General News
‘Yookos Set to Bridge Africa’s Digital Divide’
Tomisin Fashino is the group CEO of Yookos.com, an Africa based social networking site. A computer engineering graduate of Obafemi Awolowo University (OAU and an MBA from the University of Lagos; Fashino started his carrier with JHK, a Lagos based computer company as a corper. His post NYSC saw him sojourn in the banking terrain as an IT professional across the EMEA. In 2011 he resigned to establish Yookos.com. Fashino spoke with peter ugwu on the company’s agenda. Excerpts.
Overview of Yookos.com
Yookos is an African social networking site. Yookos commenced on January 1, 2011; but only went commercial six month later in June. So, we are barely a year. We identified an opportunity to create a unique cosmological social networking platform that will bring our people together – those living in the African continent and others in Diaspora. A lot of times, we talk about social networking, and one will discover that some parts or continents of the world have developed networking infrastructure that promote their interests, values and ideas. For instance, Brazil, today has its special site, even China has two or three. So, we believe that there is an opportunity to have something that is uniquely African and that is the opportunity Yookos is ceasing.
Why Africa?
We also launched Yookos to enable us bridge a perennial digital divide that has plagued Africa and to bring Africa into the mainstream of global communications. How do I mean? In Africa today, there is about a billion people, out of this number, only about 140 million have access to the internet. That figure represents 14 percent. The global average is 32 per cent. It means that there is a significant digital divide that seats in Africa and remember that it is only 14 per cent now with the advent of mobile.
Before the advent of mobile telephone in Nigeria, only about a hundred thousand people had access to internet – that figure has risen to over 45 million. Then you can imagine that phenomenal growth in a period of 12 years, because the revolution started in year 2000. And the major driver is mobile telephony. So, we thought that to bridge the divide and even bring Africa to the global average, it means that we need about 250 million Africans to have access to the internet.
Can Africa afford 250m PCs?
I think that will be impossible now; not from our infrastructure and wealth. So, the generation of mobile phone is here. In essence, it is very possible to bridge the gap, but not on the traditional laptops. Africa is diversifying to mobile. For instance, we presently see more of iPads, Android, BlackBerry and other smartphones. Recently, I read an article on a business magazine that Nigeria is now the biggest market for BlackBerry world wide.
Yookos has identified that as a significant niche and we have launched our apps on IoS devices, that is iPads, iPhones, Android, tablets and of course, the BlackBerry. Launching our apps on these platforms make them available and make any Yookos user gain easy access to Yookos. These applications are available on Apple Stores – it is called Yookos mobile. It is part of our commitment to bridging the digital divide and to make the platform relevant to or growing user base, taking into cognizance that not everyone will get a whole of these on laptops.
For instance, while going for business trips, all I need is my iPad – the laptop is becoming increasingly no longer fashionable. With the advent of the smaller devices, you will discover that they can actually do virtually all that a laptop can do. The smaller it becomes the more convenient and available it becomes.
Digital Divide
We got huge ambitions and currently have over seven million users across the world. We are been accessed from over 180 countries and territories and we will continue to grow. Like I earlier stated, we have a cosmological social networking, however we are not restricted to Africa. The site is open to everybody, although we are focusing our marketing strategy on Africa. We looked at it and said with all the hype about Facebook, how many users are from Nigeria, only 4.5 million; in a country of 160 million people. Africa as a whole, there are 40 million Facebook users, out of a global 900 million connections.
So, there is still a huge digital divide – Africa lags behind. And we are saying that we can do something uniquely African. If China, Brazil, Russia, and India can do it, we can do it as well.
Economic Value
Talking about the economic value is not about how we will make money with Yookos. Yes, it is a business and we know that we are going to make money, but before that you must invest, build a product and render services that people will be willing to buy or patronise. In the social networking business, what is most important is to ensure that there is relevance, the product capacity is there and acceptance in the market. More so, value addition, once we have these and people see reasons to interact and connect; view our content as acceptable that will go along way in making Yookos the peoples’ delight.
We are a private company. We have invested heavily to get to the stage we are now. We have developers still working in both U.S and South Africa to make sure the system meets global standards. It is challenging because if you are going to play in that field, you better be playing very right. We have advert banners on our web version, but not yet on the mobile apps version. The purpose is to add value to what African have to showcase to the world. And currently with seven million users, we are projecting to get up to 20 million users by the end of the year and if you ask me, we will have a hundred million by 2013.
Inculcating Moral Values
We are a value based organization, which means there are certain contents we do not permit, like pornographic pictures, foul languages, villains, threatening comments, among others. However, it does not fall under the purview of social networks to give you moral values. Moral values exist in the society. A social network can only enhance what exists in the society. And what does a social networking site enhances if not openness, transparency, communications that is free flow of information and ideas.
One of the things we must realize is that things that went wrong happened that way because there was no appropriate information or access to valuable information. But if I can go on social network and tell someone doing something the wrong way, the consciousness to embrace the right thing will be reactivated. While we were growing our parents thought us that things should be kept secret; the days that people can’t tell you where they live, but today, everything is virtually online; the openness of the social media makes everyone would want to belong there. And the more it becomes open, the more the moral rectitude of the country gets better.
Who regulates the internet? As a social platform, however, we self regulate to ensure comments, pictures that are not edifying or threatening are not given opportunities to make waves on the platform. In fact it is a combination of our self regulations and our user community that regulate what happens there. We have rules, so on signing up, one has automatically accepted to play the game according to the rules. The terms and conditions are not ambiguous; anyone who violates them, we reserve the right to investigate, although no body will be just shown the way out, but the right thing must be done.
Strategy and Expectations
We seek, in few years, to dominate Africa. We are getting to a point where if someone needs profile about any African, he or she should be able to find that on Yookos. We are getting to a point that Yookos becomes the tool for communication in Africa. We are building on other things like Yookos Literature, Yookos Education, Yookos Music, etc. We have already launched Yookos games. And we are making sure that the applications are relevant to the people. On the literature, there is something for everybody. Suffice it to say that we are going to compete well in Africa.
Selling Africa to Africans
We want everyone to embrace it as truly African. We are not just selling Africa to Africa, but we want Africans to appreciate the digital age; getting them to talk and see each other. For instance, Facebook is making impact in parts of the world is because they throw it open for apps to be written, we are doing the same. Interestingly, undergraduates in Africa will have better stories to tell, because we are taking the platform to universities in Africa. We have a lot of universities offering computer studies, but what are the chances that somebody in University of Abeokuta or a student in Malawi will write an app and get to Facebook. Such app will get to Yookos that is what makes it African. We don’t need hand outs and aides, rather opportunities.
General News
AFC Proffers Action Plans for Nigeria, Africa to Unlock $4trn from Investors to Grow Economy
Nigeria and other African nations can tap up to $4 trillion in capital from institutional investors, an amount that could be used to fund the continent’s infrastructural gaps and engineer much-needed economic growth, according to the Africa Finance Corporation.
While there are as investable domestic capital across banking assets, institutional funds, and reserves, the multilateral lender revealed on Thursday that funds are still being channeled into “low-risk and short-term instruments instead of being channelled into the real economy.”
“Redirecting more savings into the real economy is critical,” said Rita Babihuga-Nsanze, AFC chief economist and director of strategy, speaking during the AFC’s 2025 State of Africa’s Infrastructure briefing. “Africa must build its intermediation infrastructure to match its development needs.”
Nigeria is however demonstrating how Africa can unlock domestic capital for infrastructure, with its pension fund investments in the sector rising from just $6 million in 2015 to more than $155 million in less than a decade.
This milestone, driven largely by reforms and credit enhancement mechanisms like InfraCredit, underscores the growing role of pensions in financing long-term development on the continent.
Data from the Africa Finance Corporation (AFC) shows that as of February 2025, Nigeria’s infrastructure-related pension assets had grown to N250.87 billion, representing 1 percent of total assets under management (AUM).
This is a sharp increase from the N1.19 billion recorded in 2015, which stood at just 0.02 percent of AUM.
A turning point came in 2017, with the launch of InfraCredit and Nigeria’s maiden corporate infrastructure bond. The credit guarantee initiative helped de-risk infrastructure projects, attracting conservative institutional investors like pension fund administrators (PFAs).
Chinua Azubike, managing director of InfraCredit said the credit-guarantee institution has helped facilitated bonds to build critical infrastructure, citing the bond raised for the construction of the Lagos Free Zone.
Azubike noted that while perception of risks persists, the company has “zero default rate” despite being involved in well over 12 sectors.
But while Nigeria’s growth is notable, pension allocations across Africa remain largely skewed toward low-risk, short-term instruments such as government securities and money market funds.
In countries like Ghana and Uganda, over 75 percent of pension assets are held in government bonds. Nigeria itself still holds 63 percent of its pension assets in these instruments.
This conservative stance, analysts say, reflects both regulatory caution and the underdevelopment of local capital markets.
In contrast, economies like India and OECD countries show a more balanced allocation, with significant exposure to corporate debt, real estate, and alternative investments. For example, OECD pension funds allocate nearly 20 percent to alternatives, according to AFC data.
To replicate Nigeria’s model, experts are calling for a coordinated effort to deepen capital markets, build risk assessment capacity, and create vehicles that can intermediate long-term finance effectively.
Beyond returns, pension investments in infrastructure have the added benefit of creating jobs, boosting productivity, and supporting economic resilience, critical needs in a post-pandemic, climate-vulnerable Africa.
Association of Set-Top Box Manufacturers of Nigeria (STBMAN) has accused the National Broadcasting Commission (NBC) of sidelining indigenous manufacturers and flouting a subsisting court order in its push to launch a new satellite-driven Digital Switch Over (DSO) scheme, tagged ‘The Big Picture’.
Charles Ebuebu, director-general, NBC
The group is calling on President Bola Tinubu to urgently intervene.
STBMAN, in a statement issued by Sir Godfrey Ohuabunwa, its chairman, described the NBC’s approach as “incoherent and unfair”, alleging a consistent pattern of disregard for existing agreements and stakeholders.
“It is becoming routine for the Commission to embark on a course without the slightest consideration to agreements and for key stakeholders in the DSO ecosystem,” the group stated.
The manufacturers expressed concern over NBC’s plan to import five million hybrid set-top boxes from China, despite a presidential executive order promoting local content in procurement.
They argue this move contradicts the “Nigeria First Policy” and undermines years of local investment.
“NBC should therefore be a promoter of economic activities and not a destroyer of ideas and investments,” STBMAN said, highlighting that its members still hold unsold boxes manufactured to NBC’s original specifications.
READ THE FULL STATEMENT BELOW:
PRESS RELEASE BY THE ASSOCIATION OF SET TOP BOX MANUFACTURERS OF NIGERIA, ON THE JOINT PRESS RELEASE BY THE DIRECTORS GENERAL OF THE NATIONAL BROADCASTING COMMISSION (NBC) AND NIGCOMSAT ON THE UNVEILING OF SATELLITE DRIVEN DIGITAL SWITCH OVER (DSO) TAGGED ‘‘THE BIG PICTURE’’.
The Association of Set Top Box Manufacturers of Nigeria (STBMAN)is once again compelled to issue a statement on the very incoherent and unfair practices being pursued by the National Broadcasting Commission (NBC)in its implementation of the FGN’s policy on the migration from analogue to digital broadcasting. Regrettably, it is becoming routine for the Commission to embark on a course without the slightest consideration to agreements and for key stakeholders in the DSO ecosystem.
The public is invited to note that STBMAN is a body of technology driven businesses and is not averse to the introduction and use of new technologies.
Similarly, it should be noted that the Association is not alluding to any inference that it should be the ultimate determiner of how the project is implanted.
For any keen follower of the DSO since its conception by the DigiTeam, it is not far- fetched to recall its decision on the adoption of the Digital Terrestrial Television (DTT) option as against the DTH on grounds of the cost that will be difficult to bear by the larger part of the TV viewing population.
Secondly, as at today the Federal Government of Nigeria has spent close to over N60Billion on DSO program, excluding Millions of Dollars spent by Broadcast Signal Distributors, local DTT factories and other stakeholders who have deployed DTT Infrastructure. This is not minding the over 10 million Poor Television Households that will be impacted by mindless action of hybrid box.
As we are not averse to any change of any government policy, it is on record that STBMAN at various times have encouraged NBC to partner with NIGCOMSAT to provide the necessary signal transmission/ coverage to ameliorate the heavy cost that was being paid to foreign satellite distribution/ carriers but the NBC outrightly refused to consider this.
It is heart-warming to note finally that NIGCOMSAT is now the latest and best to provide signal coverage.
Curiously, the Press Release stated that local manufacturers would be engaged to produce hybrid compliant reception devices yearly, yet there has been no form of engagement with the 13 licensed STB manufacturers who have committed huge financial cost in the manufacture of DTT boxes specifically ordered and made to specifications provided by the NBC/ Digiteam.
It is imperative for the public to note that the STB manufacturers have toiled and sacrificed for the success of the DSO but at each turn, there appears to be deliberate and calculated move to scuttle their efforts and investments.
For almost 10 years, members of STBMAN have been left with scores of boxes in their warehouses without being able to sell because of NBC’s inability to deliver on its obligations and contractual agreements.
The least that any well-meaning governmental body that cares for the growth of its economy should have done, would have been an engagement with the existing licensed manufacturers to work out an acceptable arrangement, considering the financial investments as well as the changes in technology that have become necessary to undertake.
The public is invited to note further that it was on grounds of this and NBC’s attempt to undermine the agreement and the exclusivity granted the pioneer manufacturers that the Association took out a Writ of Summons in Suit No: FCT/HC/GAR/CV/442/2024 to protect its interest by seeking Court intervention to stop any attempt at licensing new manufacturers of STBs. It is *instructive to emphasis here that on the 11th day of September 2024, the High Court of the Federal Capital Territory, sitting in Abuja made interim orders restraining NBC from taking any further step in relation to the reliefs being sought by the Claimants.
Notwithstanding the fact that NBC is not only seized of the pendency of the case/ action but has joined issues with the Claimants, it has chosen the path of contempt to short circuit the ends of justice.
An order of court, whether valid or not must be obeyed if it is subsisting by all no matter how lowly or lightly placed in society until it is set aside. This is what the rule of law is all about.
As if NBC is running a different Government, in the press release, they intend to import 5,000,000 Hybrid/DTH Set Top Boxes from China, in total disregard of the Presidential Executive Order “The Nigeria First Policy’ which makes it mandatory, that Nigeria comes first in all procurement processes.
No foreign goods or devices that are already produced locally will be procured without a clear justified reason. Accordingly, the policy reflects the vision of President Ahmed Tinubu GCFR in industrializing Nigeria, shielding the economy from global shocks and building sustainable local capacity. NBC should therefore be a promoter of economic activities and not a destroyer of ideas and investments.
In the light of the foregoing, we call on Mr. President, Alh. Bola A. Tinubu GCFR to urgently wage in and stop this rather dangerous trend sought to be perpetrated by the NBC leadership and its advisers.
Thank you.
For: ASSOCIATION OF LICENCED SET TOP BOX MANUFACTURERS OF NIGERIA. (STBMAN)
SIR GODFREY N. OHUABUNWA
CHAIRMAN
Jumia, Africa’s e-commerce platform, is celebrating 13 years of transforming the way Nigerians shop. Since its launch in 2012, Jumia has evolved into more than just an online shopping destination. It has become a catalyst for economic growth, digital inclusion, and everyday convenience for millions of Nigerians.
From small business owners and rural consumers, Jumia has played a key role in shaping a more inclusive digital marketplace. Over the past decade, the platform has helped hundreds of local and international brands reach customers across the country, while also supporting thousands of sellers with tools, training, and access to logistics and digital payments.
To commemorate this milestone, Jumia is launching the 2025 Anniversary Campaign under the theme “Enjoyment Overload”, running from June 2 to June 22. While the campaign will feature attractive deals from Nivea, Xiaomi, Itel, Diageo, Ecoflow, Skyrun, Oraimo, Adidas, Reebok, Unilever, Reckitt, and more, it also reflects a deeper celebration of the brand’s enduring impact.
“We are proud of the journey so far, not just in terms of business growth, but in the real-life stories of empowerment and access that Jumia has made possible. With this anniversary campaign, we’re pulling out all the stops to create a celebration that rewards loyalty, excites new users, and showcases the very best of what e-commerce can offer.
This is our way of saying thank you to the millions of Nigerians who have grown with us, challenged us, and inspired us every step of the way,” said Sunil Natraj, CEO, Jumia Nigeria.
“Beiersdorf Nigeria owner of Nivea Brand, is proud to partner with Jumia as the Platinum Sponsor for the 2025 Jumia Anniversary Celebration. This three-week event allows us to showcase our commitment to skincare innovation and reward consumers nationwide.
“NIVEA will highlight key innovations, including our new NIVEA SUNSCREEN – UV Face, re-launched Deep Maxx Tech Body Lotion, and Radiant & Beauty Even Glow, specially designed to meet the unique skincare needs of African skin.
“Through this partnership, we’re bringing trusted skincare solutions to more Nigerians, with exclusive discounts and a 4.5 million Naira grand prize for the top shoppers,” said Dele Adeyole, Country Manager, Beiersdorf Nivea Consumer Product Limited.
Shoppers can look forward to daily flash deals, brand days, games, treasure hunt, and exciting giveaways from Jumia and partner brands.
As Nigeria’s digital economy continues to evolve, Jumia remains committed to simplifying daily life through technology, innovation, and a customer-first approach.
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