Nigeria’s headline inflation falls for second straight month on naira stability
Nigeria’s headline inflation moderated slightly in May, its second slowdown in two months, as a result of relative exchange rate stability and moderating fuel prices. The National Bureau of Statistics reported headline inflation at 22.97%, down from April’s 24.2%, while food inflation declined to 21.14% from 21.79%. The slowdown reflects a 1% naira appreciation in official markets, which eased import costs for manufacturers, and a temporary lull in global commodity prices. “The tight monetary environment and anchored exchange rate expectations played a critical role,” said Dumebi Oluwole, Senior Economist at Stears, who had projected a slowdown to 23.19%. Olajide Oyadeyi of EconoDay noted that January’s CPI rebasing created favorable base effects, though energy and transport costs remained sticky. However, inflation outlook remains mixed. Despite the deceleration, flooding in Benue State and parts of the Middle Belt disrupted farm-to-market supply chains, keeping food inflation elevated in localised regions. Samuel Oyekanmi, an analyst at a financial services group, Norrenberger, warned that “April’s 50% food inflation surge in Benue foreshadowed risks of regional shocks spilling into national averages.” The Central Bank of Nigeria kept its benchmark interest rate unchanged at 27.50% in May, marking a second consecutive hold as policymakers assessed the impact of earlier tightening. The Monetary Policy Committee will closely examine the latest figures from May and June before deciding on any policy adjustments at its July meeting. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com
Read MorePryme in talks to raise $38M signs $13M termsheet with Black Water Fund
Pryme, the UK-headquartered fintech building a financial operating system for the globally mobile generation, has signed a £10 million ($13m equivalent)n investment termsheet with Black Water Fund as part of its ongoing £30 million raise (equivalent of $38m). The investment signals strong confidence in Pryme’s mission to enable a truly borderless financial life for freelancers, small businesses, and digital-first entrepreneurs navigating cross-border challenges. Pryme is purpose-built to address the structural gaps faced by modern global earners. Its platform combines multi-currency banking for seamless international payments, embedded credit to fuel business growth, AI-powered insights to manage cash flow and operations, and integrated tools like invoicing and ERP systems—all within a single, connected ecosystem. By blending intelligent infrastructure with practical financial tools, Pryme is not just enabling payments; it is building the rails for global business. The company’s story began in 2016 as a small e-commerce venture launched from a faulty Samsung tablet in Africa. Recognizing the demand for more inclusive financial tools, Pryme introduced its prepaid card—OjirehPrime—which grew organically to 40,000 users. In 2020, Pryme acquired a licensed microfinance bank, and by 2022 launched its mobile app. It has since relocated its global headquarters to the United Kingdom and rebuilt its core infrastructure to deliver multi-currency banking at scale. Today, Pryme stands at an inflection point. The new capital will support its product expansion, deepen regulatory readiness in strategic markets, and scale its footprint in the UK and North America. As part of this strategy, Pryme is finalizing the acquisition of an IPO-ready enterprise management platform in Canada to fast-track its North American entry. The acquisition will strengthen its B2B and B2C capabilities, enhance product integration, and open up new revenue channels across multiple currencies and jurisdictions. The £10 million investment from Black Water Fund is contingent on the successful close of the full £30 million round, which is actively in progress. Pryme’s momentum is driven by a clear understanding of its users—modern businesses and freelancers operating without borders. With strong product-market fit, a growing user base, and a platform built for scale, Pryme is shaping the future of global finance. For investment or media inquiries, please contact: support@mypryme.com
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AXIAN’s strategic bet on Jumia signals rising confidence in Africa’s digital economy
Africa’s digital commerce sector is entering a new chapter, one defined not by speculation, but by strategic partnerships that reflect long-term confidence in the continent’s growth. One of the most significant developments in this space is AXIAN Telecom’s recent acquisition of a 9.18% stake in Jumia, the leading e-commerce platform operating across multiple African markets. According to the latest filing with the U.S. Securities and Exchange Commission, AXIAN increased its position from 8% after purchasing additional shares on Friday. This investment is more than a financial transaction, it is a clear endorsement of Jumia’s renewed strategic direction, operational discipline, its fintech potential through JumiaPay, and its growing relevance in the continent’s e-commerce and digital space. With Jumia doubling down on logistics efficiency, marketplace growth, and robust supply, AXIAN’s involvement positions the company for deeper market integration and broader impact in the continent’s fast-evolving digital landscape. AXIAN’s entry into Jumia’s shareholder base brings together two powerhouses: a telecom and digital services conglomerate with a growing footprint across Africa, and a tech-driven e-commerce platform with deep market knowledge. This synergy unlocks significant opportunities – from mobile commerce integration and data-led consumer engagement, to improved last-mile delivery powered by better connectivity and payment infrastructure. In a statement accompanying the announcement, AXIAN Telecom CEO Hassan Jaber said the company is “supportive of Jumia’s strategic vision,” describing Jumia’s retail, logistics, and fintech capabilities as crucial drivers of economic and financial inclusion across the continent. Crucially, AXIAN has also signaled intent to explore the use of Jumia’s payment gateway, JumiaPay, within its fintech ecosystem – positioning Jumia not just as a merchant platform, but as a payment enabler for broader digital use cases. This is a compelling validation of JumiaPay as a foundational layer for Africa’s digital economy, capable of powering merchant payments and more. As Jumia evolves into a more streamlined and sustainable business, the support of a strategic investor like AXIAN reflects the confidence that serious, long-term players have in Jumia’s vision and Africa’s e-commerce potential. Jumia’s Nigeria growth: A strong foundation Jumia’s performance in Nigeria, its largest market, underpins much of this renewed confidence. According to the company’s Q1 2025 earnings, orders in Nigeria were up 22%, with Gross Merchandise Value (GMV) rising 20% year-over-year, underscoring both user engagement and operational effectiveness in a tough macroeconomic environment. This momentum follows a strong 2024, when Jumia reportedly achieved high double-digit growth in Nigeria in constant currency, despite inflationary pressures and a weakening naira. A former executive close to the company’s Nigeria operations confirmed that order volumes and active customers grew significantly during 2024, adding that “Nigerians are clearly seeing value in Jumia’s services, the model is proving resilient and relevant.” This data point further underlines the platform’s role as a long-term player in Nigeria’s commerce ecosystem, not just for urban consumers, but increasingly for informal sellers and small businesses leveraging the platform’s reach and infrastructure as well as consumers in underserved communities. One of the most promising trends Jumia is tapping into is social commerce. In a country where WhatsApp and Instagram sellers dominate informal retail, Jumia is building digital rails that allow social sellers to reach more customers and leverage last-mile delivery services. This is particularly empowering for women entrepreneurs and youth-led ventures. Jumia’s delivery expansion is not only improving customer experience, it’s also transforming how small and medium-sized enterprises (SMEs) operate. By offering affordable nationwide logistics, Jumia is enabling Nigerian businesses to scale beyond their immediate environments, fueling local economies and reducing the digital divide. Over the last two years, Jumia has recalibrated its operations: exiting unprofitable markets, consolidating its product offerings, and focusing on core regions where it sees long-term potential. The result? Five consecutive quarters of improved Gross Profit After Fulfillment, better unit economics, and a clearer roadmap to profitability. The company’s new direction reflects maturity – a move away from a growth-at-all-costs model to a focus on building a sustainable, tech-driven ecosystem that truly fits the African context. Jumia is evolving from a pure marketplace into a digital platform that supports commerce, logistics, payments, and entrepreneurship. It is this vision – of an Africa-centered, mobile-first infrastructure for commerce that has attracted partners like AXIAN, and that continues to inspire optimism among those who understand the nuances of building in Africa. Far from being a short-term bet, Jumia’s journey represents the resilience, innovation, and collaborative growth that define Africa’s next economic frontier.
Read MoreKCB Group’s Paul Russo tops $9.3 million payday for Kenyan bank CEOs
In 2024, the Kenyan banking sector was marked by high interest rates, rising loan defaults, and a credit freeze for small businesses. But the heads of the country’s nine largest commercial banks had reason to celebrate, according to disclosures in their financial statements. KCB Group CEO Paul Russo earned $1.9 million (KES 250.2 million) in total compensation — a 40.8% increase that made him the highest-paid bank executive in the country. At NCBA, John Gachora took home $1.6 million (KES 208.4 million), while Standard Chartered’s Kariuki Ngari saw his pay jump 43.5% to $1.3 million (KES 174.4 million). Of the nine banks analysed, only I&M Bank and DTB trimmed executive pay. I&M’s Kihara Maina earned $537,817 (KES 69.3 million), down 9.7%, while DTB’s Nasim Devji took home $488,148 (KES 62.9 million), a 4.2% decline. Elsewhere, the cash kept flowing upward. At Absa Bank Kenya, CEO Abdi Mohammed was paid $852,126 (KES 109.8 million), a 39.8% increase. Stanbic Bank Kenya awarded its CEO, Patrick Mweheire, $741,148 (KES 95.5 million), up 12.8%. At Co-operative Bank, long-serving chief executive Gideon Muriuki saw his pay rise 11.7% to $1.3 million (KES 172.5 million), while Equity Bank’s James Mwangi earned $1.2 million (KES 166.3 million), a modest 4.7% uptick. While Kenya’s top bankers secured record pay packages, households and SMEs endured some of the toughest borrowing conditions since the COVID-19 pandemic, raising questions over who the financial system is really working for. In total, CEOs of the country’s nine largest banks pocketed nearly $9.3 million (KES 1.2 billion) in 2024, even as thousands of businesses were denied loans, inflation squeezed household budgets, and the Central Bank of Kenya (CBK) repeatedly warned that banks were failing to direct credit to the productive economy. “All we are asking is for banks to be fair and to act in the same way that they were quick to raise lending rates when the policy rate was increasing and the treasury rates were increasing,” CBK governor Kamau Thugge said in December. “I think it’s in banks’ interest to lower their lending rates. If they continue on this path, it will be a no-win for anyone and the economy will not be able to perform.” On average, executive compensation rose by more than 15%, even as many lenders froze pay reviews for junior staff and accelerated cost-cutting through digital restructuring. Standard Chartered, for instance, continued slimming its payroll through attrition despite delivering record profits. Boardroom pay moved in the same direction. At NCBA, directors’ compensation surged 54.4% to $5.1 million (KES 660.2 million) — the highest among listed banks. Co-operative Bank’s board earned $3.6 million (KES 473.4 million) (+28.1%), while StanChart’s directors received $2.9 million (KES 378 million) (+17.4%). Only I&M and KCB reduced board payouts, with KCB Group cutting directors’ pay by 20%. Kenya’s banking sector posted a record $2 billion (KES 262.3 billion) in pre-tax profit last year, buoyed largely by income from government securities and widening interest margins. By locking into high-yield Treasury instruments, banks booked easy returns while sidestepping the risks of lending to struggling households and small firms.
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👨🏿🚀TechCabal Daily – DStv tests out weekly payments
In partnership with Lire en Français اقرأ هذا باللغة العربية Wazzup! How much do you know about technology in Francophone Africa? What are the region’s most important startups or crucial policy developments around tech innovation? We’re excited to partner with Lina Kacyem, Investment Manager, Launch Africa Ventures to introduce a web-only newsletter about tech in Francophone Africa. Lina has almost twenty years of experience in various sectors of the financial industry and is the co-founder of the angel network, Next Millennia Angels. As an investment manager, Lina leads investments in Francophone Africa and will bring decades of first-hand experience, insider insights and analysis of the region’s technology landscape into curating a newsletter that will help you and our wider audience learn about the tech innovation, policy, culture, and economy as it unfolds in Francophone Africa. Expect a dispatch every two Tuesdays, beginning tomorrow. Sign up here. DStv test weekly subscriptions Tesla sets up shop Morocco Moove eyes $1 billion valuation with planned $300 million raise CBEX is back and Nigerians are paying again World Wide Web 3 Job Openings Streaming DStv’s weekly subscription test: A new chapter in pay-TV? Image Source: MultiChoice We’ve heard Multichoice’s 9% year-on-year revenue decline in the recently ended financial year. We’ve heard of their 1.2 million decline in subscribers. Now, we are hearing that the pay-TV giant has quietly started testing weekly subscription plans in Uganda for the last seven weeks. Users can now pay weekly, instead of paying for a full month. If this trial gains traction, it could spread to the company’s other markets in the coming months. Why the sudden change? The short answer: people aren’t paying like they used to. Tough macroeconomic situations have made many users cut back on pay-TV, and DSTV wants to adapt. Weekly payments might feel less heavy for users. What does this mean for viewers? In addition to weekly payments, this move means there’s some flexibility on the horizon, but not full control. MultiChoice still doesn’t believe in customers building their bundle by choosing channels. However, it is exploring an offering where customers could get a base product and then add channels to it. This is in line with its recent plan to unbundle SuperSport from its offerings. Zoom out: If weekly plans catch on, could they replace monthly plans? Would paying week by week turn out to be cheaper, or become more expensive over time? Could this move bring back old users or lure people away from Netflix and other streaming services? It’s still in its testing phase, but it is clear that DStv knows it has to evolve or risk being left behind. Join Fincra for an Exclusive Networking Mixer at iFX Expo, Cyprus. Fincra is co-hosting “AI-Powered Fintech and Blockchain” at iFX Expo, Cyprus, with Quidax. Join the brightest minds in fintech and blockchain for insightful panels & networking. Limited spots – RSVP here. 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After months of playing right-wing politics and being buddies with US President Donald Trump, Musk, the CEO of Tesla, has decided to turn his focus back on his companies. In his first move after his very public, messy exit from the White House, Musk’s Tesla, the company which
Read MoreWhy startups fail: The overlooked role of people processes
Startups fail for different reasons, some within the founders’ control, and some out of their control. When startups fail, the world points fingers at the founders and asks various questions about marketing, product, and compliance. Guess what? People barely probe into the people and HR processes, at least not as frequently as other functions. Quite paradoxical because people drive processes and keep businesses running, right? According to StartupGraveyard, 12 startups shut down in Africa in 2024, and about 25% of these shutdowns were due to people and operations-related challenges. The previous year, 18 startups met their demise due to the absence of operational licences from relevant authorities, harsh macro-economic processes, and, of course, scandalous actions by founders due to the absence of HR processes. This data reinforces how pivotal HR processes are to the sustainability of startups, guess what? It is one of the most overlooked roles, or have you not heard founders say, “Is it not just HR?” As an observer in the tech ecosystem, I have seen different founders make foundational errors when it comes to people processes, and this has gone on to affect how they operate, how well they operate, and the life span of their operations. The first and most repeated mistake I have seen founders make is hiring shiny talents in the infancy stages. It is one thing to make a senior hire; it is another decision entirely to hire from a big-tech simply for the name, the profile, or the image. Not only does the hire not have the local context, but it also eats deep into the almost meagre funds that affect the business’s runway. For instance, when the Coinbase-backed crypto startup Mara went bankrupt in 2024, one of the problems the CEO highlighted was that they “paid high salaries to attract talent from well-paying companies like Apple, but they didn’t always deliver.” An adjacent scenario is when these talents are hired but are stifled from expressing their expertise, where founders rarely allow talents to implement ideas and are turned into “yes-men.” This is a misuse of scarce resources (and investors’ funds) as the cost of hiring shiny talents will get you two or three excellent local talents who will add more impact. Another major problem is the absence of a transparent remuneration structure that is scalable and defendable. From Mara to 54gene to Payday, the paucity of a salary structure—with the founders being overpaid and staff earning peanuts—has led to the demise of several startups. There are a hundred more people operations mistakes Nigerian and African founders make, like scaling the workforce size without proper planning, attributing personal expenses as business costs, and lots more. The disheartening tale is that these gaffes do not just lead to the end of a promising enterprise; the catastrophe spills over to the members of staff; they leave real people stranded, employees who tied their hopes and finances to a promising vision, only to be betrayed by the spontaneous decisions made by startup founders. What do we do to reduce the rate at which founders make these people-centric blunders? Proper workforce planning and strategy: Planning your workforce is important, as building your MVP. You do not have to increase your staff from 20 to 60 in three months just because you raised $3 million pre-seed, nor do you have to hire from Google or Meta if you don’t have the tools and systems required for them to succeed. Have a transparent total rewards structure: Having built the compensation and benefits structure of at least six startups in the last five years, one of the strong foundations you can lay for your startup is a defined salary structure alongside other benefits. When people know their level, the pay they are on, and what they need to do to get to the next pay band, they are motivated to do good work, and this ultimately adds value to your organisation. Spelling out other benefits like performance bonus, annual bonus, Short-Term Incentive Plan (STIP), and other kinds of rewards also helps steer the psychology of the workforce in the right direction. Monitor people metrics: Founders are often obsessed with product and growth metrics, and while this is great, it is also paramount that they monitor people metrics. They should ask questions around the cost of human capital, attrition rate, retention rate, engagement rate, and other related metrics that measure people’s contribution to the business. Be accountable: From using company’s funds to meet personal needs in the name of making the company a better organisation, to declining when members of staff ask questions, having due process for documentation and reporting is crucial to the longevity of startups, and if you are a founder building for the people, then you should listen to people building with you. A great startup isn’t just about the product; it’s about the people building the product and having the right processes to ensure that people are continuously empowered to do great work in a psychologically safe environment. Emmanuel Faith is a globally certified, award-winning Human Resource Manager with almost a decade of cross-functional experience across diverse industries. He has spent the last six years in Lead HR roles, building sustainable people processes that help tech companies thrive. He is the founder of HR Clinic, a speed-consulting platform, providing scalable people-centric solutions for Founders who are looking to build the best place to work.
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How Jordan Belonwu taught Nigerian startups to dress with soul: Day 1-1000 of Belonwus
In Day 1–1000, we follow founders through the raw, unfiltered journey of company-building: the early scrambles, the quiet breakthroughs, the painful pivots, and the milestones that shape what a business becomes. When Lagos-based football club, Sporting Lagos launched its brand new identity—jersey, typography, campaign—the internet exploded. Strangers tweeted: “I think I’ve found my new club.” Others asked, “Where can I buy this jersey?” I was determined to seek out the designer or creative studio that had made the club jerseys some of the most desirable pieces of clothing in Lagos. For the first time since I was born, I saw Nigerians wear a local football jersey with pride and style. My quest led to Jordan Belonwu. It did not surprise me to learn that his studio, Belonwus, was behind other outstanding branding of some of Nigeria’s prominent tech startups, including Zap by Paystack, Grey, JuicyWay and Cassava. Belonwu is my guest today on Day 1–1000. We spoke for nearly two hours—the longest interview I’ve done for this column—and the conversation felt like a masterclass on taste, identity, and proving yourself again and again. During our conversation, Belonwu takes me from his Blackberry Messenger (BBM) logo days to nearly being fired by fintech company, Bamboo, and running a studio that now chooses who to work with. Act I — The making of taste “I think I’ve been designing since I was a teenager,” Belonwu says when I ask where it all started, a mix of happy accidents. He grew up in Lagos, the child of a fine art–appreciating mother. In their home was a computer with illustration software. “I was redrawing the Superman logo on CorelDRAW before I even knew what design was.” In secondary school, he tried science and failed nearly every subject. “At some point, I realised: I’m not a science student. I’m just not.” He switched to arts and eventually studied Fine Art at the University of Benin. But even there, he didn’t fit neatly into the system. While his peers painted or sculpted, Belonwu was already using Illustrator and Photoshop, teaching himself software the department dismissed. “We were told to do assignments in CorelDRAW. I was using Illustrator. And the lecturers hated that,” he says. Get the best African tech newsletters in your inbox Country Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Antarctic Territory British Indian Ocean Territory British Virgin Islands Brunei Bulgaria Burkina Faso Burundi Cambodia Cameroon Canada Canton and Enderbury Islands Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos [Keeling] Islands Colombia Comoros Congo – Brazzaville Congo – Kinshasa Cook Islands Costa Rica Croatia Cuba Cyprus Czech Republic Côte d’Ivoire Denmark Djibouti Dominica Dominican Republic Dronning Maud Land East Germany Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia French Southern Territories French Southern and Antarctic Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guernsey Guinea Guinea-Bissau Guyana Haiti Heard Island and McDonald Islands Honduras Hong Kong SAR China Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Jamaica Japan Jersey Johnston Island Jordan Kazakhstan Kenya Kiribati Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau SAR China Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Metropolitan France Mexico Micronesia Midway Islands Moldova Monaco Mongolia Montenegro Montserrat Morocco Mozambique Myanmar [Burma] Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island North Korea North Vietnam Northern Mariana Islands Norway Oman Pacific Islands Trust Territory Pakistan Palau Palestinian Territories Panama Panama Canal Zone Papua New Guinea Paraguay People’s Democratic Republic of Yemen Peru Philippines Pitcairn Islands Poland Portugal Puerto Rico Qatar Romania Russia Rwanda Réunion Saint Barthélemy Saint Helena Saint Kitts and Nevis Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Saudi Arabia Senegal Serbia Serbia and Montenegro Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa South Georgia and the South Sandwich Islands South Korea Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syria São Tomé and Príncipe Taiwan Tajikistan Tanzania Thailand Timor-Leste Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu U.S. Minor Outlying Islands U.S. Miscellaneous Pacific Islands U.S. Virgin Islands Uganda Ukraine Union of Soviet Socialist Republics United Arab Emirates United Kingdom United States Unknown or Invalid Region Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Wake Island Wallis and Futuna Western Sahara Yemen Zambia Zimbabwe Åland Islands ?> Gender Male Female Others TC Daily Events TC Scoop <!– Next Wave –> <!– Entering Tech –> Subscribe He clashed with teachers. He fought for relevance in a system that prized hand-painted poster boards over digital precision. “You’d be asked to paint a Close-Up ad by hand. It wasn’t design education, it was nostalgia training.” He never stopped designing, though. On BBM, he posted logos he had made for friends. More friends reached out: campus makeup artists, photographers, fashion entrepreneurs. Soon everyone in school knew someone who had a ‘Jordan logo’. “I didn’t know it was brand identity at the time. I just thought I was designing logos.” What he had—even then—was taste. “Because of my mum, and the artists she knew, I had early exposure to what great art looked like.” That early calibration of the eye, the sense of refinement still anchors his work today. Act II — The battle for belief After school, Belonwu didn’t spend a week job-hunting. He texted a designer friend just to say he was open to opportunities and got called in the next day. He was hired immediately. He worked at CampSport, then freelanced, then got pulled into an advertising agency— Image & Time—where he finally saw
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CBEX is back, and Nigerians are paying again despite frozen funds
Two months after CryptoBridge eXchange (CBEX), the Ponzi scheme which falsely claimed to be a cryptocurrency exchange platform, froze withdrawals for thousands of customers on its platform, it is back with another gimmick, much to the chagrin of regulators. CBEX never shut down its platform, despite warnings from Nigeria’s Securities and Exchange Commission (SEC) and multiple public arrest warrants issued by the Economic and Financial Crimes Commission (EFCC) for several persons linked to the Ponzi scheme. The platform has been operating under different domains, making it difficult for authorities to track its activities. CBEX is now asking users to pay a $100 “verification fee” to enable them to withdraw their frozen balances, according to messages shared on engagement groups seen by TechCabal. Once they do, these users get access to “sub-accounts” which allow them to continue their daily trading activities as they’re instructed on the platform. “The verification fee is now $100 for all unverified accounts, regardless of your balance,” CBEX said in one of those messages. This is a deviation from its previous method, where it asked users to pay $100 for balances below $1,000 and $200 for balances above $1,000. Screenshot taken from one of the official comms groups with the updated policies/Image Source: TechCabal According to updates seen by TechCabal, withdrawals will be sorted out in batches and are contingent upon users completing their assigned daily trading activities. CBEX claims it will process 50% of all pending user withdrawals by June 25 and the remaining 50% by August 25. It also says 30% of profits from users’ trading activities will be paid out under a revenue-sharing model on October 25. Nigerians, desperate to get back their money, have begun paying the verification fee. After payment, they gain access to a dashboard showing their frozen balance as of April. Their balance begins to grow again once they engage in activities that generate revenue, such as referring new users or trading using CBEX’s daily signals. The signals are codes shared manually on CBEX engagement groups; users copy them at specific times when they’re released and paste them in their apps. Regulators are alert to the issue. On June 11, the SEC issued another warning, cautioning Nigerians to refrain from investing money in CBEX. “The Commission hereby restates unequivocally that neither CBEX nor ST Technologies International Limited or Smart Treasure/Super Technology [CBEX’s partner] is registered with the Commission, or authorised to offer investment-related services to the Nigerian public,” SEC wrote in the public statement. The EFCC has listed six Nigerians in connection with the platform, declaring them wanted. Several media publications also reported that the anti-graft agency recovered part of the stolen funds on May 26. However, Nigerians who were hopeful of the EFCC’s progress at the time, now left to hang dry, are taking matters into their own hands. 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Old users are hurrying to pay the verification fee against a June 24 deadline. They are also roping in new entrants who are making USDT transfers exceeding thousands of dollars to join CBEX. “Depositing $100 is the only way to verify your account,” wrote an ST admin, who only identified as Laurafx Wilson in
Read MoreNigerians are turning their backs on streaming platforms for “YouTube movies”
Not long ago, giant video streaming platforms like Netflix and Amazon Prime Video were hailed as the future of television in Nigeria. They offered an escape from the limitations of cable television and promised premium on-demand content. But today, they face a powerful competitor: YouTube. While Netflix, Showmax, and Prime Video chase audiences with sleek Nigerian originals and aggressive pricing strategies, many Nigerians are opting for YouTube for movies and series. The reasons are economic, infrastructural, and technological. YouTube is practical Streaming services are getting more expensive. Netflix recently raised its Nigerian subscription prices for the third time in less than a year. According to Punch, the increase follows similar hikes in April and July 2024. Under the new price, Netflix’s premium plan now costs ₦8,500 a month, up from ₦7,000 ($5.3).The Standard plan jumped to ₦6,500 ($4.1) from ₦5,500 ($3.4).The Basic plan rose to ₦4,000 ($2.5) from ₦3,500($2.2), and the Mobile plan now costs ₦2,500 ($1.6), up from ₦2,200 ($1.4). Showmax’s subscription starts at ₦3,200 ($2), and its full version at ₦2,500($1.6). Prime Video’s subscription is ₦2,300, but now shows ads unless users pay more. In a country where the minimum wage is ₦70,000 and some people spend up to ₦40,000 ($25) on data, these prices are unaffordable for many. According to the World Bank, over half of Nigeria’s 230 million people live in poverty. Streaming, for many, is a luxury. YouTube works better with Nigeria’s internet reality In contrast, YouTube meets users where they are by offering what many see as a more adaptive solution. It is free, widely accessible, and critically, allows users to control video quality, download videos for offline viewing, and stream using data-saving options. Streaming platforms often load in HD or 4K by default, quietly draining viewers’ data. While both streaming platforms and YouTube require data, YouTube allows users to drop resolution, turn off autoplay, or use data-saving browsers like Opera Mini. Most Nigerians know the drill: download videos overnight using midnight bundles, then watch offline during the day. YouTube supports that. Most streaming platforms don’t. To watch videos on YouTube, users only need internet access and data, which is relatively affordable compared to subscription-based services. In a country where mobile is the dominant mode of access, that control makes a difference. Statista reports that Nigeria had 103 million active internet users as of January 2024, with most of them on mobile, and 107 million users as of February 2025. YouTube’s mobile-first features give it a native advantage. Beyond affordability, YouTube offers users vast access to videos. Unlike paid streaming services such as Netflix, Amazon Prime Video, or Showmax, YouTube offers free access to an array of content, from Nollywood films to music, comedy skits, and more. In essence, people pay less for more in contrast with the abundant but still limited content bank of most streaming platforms. Local content plus local relevance Another reason YouTube wins? Relevance. Where paid platforms lead with Western and high-gloss African content, YouTube gives users content at different quality levels but which, importantly, offer more chances for relatability. Additionally, filmmakers and other creators on YouTube publish faster and more frequently than streamers. This is attributed to the fact that the platform gives them direct control over their content, production timelines, and distribution strategies. Unlike streaming services that require lengthy approval processes, high-budget production standards, and executive sign-offs, YouTube removes these barriers, allowing filmmakers and creators to shoot, edit, and upload content at their own pace. It’s a business, not a bet Streaming platforms like Netflix often buy out Nollywood creators’ work, offering upfront money but little long-term payoff. YouTube, by contrast, offers Nigerian filmmakers recurring income through its monetisation features. Monetisation methods include AdSense revenue, Super Thanks, Super Chat, and channel Memberships, YouTube Shorts Fund, brand partnerships and affiliate marketing. Consistent viewership can lead to sustainable income, especially for those with dedicated audiences. Streaming activities, including YouTube, have driven record increases in internet spending and data usage in Nigeria. Also, the number of Nigerian YouTube channels earning significant revenue has doubled in recent years, encouraging even more filmmakers and creators to put their content on the platform. Many Nollywood production houses now use YouTube as both a distribution platform and a marketing funnel, leading fans to paid platforms, merchandise, or exclusive content. It also gives them full control over release schedules, audience engagement, and monetisation strategies, which is something most streamers do not offer. Production costs are lower, too. Unlike cinema or streaming, YouTube doesn’t require expensive cameras, costumes, or elite production values. As filmmaker Olatunbosun Amao put it in ThisDay: “On YouTube, anyone—literally anyone—can make a film. If it’s good and people like it, you can make way more than you spent.” Filmmaker and co-founder of iBAKATV YouTube Channel, Kazeem Adeoti, said the number of full-length movies on YouTube had grown tremendously. Several top actors own YouTube channels to directly distribute their movies to consumers, he said. Seun Oloketuyi, film producer and founder of the Best of Nollywood (BON) awards, said YouTube had become more appealing to filmmakers as there were no specifications on the types of cameras to be used, the quality of costumes or the language mixes. So, is YouTube a viable alternative to streaming? For millions of Nigerians, it already is. It’s not just about affordability. YouTube offers a tech experience that matches Nigerian habits: offline viewing, lower-res options, platform-agnostic access, and relatable content. It’s entertainment on your terms, not a Silicon Valley subscription trap. Will streamers disappear? Probably not. But unless they rethink their pricing, data consumption, and distribution models, they may become premium outposts. *Exchange rate used is $1 to ₦1,600.
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One year on, Nigeria’s telecom protection law fails to stop fibre cuts
In June 2024, Nigeria signed the Designation and Protection of Critical National Information Infrastructure Order (CNII), which classifies telecom infrastructure, such as fibre cables, data centres, and towers, as critical national assets and makes their protection a matter of national security. However, one year on, Nigeria is seeing record levels of fibre cuts and network disruptions, raising questions about the policy’s implementation. Between January and June 2025, Nigeria recorded 349 major network outages—an average of two per day, according to Uptime, a network monitoring website launched by the Nigerian Communications Commission (NCC). May alone witnessed 75 disruptions, the highest in any single month so far this year. In the first 12 days of June, there were 19 more outages, with 11 caused by fibre cuts, seven by power failures, and one due to equipment vandalism. These outages have affected states across the country, including Borno, Kaduna, Abia, Akwa Ibom, Imo, Rivers, Anambra, and Lagos, and have disrupted essential services such as USSD banking, voice calls, and internet connectivity. Industry frustration mounts Gbenga Adebayo, Chairman of the Association of Licensed Telecommunication Operators of Nigeria (ALTON), acknowledged the delay in implementing the CNII framework. “I must admit we have been too slow in getting the operationalisation of the CNII Order off the ground,” he said. “This is due to the back-and-forth between stakeholders. But we want the results to be sustainable and last for a long time.” That delay is proving costly. In Lagos alone, telcos lost an estimated ₦5 billion ($10.8 million) in 2024 due to more than 2,500 fibre cuts. MTN Nigeria spent ₦11.1 billion ($24.1 million) between 2022 and 2023 to repair and relocate over 2,500 kilometres of fibre-optic cables, resources that could have gone into expanding network infrastructure in underserved regions. The telecom industry lost an estimated ₦27 billion ($58.6 million) to fibre-related damages in 2023. These losses go beyond financial metrics. Every fibre cut delays services to banks, hospitals, government offices, and businesses. In June 2025, a Glo fibre cut in Abia and Rivers states left subscribers without USSD, SMS, voice, or data services for nearly an hour. Airtel faced a similar challenge in Anambra and Imo, with over an hour of disruption. These outages have far-reaching economic consequences, undermining confidence in digital services and stalling digital transactions. Wider economic risks For businesses dependent on cloud computing, digital payments, and remote work, these network failures are a direct threat to revenue and productivity. In the final week of May 2025, fibre cuts in Kebbi, Sokoto, Zamfara, and Yobe brought business operations to a standstill. Residents couldn’t access basic telecom services, banks struggled with failed USSD transactions, and healthcare providers were locked out of telemedicine platforms. Recognising the economic risks, some states are taking steps to support telecom operators. “It’s part of why we eliminated Right of Way (RoW) fees,” said Suleiman Isah, Commissioner for Communication Technology and Digital Economy in Niger State. “We’ve also partnered with the NCC and telecom providers to coordinate with the Ministry of Works and Water Resources, so there’s advance notice before any construction that could impact fibre routes.” Niger is one of 12 states that have waived RoW charges to accelerate fibre deployment. But fibre cuts continue to rise. On May 8, 2025, a Globacom fibre line running through Kebbi, Niger, and Sokoto was severed by road contractors from China Civil Engineering Construction Corporation (CCECC), knocking out internet access in several communities for nearly three hours. Another incident in Niger State on June 10 disrupted SMS, voice, and data services across eight communities and took more than two hours to fix. Repair times vary widely—from 30 minutes to several hours or days—depending on the terrain, accessibility, and the state of supporting infrastructure like roads or drainage systems. Each hour lost chips away at economic activity, customer trust, and Nigeria’s broader digital transformation goals. Promises of progress The CNII Order was designed to make the willful damage of telecom infrastructure a serious criminal offense, with penalties of up to 10 years imprisonment. It also called for minimum protection standards, coordinated information sharing, and enforcement led by the Office of the National Security Adviser (ONSA) and the Nigeria Security and Civil Defence Corps (NSCDC). These measures have yet to yield tangible improvements. Adebayo said stakeholders—including ALTON, the NCC, the Ministry of Communications, Innovation and Digital Economy, ONSA, and NSCDC—have now reached consensus on the best approach for implementation. The NCC recently signed a memorandum of understanding with the Ministry of Works to protect fibre infrastructure during road construction. “You will soon start seeing the implementation of what we have been working on,” Adebayo said. Mark your calendars! Moonshot by TechCabal is back in Lagos on October 15–16! Join Africa’s top founders, creatives & tech leaders for 2 days of keynotes, mixers & future-forward ideas. Early bird tickets now 20% off—don’t snooze! moonshot.techcabal.com.
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