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IFC Announces New Projects to Support MSMEs Through the Alliance for Entrepreneurship in Africa

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IFC has announced four new projects to support micro, small, and medium-sized enterprises (MSMEs) in Africa and globally. The projects will help businesses address food insecurity across the continent and trade financing gaps and will support increased agricultural productivity and efficiency.

Announced at an event held by the Alliance for Entrepreneurship in Africa on the sidelines of the Summit for a New Global Financing Pact in Paris, France, the projects underscore IFC’s commitment to supporting smaller businesses, job creation, and private sector development.

The new projects announced by IFC include:

The MSME Finance Program: This multi-year initiative will provide up to $5 billion in financing to create increased capital and to mobilize financial markets as greater sources of development finance globally.

Specifically, the program will increase lending to women entrepreneurs, MSMEs contributing to food security, first-time MSME borrowers and MSMEs in vulnerable regions affected by climate change. It will support MSMEs in fragile and conflict-affected situations as well as those in Middle-Income Countries (MICs). Through the program, IFC will earmark $250 million to fund the resilience and protection of MSMEs in small island nations.

The Africa Agriculture Accelerator Program: An estimated 140 million people in Africa face food insecurity and despite an abundance of natural resources and arable land, the continent imports $35 billion in food each year.

This Alliance for Entrepreneurship in Africa initiative will provide financing to agribusiness companies to support their growth and expansion and ultimately foster more local food production and contribute to greater food security.

The program will help agribusinesses to access finance, improve productivity, and increase competitiveness in local and international markets. Through the program, IFC will finance up to $1 billon and reach up to one million hectares of land over the next three years.

EBRD Pilot Start-Up Project: Announced in partnership with EBRD, one of the Alliance’s seven core members, the Pilot Start-up Project will facilitate increased capacity building, mentoring, networking, and funding for early-stage enterprises, incubators, accelerators, and seed funds in North Africa.

Risk Distribution Partnership: A joint Alliance initiative between IFC and Proparco, the partnership will help facilitate greater access to sustainable trade finance for emerging African markets and develop deeper intra-Africa trade.

In Africa, trade costs can be as high as 300 percent of the value of the merchandise being traded. Through the partnership, Proparco will participate for up to $500 million in IFC’s Global Trade Finance Program (GTFP).

“We are pleased to announce these new projects as part of our ongoing commitment to support MSMEs, including through the Alliance for Entrepreneurship in Africa. These initiatives will help to increase access to finance, improve productivity, and build resilience for MSMEs, which are critical for economic growth and job creation,” said IFC’s Managing Director Makhtar Diop.

 


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NCAA Orders Airlines to Enforce $10,000 Currency Declaration Rule

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The Nigeria Civil Aviation Authority has ordered all international airlines flying into Nigeria to enforce the $10,000 currency declaration rule.

The authority said the rule is required for passengers to declare cash or negotiable instruments above the limit, as part of efforts to strengthen anti-money laundering compliance.

According to the NCAA, the directive, referenced as NCAA/CPD/ABV/298, dated 24 April 2025 seeks to address gaps in the enforcement of existing currency declaration obligations for inbound passengers.

This was announced in a statement issued by the Director of Public Affairs and Consumer Protection, Michael Achimugu, via his official X account on Tuesday.

“International carriers must take two key actions, which include “Make inflight or pre-landing announcements informing passengers of their legal obligation to declare any currency or Bearer Negotiable Instruments exceeding $10,000 USD or its equivalent upon arrival in Nigeria.

“Distribute currency declaration forms onboard for passengers to complete before landing. The NCAA has received reports indicating that some airlines are yet to comply with this directive”, the statement read.

The NCAA said these requirements are consistent with international best practices and are vital to preventing the illegal movement of large sums of money across borders.

The Authority warned that full cooperation from international airlines is essential, saying, “Please note that the cooperation of all international airlines operating in Nigeria is critical to supporting the country’s efforts to align with global financial standards.”

Accordingly, the authority emphasised that full implementation of this directive, particularly as it concerns inbound passenger declarations, is of utmost importance.

“Compliance will be closely monitored, and non-compliant airlines will face appropriate sanctions,” it added.


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Appeal Court Nullifies Registration of ‘KPMG Professional Services’

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The court of appeal in Lagos has asked the Corporate Affairs Commission (CAC) to revoke the certificate of registration of “KPMG Professional Services”.

Appeal Court Nullifies Registration of ‘KPMG Professional Services'

In a unanimous decision delivered on Thursday, the appellant court granted the reliefs sought by KPMG Nigeria against CAC and KPMG Professional Services.

The judgment was read by Abdullahi Mahmud Bayero, the judge.

The two other judges are Abimbola Obaseki-Adejumo and A.M. Talba.

In 2002, KPMG Professional Services was registered as a company with CAC despite the existence of KPMG Nigeria, comprising its audit, tax, and consulting arms.

The KPMG Nigeria has long been registered in Nigeria before 2002.

KPMG Audit was registered in 1969, KPMG Tax Consultants in 1990, and KPMG Consulting in 1969.

Displeased with the registration of KPMG Professional Services, KPMG Nigeria approached the federal high court.

The consulting firm had argued that the name “KPMG Professional Services” was deceptively similar to its long-established identity.

In 2005, the lower court dismissed KPMG Nigeria’s case, citing an alleged merger between KPMG Nigeria and Akintola Williams Deloitte as reason the company could no longer assert rights to the name.

The lower upheld the second respondent’s (KPMG Professional Services) counterclaim and ordered that KPMG Nigeria’s name be struck off the CAC register.

The lower court had premised its decision on newspaper articles stating that KPMG Nigeria reportedly merged with Akintola Williams Deloitte.

Delivering the judgment, Bayero ruled that the lower court erred by relying on newspaper articles to ascertain that KPMG Nigeria allegedly merged with another company.

The judge said the documents showing the alleged merger were not presented before the lower court, and the form of the alleged merger could not have been known.

“In any event, the only branch of KPMG, if any, that entered into a merger with Akintola Williams as stated in the newspaper articles 18, is KPMG Audit,” the judge ruled.

“The other spheres were totally unaffected. It would therefore be wrong to state that the merger (which has not been shown to this Court) of KPMG Audit with Akintola Williams means all the other areas of business, including KPMG Consulting and KPMG Tax Consultants, also ceased to exist.

“Even if the Appellants (KPMG Nigeria) had ceased to do business as the Court seemed to have held, the 2nd Respondents (KPMG Professional Services) should not have been carrying on business until the Appellant’s certificate of registration is withdrawn or set aside.

“They cannot use the name until the Appellant’s certification of registration is withdrawn or set aside. They cannot use the name until the name is removed from the 1st Respondent’s (CAC) Register of Names.

“The 1st Respondents can only assign the name to the 2nd Respondents after first taking it away from the Appellants.”

The court ruled that CAC erred by registering KPMG Professional Services despite the existence of a business name, which is already registered.

The judge reversed the earlier ruling of the lower court and reaffirmed the primacy of statutory protection for existing business names under Nigerian corporate law.

 

 

 


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Air Peace Launches Abuja–London Heathrow, Gatwick flights October 26

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Air Peace has announced the launch of direct flights from Abuja to London Heathrow and Gatwick airports, with operations scheduled to begin on October 26, 2025.

The airline said in a statement on Sunday that round-trip fares for the Abuja–London service will start from N1m, making it the first Nigerian carrier to offer direct connections from the capital to both of London’s major international airports. This was contained in a press release issued on Sunday by the airline’s spokesperson, Efe Osifo-Whiskey.

“Direct international flight services from Abuja to both London Heathrow and London Gatwick Airports, effective October 26, 2025.

“Air Peace becomes the first Nigerian carrier to offer direct services from Abuja to both of London’s major international airports, further solidifying its role as a leader in regional and intercontinental aviation.

“Travellers originating from any of Air Peace’s domestic destinations across Nigeria can now book through fares via Abuja to either Heathrow or Gatwick using a single ticket, eliminating the need for multiple bookings or baggage re-checks,” the statement read.

Similarly, the new route opens convenient access for inbound passengers from the UK to cities across Nigeria.

“Travellers from London can access multiple destinations across Nigeria using a single Air Peace ticket through Abuja every morning. These destinations are Lagos, Port Harcourt, Enugu, Benin, Warri, Owerri, Kano, Yola, Gombe and Asaba, for now. Other destinations will be added later,” Osifo-Whiskey stated.

Air Peace is also offering what it describes as unprecedented value in pricing and service.

Osifo-Whiskey said, “It provides a distinct competitive advantage, enabling passengers to travel between Nigeria and the United Kingdom with greater ease, efficiency, and value, due to the possibility of choosing multiple cities entry and exit points.

“Has the cheapest fares ever, starting from only 1 Million Naira round trip. Huge baggage allowance.”

The Abuja–London launch comes months after the airline began Lagos–London Heathrow flights, which started earlier in 2024.


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