Business
Glovo partners with Visa to empower growth-minded SMEs

● Small and medium-sized enterprises (SMEs) can now benefit from 100+ videos in nine countries, hosted by Visa in connection with Glovo
● The series will help SMEs learn key skills, including digital payments, marketing campaigns, social media, and money management
● The classes are oriented to businesses that have 10 or fewer employees in Africa and SouthWest Europe
Lagos, Nigeria, March 14th, 2024 – Leading multi-category app Glovo has teamed with a world leader in digital payments, Visa, to empower small-to-medium enterprises (SMEs) through a series of online training courses. The collaboration is a result of Glovo and Visa’s shared belief that SMEs are the pillars of our global economy. The programme sits under Glovo’s umbrella programme, Glovo Local – an initiative to help bolster SMEs so that they can thrive in an increasingly digital world. The videos are geared towards aspiring local business owners who want to competently start a small business, as well as growth-minded owners of small and medium-sized businesses looking for ways to streamline their current practices and expand. The series is aimed at small businesses with 10 or fewer employees. With its online training series and through its partnership with Visa, Glovo intends to offer timely support to SMEs. The partnership comes at an important time for SMEs worldwide to overcome persistent challenges including complex regulations, inadequate digital infrastructure, and a scarcity of digital talent. The series crucially covers a range of business-focused topics including digital payments, marketing campaigns, social media, and money management. The 100+ videos will be available across nine countries in southwest Europe and Africa (Spain, Portugal, Ivory Coast, Morocco, Tunisia, Ghana, Uganda, Kenya, and Nigeria) and will be accessible to over 40,000 SMEs. Last year, Glovo and Visa conducted a pilot programme with partners in Morocco. The pilot involved an in-person workshop with more than 30 local partners, providing them with learning and development masterclasses on topics such as digital marketing, cash flow management and Glovo Ads. The feedback received from these partners played a key role in selecting and filtering the online training courses that are now being offered in collaboration with Visa. Sébastien Pellion, Head of Impact and Sustainability at Glovo said: “We are using this opportunity to further our offering to SMEs and to strengthen a collaborative ecosystem for entrepreneurs and business owners that shape our cities. Only 20% of SMEs in the markets where we operate sell via digital channels, resulting in a huge potential for them to tap into new customer bases. Partnering with Visa is another opportunity to support SMEs on their digitalisation journey and accelerate small and independent businesses in regions like Africa, which has ample opportunities for local business owners. We’re confident that Visa can aid us in fuelling local economies through formalised, community-driven initiatives.” Carl Manlan, Vice President and Head of Social Impact, CEMEA, Visa said: “Visa acknowledges that SMEs are the backbone of economic growth and inclusion and equipping them with innovative solutions and resources with our partners is essential. Small, independent businesses account for more than half of Europe’s GDP and employ around 100 million people . In Africa, SMEs account for 95% of all registered businesses and contribute to about 50% of the total GDP in Sub-Saharan countries . Globally we are moving from hundreds of millions of sellers – large and small – to billions of sellers around the world. Anyone today can be a seller – people reselling second-hand items via the circular economy; people working in the gig economy; or those in the creator economy. Visa is working to provide services at scale to reach these sellers and help them flourish. This is why we are proud to collaborate with Glovo and leverage the option of visual training to help provide these 40,000 SMEs with the opportunity to improve their skills and knowledge and overcome the challenges of digitisation and leverage the opportunities of e-commerce and digital payments.” About Glovo Glovo is a pioneering multi-category app connecting users with businesses, and couriers, offering on-demand services from local restaurants, grocers and supermarkets, and high street retail stores. Glovo’s vision is to give everyone easy access to everything within their city, so that our users can enjoy what they want, when they want, where they want. Founded in 2015 in Barcelona, it operates across 25 countries in Europe, Central Asia and Africa. For more information about Glovo, please visit: https://about.glovoapp.com/en/ About VISA Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at About Visa, visamiddleeast.com/blog and @Visacemea
Business
MultiChoice Nigeria Donates Medical Supplies Valued at N1.6n to the Sickle Cell Foundation

MultiChoice Nigeria, a leading pay TV provider and owner of DStv and GOtv, has further demonstrated its commitment to improving healthcare delivery with the donation of medical supplies valued at N1.6billion to the Sickle Cell Foundation Nigeria (SCFN).The donation comprises vital medical items, including personal protective equipment (PPE) isolation gowns, test kits, and medical infrared thermometers. These items are aimed at supporting the foundation’s ongoing efforts to provide healthcare services to individuals living with sickle cell disorder and enhancing preparedness for medical emergencies across their nationwide partner hospital network.Speaking on the gesture, John Ugbe, Chief Executive Officer of West Africa, MultiChoice, remarked, “We remain dedicated to improving the well-being of our communities through strategic interventions that create a lasting impact. The Sickle Cell Foundation plays a crucial role in advancing healthcare for individuals living with sickle cell disorder, and we are proud to support their important mission with this donation.”Receiving the items, Dr. Annette Akinsete, National Director/CEO Sickle Cell Foundation of Nigeria, commended MultiChoice for its continued support to the Foundation. “On behalf of the foundation, I appreciate MultiChoice for this gesture. This is a big deal to us. MultiChoice has always been a huge supporter of the Foundation, and we appreciate what you have done and are still doing. A bulk of these items will go to Massey Street Children’s Hospital and some will be sent to our partner hospitals across the country,” Akinsete. This initiative underscores MultiChoice’s dedication to making a meaningful impact through strategic partnerships that address critical healthcare challenges and enriching lives of vulnerable populations across Africa.In 2009, MultiChoice Nigeria signed a Memorandum of Understanding (MoU) with the SCFN and has continued to support the foundation through various interventions including donation of vehicles, partnership on counselling workshops, fundraising and broadcast of awareness documentaries on key facts about sickle cell disease on its DStv and GOtv platforms.
Business
EcoBank faces $68m legal suit in UAE over alleged defamation, abusive proceedings
EcoBank Nigeria, its parent companies and leadership are facing a legal suit in the United Arab Emirates (UAE) on allegations of defamation, abusive proceedings and coercion in Nigeria.
The $68 million legal claim in the UAE was filed against Jeremy Awori, CEO of Ecobank Transnational Inc (ETI); ETI Specialized Resolutions Company (ETISRC); Ecobank Nigeria (ENG); and Oladele Alabi, Managing Director of ETISRC.In the publication of notice of service sighted by Ripples Nigeria, the plaintiffs urged that “the Defendants be ordered jointly and collectively to pay AED 249,155,925 with the legal interests at the rate of 12% p.a. from the claim date until full payment.”The defendants are alleged to have attempted to coerce Wilben Trade and its CEO, Marcus Wade, into making substantial undue payments to ENG and ETISRC following a loss suffered in 2015. “Over the last two years, accusations made by ETISRC, led by Oladele ‘Dele’ Alabi and ENG, have caused significant distress and reputational and financial harm to Wilben Trade”, the court filings stated.
According to findings, in 2015, ENG reportedly suffered losses exceeding $42 million from two transactions with its existing customer, Agrico Agbe Limited and its associate company, Little Rose Trading LLC. Findings further suggest, that at Ecobank’s request, Wilben Trade was reportedly brought into the transactions solely to provide an intermediary service and discount Letter of Credit issued by Ecobank and had no other involvement.
Following multiple failed attempts to recover losses from the original customers and those directly responsible, ETISRC turned its focus to Wilben Trade. However, legal counsel to Wilben labeled the defendant’s action as “an extortion attempt”.In 2022, ETISRC escalated its actions, filing a report with the Nigeria Police Force through legal practitioners Wigwe & Co. The report alleged that Wilben Trade had improperly received $42,485,900 from EBN and had engaged in “Conspiracy and Fraudulent Conversion”. But Wilben Trade contended that the allegations are baseless and were allegedly fabricated by Oladele Alabi, Managing Director of ETISRC, the ETI subsidiary responsible for the complaint, “as a result of the ability of powerful private interests to instrumentalize public institutions and resources in Nigeria”, he said.
This latest legal action in UAE underscores Wilben Trade and Marcus Wade’s commitment to protecting its reputation and seeking redress for the significant distress and damages said to have been inflicted by these allegations.Speaking on the matter, Lateef Omoyemi Akangbe SAN, Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, commented: “In addition to taking action in Nigeria, our client is pursuing international legal action to address Ecobank’s abusive tactics and repair the ongoing damage caused to our client by Ecobank’s improper use of public institutions to pursue its baseless complaints against our client.“Despite repeated appeals for constructive dialogue to address these issues and end the misconduct, Ecobank has refused to engage meaningfully.”
Ripples Nigeria sighted legal correspondence indicating that ETI leadership had been made aware of this issue since August 2023, as well as efforts aimed at finding an amicable resolution to avoid legal disputes that have emanated.Responding to Ripples Nigeria’s inquiry on the latest suit filed against it and it’s leadership, Ecobank it cannot comment on a case that is before courts in Nigeria and in India.
The bank also stated that ETI is not a party in the suits, even as it denied all allegations of extortion pertaining to the matter.“Please note that the issue you referenced is currently the subject of litigation in Nigerian and Indian courts, in connection with an established case of fraud perpetrated against the Ecobank Group (Ecobank) by individuals currently being prosecuted by the appropriate authorities in Nigeria. As a result, Ecobank is unable to provide any comment on this matter at this time.“It is important to note that while Ecobank Transnational Incorporated (the holding company of the Ecobank Group) is not a party to the ongoing litigation, Ecobank denies all allegations of extortion pertaining to this matter”, the bank told Ripples Nigeria.
It would be recalled that Ripples Nigeria had earlier reported the legal web of intricacies between the Central Bank of Nigeria (CBN), Ecobank Nigeria (ENG) and Ecobank Transnational Inc. Specialized Resolutions Company (ETISRC) as well as Wilben Trade (Wilben), and its CEO, Marcus Wade.The report highlighted how the CBN had received and acknowledged a petition against ETISRC and ENG but later tagged a release by the petitioners as fake on its official X (formerly Twitter) handle.The CBN thereafter attracted the ire of a lawyer and Senior Advocate of Nigeria (SAN) over its comment around the petition which accused ENG and ETISRC of wrongdoing in a matter also involving Wilben, and Wade.
The report highlighted how the CBN had received and acknowledged a petition against ETISRC and ENG but later tagged a release by the petitioners as fake on its official X (formerly Twitter) handle.The CBN thereafter attracted the ire of a lawyer and Senior Advocate of Nigeria (SAN) over its comment around the petition which accused ENG and ETISRC of wrongdoing in a matter also involving Wilben, and Wade.The solicitor to Wilben Trade, Lateef Omoyemi Akangbe (SAN) Partner, Sofunde Osakwe Ogundipe & Belgore Legal Practitioners, came down hard on the CBN and asked the apex bank to retrace its steps, and take down the denial post from all its social media handles, or face legal actions.
Akangbe had said: “Our attention has been drawn to social media posts from the Central Bank of Nigeria (CBN) on LinkedIn, Facebook, Instagram and X (formerly known as Twitter) branding a press release issued by us, on behalf of our client, as fake.“None of the content found in this release is fake or misleading. In fact, following a letter addressed to CBN on 22 July 2024 regarding the highly questionable conduct of Ecobank Nigeria, ETI Specialized Resolution Company Limited and its Managing Director, Dele Alabi, we received acknowledgment from CBN that the complaint had been forwarded to Ecobank, and that the outcome of engagement would be communicated to us as soon as possible”.
Culled

Business
FBNQuest Asset Management Awarded Agusto & Co’s “A+” Rating

Lagos, Nigeria, January 2025 – FBNQuest Asset Management, a subsidiary of FBN Holdings Plc., has been awarded an A+ rating by Agusto & Co. Limited. This rating reflects the firm’s stable outlook, robust risk management, and strong investment capabilities, highlighting its impressive operational performance and outstanding business profile. It emphasizes FBNQuest Asset Management’s ongoing commitment to providing exceptional investment services to its clients.The rating was issued in a recent report by Agusto & Co., a leading rating agency in Nigeria. This recognition underscores the company’s strong operational record, excellent corporate governance, and professional management of fund assets.The organisation’s impressive performance demonstrates its unwavering dedication to delivering exceptional value to clients through a variety of products and services tailored to meet their investment needs.Ike Onyia, the Managing Director of FBNQuest Asset Management, expressed his satisfaction with the rating, stating, “We are truly delighted to receive the A+ rating from Agusto & Co. This recognition is a testament to our strong expertise in investment portfolio management and the achievements we have realised over the years. We take pride in this positive acknowledgement, which stems from our well-thought-out business strategies and the exceptional performance of our skilled workforce, cementing our position in the hearts of our stakeholders.”FBNQuest Asset Management was also recognised as the Best Asset Manager at the 2024 EMEA African Banker Awards. The organisation continues to maintain a consistently strong position in the investment services subsector in Nigeria, leveraging its rich pedigree in intellectual capital, strong research capabilities, and cutting-edge technology to provide clients with value-adding insights, advice, and service.“Our mutual funds offer diverse investment options that enable the creation of unique and value-enhancing investment strategies for different client segments. Additionally, our range of mutual funds encompasses various asset classes, including equities, bonds, and money market instruments,” he added.Agusto & Co. is a Pan-African leader in credit ratings and credit reports, having assigned over 1,500 ratings across various sectors. Their ratings are globally recognised, with a broad client base relying on them as benchmarks to gauge business success.About FBNQuest Asset ManagementFBNQuest Asset Management is a leading asset manager in Nigeria for individual and institutional investors. A subsidiary of FBNHoldings Plc., it offers a range of investment products and services, with strategies spanning various asset classes and sectors.Offering specialist portfolio and fund management services, the firm manages investment accounts for high-net-worth individuals and institutional clients, including insurance companies, pension funds, public and private mutual funds, endowment, and charity funds, as well as segregated and special accounts. The firm guides its clients through Africa’s dynamic markets and identifies the best opportunities that shape their portfolios.
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