General News
AFEX to Open Second Round of ₦100bn Funding Series to Strengthen Africa’s Agro-processors

AFEX, Nigeria’s commodities market player and the country’s first private sector commodities exchange, has announced the reopening of its $240m (₦100bn) Asset-Backed Commercial Paper (ABCP) to help stabilize Nigeria’s agriculture sector by offering Agro-processors low-cost financing to bridge the funding gap between lenders and borrowers.
Today’s new funding, AFEX’s second in a three-year Commercial Paper program that started in Q4 2021, where $65m (₦27bn) was raised, seeks to raise an additional $175m (₦73bn) for processors unable to borrow in the commercial paper markets.
AFEX is improving the efficiency of commodity trading and enabling the broader capital market to tap into the African commodities sector. The ABCP is a short-term debt instrument typically providing investors with a competitive 15% return on their investment, and maturity is up to 270 days.
Agriculture remains one of the most important economic sectors for the continent, employing the majority of the population and accounting for 14% of GDP in sub-Saharan Africa (1). Yet, many African economies struggle with food security issues due to the gap between supply and demand.
While banks or other financial institutions typically issue the security itself, the ABCP Notes are sponsored by AFEX Commodities Exchange and the proceeds of the issuance will be used by AFEX Investment Limited to provide pre-qualified Agro-processors with working capital support to enable them to purchase commodities required for their production processes at an agreed price.
AFEX’s security is backed by the commodities serving as the credit enhancement in the transaction. AFEX lists the ABCP on ComX, its commodities trading platform, then engages capital market operators for subscriptions for a set time.
Funds raised are used to provide pre-qualified Agro-processors with working capital to purchase commodities required for their production processes at an agreed price.
Ayodeji Balogun, CEO at AFEX said, “AFEX has a strong track record in offering distinctively differentiated and innovative financial instruments to the marketplace, and this new Asset-Backed Commercial Paper will help bridge the gap between Agro-processors and investors.
Access to low-risk funding and capital is critical to empowering Africa to feed herself. We believe in making capital that is a right fit, in terms of timeliness and structure, available for all players in the value chain.
Based on our past performance, we are confident that we will attract even more financing from private investors and, subject to value for money, they will help us secure this $175m (₦73bn) investment in Africa’s food security.”
Since its launch in 2014, AFEX has committed to levelling-up Africa’s agro-tech sector; by helping the continent feed itself by boosting food security and making food production more efficient. Prior to 2021, in a first-of-its-kind for Africa, AFEX raised $48m (₦19bn) from their 20% oversubscribed Warehouse Receipt Backed Commercial Paper.
General News
Court Dismisses FCCPC Case Affirms MultiChoice’s Right to Set Competitive Prices in Free Market
Federal High Court in Abuja has dismissed the case between the Federal Competition and Consumer Protection Commission (FCCPC) and MultiChoice Nigeria Limited, operators of DStv and GOtv, marking a victory for MultiChoice and reinforcing the principles of a free-market economy in Nigeria.
The suit was thrown out by Justice James Omotosho who, in his ruling, addressed the core issues raised.
The judge specifically considered whether the FCCPC had the statutory authority to regulate or fix the prices charged by MultiChoice for its services in Nigeria, whether the FCCPC acted within its powers by issuing orders to MultiChoice to suspend price increases, and whether MultiChoice’s pricing practices amounted to abuse of dominance or unfair practices under the Federal Competition and Consumer Protection Act.
Justice Omotosho held that since Nigeria operates a free-market economy, the FCCPC lacks the power to interfere in the pricing decisions of private companies like MultiChoice.
The judge cited Section 88 of the Federal Competition and Consumer Protection Act, clarifying that only the President of the Federal Republic of Nigeria can regulate prices in a regulated industry and for essential goods.
The services rendered by MultiChoice, the court noted, do not fall into this category, as consumers have alternative choices. Justice Omotosho further ruled that the FCCPC has no business querying how companies fix their prices in a free-market environment.
The court found no evidence that the FCCPC had the statutory authority to regulate or fix prices in the absence of specific presidential approval, and that the relevant laws do not empower the Commission to impose price controls unilaterally.
The court also found that the FCCPC’s orders to MultiChoice to suspend price increases were ultra vires, or beyond its legal powers, and that there was no evidence before the court that MultiChoice’s pricing practices constituted an abuse of dominance or unfair practice as required under the Act.
The judge’s findings on these issues for determination made it clear that the FCCPC’s intervention in MultiChoice’s pricing was not supported by law.
The court’s submission is expected to have significant implications for the regulation of pricing in Nigeria’s pay-TV industry. By upholding the principle of market-driven pricing, the judgment reinforces investor confidence and clarifies the limits of regulatory intervention in a liberalised economy.
Industry observers noted that the ruling underscores the importance of balancing consumer protection with the need to foster a competitive and dynamic market.
General News
FG Launches Virtual Privacy Academy

The Nigerian government has launched the Virtual Privacy Academy, a new digital training platform designed to deepen data protection and privacy policies in the private and public sectors.
Dr. Bosun Tijani, Minister of Communications, Innovation, and Digital Economy, unveiled the initiative during the 8th annual conference of the Network of African Data Protection Authorities, which began yesterday in Abuja.
The three-day conference, titled “Balancing Innovation in Africa: Data Protection and Privacy in Emerging Technologies,” drew attendees from over 30 African countries, as well as Europe, Asia, the Middle East, and the United States.
Dr. Tijani emphasised that the academy is part of Nigeria’s strategy to capitalise on the benefits of the digital economy by providing actors with the tools they need to navigate hazardous data governance landscape.
According to Tijani, this project would provide Nigerians with the opportunity to gain practical skills in data protection.
Dr. Vincent Olatunji, National Commissioner of the Nigeria Data Protection Commission, highlighted Nigeria’s recent data governance milestones during his address.
He stated that the Commission had completed over 5,000 compliance assessments, opened 223 investigations, and assisted 12 organisations with rehabilitation.
Dr. Olatunji urged African countries who have yet to pass data protection laws to do so, emphasizing that “strong data protection frameworks are not barriers to innovation, but enablers of a resilient and inclusive digital economy.”
General News
Treepz, Miva Open University Partner for Nationwide Mobility Services

Treepz, Africa’s leading corporate mobility startup, has announced an exclusive partnership with Miva Open University, Nigeria’s premier open university. Under this agreement, Treepz becomes Miva’s official transportation provider, delivering services across key cities, including Lagos, Abuja, Uyo, Port Harcourt, and Jos.

L-R: Sani Chanchangi, Business Development Manager, Treepz; Godwin Okpe, Community & Engagement Manager, Miva Open University; Florence Sulyman-Boboye, Global Vice President of Business Development and People, Treepz; Oluwole Adeniji, Manager, Corporate Services, Miva Open University
As Miva Open University expands its academic and administrative presence across Nigeria, Treepz will provide on-demand access to premium vehicles for staff transportation, guest logistics, special events, and official university functions. With a fleet that includes SUVS, Coaster buses, and luxury vehicles, Treepz ensures that all mobility needs are handled with reliability and professionalism.
“This partnership is a strategic move that helps us stay focused on what we do best—delivering accessible and flexible education,” said Oluwole Adeniji, Admin Operations Manager at Miva University. “With Treepz handling our transportation across the country, we can scale confidently, knowing our staff, guests, and stakeholders are moving safely and efficiently.”
On Treepz’s end, Johnny Enagwolor, Co-Founder and President at Treepz, noted that the partnership comes at a pivotal moment, allowing Miva, a forward-thinking institution, to prioritise its core mission of delivering quality education, while Treepz efficiently manages a wide range of its inter-city mobility needs.
“By providing a tailored transport service, Treepz aims to alleviate the logistical burdens of institutions, ensuring Miva University operate at its best.
“At Treepz, we understand the importance of reliable and efficient transport services in driving organisational success. Our goal is to provide Miva with the most comfortable, safe, and convenient transportation solutions possible,” Johnny added. We are committed to providing high-quality, safe, and reliable transportation solutions that support Miva’s mission and contribute to its ongoing success.
Furthermore, we recall that Treepz commemorated its fifth anniversary on September 16th, 2024. Over the past five years, the startup has made notable progress in addressing the continent’s transportation challenges through innovative, tailored solutions.
Treepz has also established itself as a key player in the African mobility industry, with more than 6 million customers served, consistently expanding its services and strategic partnerships to meet the evolving needs of corporate clients.
Recent partnerships with industry leaders such as Parallex Bank and KingMakers (owners of BetKing) have enabled Treepz to provide efficient transportation solutions to complete millions of employee commutes with their shared transportation service.
These accomplishments highlight Treepz’s growing influence and its commitment to revolutionizing corporate mobility and enhancing transportation experiences across the continent.
For more information about Treepz and its corporate travel services, kindly visit www.treepz.com
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