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Nigeria SMEs Get A Boost As Afreximbank, Woodhall Sign $25 Million Facility To Support Export Businesses

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Woodhall Capital, a financial Services firm, has signed a $25 million loan facility with the African Export–Import Bank (Afreximbank) to provide a support vehicle for Nigerian SMEs entering export markets.

The signing ceremony took place during the inaugural Afreximbank SME Development Workshop and Stakeholder Engagement Programme, themed “Nurturing African SMEs: Bridging the Barriers to Export”, currently ongoing at the prestigious Zinnia Hall, Eko Hotels & Suites in Lagos.

While declaring the workshop—attended by over 400 stakeholders—open, the Executive Vice President of Intra-African Trade & Export Development (IAED) at Afreximbank, Kanayo Awani, noted that the event is a call for Nigerian SMEs to be champions of trade that accelerate development in Africa.

“This event, held in collaboration with Woodhall Capital, aims to develop the capacity of SMEs, the backbone of Africa’s economy. It’s not just about nurturing SMEs; we’re also looking to identify financial institutions that can better serve SMEs,” she said.

In Africa, SMEs account for 90% of business activity, and studies indicate that they also represent an average of 60% of total formal employment in developed and developing countries.

Stressing the importance of the collaboration with the financial advisory firm, Awani disclosed that around 60% of SMEs struggle with access to finance.

“SMEs in Africa still face significant obstacles to growth and prosperity, as only a small fraction venture into the export market, and even fewer have sustained long-term success. Bridging these barriers can empower SMEs to thrive on a continental and global scale. Access to affordable, appropriate finance is consistently cited as a major obstacle for SMEs.

“Over the past year, Afreximbank has provided capacity-building and market access support to around three thousand SMEs across 34 countries.”

According to Nigeria’s Minister of State for Finance, Dr. Doris Uzoka-Anite, represented by the Executive Director of MSMEs at the Bank of Industry, Alhaji Shekarau Umar, out of the 58 African countries, 39 do not have populations exceeding 39 million.

“So if, in Nigeria, we have SMEs alone totalling 39 million, it means that selecting Nigeria to launch the inaugural workshop is both deliberate and significant. We believe that Afreximbank’s interventions will enable African SMEs to overcome barriers to cross-border trade.

“I urge you all to go beyond the traditional issues SMEs face, like access to funds, and start discussing access to markets and capacity. We must understand that the funds provided to SMEs, if not accompanied by capacity-building, will be wasted,” Dr. Uzoka-Anite said.

Other notable speakers addressing stakeholders at the workshop included the Managing Director of Export Development at Afreximbank, Oluranti Doherty; the Governor of Nigeria’s apex bank, Dr. Olayemi Cardoso, represented by Director of Risk Management at the Central Bank of Nigeria, Dr. Blaise Ijebor; and the Head of SME Development at Afreximbank, Ody Akhanoba.

The US Consul General, Will Stevens, represented by the Managing Director of Trade at Prosper Africa, Daniele Jean-Pierre, and the founder of Oriki Group, Fola Olowu, also participated, discussing the African Growth and Opportunity Act (AGOA).

In addition to various presentations equipping over 400 Nigerian SMEs with tools for scaling up and succeeding in export, panel discussions addressed creating an enabling environment for sustainable growth and facilitating access to finance for African SMEs, with input from industry leaders across sectors.

Discussing the role of Woodhall Capital in enabling financial institutions, governments, and SMEs to access funding, the founder of the financial advisory firm, Mojisola Hunponu-Wusu, shared how the firm grew from a small-scale operation to a global institution with Afreximbank’s support.

“Afreximbank has been integral in taking this small company and giving us the audacity to believe an African indigenous company can go global. They have supported us with various products and the backing of our esteemed advisory board members. Woodhall Capital is living proof that a small firm, with proper training and guidance, can achieve global scale with the support of African institutions.

“This workshop demonstrates that any SME here, no matter how small, with the right mindset, can achieve success. We are here to discuss what African SMEs need to gain the right support,” she stated.

BIG STORY

Senate Asks NSA, DSS To Track Authors of Akpabio Death Rumours

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The Senate has asked the office of the National Security Adviser (ONSA) and the Department of State Services (DSS) to investigate and identify those behind social media reports alleging that Godswill Akpabio, the Senate president, died in a London hospital.

Titus Zam, senator representing Benue north-west, raised the matter during Tuesday’s plenary, describing the reports as dangerous and damaging to Nigeria’s leadership.

“I am raising this motion due to the social media reportage that alluded to the fact that Mr. Senate President died in a London hospital,” Zam said.

“This is a very serious matter; number three citizen in Nigeria; such reports about you, your person, and your office need to be investigated.”

Zam said the spread of false death reports was becoming a pattern, recalling that similar claims were recently made about Yakubu Gowon, the former head of state.

“It’s not only you that was reported in this negative manner; the former head of state, General Yakubu Gowon, was equally reported a few days ago to have died. This is not a good report about the leaders of our country,” Zam said.

The lawmaker called for urgent action against those responsible, arguing that sanctions would deter the spread of harmful misinformation.

“There is an urgent need to not just investigate, but to punish the promoters of such negative news about the leaders of this country,” he said.

“When sanctions are meted out against the promoters of such negative reports about our leaders it will serve as a deterrent to anybody who engages in such an infamous and dangerous act against the leadership of our democracy and our country.”

Zam added that those responsible could be traced through digital footprints.

“The social media promoters of negative information can be traced and they’ll be punished,” he said.

Responding, Akpabio said the problem of false reports was not limited to politicians, noting that misinformation had affected public figures across sectors.

The senate president thereafter asked ONSA and the DSS to identify the originators and promoters of the false reports and take appropriate action.

 

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BIG STORY

BREAKING: Dangote Petitions ICPC, Demands Arrest of NMDPRA Boss Ahmed Farouk Over Corruption Allegations

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The Chairman of Dangote Group, Aliko Dangote, has submitted a petition against the Managing Director of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Ahmed Farouk, to the Independent Corrupt Practices and Other Related Offences Commission.

In the petition, dated and submitted on December 16 through his lawyer, Ogwu Onoja, SAN, Dangote called on the ICPC to arrest, investigate and prosecute the NMDPRA boss for allegedly living far beyond his legitimate means as a public servant.

The petition, which was received by the office of the ICPC Chairman, Musa Aliyu, SAN, accused Farouk of spending more than seven million dollars on the education of his four children in Switzerland, allegedly paid upfront for six months, without any lawful source of income to justify such expenditure.

“That Engr Farouk Ahmed has grossly abused his office contrary to the extant provisions of the Code of Conduct for Public Officers and, in doing enmeshed himself in monumental corruption and unlawful spending of Public funds running into millions of dollars.

“That Engr Farouk Ahmed spent without evidence of lawful means of income humongous amount of money of over 7million dollars of Public funds, for the education of his four children in different schools in Switzerland for a period of six years upfront,” the petition read.

Dangote, in the petition, named the four children and the Swiss schools they attend, the amount paid for each of them, to enable the ICPC to verify the claims.

He further alleged that Farouk used the instrumentality of the NMDPRA to embezzle and divert public funds for personal gain and private interests, actions which he claimed had fuelled public outrage and recent protests by various groups.

According to the oil magnate, Farouk has spent his entire adult working life in the Nigerian public sector and could not, based on his legitimate earnings over the years, have accumulated funds close to the alleged seven million dollars used to finance his children’s education abroad.

“It is without doubt that the above facts in relation to abuse of office, breach of the Code of Conduct for public officers, corrupt enrichment and embezzlement are gross acts of corrupt practices for which your Commission is statutorily empowered under Section 19 of the ICPC Act to investigate and prosecute,” Dangote said.

He added that upon successful prosecution under the same provision of the law, the offence attracts a prison term of five years without an option of a fine.

The business mogul stated, “That Engr Farouk Ahmed has corruptly enriched himself with taxpayers’ money meant for public consumption and diverted it into private uses.

“Any Public officer who uses his office or position to gratify or confer any corrupt or unfair advantage upon himself or any relation or associate of the public officer or any other public officer shall be guilty of an offence and shall on conviction be liable to imprisonment for five(5) years without option of fine.”

Dangote also expressed confidence in the capacity of the ICPC, working alongside other anti-corruption agencies, to prosecute financial crimes and ensure that offenders are punished once a prima facie case is established.

He therefore urged the Commission to act decisively by investigating the allegations against Farouk and prosecuting him if found culpable, stressing that the matter is already in the public domain.

According to the petition, Dangote said decisive action by the ICPC would help uphold justice and protect the image of the administration of President Bola Tinubu.

He also vowed to provide evidence to substantiate his allegations of corrupt enrichment, abuse of office and impunity against the NMDPRA chief.

Dangote, during a press briefing in Lagos on Sunday, made some allegations against the NMDPRA boss, where he spoke on regulatory failures and alleged corruption in the downstream petroleum sector.

He stated that the allegations, if left unanswered, would continue to undermine public trust and investor confidence.

In June 2025, similar allegations were raised against Farouk by a group of protesters in Abuja, who marched to the office of the Attorney General of the Federation, Code of Conduct Bureau and ICPC, demanding his immediate resignation, alleging that he had turned his office into a personal estate.

The NMDPRA, however, debunked all the allegations, describing them as an orchestrated smear campaign based on false claims against the Chief Executive Officer and his leadership.

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BIG STORY

Nigeria To Receive 24 M-346 Fighter Jets From Italy, ‘Largest’ Military Aircraft Acquisition In West Africa

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Nigeria is set to receive 24 M-346 fighter jets from Italy.

In November 2023, the Nigerian Air Force (NAF) struck a deal with Messrs Leonardo, an Italian defence company, for the supply of 24 M-346 fighter aircrafts.

The deal was reportedly worth around €1.2 billion and is said to be the largest military aircraft acquisition in West Africa.

Also included in the contract are 25 years of logistical support, and Leonardo will have exclusivity for maintenance operations.

The aircraft offers seven external attachment points and can integrate air-to-air and ground-to-air ammunition and sight pods attached to helmet-mounted displays.

The first six jets are currently under production in Italy, with three expected to be delivered in 2025, and full deliveries are anticipated to continue through mid-2026.

Hasan Abubakar, the Chief of Air Staff at the time of the purchase, stated that the aircraft would enhance training capabilities and augment operational effectiveness in diverse mission scenarios.

This purchase was part of Nigeria’s broader efforts to strengthen its security, particularly in the northeast of the country, where it fights against Boko Haram militants and the Islamic State, but also against kidnappings and banditry spread throughout the country.

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