Okra, one of Nigeria’s pioneering open banking startups, has closed down after five years, with co-founder Fara Ashiru moving to UK-based Kernel as Head of Engineering. Okra, founded in 2019 by Fara Ashiru and David Peterside, was a trailblazer in Africa’s open finance scene. It developed technology that let users securely connect their bank accounts to third-party apps, working with major financial firms like Renmoney and AIICO Insurance. The startup raised over $16.5 million in funding and expanded across the continent. In May 2025, Okra decided to wind down operations. Ashiru confirmed the closure and expressed pride in the company’s impact and the talented team behind it. She left Okra in May and started her new role at Kernel, a UK startup, in June 2025. “It was an incredible journey; we built impactful technology and helped pioneer open banking in Africa. I’m grateful for the community, customers, investors, and team who supported us over the past five years.” – Ashiru said As Okra exits, the fintech ecosystem in Nigeria continues to evolve, with startups adapting to new challenges and opportunities in digital finance.
Unity Bank awards N16 million to 30 young entrepreneurs in NYSC corpreneurship challenge
Unity Bank Plc has awarded N16 million in business grants to 30 young entrepreneurs across Nigeria through its Corpreneurship Challenge, a flagship entrepreneurship development initiative in partnership with the NYSC Skills Acquisition and Entrepreneurship Development (SAED) programme. The winners were selected after pitching innovative business ideas at NYSC Orientation Camps in 10 states, including Lagos, Cross River, Niger, Abuja, Nasarawa, Taraba, Kaduna, Plateau, Jigawa, and Anambra. The grants ranged from N800,000 for first place to N300,000 for third place. At the Lagos Ipaja camp, Adeniyi Stephen Gbemininyi won the grand prize with a fashion design business pitch. Other top winners included Kolawole Opeoluwa Darasimi, who received N500,000 for bag making, and Johnson Elizabeth Ene, awarded N300,000 for her cake and pastry business. The Corpreneurship Challenge has been running since 2019 and has become an important part of the NYSC programme, helping fresh graduates develop marketable skills and start businesses amid limited white-collar job opportunities. Over the years, Unity Bank has invested more than N100 million in the initiative, supporting over 160 winners nationwide. Mrs. Adenike Abimbola, Unity Bank’s Divisional Head of Retail and SME, said the bank aims not only to provide funding but also to nurture young entrepreneurs with the skills and confidence to create jobs and transform communities. She stated that the high quality of business ideas and the strong interest from Nigeria’s youth as proof of the programme’s impact. With thousands of applicants each year, the Corpreneurship Challenge continues to be a vital platform for turning fresh graduates’ business dreams into reality.Unity Bank plans to maintain and possibly expand this support to further boost youth-led businesses and contribute to Nigeria’s economic development.
Enugu State to launch commercial flights with Enugu Air starting July 7
The Enugu State Government has announced that its own airline, Enugu Air, will begin commercial flights on Monday, July 7, 2025. Enugu Air is set to join the growing list of Nigerian state-owned airlines, following in the footsteps of Akwa Ibom’s Ibom Air and Cross River’s Cally Air. The announcement was made by Dan Nwomeh, Senior Special Assistant on Media to Governor Peter Mbah, via social media on July 2. However, details such as flight routes, schedules, and ticket booking platforms have not yet been released, raising questions about the airline’s readiness for commercial service. Earlier plans to start operations in May 2025 were delayed, but the state confirmed it has secured three aircraft for the airline, with two already delivered and a third expected by the end of May, according to the Commissioner for Transportation, Dr. Obi Ozor. Enugu Air aims to enhance regional connectivity and boost economic growth in the state. This move aligns with a broader trend where Nigerian states are investing in aviation to improve transportation infrastructure and create jobs. Akwa Ibom’s Ibom Air has been operational since 2019, serving major cities like Lagos and Abuja, while Cross River’s Cally Air has expanded its fleet since its 2021 launch. For now, Nigerians interested in flying with Enugu Air will need to wait for official booking channels and further announcements from the state government.
Microsoft to cut 9,000 jobs globally in second wave of 2025 layoffs
Microsoft has announced it will lay off about 9,000 employees worldwide as part of a second round of job cuts this year aimed at streamlining operations and cutting costs. The latest layoffs represent roughly 4% of Microsoft’s global workforce, which totals around 228,000 people as of June 2024. The cuts will affect various teams across different regions and levels, with sales staff and Xbox gaming divisions among those impacted. This follows an earlier round in May that saw 6,000 jobs cut, mostly in product and engineering roles. Microsoft says these changes are part of broader efforts to simplify management layers and improve efficiency. A company spokesperson said, “We continue to implement organizational changes necessary to best position the company and teams for success in a dynamic marketplace”. The layoffs come amid ongoing restructuring across the tech industry, with many firms reducing staff due to economic uncertainty and rising investments in artificial intelligence. For example, Google also cut hundreds of jobs earlier this year in its Platforms and Devices division. Microsoft’s Chief Commercial Officer, Judson Althoff, is set to take a two-month sabbatical starting July, but the company confirmed this was planned before the layoffs and that he will return in September. This second wave of job cuts shows the challenges even major tech companies face as they adapt to changing market conditions and focus on cost management. Industry watchers expect such restructuring to continue across the sector for the foreseeable future.
Court to decide fate of 43 million shares in 9mobile ownership dispute by September 24
The Federal High Court in Abuja will rule on September 24, 2025, on a case involving businessman Abubakar Isa’s claim that his 43 million shares in 9mobile were transferred without his consent. Abubakar Isa has taken legal action to challenge the transfer of his 43 million shares, which he alleges were held in trust by Seltrix Limited but were transferred to Emerging Markets Telecommunication Services Limited (9mobile’s operating company) without his permission. Isa’s suit argues that this transfer led to an illegal change of control of 9mobile to LH Telecommunication Limited, approved by the Corporate Affairs Commission (CAC) and Nigerian Communications Commission (NCC). Isa’s legal team, led by Femi Atteh, SAN, insists Isa is the rightful beneficial owner of the shares and that Seltrix and others breached trust by transferring the shares without his consent. The shares in question were part of Teleology Nigeria Limited’s capital, which held a majority stake in 9mobile. Teleology had secured a loan from the African Export-Import Bank using these shares as collateral. The defendants include Seltrix Limited, Hayatu Hassan Hadeija, Teleology Nigeria Limited, LH Telecommunication Limited, CAC, NCC, and others. The defense argues the case should be dismissed as time-barred and an abuse of court process, suggesting Isa should pursue a civil suit against his trustee instead. After hearing arguments, Justice Mohammed Umar adjourned the case for ruling on September 24. 9mobile, formerly Etisalat Nigeria, has experienced multiple ownership changes. Teleology Nigeria Limited acquired it in 2018 after the previous owners defaulted on loans. In 2024, LH Telecommunication Limited acquired a 95.5% stake in 9mobile, a move approved by the NCC and other regulators. Isa’s lawsuit challenges the legitimacy of this latest acquisition, focusing on the alleged mishandling of his shares during the ownership transition. The Federal High Court’s ruling in September will clarify the ownership status of the disputed shares and potentially impact 9mobile’s control structure going forward.
AGF to decide on criminal charges against MTN Nigeria and CEO Karl Toriola by October 2025
The Attorney General of the Federation (AGF) will make a final decision by October 2025 on the criminal copyright infringement charges against MTN Nigeria Communications Limited and its CEO, Karl Toriola, according to court proceedings in Abuja. The case began when the Nigerian Copyright Commission (NCC) accused MTN and others of using musical works by artiste Maleke Idowu Moye as caller ringback tunes without permission between 2010 and 2017. This led to a criminal charge filed at the Federal High Court, Abuja, against MTN Nigeria, Karl Toriola, and others, alleging unauthorized use and distribution of copyrighted music. MTN challenged the case, asking the court to dismiss it as defective. Following petitions from MTN’s lawyers claiming attempts to damage the company’s reputation and destabilize its business, the AGF took over the prosecution from the NCC in mid-2024, as allowed by the constitution. At the latest court session, the AGF’s counsel informed the judge that the office was reviewing the matter and requested more time to decide. The court adjourned the case to October 22, 2025, for the AGF’s report on whether to continue or drop the charges. MTN’s legal team expressed hope that the AGF’s decision will soon resolve the uncertainty hanging over the CEO and the company. For now, the matter remains under review by the highest legal authority in the country.