General News
PTDF Hit by Cash Crunch

Petroleum Technology Development Fund (PTDF) weekend, said that the federal government was owing it a total of N57 billion appropriated for it in the 2013 budget, saying the development had negatively affected the agency such that it was already owing two months workers salaries.
Similarly, the agency said it had temporarily suspended funding of scholarships for students under its responsibility until the Federal Ministry of Finance releases the said amount.
Dr. Oluwole Oluleye, PTDF executive secretary, who disclosed this to the Senator Emmanuel Paulker–led Senate Committee on Petroleum Resources (Upstream), during the committee’s oversight tour of the agency’s projects, regretted that his organisation was owing its workers two months salaries, due to the cash crunch arising from unpaid N57 billion.
The development, he added, had also made the agency not to offset the required financial bills of many of the students enjoying its scholarships in various universities abroad.
Oluleye reminded the Senate committee that multi-billion dollar statutory “signature bonus” payments have been withheld from PTDF over the years.
“PTDF is not the one people used to know in the past. It is now a different PTDF without funds.
“We (PTDF) have managed to keep the scholarship students afloat and I have had to travel to some of the schools to explain the challenges and they (foreign universities) have been very understanding,” he said.
He added: “PTDF cannot pay salaries. We only managed to pay junior staff. If funds are not released, within the next two months beginning from this month, we may close shop.”
He disclosed that his agency had written severally for the release of the debt but regretted that all had been without success.
The agency’s budget performance report for the period, January – August, 2013 made available to newsmen showed that PTDF, in its “Income” category of N70,991,361,152 budgeted for the 2013 fiscal year, only N13,751,331,413.06 has so far been released to the agency resulting in a dismal 19.37 % budget performance.
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.
- Broadcasting2 days ago
Nigeria Week Ahead: Inflation, Oil and Naira in focus
- News2 days ago
EFCC: Accusations Against Our Chairman Are Baseless and Misleading
- General News12 hours ago
Woodhall Capital and Partners Launch ₦1.5Bn Fund
- Telecom12 hours ago
MTN Nigeria Targets $1Bn Cloud Market with Largest Modular Data Centre
- E-Business12 hours ago
Firm Highlights Top Risks of Quantum Computing
- General News12 hours ago
AM Best Reaffirms Stable Outlook for Cyber Insurance Market
- News12 hours ago
FirstBank, NLNG, Shell back QEDNG Creative Powerhouse Summit
- News12 hours ago
Experts Urge MSMEs to Build Strong Partnerships in Solving Problems,