General News
FG Says There is No GMO Foods in Nigeria

Federal government has denied the presence of Genetically Modified Organism (GMO) foods in Nigeria, allaying the fears of positive effects of using atomic energy to ensure food security and availability in the country.
It, however, expressed its ready to partner with the International Atomic Energy Agency (IAEA) to boost food production, particularly through the training staff of the Ministry of Agriculture and Rural Development for capacity building.
Dr Akinwumi Adesina, minister of Agriculture and Rural Development, stated these while receiving a delegation from the IAEA led by Dr. Kwaku Anings, deputy director-general, in Abuja.
Adesina said: “We must never be afraid of atomic technology in food production. We want to raise productivity, good health and environmental sustainability. We must not listen to those who want to create fear in the minds of people on things they should not be scared about with half-baked knowledge.
“We must not be afraid of science. We can use science to make our food safe and for the issue of food security. We must be aware that technology is the only way we can open up opportunities and we have to understand the risks and put good regulations in place to reduce those risks.
“The fact remains that we have nothing in this country called GMO. People confuse modern day science to GMOs. People say hybrid maize is from GMO, but is from conventional maize.
“Our rice, wheat, cassava varieties are not GMOs. It is important we don’t confuse issues because we don’t have GMOs in Nigeria, but we use modern technology and will continue to use modern technology”, he stressed.
The minister assured the delegate of the ministry’s commitment to the earlier signed agreement on technical cooperation, which was from 2012-2017.
Earlier, Aning, said the agency was not into GMO food production but to fast track the yield of crops as it had done in countries like Tanzania, Vietnam and Kenya.
“We don’t the same thing with those into GM food we speed up evolution and we don’t change the method. We change to survive but the same genetic formation.
“We speed up the evolution of the crop maybe which would have taken 50 years we produce other specie of the crop that will be drought and pest resistant.
“We have developed species that are cold water resistant. In Vietnam and Bangladesh they are using rice that is developed in our laboratory and is thriving in salt water”. And the potential of this technology is very large,” Aning explained
General News
Burna Boy Distances Himself from Meme Coin, Labels Crypto as Fraud

Burna Boy, Grammy-winning Nigerian artist, has publicly distanced himself from a meme coin circulating online that falsely uses his name and image for promotion.

Burna Boy
In a statement shared via Instagram, the Afrobeats star made it clear that he has no involvement in any cryptocurrency ventures, describing such schemes as fraudulent.
His comments come amid growing traction of a meme coin allegedly linked to him, which has been circulating on social media platform X (formerly Twitter).
“I don’t do any internet ‘coin’ business. I see it as fraud and I have no interest in any of that,” Burna Boy wrote. “So if you see anyone using my name for such, please disregard or report them.”
The singer urged fans to remain vigilant and to report anyone promoting the crypto project under false pretenses.
General News
AM Best Reaffirms Stable Outlook for Cyber Insurance Market

AM Best has reaffirmed its stable outlook for the global cyber insurance market. The rating agency notes that strong demand for cyber insurance coverage is expected to continue, supporting profitability across the sector despite intensifying competition.
Atlas Magazine reports that the small and medium-sized enterprise (SME) segment presents a key growth opportunity, as many SMEs remain underinsured or lack sufficient cyber coverage.
Rising awareness of cyber threats has also led policyholders to enhance their IT security measures, helping reduce potential losses in the event of a claim.
AM Best’s outlook is further supported by several factors, including sustained capital inflows from reinsurers and alternative capital providers, the use of artificial intelligence for more effective risk selection, and favorable regulatory developments.
According to Munich Re, global cyber insurance premiums reached $15.3 billion in 2024, climbing seven per cent year-on-year.
The market is projected to grow at an average annual rate exceeding 10 per cent through 2030.
However, the industry continues to grapple with challenges such as a rise in ransomware attacks, business email compromise, and payment fraud. The growing use of AI by cybercriminals is also amplifying the scale and sophistication of such attacks.
General News
Woodhall Capital and Partners Launch ₦1.5Bn Fund

Woodhall Capital in partnership with Polaris Bank, Lagos and UK governments have announced the launch of a ₦1.5 billion Creative Sector Fund aimed at expanding access to structured financing for creative entrepreneurs meant to scale their output across fashion, film, music, and digital content.

L-R- Abimbola Ozomah, Executive Director, Polaris Bank; Mojisola Hunponu-Wusu, Founder/CEO, Woodhall Capital; Sola Carrena, MD/CEO, Helios Investment; Onyinyechi Aderigbigbe, Head, Brands & Marketing, Woodhall Capital; Jonny Baxter, British Deputy High Commissioner at the signing ceremony of the N1.5bn Creative Sector Fund & Launch of the Creative Currency Podcast at the weekend, Lagos
The fund was unveiled during the launch of the Creative Currency Podcast, an initiative designed to foster collaboration between creatives, financiers, policymakers, and global stakeholders.
The platform will serve as both a podcast and policy engagement forum, tackling long-standing challenges such as limited access to finance, weak Intellectual Property(IP) enforcement, and the absence of scalable business infrastructure within the creative ecosystem.
In May 2022, Polaris Bank partnered with the Lagos State Employment Trust Fund (LSETF) to establish a ₦1 billion funding initiative targeted at artisans in Lagos State.
The objective of the partnership was to deliver critical financial support to empower skilled artisans and entrepreneurs within the MSME sector who had maintained active business operations for at least one year ultimately fostering wealth creation and economic inclusion across the state.
At the launch event held on Thursday evening at the Ikoyi residence of the British Deputy High Commissioner, Polaris Bank’s Executive Director, Abimbola Ozomah, who sat on a panel at the launch, emphasized that the fund is a long-overdue response to the structural exclusion of creatives from formal financing systems. She described the initiative as a deliberate attempt to recognize creative endeavours, intellectual property as a bankable asset and to build a framework where creatives are treated as serious entrepreneurs capable of generating significant economic value.
“This fund represents more than capital, it reflects our belief in Nigerian creativity as a global force,” said Polaris Bank’s Executive Director, Abimbola Ozomah. “We’re not just exporting talent. We’re exporting ownership, structure, and long-term value.”
Founder and CEO of Woodhall Capital, Mojisola Hunponu-Wusu, reiterated the urgent need to redefine how the financial system engages with the creative sector. She committed to providing bespoke financial products, advisory services, and investor-matching support tailored specifically for the needs of creative MSMEs.
The UK Government, through the British Deputy High Commissioner, Mr. Jonny Baxter, highlighted its longstanding commitment to Nigeria’s creative economy. The UK-Nigeria Creative Industries Partnership signed in 2024 was cited as a milestone in unlocking trade, investment, and collaborative opportunities between both countries. The Deputy High Commissioner praised the initiative as a blueprint for global creative cooperation.
The Lagos State Government, a key driver of the initiative, reaffirmed its ambition to cement Lagos as Africa’s creative capital. According to the Governor’s representative, Representing the Governor, Mrs. Folashade Ambrose-Medebem, Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, highlighted the state’s efforts in supporting the sector through progressive policy reforms, infrastructure development, and the provision of zero-interest loans of up to ₦10 million via the Lagos Creative Fund. These measures are designed to empower creatives to scale operations, access markets, and formalize their business practices.
The newly launched Creative Currency Podcast is positioned to be more than a media channel. It is a knowledge-sharing ecosystem that brings together local talents, international investors, legal experts, and cultural stakeholders to explore opportunities, identify risks, and share solutions that will elevate Nigeria’s creative industries to global standards.
Throughout the panel sessions, panelists emphasized the need for deeper structure, transparency, and professionalism in the sector. Creators were encouraged to develop clear business plans, maintain accurate financial records, formalize their operations, and assert their rights to royalties and IP protection.
As conversations deepened, financial institutions acknowledged the need for a mindset shift. Traditional risk models, they agreed, must be reimagined to reflect the unique nature of creative enterprises many of which are driven by intangible assets, flexible revenue models, and export potential.
The event concluded with a call to action: invest in the systems, not just the stories. Stakeholders were unanimous in their belief that a more structured, collaborative, and well-capitalized creative economy will deliver jobs, exports, and global relevance for Nigeria.
Polaris Bank has built a strong footprint in financing MSME by committing billions of naira in loans to support MSME operations in Nigeria, with huge lending portfolio dedicated to empower micro, small, and medium businesses meant to grow businesses, create jobs, and build wealth.
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