Author: Nigeriabrief

Decline in Profits Amid External Pressures The Nigerian Sovereign Investment Authority (NSIA) reported a staggering 91% drop in profits for 2025, amounting to 161 billion Naira. This decline is attributed to currency exchange rate fluctuations and the temporary shock from US tariffs. However, NSIA emphasized that its core operational performance remains robust, indicating a resilience that belies the larger figures. Impact of Currency Fluctuations and Tariffs In the fiscal year 2025, the NSIA saw its profits plummet from 1.89 trillion Naira in 2024 to 161.1 billion Naira. The decline was driven by significant losses in non-core profits, primarily due to…

NIPOST Highlights Stamp Collecting as a Wealth-Building Asset The Nigeria Postal Service (NIPOST) recently underscored the financial potential of stamp collecting, identifying it as a valuable asset akin to real estate and shares. On Thursday, Folashed Farinu, the General Manager of the Nigeria Stamp Secretariat, asserted that this pastime serves not only as a hobby but also as a means of generating wealth for collectors. Stamp Collecting Validated as an Economic Tool Farinu shared these insights during an educational field trip involving students from Great Fountain Hall Nursery and Primary School at the Secretariat in Lagos. She explained that beyond…

Police Chiefs Call for Enhanced Coordination in Immigration Enforcement In the aftermath of the tragic shooting of Alex Preti by federal agents in Minneapolis, the International Association of Chiefs of Police (IACP) has urged the White House to organize a roundtable discussion involving federal, state, and local law enforcement officials. The aim is to foster better coordination in immigration enforcement and enhance community safety. Responses from the White House have emerged, and according to IACP President David Rausch, numerous law enforcement agencies, police unions, and governmental bodies have expressed interest in joining the initiative. This growing engagement indicates heightened concern…

Egypt and South Africa are emerging as pivotal drivers of Africa’s technology economy, with NextUnicorn.Fund announcing the opening of applications for the AI & Tech Startup Battle Africa. This initiative is gaining momentum as it heads toward the flagship NextUnicorn Accelerator event set for February 6th. These two countries disproportionately contribute to Africa’s venture capital inflows, technological talent, and corporate initiatives, positioning them as essential players in the continent’s quest to develop globally competitive tech enterprises. By connecting local entrepreneurs with international investors, accelerators, and cross-border markets, NextUnicorn.Fund is solidifying the significance of Egypt and South Africa in its strategy.…

Concerns Raised Over Threats to Democracy in Nigeria Leaders of the African Democratic Congress (ADC) have expressed alarm over what they describe as a systematic effort to establish a one-party state in Nigeria ahead of the 2027 general elections. They are accusing President Bola Tinubu’s All Progressives Congress (APC) of manipulating the Independent National Electoral Commission (INEC) to suppress opposition parties. ADC National Chairman David Mark, alongside notable political figures such as former Vice President Atiku Abubakar, Labor Party presidential candidate Peter Obi, and former governors Rabiu Kwankwaso, Rauf Aregbesola, and Rotimi Amaechi, has called for the removal of INEC…

Barcelona Dominates Real Madrid in UEFA Women’s Champions League Quarter-Final BARCELONA, Spain — As the clock approached 7 p.m. in Barcelona, Alexia Putelas took a moment to bow to the enthusiastic crowd at Spotify Camp Nou after scoring the opening goal in the UEFA Women’s Champions League quarter-final second leg against Real Madrid. This marked the 230th goal of Putelas’ illustrious career, a remarkable achievement as she celebrated her 500th appearance for the club. The Catalan team demonstrated their prowess with a resounding 6-0 victory, culminating in a staggering 12-2 aggregate win over their rivals. With this decisive performance, Barcelona…

Idaho Lawmakers Face Setbacks in Immigration Legislation The Idaho House of Representatives voted on Thursday in favor of a third proposal aimed at compelling law enforcement agencies to formalize agreements with federal immigration authorities. However, the introduction of the bill violated Senate procedural rules, resulting in its failure once it reached the Senate chamber across the Capitol rotunda. During the floor discussion, Rep. Jordan Redman, R-Coeur d’Alene, shared his frustration over the stagnant progress of immigration legislation, labeling the latest proposal as a reaction to what he called a “hostile takeover.” He declared that the previous night was his final…

NBA Moves Closer to Launching European League Decades after first showing interest in European basketball, the NBA has made a significant move this week towards establishing a new league on the continent. Recent reports indicate that potential investors have valued several clubs in the proposed league at an impressive $1 billion. Planned Launch for 2027 with Multiple Investor Bids The NBA aims to inaugurate a league featuring 14 to 16 teams across 12 European cities by the fall of 2027. While the league has long expressed a desire to expand into Europe, formal interest from the region had been limited…

Novastar Ventures Closes Third Fund at $147 Million Novastar Ventures, a leading venture capital firm in Africa, has announced the successful closure of its third fund, the Novastar Ventures Africa People and Planet Fund III (NVIII), with a total raised amount of $147 million. This marks a significant 40% increase compared to its predecessor, Novastar Ventures Africa Fund II, which raised $108 million in 2020. Investor Confidence Amid Global Challenges While NVIII fell short of its initial target of $200 million due to a challenging global funding climate, the closure reflects a robust investor confidence in African startups dedicated to…

Flutterwave Secures Approval for Microfinance Operations in Nigeria African payments leader Flutterwave has received regulatory approval to launch its microfinance division in Nigeria, the company’s home country. This significant development will enable Flutterwave to offer lending solutions and manage customer deposits, expanding its service offerings in the rapidly evolving fintech landscape. Expansion into Lending and Deposits The introduction of these services represents a strategic shift for fintech companies, which have primarily focused on payment processing. Over its decade-long journey, Flutterwave has established itself as a key player in payments, cross-border remittances, currency exchanges, and card processing. CEO Highlights Potential for…