinubu has named board chairpersons for 42 federal organisations and appointed a secretary to the board of the Civil Defence, Immigration, and Prisons Services.

Nedbank, one of South Africa’s leading financial institutions, has appointed DNA Brand Architects as its new consumer public relations agency after a competitive multi-agency pitch process. The partnership underscores Nedbank’s commitment to impactful communication and fostering deeper connections with South African consumers.

Hollywood has officially announced the nominees for the 2025 Oscars, celebrating the best films, performances, and achievements in the film industry over the past year.

SC Ventures, the innovation and fintech investment arm of Standard Chartered, and Yabx Technologies (Netherlands) B.V., part of the Tech Mahindra Group, have committed $10 million to establish Furaha, a purpose-driven lending platform aimed at increasing financial accessibility in sub-Saharan Africa. SC Ventures contributed $7 million, while Yabx provided technology transfer to support the initiative.

Algeria is poised to revitalize its hydrocarbon industry with a $50 billion investment plan over the next four years, targeting exploration and production growth. A key component of this strategy is the ongoing licensing round, offering six onshore blocks to both domestic and international energy firms.

Cascador, a transformative program for mid-stage African entrepreneurs, reaffirmed its commitment to driving impact during its recent Alumni Meeting in Ikeja. Founded in 2019, the initiative focuses on empowering entrepreneurs to create social and economic change through for-profit ventures.

ProvidusBank, in partnership with the Enterprise Development Centre (EDC), has announced the fifth cohort of its flagship “ProvidusBank SME Programme,” underscoring its dedication to empowering entrepreneurs across Nigeria.

FBNQuest Asset Management Awarded Agusto & Co’s A+ Rating

FBNQuest Asset Management, a subsidiary of FBN Holdings Plc., has been awarded an A+ rating by Agusto & Co. Limited. This rating reflects the firm’s stable outlook, robust risk management, and strong investment capabilities, highlighting its impressive operational performance and outstanding business profile. It emphasizes FBNQuest Asset Management's ongoing commitment to providing exceptional investment services to its clients.

In a bold foray into the cryptocurrency world, Donald Trump has launched his official meme coin, $TRUMP, just days ahead of his second presidential inauguration. Built on the Solana blockchain, the coin has already sent shockwaves through the crypto market, with its value soaring from an initial $0.18 to over $21.51 in less than 24 hours. The launch signals Trump’s continued embrace of innovation and digital assets, positioning him as a "crypto president" in the eyes of supporters.

Guaranty Trust Bank Holdings (GTCO) Plc, Nigeria’s leading financial services group, has achieved a milestone by crossing N1.7 trillion in market capitalization, solidifying its position as the most valuable bank on the Nigerian Exchange.

TikTok ceased its U.S. operations just hours before a Sunday midnight deadline, cutting off access for millions of users. The 'temporary' decision followed the Supreme Court’s decision to uphold a law requiring TikTok’s Chinese parent company, ByteDance, to divest from the platform by January 19, 2025, or face a ban.

Investing in African Energy: What to Expect at African Energy Week 2025

From 29 September to 3 October 2025, the Cape Town International Convention Center will host African Energy Week (AEW): Invest in African Energies, Africa’s premier platform for energy investment, deal-making, and partnerships. As the continent’s energy demand is set to more than double by 2050, with fossil fuels projected to remain a key part of the mix, AEW 2025 offers unmatched opportunities for companies, investors, and governments to capitalize on Africa’s energy potential.

Revolut, the global financial technology company, has entered the world of women’s football by becoming a global partner of Manchester City Women. This marks the company’s first sponsorship investment in women’s sports.

Global advertising spend reached a historic milestone in 2024, surpassing $1 trillion for the first time. According to WARC’s newly released The Future of Media 2025 report, this momentum is set to continue, with ad spend forecasted to grow by 10.7% this year, reaching $1.08 trillion. Over the past decade, ad investments have grown 2.8 times faster than global economic output, fueled by a rapidly expanding array of media channels.

Emirates is taking a groundbreaking step toward inclusivity by becoming the world’s first Autism Certified Airline, enhancing accessibility for customers with autism and sensory sensitivities. In collaboration with the International Board of Credentialing and Continuing Education Standards (IBCCES), Emirates plans to implement tailored services and training programs that set a new benchmark in the aviation industry. Over 30,000 cabin crew and ground staff are undergoing specialized training, with the official certification expected in the coming months.

British heavyweight boxing star Anthony Joshua has entered the world of padel as the newest co-owner of the AD/vantage team, a leading contender in Spain’s Hexagon Cup competition. Joshua joins tennis legend Andy Murray, who also co-owns the team, alongside businessman Arran Yentob and former tennis coach Daniel Vallverdú.

President Bola Tinubu has commended the Nigeria Governors’ Forum (NGF) for endorsing four critical Tax Reform Bills currently under review by the National Assembly.

Bitcoin (BTC-USD) climbed 3.3% on Friday, crossing the $102,000 mark as renewed interest in stablecoins and easing pressure on Bitcoin-linked exchange-traded funds drove gains across the cryptocurrency market. The global crypto market capitalization rose to $3.6 trillion, reflecting a 2.61% increase over the past 24 hours, according to CoinMarketCap.

Young women and girls aspiring to thrive in the tech industry can now apply for the Women Techsters Fellowship Programme, a fully funded, one-year initiative aimed at equipping participants with in-demand technology skills and unlocking diverse career opportunities in the digital space.

The Lagos State Internal Revenue Service (LIRS) has reminded all employers in Lagos State to file their annual tax returns for the 2024 financial year on or before January 31, 2025. This statutory obligation is mandated under the Personal Income Tax Act (PITA) Cap P8 LFN 2004 (as amended).

LG Electronics, a global leader in electronics and climate solutions, unveiled its latest advancements in HVAC technology at the Annual LG HVAC Consultant Leaders’ Summit in Lagos. Highlighting solutions for energy efficiency and improved air quality in commercial spaces, the event showcased the Variable Refrigerant Flow (VRF) System and the Multi V 5 air quality solution, designed to optimize climate control in high-rise buildings, hospitals, and airports.

Emirates SkyCargo Launches Dedicated Freighter Service to Copenhagen

Emirates SkyCargo has added Copenhagen to its growing dedicated freighter network in response to rising demand from Denmark. The weekly Boeing 777 freighter service marks a significant expansion, increasing Emirates' freighter destinations to 38 globally.

The naira depreciated by 0.12% to N1,543.03 per US dollar in the official market, according to Bloomberg BMatch data. This decline follows reduced foreign exchange interventions by the Central Bank of Nigeria (CBN), which sold approximately $50 million to authorised dealer banks last week to manage exchange rate pressures and boost FX liquidity.

The Federal Government of Nigeria and the United States have signed an agreement to repatriate $52.88 million in forfeited corruption proceeds to Nigeria. The agreement, announced by Kimiebi Ebienfa, Acting Spokesperson for the Ministry of Foreign Affairs, was formalized on Saturday in Abuja.

Samsung has officially set the date for its first Galaxy Unpacked event of 2025. Scheduled for January 22 at 1 PM ET in San Jose, the event is expected to showcase the latest Galaxy devices, featuring cutting-edge AI technology and innovations in design and performance.

As wildfires devastate Los Angeles, the Recording Academy and MusiCares have pledged $1 million to launch the Los Angeles Fire Relief Effort, providing critical support to music professionals impacted by the crisis.

Nigeria: Telecom Tariff Hike Will Not Be 100% - Minister

Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, has confirmed that telecom tariffs in Nigeria will soon rise but not by 100%. Following a stakeholders’ meeting with Mobile Network Operators (MNOs) in Abuja, the minister stated that consultations are ongoing to determine the final adjustment.

Meta is overhauling its content moderation policies, replacing its third-party fact-checking program with a user-driven Community Notes system inspired by X (formerly Twitter). The move reflects a commitment to reducing censorship and promoting free expression across Facebook, Instagram, and Threads.

Thursday, 30 January 2025

Wednesday, 29 January 2025

Sunday, 26 January 2025

Friday, 24 January 2025

Sunday, 19 January 2025

Saturday, 18 January 2025

Saturday, 11 January 2025

Wednesday, 8 January 2025