President Tinubu signs law classifying crypto as securities

Nigeria’s President Bola Tinubu has signed a new law strengthening SEC oversight of cryptocurrencies and classifying them as securities.

Nigeria‘s President Bola Ahmed Tinubu has signed the Investments and Securities Act 2024 into law, classifying cryptocurrencies as securities under the regulatory authority of the Nigerian Securities and Exchange Commission, local news outlets report.

The new law replaces the ISA 2007 Act and reportedly expands the SEC’s role in overseeing Nigeri’s capital markets, including crypto exchanges. The act also enforces tougher penalties for Ponzi schemes, which are commonly linked to the crypto market.

For example, those convicted of running Ponzi schemes could face a prison sentence of 10 years or more, along with a minimum fine of N10 million (about $6,500). The total financial penalties could go up to N40 million (around $26,000), depending on how serious the offense is.

Nigeria’s tech-savvy population has turned to cryptocurrencies as a way to protect against high inflation and the sharp decline of the naira against the dollar since mid-2023. According to data from Chainalysis, the country received approximately $59 billion in cryptocurrency value between July 2023 and June 2024.

Since taking office in 2023, President Bola Tinubu has focused on fiscal reforms aimed at boosting government revenue and reducing the budget deficit, including revamping tax administration. The push for regulation brings Nigeria in line with other regions like the European Union with its Markets in Crypto-Assets, all of which have moved to regulate cryptocurrencies.

By Denis Omelchenko, Crypto News

PalmPay Unveils Debit Card in Nigeria, Expanding Its Digital Banking Ecosystem

PalmPay, a leading digital bank and fintech platform focused on emerging markets, has launched the PalmPay Debit Card in Nigeria in partnership with Verve, Africa’s largest domestic card scheme.

The launch of its debit card represents a key milestone in PalmPay’s evolution – from a mobile wallet known for it’s fee-free transfers and cashback rewards into a full-service digital banking platform offering an integrated ecosystem for payments, savings, credit, insurance, and now, card access.

The new PalmPay Debit Card brings advanced features such as savings yield on deposits and merchant rewards within reach for mass market users in Nigeria. With zero maintenance fees, a simple in-app application process, and nationwide delivery, PalmPay aims to convert millions of its 35 million users to become cardholders this year. The card is accepted at all merchants in the Verve network, and supports both debit and contactless transactions.


"This launch is another step forward in our mission to deliver accessible, reliable and rewarding financial services. With the PalmPay Debit Card, we are expanding our ecosystem and enabling our users to pay and earn rewards at even more touch points, including across offline and online commerce. And for merchants, this opens up new opportunities to reach millions of Nigerian digital consumers and collaborate with us to build reward-driven experiences that boost loyalty and sales."

– Sofia Zab, Chief Marketing Officer, PalmPay

Alongside the standard debit card, PalmPay is also rolling out PalmPay Premium, a new reward scheme and card designed for high-volume users. It offers enhanced perks such as priority support, advanced financial tools, and exclusive merchant benefits.

With over 35 million users and a growing network of 1.1 million agents and merchants in Nigeria – and operations in Tanzania, Ghana, and Bangladesh – PalmPay is building a next-generation financial ecosystem designed to empower consumers and businesses in emerging markets. PalmPay processes up to 15 million transactions daily, underscoring the scale and reliability of its platform.

In addition to its digital banking services, PalmPay provides a suite of B2B offerings for local MSMEs and international merchants, including:

. Smart POS terminals and a business app
. Payment orchestration and checkout solutions
. Bulk payment tools via a self-service merchant portal
. APIs for embedding and reselling PalmPay’s services
. Direct integration of services into the PalmPay consumer and business apps


"At PalmPay, we believe that building a thriving digital economy requires collaboration. From lending and insurance providers to card schemes like Verve, our ecosystem is powered by strategic partnerships. The launch of our debit card is another example of how we are combining cutting-edge technology with our partner strengths to deliver inclusive financial services at scale – and in doing so we empower businesses targeting Africa to grow faster, reach more customers and unlock more revenue streams."

– Jiapei Yan, Chief Commercial Officer, PalmPay


"We are proud to partner with PalmPay on this important milestone. Our alliance reflects our shared mission of accelerating financial inclusion and delivering payment innovation that meets the needs of African consumers."

– Vincent Ogbunude, Managing Director of Verve International

From zero-fee transfers and high-yield savings to instant credit, insurance, and now cards, PalmPay is redefining what digital banking in emerging markets can look like – personalised, comprehensive, and accessible to everyone.

As international businesses seek entry into Africa’s dynamic digital economy, PalmPay offers a trusted platform with the infrastructure, user base, and reach to help them scale.

By Aayushya Ranjan, TechAfrica

Nigeria affected by Trump sweeping tariffs

The United States President, Donald Trump, Wednesday enacted sweeping new tariffs in a move that could escalate trade tensions globally at what he tagged “liberation day”.

Trump said the U.S. will implement “reciprocal tariffs” on all countries of “approximately half” of what they charge us.

Among the countries slammed with reciprocal tariff is Nigeria. Under the tariff plan, Nigerian exports will be charged 14 per cent tariff as against the 27 per cent charged by the Federal Government.

Last year, Nigeria exported goods worth N931 billion to the United States, with crude oil forming the bulk of the goods. It, however, imported N1.05 trillion worth of goods from the U.S. in the same period.

Bringing out a chart to show the audience, he showed that China “charges” the U.S. a tariff of 67%, so the United States will charge China a 34% tariff.

The chart also showed that the United States will charge the European Union a 20% tariff, Vietnam a 46% tariff, Taiwan 32%, Japan 24%, India 26%, South Korea 25%, Thailand 36%, Cambodia 49% and more.

Trump concluded his “make America wealthy again” event in the White House Rose Garden by signing two executive orders. The first closes “the de minimus loophole” on China, which has allowed the country to export cheap goods to the United States without paying taxes and import duties.

The second implements the president’s “reciprocal tariffs”, which the president explained includes a 25% tariff on all imported cars and 10% to 49% tariffs on all goods imported from abroad.

Trump said the tariffs he announced would generate “$6 trillion in investments” but experts explain that tariffs are actually paid for by American businesses and consumers. That would make it the largest “tax hike” in U.S. history.

The European Union, which is facing 20% tariffs on all exports to the U.S., will not react until today when the European Commission president Ursula von der Leyen will make a statement.

By Dennis Erezi, The Guardian

Video - Unilever Nigeria reports 79 percent profit surge in 2024

The company says growth in its food and personal care segments helped fuel the profits. However, Unilever remains cautious about macroeconomic risks, citing volatile oil prices, forex shortages, and unfavorable fiscal policies.

CGTN

AZN secures exclusive rights to stream Nigeria’s Dambe sport

African Warriors Fighting Championship (AWFC) has secured an exclusive partnership with DAZN, the London-based sports streaming service, to bring Dambe, Nigeria’s centuries-old form of boxing, to a global audience. Through this collaboration, DAZN becomes the official global streaming partner for the Dambe World Series, a five-event tournament where Nigeria’s top fighters take on international contenders.

It marks a major step in the globalisation of Dambe, a combat sport with roots in West African warrior traditions. While Dambe has already gained traction online—attracting over 15 million YouTube views via AWFC’s broadcasts—DAZN’s global reach could elevate its profile much like UFC did for mixed martial arts. In 2023, AWFC teamed up with Stake, the online casino known for sponsoring global sports like football and Formula One, marking Dambe’s first international partnership.

“Dambe is a sport with deep cultural roots and immense athletic appeal,” said Maxwell Kalu, founder of AWFC. “Partnering with DAZN allows us to introduce it to a global fanbase. We are confident that 2025 will be the year Dambe captures the attention of fans worldwide.”

Founded in 2018, AWFC promotes and organises professional Dambe events to develop the sport’s global presence. Its 2024 “King of Dambe” tournament featured the sport’s first European competitor. The upcoming Dambe World Series, which kicks off in June 2025, will build on this momentum.

This partnership could also be a turning point for Dambe’s commercial viability. Beyond streaming, AWFC aims to attract sponsorship deals, merchandising opportunities, and a broader international fanbase. If successful, Dambe could follow in the footsteps of other combat sports, evolving from a regional tradition into a globally recognised competition with mainstream appeal.

“Audience attention for global combat sports has seen a huge rise,” said Kalu. “It speaks to consumer trends where people prefer to watch bite-sized content. In terms of challenges for Dambe, it’s just raising awareness. Dambe is a sport that had a vibrant ecosystem before anybody discovered it, but it was very much a quiet sport. We are raising the production standards where necessary.”

AWFC stages fights across Nigeria through a network of partner arenas, drawing paying spectators from various parts of the country. The matches are also streamed online, attracting viewers from the US and Brazil—two regions with dedicated Dambe followings, according to Kalu.

DAZN, often referred to as the “Netflix of Sport,” boasts 20 million paying subscribers across 200+ countries and holds streaming rights to major sports, including boxing, football, and the NFL. It flows well, but it could be slightly smoother. In 2023, the company reported $2.8 billion in revenue, with backing from investors, including billionaire Sir Len Blavatnik’s Access Industries.

By securing exclusive broadcasting rights to Dambe’s biggest events, DAZN is betting on the sport’s crossover appeal. For AWFC, the deal provides a crucial platform to showcase the best of Nigerian combat sports on the world stage.

By Emmanuel Nwosu, techcabal