The Nation Newspaper

Author: The Nation

The $290 Million Question: Is Moniepoint a Nigerian Unicorn or a Foreign-Owned Trojan Horse?
In a recent announcement that sent ripples across Africa’s fintech landscape, Moniepoint Inc. confirmed it had secured an additional $90 million to close its Series C funding round at a staggering $200 million (Source: Techpoint Africa; Serrari Group; Ecofin Agency, Oct 2025). While the company, formerly TeamApt – touts the deal as a major vote of confidence, the influx of capital, led by heavyweight institutional investors like Development Partners International (DPI) and LeapFrog Investments, and including global players like Visa, Google’s Africa Investment Fund, and the International Finance Corporation (IFC) (Source: Multiple, Oct 2025), raises fundamental questions about who truly controls Africa’s “leading profitable fintech.”

The Founder’s Dilution: CEO or Steward?

The unprecedented scale of external capital implies a massive, unspoken cost: a significant transfer of power from the original founders and local interests to foreign boardrooms. The narrative is shifting from a local entrepreneur building a pan-African dream to a highly competent CEO appointed by a global consortium.

Industry speculation, fueled by the sheer volume of institutional money now dominating the cap table, alleges that Co-founder and Group CEO Tosin Eniolorunda’s personal equity stake may have been diluted to a non-controlling percentage, a common outcome where founders become figureheads for their international backers, holding minimal control despite remaining the public face (Controversy derived from: African Law & Business, Nov 2025; DPI Partner Adefolarin Ogunsanya, Oct 2025).

When institutional giants anchor a round of this size, the company’s ultimate financial destiny is often decided far from its Nigerian headquarters. The founder, in essence, becomes an incentivized steward for foreign capital, undermining the narrative of a fully Nigerian-owned tech success story.

The Irony of ‘Commitment’: A Campaign Built on Borrowed Loyalty

Moniepoint frequently uses its “Made for Your Progress” campaign to declare its commitment to financial inclusion and “powering the dreams” of millions of Nigerians. However, this rhetoric is being used as a shield against the truth of its ownership:

The audacity of Moniepoint’s “Made for Your Progress” campaign rings hollow: how can a company whose ultimate ownership and controlling decisions reside in the boardrooms of US and European private equity firms genuinely claim to be “powering the dreams” of Nigeria’s people? Their commitment is not to the progress of the Nigerian economy, but to the return on investment (ROI) demanded by foreign shareholders who now hold the majority stake in the parent entity, Moniepoint Inc. By positioning Nigerian success stories as mere fuel for their foreign-controlled growth machine, Moniepoint risks betraying the very local entrepreneurs they claim to champion, transforming their powerful campaign slogan into a thinly veiled sales pitch designed to keep Nigerian users generating profits for their non-Nigerian masters.

The Veil of Profitability: Lawsuits and International Losses

The controversial funding news is further complicated by signs of internal instability and financial vulnerability outside its core market:
1. Struggling UK Expansion: Despite claims of “sustained profitability” in Nigeria, recent reports indicate Moniepoint posted a $1.2 million operating loss tied to its ambitious and rapid expansion into the United Kingdom (Source: Fintech Magazine Africa; Techpoint Africa, Oct 2025). This international stumble reveals a delicate balancing act where the core profitable business is being leveraged to subsidize risky global ventures demanded by demanding international investors.
2. Internal Equity Battle: The company’s internal equity practices have been drawn into sharp public controversy. A former top executive is currently locked in a high-profile lawsuit against Moniepoint, alleging the wrongful denial of nearly $1 million in vested stock options (Source: Startup Researcher, Jun 2025). This legal battle casts a long shadow over the company’s integrity and its commitment to those who helped build the business, the very individuals it credits with its success.
The question for Moniepoint, its customers, and the Nigerian tech ecosystem is unavoidable: If the local founder holds minimal control due to massive dilution, if the company struggles with international expansion, and if its own executives are fighting for their promised equity, what exactly is being celebrated? Is this a victory for African fintech, or a carefully orchestrated asset acquisition by global private equity and institutional funds who now own the overwhelming majority of Nigeria’s most critical payment infrastructure?
December 25, 2025
US-based institute names Marwa security leader of the year 2025

A Texas United States based security research and strategy organization has named the Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brig Gen Mohamed Buba Marwa (rtd), as security leader of the year 2025 for coming tops in operational success, integrity, institutional reform and sustained public confidence.

Director, Media and Advocacy, NDLEA Headquarters, Abuja, Femi Babafemi, made this known in a statement on Thursday.

According to Babafemi, in a statement published on the organisation’s website on Thursday, December 25, the organization, Ogun Security Research and Strategic Consulting LLC (OSRS), said its decision followed an independent, AI-assisted, and evidence-based assessment, which indicates “Nigeria’s security landscape in 2025 demanded more than force” but “leadership that could deliver results while earning public trust, protecting rights, and strengthening institutions.”

The organisation said, “In a year marked by terrorism, drug trafficking, organized crime, and public skepticism toward state power, one security leader stood out”, adding that “Marwa emerged as the clear choice and what his leadership reveals about the future of security governance in Nigeria.”

While explaining the choice of Marwa for the recognition, “OSRS set out to answer a simple but critical question. In a difficult year for national security, who demonstrated leadership that balanced effectiveness with responsibility? Rather than counting arrests alone, OSRS evaluated leadership using four pillars: Operational effectiveness and measurable national impact; Respect for human rights and the rule of law; Employee welfare, morale, and internal discipline; and Public perception, trust, and institutional credibility.

“Artificial intelligence was used to analyze open source reports, performance data, and verified records. Human experts reviewed and validated every output. This approach reduced bias while preserving professional judgment. Across all indicators, one leader consistently ranked highest.”

According to OSRS statement, “Under Brigadier General Marwa’s leadership, the National Drug Law Enforcement Agency achieved historic outcomes in 2025. The agency dismantled international drug trafficking networks, intercepted record quantities of illicit substances, and disrupted criminal supply chains that fund terrorism, banditry, and organized violence.

“These were not isolated seizures. They were intelligence-driven operations executed through cooperation with international partners and supported by strong internal controls. By targeting the financial and logistical backbone of crime, the NDLEA delivered national security impact beyond traditional law enforcement.

“Results alone do not sustain institutions. Marwa’s leadership distinguished itself through reform and discipline. The NDLEA avoided major corruption scandals in a sector often plagued by them. Officers were promoted, rewarded for performance, and provided clearer career pathways. The introduction of body worn cameras and accountability mechanisms strengthened operational transparency. Employee welfare was treated as a security issue, not an administrative afterthought. This focus improved morale, professionalism, and operational consistency across the agency.”

On public trust and ethical leadership, the organization led by a renowned global security expert, Dr. Oludare Ogunlana noted that “In 2025, the NDLEA emerged as one of the few security institutions widely viewed as functional, credible, and disciplined. Marwa’s leadership style emphasized professionalism over intimidation and accountability over impunity. The agency’s actions aligned with legal standards and avoided the human rights controversies that undermined confidence in other institutions. Trust was earned through consistency, not rhetoric.”

On what Marwa’s selection signals for Nigeria’s security future, the body said, “OSRS’s decision reflects a broader shift in how security leadership is judged. First, effective security now requires institutional integrity, not just force. Second, staff welfare and discipline directly influence national outcomes. Third, intelligence-led operations outperform reactive enforcement. Marwa’s leadership offers a practical model for reform across Nigeria’s security architecture.”

“Brigadier General Mohamed Buba Marwa’s selection as the OSRS Security Leader of the Year 2025 is not about personality. It is about proof. In a year of pressure and uncertainty, his leadership showed that results, reform, and trust can coexist. Recognition is not the end of service. It is a reminder of responsibility”, the statement added.

December 25, 2025
Nigerians should not lose hope, 2026 will be brighter — Rev. Ajayi

The Minister in charge of the First Baptist Church, Kano, Reverend (Dr.) Armstrong Ajayi, has urged Nigerians not to lose hope despite the numerous challenges confronting the country, expressing optimism that 2026 will usher in renewed hope and many blessings.

Rev. Ajayi made the call on Thursday while delivering a sermon to mark the Christmas celebration at the church in Kano.

He said there was still hope for the betterment of Nigeria, stressing that nothing is impossible for God to accomplish.

According to him, the birth of Jesus Christ signifies joy, hope, and salvation for mankind, adding that Christ came into the world to bring relief and redemption, not suffering.

Read Also: Christmas: Archbishop Yahaya calls for unity, compassion, prayers for Nigeria

“Yes, there is kidnapping, armed banditry, poverty and hunger in the land, but with faith in God, there is no impossibility.

“Nothing is impossible for Almighty God, and His dictionary has no room for failure,” he said.

Rev. Ajayi noted that God alone understands what humans do not know, describing Him as the finisher of all things.

He therefore urged Nigerians to remain steadfast in prayers and to focus their hearts and minds on God.

He explained that Jesus was purposely born to bring salvation, progress and to reposition anything that is not good for the betterment of humanity.

The cleric also reminded Christians that being a believer does not exempt one from challenges, noting that difficulties and trials are meant to test and strengthen faith in God.

As Christians celebrate Christmas, Rev. Ajayi called on them to demonstrate love, forgiveness and peaceful coexistence in their daily lives.

The cleric said, “Go out there and share the love of Jesus Christ with fellow human beings, preach peace and forgive one another.

“That is when the birth of Jesus Christ will truly have meaning in our lives.”

The Nation reports that Church services marking Christmas celebration in Kano were generally peaceful in Kano on Thursday.

December 25, 2025
Sanwo-Olu orders demolition of fire-ravaged 25-storey GNI house after inspection

Lagos State Governor, Babajide Sanwo-Olu, has announced that the 25-storey Great Nigeria Insurance (GNI) House on Lagos Island, which was gutted by fire, will be demolished once the inferno is completely extinguished.

The governor gave the directive on Thursday while inspecting the scene of the fire at Martins Street, Lagos Island.

He disclosed that a committee headed by the Commissioner for Special Duties and Intergovernmental Relations, Gbenga Oyerinde, has been set up to determine the safest and quickest method to bring down the structure within a few days.

According to Sanwo-Olu, preliminary findings indicated that the building, originally designed for office use, had been converted into a warehouse, with most of its floors used to store highly combustible materials.

He said the fire reportedly started on the fourth and fifth floors before spreading rapidly to the upper levels late on Wednesday night.

“This building has had fire incidents in the past. Unfortunately, it was being used as a warehouse, with inflammable materials stored across multiple floors, which made firefighting extremely difficult,” the governor said.

He explained that although first responders arrived early and deployed aerial ladder equipment, the intensity of the blaze increased around 8 p.m. due to the nature of materials stored inside the building.

He confirmed that there were no recorded fatalities, adding that between seven and ten people sustained injuries and were taken to hospital by ambulances operated by the Lagos State Emergency Management Agency (LASEMA).

He also noted that parts of the building had already suffered partial collapse, making demolition inevitable once the fire is fully subdued.

Sanwo-Olu renewed calls for heightened fire safety awareness during the dry season, particularly between December and February, when harmattan conditions increase fire risks.

“People must stop storing highly inflammable materials in residential and office buildings, especially in densely populated market areas. We will intensify advocacy and enforcement to prevent a repeat of this,” he said.

The operational commander of the Federal Fire Service in Lagos, Musa Emmanuel, said firefighters were still battling the blaze till now, adding that the close proximity of buildings and unknown contents of the affected structures complicated suppression efforts.

According to him, no injuries or loss of life had been recorded so far and that the cause of the fire would only be determined after the incident site is secured.

More than 10 buildings has been affected by the fire, with at least two severely damaged and several others partially impacted.

The Lagos State Fire and Rescue Service, Lagos State Management Agency, Nigeria Police Force (NPF), Federal Road Safety Corps (FRSC), Federal Fire Service, and Lagos State Traffic Management Authority are all on the ground to manage the inferno.

December 25, 2025
2027: Abiodun pledges peaceful, rancour-free transition in Ogun
- …urges residents to uphold true spirit of Christmas
Ogun State Governor, Prince Dapo Abiodun, has assured residents that his administration will record a seamless, peaceful and rancour-free transition at the end of his second term in 2027, pledging to set a historic benchmark in the state’s governance history.

The governor gave the assurance on Thursday during the Christmas service at St. James’ Anglican Church, Iperu-Remo, in Ikenne Local Government Area, declaring his resolve to be the first governor in Ogun State to hand over power without acrimony.

“As we approach 2027, not only will we finish well and finish strong, by the grace of God, this administration will hand over successfully to a successor,” Abiodun said.

“It will be the first peaceful transition in the 50-year history of Ogun State. By God’s grace, I will sit as your governor at my send-off ceremony and also be present at the swearing-in of my successor,” he added.

The governor attributed his confidence to what he described as solid governance, economic growth and people-centred development achieved under his leadership, noting that the state’s economy has expanded significantly since he assumed office.

According to him, Ogun State’s annual budget has grown from about ₦355 billion at the inception of his administration to over ₦2.7 trillion, reflecting increased economic activity and rising investor confidence.

“Our economy has grown almost fivefold from what we met on ground. New factories and industries are springing up across the state. We have reconstructed over 2,000 schools, created jobs, empowered farmers and expanded opportunities for our people—and we are not done yet. We need your prayers to finish strong,” he said.

Abiodun reaffirmed his commitment to continue using his office to glorify God and serve the people through impactful, people-oriented projects, citing the Gateway International Airport and other strategic infrastructure across the three senatorial districts as enduring legacies.

He also commended President Bola Ahmed Tinubu for what he described as purposeful leadership under the Renewed Hope Agenda, noting that the country is gradually stabilising with improved availability of petroleum products, easing inflationary pressures and a more stable foreign exchange regime.

Speaking on the essence of Christmas, the governor said the season goes beyond celebration and merriment, stressing that love, peace and compassion for the vulnerable define its true meaning.

“Many people think Christmas is about shopping or partying, but that is not what Christmas is about. Christmas is about love—loving your neighbour as yourself. There is no greater gift than God giving us Jesus to die for our unrighteousness,” he said.

“In the spirit of Christmas, we must remember to give to others and extend a hand of fellowship to the less privileged,” Abiodun added.

He urged residents to live Christ-like lives in thought, conduct and relationships, advising moderation in celebration and warning against excessive alcohol consumption.

In his sermon titled “Christmas Is God’s Best Gift to You,” the Vicar of the church, Venerable Tolulope Akinwande, described Christmas as the season God gave Himself to humanity through the birth of Jesus Christ.

Quoting from Hebrews 1:2–3 and John 1:2, 14, the cleric said the purpose of Christ’s birth can only be fulfilled when the gift is accepted, noting that Jesus came to save mankind from sin.

Ven. Akinwande emphasised that God’s love remains boundless despite human shortcomings and urged believers to embrace Christ’s sacrifice and live transformed lives that reflect His character.

He also commended Governor Abiodun for what he described as purposeful and transformative leadership in Ogun State, praying that the end of his tenure would surpass its beginning.
December 25, 2025
True wealth lies in helping the needy, says Adamawa philanthropist

Foremost philanthropist and President of the EMNAMU Foundation, Dr Emmanuel Musa, has said the greatest achievement anyone can attain is using their resources to uplift the needy.

Musa made the remark on Thursday afternoon in his hometown, Kala’a, Hong Local Government Area of Adamawa State, during the Banquet of Gratitude, a programme that rounded off a week-long series of humanitarian activities organised to mark his birthday.

The activities included securing the release of 100 prison inmates, settling hospital bills for indigent patients, and reaching out to orphans within and outside orphanage homes.

According to the philanthropist, giving to the needy is akin to lending to the Creator, noting that this belief has continued to shape his life and convictions.

“The greatest achievement of mankind is not the accumulation of wealth, but touching the lives of the needy,” he said, stressing that he remains committed to the philosophy.

“Giving to those in need is what makes me happy. Giving is my hobby, a hobby I truly enjoy,” Musa told newsmen at the annual Banquet of Gratitude, held at the Kala’a Central Field.

Earlier, in his welcome address, the National Coordinator of the EMNAMU Foundation, Kukuya Godwin Kala’a, described Emmanuel Musa as a source of hope to the hopeless, relief to the distressed and an enabler of opportunities for young people through his sustained acts of charity over the years.

He noted that the Banquet of Gratitude was organised to celebrate a life devoted to service and compassion, as well as to appreciate the impact of the foundation’s outreach across different parts of Adamawa State.

December 25, 2025
Christmas eve accidents claim seven lives in Imo

Two persons have been confirmed dead after a bicycle conveying two youths rammed into a commercial jeep along Okigwe Road, Owerri, Imo State, on Christmas Eve.

Eyewitnesses said the victims were riding on a small bike after a football training session in Orji, Owerri North Local Government Area, when they had a head-on collision with the jeep and died on the spot.

The accident caused a massive traffic gridlock on the busy Okigwe Road, with traffic wardens struggling to control the situation as stranded Christmas travellers were left in distress.

Angry youths reportedly swarmed the scene, triggering a chaotic stampede that further worsened the situation.

An eyewitness, who spoke on condition of anonymity, said the victims were from Amatta in Ikeduru Local Government Area and were returning from football training at Orji when the accident occurred.

He added that the bodies of the deceased had been evacuated by an ambulance and taken to the mortuary.

In a related incident, no fewer than five persons reportedly lost their lives in another fatal accident at Akabo Market in Ikeduru Local Government Area on Christmas Eve.

According to eyewitness accounts, a truck lost control and rammed into the crowded market, crushing several people. One eyewitness described the scene as gory, noting that many of the victims died instantly.

Confirming the development, the state Police Public Relations Officer, Henry Okoye, said he had not been officially briefed on the Akabo Market accident.

However, he said investigations were ongoing to ascertain the cause of the Orji accident, which claimed the lives of two persons.

December 25, 2025
Christmas: Archbishop Yahaya calls for unity, compassion, prayers for Nigeria

The Archbishop of Kaduna Province and Bishop of Kaduna Diocese, Most Rev. Timothy Yahaya, has called on Nigerians to use the Christmas season as a time for unity, compassion and renewed prayers for the country.

In his Christmas message, the Archbishop described Christmas as a season of joy and salvation, reminding Nigerians that although salvation did not come instantly after the birth of Jesus Christ, it was ultimately fulfilled for the benefit of humanity.

He urged citizens to remember the less privileged, pray for Nigeria and support security agencies working to protect lives and property.

“At a time like this, let us remember the less privileged, pray for Nigeria and pray for our security forces. Let us also pray that this country will maximise its potentials,” he said.

Archbishop Yahaya expressed hope that the joy of Christmas would overcome bitterness and division in the country, leading Nigerians towards unity and shared purpose in building a peaceful, prosperous and great nation.

Read Also: Christmas eve accidents claim seven lives in Imo

Commenting on his participation in the recent Christmas carol organised by the Kaduna State Government in collaboration with Jama’atu Nasril Islam (JNI), the cleric described the event as historic and symbolic.

He said the carol, the first of its kind since the creation of the state, reflected inclusive leadership and a renewed commitment to peaceful coexistence.

According to him, the gesture signified a return to the spirit of unity that once defined Kaduna State, where Christians and Muslims celebrated together without division.

“We have a leader who is a unifier and who wants to carry everyone along as citizens. This has brought joy to well-meaning residents of Kaduna State,” he said, expressing hope that the initiative would be sustained and replicated across the country.

The Archbishop also highlighted what he described as the “seven messages of Christmas,” drawn from John 3:16, stressing that Christmas begins with God and centres on love for humanity, irrespective of tribe, race or religion.

He noted that the season emphasises giving, sacrifice, belief and the consciousness of everlasting life, urging Nigerians not to reduce Christmas to mere celebrations without reflecting on its deeper meaning.

Archbishop Yahaya concluded by wishing Nigerians a joyful Christmas and praying for lasting peace, unity and national renewal.

December 25, 2025
Diaspora group hails Makinde on 58th birthday
- …describes him as peacemaker, true servant leader
The Omituntun Initiative in the Diaspora (OID) has felicitated with Governor Seyi Makinde on occasion of his 58th birthday.

He group described Makinde as a peacemaker, true servant leader, and a symbol of purposeful leadership.

Governor Makinde celebrates his birthday on Christmas day every year.

A statement by the convener of the group, Moses Eledan, said Makinde’s 58th birthday is a great milestone as well as represents more than a personal celebration.

He stated that the birthday of the governor is a moment to reflect on an enduring legacy anchored in compassion, selfless service, and a steadfast commitment to the welfare of the people.

OID highlighted the Governor’s rise from humble beginnings, noting that his life journey reflected resilience, integrity, and leadership driven by purpose.

The group commended the Makinde-led administration for transforming Oyo State through strategic infrastructure development and deliberate investments in human capital, adding that these interventions have uplifted lives and strengthened democratic governance in the Pacesetter State.

According to the group, Governor Makinde has earned wide recognition as a unifier and peacemaker, whose inclusive leadership style continues to inspire confidence within Oyo State, and beyond Nigeria.

“As he marks this milestone, we are hopeful that his new year will open greater chapters of hope for Nigeria, reinforcing a shared vision of a more united, enduring, and prosperous nation.”

The convener of the group alluded that Makinde’s selfless act, leadership, character, determination, and commitment to service qualify him to be the future president who will lead Nigeria to greater heights and a wealthy nation.

The group further wished Governor Makinde good health, peace of mind, renewed strength, and wisdom as he continues to serve the people of Oyo State and contribute to shaping Nigeria’s future.
December 25, 2025
Two killed as diesel tanker explodes on Badagry expressway

Tragedy struck in the early hours of Thursday as a diesel-laden tanker exploded along the Badagry Expressway, killing two persons and causing temporary disruption of traffic at the Oto-Ijanikin axis of Lagos.

The Lagos State Traffic Management Authority (LASTMA) confirmed that the incident occurred near the Lagos State University of Education (LASUED), inward Agbara, involving a Mack truck conveying diesel.

According to the agency, preliminary security investigations revealed that the crash was caused by excessive speeding.

The tanker driver reportedly lost control of the vehicle while attempting to overtake another road user, leading to a crash that resulted in a fire outbreak. The inferno claimed the lives of the driver and an adult female occupant.

LASTMA officials, who were on routine traffic monitoring duties in the area, promptly responded to the incident.

They cordoned off the affected section of the expressway to prevent secondary accidents and immediately alerted emergency responders, including the Lagos State Fire and Rescue Service (Ojo Unit), the Federal Road Safety Corps (FRSC), and the Ijanikin Police Division.

LASTMA operatives also prevented members of the public from scooping spilled diesel from the accident scene.

Emergency agencies later succeeded in containing the fire, after which the burnt tanker was evacuated from the roadway by LASTMA to restore traffic flow. The remains of the deceased victims were removed by officials of the FRSC.

The General Manager of LASTMA, Mr. Olalekan Bakare-Oki, expressed deep sorrow over the loss of lives and extended condolences to the families of the victims, describing the development as particularly painful during the festive season.

He urged tanker and articulated vehicle drivers to adhere strictly to speed limits and traffic regulations, noting that reckless driving and speeding remain leading causes of fatal road crashes in Lagos.

The LASTMA boss also warned members of the public against the hazardous practice of scooping petroleum and diesel products from accident scenes, stressing that such actions pose serious risks to lives and public safety.

December 25, 2025