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IFC, C2FO Plan to Enhance Financing for Local Enterprises in Africa Begins in Nigeria

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To increase the availability of affordable finance and strengthen local enterprises and supply chains across Africa, IFC, a member of the World Bank Group, announced a strategic partnership with leading global supply chain finance platform, C2FO.

The partnership will see IFC and C2FO jointly develop, test, and deploy a specialized, web-based multinational working capital platform for micro, small, and medium enterprises (MSMEs) across Africa. This is IFC’s first dedicated supply chain financing facility in Africa for smaller businesses.

MSMEs account for up to 90 percent of businesses and 80 percent of jobs across the continent, yet these enterprises struggle to obtain working capital through the traditional financial system, constraining the growth of firms. Such financing is critical for helping build more sustainable economic ecosystems, and for strengthening food security, a strategic priority announced by World Bank President Ajay Banga last week.

The program will utilize C2FO’s patented technology and dynamic discounting model to connect MSME suppliers and their anchor buyers with global and local financial institutions. Those institutions will use the platform to extend affordable receivables financing to suppliers through the funding of discounted invoices accepted for payment by buyers.

In turn, African MSME suppliers will be able to improve their access to working capital by converting sales receivables into immediate cash, leveraging the better credit risk of buyers without requiring collateral or facing other barriers of traditional lending.

“IFC is committed to addressing the financing challenges faced by SMEs in Africa. By partnering with C2FO, we aim to unlock significant funding opportunities for these enterprises, enabling them to thrive and contribute to economic growth,” said Makhtar Diop, IFC Managing Director.

The program will begin in Nigeria, where C2FO estimates that a national supply chain finance platform could unlock around US$25 billion in annual financing for MSMEs. IFC has estimated that for every US$1 million of working capital made available in developing countries,16 new jobs are created over two years.

“C2FO is honored and delighted to collaborate with IFC to broaden the global impact of our working capital finance model throughout Africa. We believe this innovative approach will provide much-needed liquidity to MSMEs, helping them to grow and succeed,” said Alexander “Sandy” Kemper, C2FO founder and CEO. “It’s only natural that this work begins in Africa’s most populated country, Nigeria, which has an especially promising small business sector.”


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General News

FBI Sends Team to Nigeria to Track Down ‘Sextortion’ Scammers

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Sextortion scams have become so widespread that the Federal Bureau of Investigation (FBI) is sending agents to Nigeria to help track down the perpetrators.

FBI Sends Team to Nigeria to Track Down 'Sextortion' Scammers

The agency’s “Operation Artemis” has led to the arrest of 22 Nigerians, half of whom are “directly linked” to sextortion incidents in which victims died by suicide.

Sextortion scams often begin on social media, where perpetrators pose as attractive young women to lure victims—typically unsuspecting teenage boys—into sending nude photos or explicit videos.

Once the images are obtained, the scammers turn to blackmail, threatening to leak the content unless the victim pays up.

In some cases, the sextortion results in teenage victims taking their own lives over fear of the nudes leaking.

In Thursday’s announcement, the FBI noted it’s been “observing a significant increase over the last three years in financially motivated sextortion schemes targeting young males ages 14-17, resulting in more than 20 minor victims dying by suicide.”

The agency is also facing a 30% year-over-year increase in sextortion-related tips.

“According to the FBI’s Internet Crime Complaint Center or IC3, there were over 54,000 [extortion-related] victims in 2024, up from 34,000 in 2023,” it said.

“Over the last two years there have been nearly $65 million dollars in financial losses due to this crime.”

In response, the FBI says 55 agency field offices came together to identify “nearly 3,000 victims of financially motivated sextortion,” which led investigators to track down the culprits in Nigeria.

The US has since extradited at least three suspects from Nigeria.

“These subjects will now be held accountable in the American justice system, with more subjects still awaiting extraditions in Nigeria,” the FBI added.

 

 

 

 


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FBNQuest Trustees Hosts Estate Planning Summit in Port Harcourt

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L-r: Head, Private Trust, FBNQuest Trustees, Rotimi Obende; Group Head, Wealth Management and Investment Advisory, FirstBank Nigeria – Private Banking, Dike Nze-Dike,; Head, Marketing and Business Development, FBNQuest Trustees, Abimbola Ajinibi; Acting Managing Director, FBNQuest Trustees, Babajide Fetuga; Private Trust Specialist, FBNQuest Trustees, Mutiat Olatunji and Head, Trust Investment and Strategy, FBNQuest Trustees, Yosola Odunaiya at the Estate Planning Summit recently held in Port Harcourt, Rivers State.
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FBNQuest Trustees Limited, a subsidiary of First HoldCo Plc, provider of trust solutions to individuals, corporate and government institutions, recently hosted its inaugural Estate Planning Summit in Port Harcourt.

The maiden event, themed: Wealth Preservation and Transfer without Hassle, was organised to strategically enlighten and empower the participants with the necessary knowledge required to seamlessly manage and successfully transfer their assets and legacies to their beneficiaries.

Speaking at the event, the Acting Managing Director, FBNQuest Trustees, Babajide Fetuga, stressed the critical importance of seeking professional guidance on estate planning, preservation and transfer of wealth to successive generations and other beneficiaries. He stated that a professionally drafted estate plan gives no room for any form of ambiguity; hence, it provides clear directives on what to do at any time.

‘’The potential consequences of not having an estate plan include perennial family disputes and protracted court cases, which may result in a huge financial burden and foster long-lasting resentments among loved ones if proactive steps are not undertaken to protect individuals, families and loved ones from avoidable stress.

‘’Understanding the values of wealth preservation is crucial. It is vital to recognize the importance of having a strategic estate planning blueprint, and we are determined to educate you with knowledge that not only informs but inspires you to take the necessary actions as you move forward,” he added.

FBNQuest Trustees is dedicated to promoting effective estate planning solutions. The company has a track record of successfully hosting estate planning summits in Abuja, Lagos, Minna and Ibadan and continues to emphasize the importance of thoughtful planning through initiatives like the Legacy Series Campaign and the Legacy Room podcast.

The summit featured industry experts who delivered valuable insights on the significance of wealth preservation and transfer, addressing the residents of Port Harcourt and its environs. The discussions focused on practical approaches and proactive measures attendees can adopt to manage their estates effectively and minimize potential future challenges.


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Meta Tightens Spam Controls to Elevate Original Content on Facebook

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Meta has announced new measures to tackle spammy content on Facebook, aiming to enhance the Feed experience and support authentic creators. These updates are part of Meta’s broader commitment to fostering a platform where meaningful interactions thrive.

The initiative includes reducing the visibility of spammy content. Accounts that share duplicate posts, irrelevant captions, or excessive hashtags will lose reach and monetization eligibility. Spam networks that create multiple accounts to share identical content will also face decreased visibility.

Meta is increasing efforts to detect and remove fake accounts and pages involved in coordinated engagement or impersonation.

In 2024, the platform removed millions of such accounts. Features in Moderation Assist have been enhanced to auto-hide comments from suspected fake identities, and creators can now report impersonators directly in comments.

To further support original content, Meta continues to improve its Rights Manager tool, helping creators protect their work. Updated guidance aims to encourage creators to share authentic and engaging content to ensure their success on the platform.

Oluwasola Obagbemi, Head of Communications for Sub-Saharan Africa at Meta, emphasized the importance of creating an environment where creators who invest in meaningful content are recognized and rewarded.

Meta remains committed to fostering a positive and authentic environment for creators and users alike. Let me know if you’d like more adjustments!


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