E-Financial
Paxful and the Built with Bitcoin Foundation to Fund the Qala Fellowship

Paxful, the leading global peer-to-peer fintech platform with 2.5 million African users, announced that it will be donating to the Human Rights Foundation, a nonpartisan, nonprofit organization that promotes and protects human rights globally, with a focus on closed societies.
Paxful will be making the donation alongside the Built With Bitcoin Foundation, a humanitarian organization devoted to creating equitable opportunity by providing clean water, access to quality education, sustainable farming, and humanitarian support—all powered by cryptocurrencies.
The donation will fund the Qala Fellowship, a program to find and grow local Nigerian talent starting with developers to build careers in the Bitcoin space.
The Qala Fellowship, which is currently accepting applications, aims to get more developers from Africa working on Bitcoin, building their own companies, contributing to open source, and/or getting jobs working on Bitcoin in different companies. Developers will also receive a monthly stipend so they can stay focused on course work.
Starting with ten developers, the academy’s inaugural program will consist of a six-month intensive bootcamp focused on how to build on Bitcoin and provide students with the resources they need to succeed — such as connections for internships or full-time roles and guidance on contributing to core and other Bitcoin open source projects. During the course, participants will also hear career talks from other developers, CEOs, product managers, and experienced players in the Bitcoin space. The goal is to scale the initiative by developing a framework and curriculum that can be replicated for similar programs in both Nigeria and other parts of the world.
Ray Youssef, co-founder and CEO of Paxful, said: “Paxful follows energy and it’s clear that the Nigerian youth will make a profound impact on the global economy through Bitcoin. They have entrepreneurship baked into their DNA but they have not been given the chance to showcase their talent on the global stage. First and foremost, the Qala Fellowship is a career roadmap for Nigerian developers. But it also is a way to support the local economy and a means for Bitcoin to capture more developer mindshare. We’re proud to fund this project and cannot wait to see what these developers create.”
Alex Gladstein, chief strategy officer at the Human Rights Foundation, said: “If Bitcoin is going to be a global currency, then it needs to be built by people around the world. There are millions upon millions of Bitcoin users in Nigeria, Ghana, Kenya, South Africa, and other nations, but relatively few Bitcoin developers and contributors coming from these regions. We are delighted to support the Qala Fellowship to bring more African perspectives and talents into the Bitcoin project and ecosystem.”
Bernard Parah, program lead of the Qala Fellowship and the co-founder and CEO of Bitnob, said: “Growing up in Nigeria, I have a fierce sense of pride for local developers looking to make a difference. I’ve also seen what Bitcoin is capable of doing – with far reaching implications beyond speculation. I’m incredibly proud to lead the development and enactment of this program as I believe that Africa has a lot to contribute to the Bitcoin economy. And we’re just getting started.”
Founded in 2015 and completely bootstrapped since then, Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia.
The team has doubled in size over the last 12 months, growing to over 400 people.
E-Financial
First Asset Management Surpasses ₦1 Trillion in Assets Under Management

First Asset Management Limited, a leading investment management firm in Nigeria and a subsidiary of First HoldCo Plc., has announced a significant milestone, the company has surpassed ₦1 trillion in Assets Under Management (AUM).
This achievement reflects the firm’s steadfast commitment to delivering exceptional client service and strong investment performance. It also underscores the trust and loyalty shown by its clients, partners, and stakeholders, which have been instrumental in driving the company’s sustained growth.
Speaking of the milestone, Ike Onyia, Managing Director of First Asset Management Limited, credited the accomplishment to the enduring support of the firm’s clients and stakeholders.
“This milestone is a clear indication of the confidence placed in us by our clients and partners. It highlights the firm’s ability to deliver successful investment outcomes and reinforces its dedication to fulfilling its mandate,” Onyia said.
He went on to express deep appreciation to the firm’s clientele: “The continued partnership of our clients is not taken for granted. Their commitment has been pivotal, and the performance of their investments inspires the team’s dedication to providing best-in-class service. As the firm continues to grow, it remains focused on deploying innovative and forward-looking investment strategies tailored to each client’s financial goals.”
E-Financial
Court Rejects Bid to Stop CBN from Using e-Naira Trademark

Federal High Court in Abuja has rejected the request to stop the Central Bank of Nigeria (CBN) from using the e-naira trademark for the growth of the country’s economy.
Justice James Omotosho refused to grant the request brought before him by E-naira Payment Solutions Limited, a private company, which had dragged the CBN before the court, praying for an order of interim injunction restraining the apex bank from using the e-naira trademark on the grounds of lack of ownership.
It claimed that the disputed e-naira trademark was its sole property based on the acceptance of its application for registration by the Trade Marks Registry of Nigeria.
The plaintiff claimed that its ownership of the trademark was being threatened by the CBN’s bid to hijack the mark, adding that it would suffer irredeemable damages if the apex bank were allowed to assume ownership of the mark.
In a motion on notice marked FHC/ABJ/CS/2021, E-naira Payment Solutions Limited asked the court to stop the CBN from communicating with the United States Patent and Trademark Office regarding the disputed trademark until the dispute is fully resolved.
It also pleaded with the court to stop the United States from processing the CBN’s application for the formal registration of the e-naira trademark for use by the CBN and the federal government of Nigeria.
However, the CBN, in its defence, pleaded with the court to reject the request on the grounds that the e-naira trademark is a national asset that can only be owned and used by the federal government of Nigeria and itself.
The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trade Marks Registry of Nigeria had since been voided and withdrawn through a letter dated 15 November 2021.
CBN, while describing the e-naira trademark as national intellectual property, informed the court of its possession of a registration certificate from the Trade Marks Registry of Nigeria in line with Section 22 of the Trade Marks Act and that it was on the verge of securing registration from the United States Patent and Trademark Office.
The bank maintained that the e-naira trademark cannot be owned by an individual or private corporate body such as E-naira Payment Solutions Limited and faulted the ownership claims of the plaintiff, adding that there was no proof of its claim in Class 36 that it had registered the mark with the Trade Marks Registry of Nigeria.
Contrary to the plaintiff’s claim, the CBN, in its defence, insisted that Nigeria would suffer huge losses in its economy and reputation in the international community.
In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer greater damage than the plaintiff if the request were granted.
The judge held that the letter written by the CBN to the United States Patent and Trademark Office, advising it not to accept the plaintiff’s application, was a preservatory measure aimed at protecting Nigeria’s interests, not a malicious act as claimed by the plaintiff.
Justice Omotosho, while rejecting the request, awarded costs of N50,000 against the plaintiff, to be paid to the CBN before the adjourned date for the hearing of the substantive suit. He fixed 26 June for the hearing of the substantive matter.
E-Financial
FMITI, NGX Group Partner to Achieve $6Bn Investment Target

The Federal Ministry of Industry, Trade and Investment (FMITI), under the leadership of Honourable Minister Dr. Jumoke Oduwole, MFR, has reaffirmed its commitment to Nigeria’s economic transformation through a robust partnership with the Nigerian Exchange Group (NGX Group).
This collaboration was highlighted during the distinguished Closing Gong Ceremony at the NGX, Lagos, where Dr. Oduwole outlined FMITI’s ambitious target to facilitate $6 billion in foreign investment into Nigeria’s productive economy in 2025.
Oduwole was at the Nigeria Stock Exchange (NGX) on invitation by the Board and Management of Nigerian Exchange Group Plc (NGX Group) to perform the distinguished Closing Gong Ceremony on Nigerian Exchange, Lagos.
This symbolic ceremony, held on trading days, marks the formal close of the market and provides an excellent platform to showcase leadership, inspire stakeholders, and address critical economic issues.
Of the $6 billion target, $3 billion is projected to come from Foreign Direct Investment (FDI) into key sectors such as infrastructure, manufacturing, agribusiness, technology, and renewable energy.
These sectors are pivotal to creating jobs, promoting exports, and enhancing Nigeria’s productive capacity. Another $3 billion will be mobilized through Foreign Portfolio Investment (FPI) by leveraging innovative financial instruments like green bonds, diaspora-linked securities, and SME-focused platforms.
These efforts aim to deepen market liquidity and align capital flows with national priorities.
Oduwole emphasised the integral role of capital markets in driving economic resilience and sustainable growth, stating: “Deepening Nigeria’s capital markets is fundamental to improving investment flows, creating jobs, and sustaining long-term economic resilience.”
Ahonsi Unuigbe, Chairman of Nigerian Exchange Limited (NGX), reinforced the importance of this collaboration, noting that, “capital markets are powerful engines of innovation, business expansion, and economic inclusion, all of which are essential to advancing Nigeria’s industrialisation objectives.”
Temi Popoola, Group Managing Director/CEO of NGX Group, high – lighted the Exchange’s technologydriven vision.
“We are building a next-generation exchange ecosystem designed to de – mocratise investment opportunities, enhance market liquidity, and position Nigeria as a competitive destination for both domestic and international capital,” he said.
Partnership Opportunities and Achievements The engagement brought together key stakeholders from the capital market ecosystem, all of whom reaffirmed their commitment to supporting FMITI’s initiatives.
Notable areas of collaboration include: Strategic Listing of State Owned Enterprises (SOEs): Building on the successful corporatization of the Nigerian National Petroleum Company (NNPC), the listing of SOEs is expected to unlock significant value, enhance transparency, and deepen market liquidity.
Empowering SMEs: Efforts are underway to establish a dedicated capital market platform for small businesses, providing access to funding, capacitybuilding programs, and pathways for sustainable growth.
Green and Sustainable Finance: The NGX Impact Board is set to mobilize capital for high-impact projects through instruments like green and sustainability bonds, supporting climate resilience and infrastructure development.
The NGX Group also emphasized its role as a gateway to capital markets, offering a robust platform for cross-border investments.
This aligns with FMITI’s vision to restore investor confidence and attract foreign capital, as evidenced by the recent rebound in Foreign Direct Investment (FDI), which rose to $2.6 billion by Q2 2024.
A Shared Ambition for Nigeria’s Prosperity Speaking at the ceremony, Alhaji (Dr.) Umaru Kwairanga, Chairman of NGX Group, commended the Ministry’s leadership and bold reforms, which have set the stage for inclusive growth.
“By fusing policy innovation with market infrastructure, we can catalyze a new era of sustainable growth and national development,” he stated.
As Nigeria moves toward its $1 trillion GDP target by 2030, FMITI and NGX Group remain steadfast in their shared ambition to build a prosperous, inclusive, and resilient economy.
Together, they aim to align investments with national priorities, unlock the full potential of Nigerian enterprise, and create tangible opportunities for all Nigerians.
- Telecom2 days ago
Fines: Meta Threatens to Shut Down Facebook, Instagram in Nigeria
- General News2 days ago
How Investments in Reskilling and Trust Help Businesses Succeed in the Agentic AI Era
- Telecom2 days ago
Premier League Fever Builds as MTN Nigeria Stages Dual-City Watch Parties This Weekend
- E-Business2 days ago
Nigerians to Pay More for IDs as NIMC Raises Service Fees
- E-Financial2 days ago
FMITI, NGX Group Partner to Achieve $6Bn Investment Target
- E-Business2 days ago
PwC says AI Adoption by African Businesses will Unlock Growth
- News2 days ago
NITDA, RHI, Commission IT Community Centre in Ibadan
- Broadcasting2 days ago
History as TVC News Unveils Nigeria’s First AI-Powered News Anchors