First Ally Capital Limited has taken a major step to deepen its impact in Nigeria’s digital financial services sector by acquiring a 60 percent equity stake in Mines.io Nigeria, known commercially as Migo. The fintech company specializes in using artificial intelligence and machine learning to provide credit solutions to underserved individuals and small businesses. The acquisition aligns with First Ally’s strategic goal of leveraging technology to expand financial services access across Nigeria. Migo’s innovative platform enables digital lending through advanced credit scoring, offering seamless credit access to those traditionally excluded from formal financial systems. Ebenezer Olufowose, Group Managing Director of First Ally Capital, described the deal as a natural progression of a long-standing partnership. “We are delighted to mark this significant milestone that strengthens our relationship with Migo. Having been seed investors and strategic partners, we have witnessed Migo’s growth into a key player in digital lending. This acquisition reinforces our commitment to innovation and financial inclusion through responsible technology,” Olufowose said. Winston Osuchukwu, CEO of Mathesis Analytics, the previous sole owner of Migo, welcomed the partnership, highlighting the value First Ally brings. “This collaboration opens an exciting new chapter for Migo and Mathesis Analytics. First Ally’s institutional strength and market insight will help us better serve Nigeria’s underserved markets while allowing us to focus on optimizing our credit algorithms,” Osuchukwu stated. The transaction was finalized after regulatory approval from the Federal Competition & Consumer Protection Commission (FCCPC) and formal agreement signings at First Ally’s Lagos headquarters. Migo will continue to operate independently under the First Ally Group umbrella. This acquisition follows First Ally’s decade-long growth marked by strategic fintech partnerships and a focus on technology-driven financial inclusion. The company also recently rebranded its microfinance subsidiary and launched new advisory and trustee services to broaden its market reach.
Africa set to launch own credit rating agency to challenge global giants
A new Africa-led credit rating agency, the African Credit Rating Agency (AfCRA), is scheduled to begin operations by the end of September 2025. The agency aims to provide a homegrown alternative to the dominant global firms Fitch, Moody’s, and S&P, which many African policymakers criticize for unfairly low ratings that inflate borrowing costs across the continent. AfCRA will issue its first sovereign credit rating by late 2025 or early 2026, according to Misheck Mutize, lead expert on credit rating agencies at the African Peer Review Mechanism (APRM), an African Union body. The agency is currently finalizing the appointment of its Chief Executive Officer, expected by the third quarter of this year. African countries have long expressed frustration with international rating agencies, arguing that their assessments often overlook local economic and political realities. For example, Ghana and Zambia have publicly condemned multiple downgrades that contributed to higher borrowing costs and financial distress. The APRM recently challenged Fitch’s downgrade of the African Export-Import Bank, accusing the agency of flawed analysis and misunderstanding of African financial institutions. To maintain independence and credibility, AfCRA will not be owned by African governments but primarily by African private-sector entities, Mutize said. The agency will focus on rating local-currency debt to strengthen domestic capital markets and reduce reliance on foreign currency borrowing. Mutize emphasized that AfCRA will not shy away from downgrading countries when warranted, dispelling concerns that it will issue overly favorable ratings for Africa. The United Nations Economic Commission for Africa (ECA) has highlighted the disparity in borrowing costs between African nations and developed countries. Claver Gatete, ECA’s Executive Secretary, noted that while Germany can borrow $1 billion at 2.29% interest, Zambia may pay nearly ten times as much under current ratings.
74% of Nigerian inmates now registered in national identity database, Correctional Service confirms
The Nigerian Correctional Service (NCoS) has announced that 74 percent of inmates across the country now have their National Identity Numbers (NIN) recorded in the National Identity Management Commission (NIMC) database. As of June 7, 2025, a total of 59,786 inmates out of 80,879 have been successfully registered in 256 custodial centres nationwide, according to Deputy Comptroller of Corrections and NCoS Public Relations Officer, Umar Abubakar. He emphasized that the registration process is still underway and efforts are being made to ensure all remaining inmates are included. Abubakar dismissed recent reports claiming that NIN registration had not started in custodial centres, describing such claims as inaccurate and misleading. He highlighted the collaboration between NCoS and NIMC as key to the success of the registration drive. “The integration of inmates into the national identity database is a critical step towards their rehabilitation and reintegration into society,” Abubakar said. “It also promotes digital inclusion for all persons in custody.” The Correctional Service urged media outlets to verify information with relevant authorities before publication to avoid spreading misinformation that could undermine institutional efforts. This initiative aligns with the goal of the government to ensure that all Nigerians, including those in correctional facilities, are accounted for in the national identity system, enhancing access to social services and legal recognition.
Ex-startup founder faces job hunt challenges after business closure
A former startup founder is struggling to find employment after his healthy food and beverage venture shut down due to funding difficulties and co-founders stepping away. Despite managing all aspects of the business, from marketing and finance to compliance and customer service,the founder found it difficult to transition into structured corporate roles. The entrepreneur shared his experience in a recent Reddit post, explaining that although he received positive feedback during interviews, employers often told him his background was “too founder-focused” for available positions and not specialized enough for niche roles. “We reached a point where we had to either raise money we weren’t ready for or accept that it wasn’t going to scale the way we dreamed,” he said. His story struck a chord with many others who have faced similar challenges after closing or exiting startups. Several social media users shared their own struggles of convincing companies they could be part of a team again, highlighting a common but rarely discussed hurdle for former founders seeking traditional employment. One commenter advised approaching company founders directly when applying for jobs, while others described surviving on freelance work or trying to balance job applications with new ventures. This case sheds light on the difficulties entrepreneurs face when shifting from running a startup to fitting into established corporate roles.
Plane carrying 20 crashes near Tullahoma, Tennessee; several injured
A small plane carrying 20 people crashed shortly after takeoff from Tullahoma Regional Airport in Coffee County, Tennessee, on Sunday, June 8, 2025. Emergency responders rushed to the scene on Old Shelbyville Road, where the aircraft came down with its nose buried in the grass and its tail broken off. The plane, identified by the Federal Aviation Administration (FAA) as a de Havilland Canada DHC-6 Twin Otter, was reportedly used for skydiving expeditions. The crash occurred around 12:45 p.m. local time. Three passengers were airlifted to nearby hospitals for medical treatment, with one transported by ground ambulance due to more serious injuries. Other individuals sustained minor injuries treated at the scene. There were no fatalities, and no damage was reported to airport or ground facilities, according to Lyle Russell, a city spokesman. The FAA has launched an investigation into the cause of the crash. The Tennessee Highway Patrol continues to assist local police at the active crash site. This incident highlights the risks involved in skydiving operations and small aircraft flights, though swift emergency response helped mitigate the severity of injuries. Further updates will be provided as more information becomes available.
Fire ravages Kano farm centre GSM Market, former Emir Sanusi II donates ₦10 million to victims
A devastating fire broke out yesterday at the Farm Centre GSM Market in Kano, destroying over 300 shops and causing massive losses estimated near ₦100 billion. The blaze, believed to have started from a battery explosion or electrical spark, rapidly engulfed the densely packed market, which is a major hub for mobile phone and accessories traders. Fortunately, no casualties were reported, but the destruction has left many traders facing severe financial hardship. The Kano State government, led by Governor Abba Kabir Yusuf, expressed deep sympathy and promised support to help affected traders rebuild their businesses. Authorities also vowed to enhance fire safety measures across markets in the state to prevent future disasters. In a show of solidarity, former Emir of Kano, Muhammadu Sanusi II, donated ₦10 million to assist those who lost their properties in the fire. His contribution aims to provide immediate relief to the victims as recovery efforts begin. The incident has sparked calls for improved infrastructure and emergency response readiness in Kano’s commercial centers to safeguard livelihoods and prevent recurrence of such catastrophic events.