These artifacts, which include a bell, relief plaques, a coconut casing, and a staff, were looted by British soldiers during the 1897 expedition.



Nigeria is set to receive the single largest return of Benin antiquities directly linked to the 1897 British punitive expedition.



This is according to Olugbile Holloway, Director General of the Nigerian National Commission for Museums and Monuments.



The Netherlands has agreed to return 119 Benin Bronzes, including 113 objects from the Dutch State Collection and six additional objects from the municipality of Rotterdam.



&#8220;We hope this will set a good example for other nations of the world in terms of repatriation of lost or looted antiquities,&#8221; Holloway reportedly said.



The Benin Bronzes are an essential part of Nigeria&#8217;s history and cultural identity, and their return is seen as a significant step towards rectifying the historical injustices of the past, according to Netherlands&#8217; Minister of Education, Culture and Science, Eppo Bruins who made the decision.

British Museum’s Security In Question After Revelations Of Missing Treasures

Nigeria Set To Receive Single Largest Return Of Benin Antiquities Linked To 1897 British Expedition

This marks a shift from six rate hikes in 2024.



Nigeria&#8217;s central bank has opted to maintain its benchmark lending rate at 27.50%, as announced by Governor Olayemi Cardoso.



The bank made the decision at its 299th Monetary Policy Committee (MPC) meeting concluded today.



This development comes on the heels of the rebasing exercise by the west African nation statistics agency recently, revealing a significantly lower annual inflation rate of 24.48% last month from 34.80% in December last year.



The rate hikes in 2024 cumulatively totaled 875 basis points, aimed at reining in inflation.

Nigeria’s Dying ATMs Leave a Cash-Shaped Hole Filled by Agents

Nigeria Holds Benchmark Rate Steady At 27.50% Amid Lower Inflation

The cement producer is expanding in theEast African nation despite past security challenges.



Aliko Dangote, founder of Dangote Industries with the subsidiary Dangote Cement, recently announced a $400 million investment to revive a second production line at the Mugher cement plant in Ethiopia.



The expansion, projected to be completed within the next 30 months, is expected to double the nine-year-old plant’s capacity to 5 million metric tons annually.



The plant, which is one of the Dangote cement plants operational in 10 countries across the continent, was reportedly plagued by violence and political instability.



“Despite the ups and downs, we have successfully repaid all our loans and repatriated our profit,” Africa&#8217;s richest man reportedly confirmed.



He also revealed plans for a new greenfield cement grinding unit with a capacity of 3 million tons per annum.



In partnership with state-owned Ethiopian Investment Holdings, Dangote&#8217;s company will invest in the Omo Kuraz sugar factory.

30th Afreximbank Annual Import-Export Fair In Ghana

Sub-Saharan Africa’s Largest Cement Producer Bets Big On Ethiopia With Expansion Plans And New Greenfield Grinding Unit

Tems joins other members of the ownership group, including actor Issa Rae and footballer Juan Mata.



Two-time Grammy winner Temilade &#8216;Tems&#8217; Openiyi has joined the ownership group of San Diego FC as a club partner.



The Nigerian singer-songwriter made the announcement today on X (formerly Twitter), expressing her excitement: &#8220;Proud to support SDFC’s @right2dream initiative, empowering young talent on and off the field. Can’t wait for what’s ahead @mls!&#8221;



San Diego FC, also known as San Diego Wave FC, is a professional soccer team based in San Diego, California. The team competes in Major League Soccer (MLS).

The Fashion Awards 2024 Presented by Pandora –  Show

Two-Time Grammy Winner Tems Joins San Diego FC Ownership Group As Club Partner

Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.



The Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, with an initial equity investment of $5 billion from member nations and shareholders.



Following the January 28 operationalization deadline, Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri confirmed at a conference today that the bank will begin operations in the country&#8217;s capital Abuja.



&#8220;The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,&#8221; Lokpobiri reportedly said.



The bank, a joint initiative between African Export-Import Bank (AfreximBank) and the African Petroleum Producers Organization (APPO), aims to support Africa&#8217;s energy transition goals and fund oil and gas projects across the continent.



According to Lokpobiri, the AEB is expected to reach an asset base of $120 billion within the next five years.

Investors Pile Into Longer-Dated Nigerian Bonds to Lock in Rates

New Energy Bank In Q1 2025, Targeting Asset Base Of $120 Billion Within The Next Five Years

Excavation works initiated in 2016 led to the creation of the world&#8217;s largest single-train petroleum facility, capable of refining 650,000 barrels of crude per day, in Nigeria&#8217;s commercial capital Lagos.



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
&#8220;We can go 100% in 30 days.&#8221; – Devakumar Edwin
</blockquote>



The Dangote Refinery, owned by Africa&#8217;s richest man, Aliko Dangote, is set to hit full capacity in 30 days, according to the refinery&#8217;s head.



Devakumar Edwin, Vice President of Dangote Industries Limited, responsible for the oil and gas business, reportedly confirmed the refinery was currently operating at 85% capacity and &#8220;we can go 100% in 30 days&#8221;.



This development comes on the heels of the refinery&#8217;s shipment of two cargoes of jet fuel to Saudi Aramco.



The Dangote Petroleum Refinery, described as Africa&#8217;s largest oil refinery, began production in January 2024.



At full capacity, the $20 billion facility aims to produce 327,000 barrels per day of gasoline, 244,000 barrels per day of gasoil/diesel, 56,000 barrels per day of jet fuel/kerosene, and 290,000 metric tons per year of liquefied petroleum gas (LPG).

Nigeria’s $21 Billion Dangote Mega Oil Refinery Opening

Africa’s Richest Man’s Oil Refinery Reaches 85% Capacity, Aims For Full Production In 30 Days

It was the biggest night for music, especially for artists like Kendrick Lamar and Beyonce, who took home multiple Recording Academy Awards at the 67th Annual Grammy Awards in Los Angeles last night. However the spotlight was once again on Best African Music Performance, which was presented for the first time last year, as the continent’s biggest stars were nominated.



From contenders Yemi Alade (Tomorrow) to Asake and&nbsp; Wizkid (MMS), from Chris Brown Featuring Davido and Lojay (Sensational), and Burna Boy (Higher), it was 29-year-old Temilade Openiyi, known professionally as Tems, who took home the category award, making this her second Grammy. <a href="https://en.wikipedia.org/wiki/67th_Annual_Grammy_Awards"></a>



“My heart is beating so fast. I&#8217;m so sorry – I do work out, but it&#8217;s not showing up right now,” Openiyi, said in her acceptance speech.



Openiyi won for her Afrobeats single Love Me JeJe, which is her remake of the 1997 Nigerian classic by Seyi Sodimu. She performed the song for the first time during her Coachella set in April last year which generated a lot of popularity, ahead of the release of her debut album&nbsp;Born in the Wild&nbsp;in May.



The Nigerian singer first rose to fame after gaining worldwide recognition for her hit singles&nbsp;Mr. Rebel&nbsp;and&nbsp;Try Me, Essence’s success. In 2023, she took home her first Grammy award for Best Melodic Rap PerformanceforWAIT FOR U.



“I had no idea my life was about to change when I did that song,” Openiyi said in an exclusive interview with FORBES AFRICA in 2022 after her feature on Balogun’s 2020 single&nbsp;Essence.&nbsp;“Every day since then is like a dream and I am super thankful for the opportunity I have for people to hear my work on a global scale.”



Last night, the songtress honored her mother for her win, “This is her first Grammy and I just want to thank you mom because she is really done a lot for me and my brother. Happy Birthday mom.”

67th GRAMMY Awards – Premiere Ceremony

Nigerian Singer Tems Takes Home Her Second Grammy

People need to be more vigilant than ever before while interacting and transacting online.



As the uptake of the digital sphere continues, so too do the risks, and no one is safe. Namibia’s former First Lady, Monica Geingos says that she has noticed an increase in scammers pretending to be her.



The latest, according to Geingos, includes AI manipulated videos of her asking members of the public to invest in fraudulent schemes.



“Something that has surprised [me] of late is how ubiquitous it’s become across social media platforms,” the former first lady said in a video released on social media last week.



“Recently, somebody received a video call purportedly of me convincing them to invest in some kind of weird Forex schemes. I am not a Forex person. I am not on any social media platform asking for any money or giving any loans out, or whatever you’re being told. So take it from me, it’s not true.”



Deepfakes, an emergent type of threat falling under the greater and more pervasive umbrella of synthetic media, utilize a form of artificial intelligence/machine learning (AI/ML) to create believable, realistic videos, pictures, audio, and text of events which never happened, and it has become alarmingly high.



According to a study done by the United States’ Homeland Security, tilted ‘Increasing Threat of DeepFake Identities’ &nbsp;deepfakes and the misuse of synthetic content pose a clear, present, and evolving threat to the public across national security, law enforcement, financial, and societal domains.



“To adequately characterize the current threat landscape posed by deepfakes, we must consider the context of the varied threats, malign actors, victims, and technology,” the study reads.



“Experts across industry, academia, and government have a diverse perspective on the threat of synthetic media. Some assert that it is overblown, overstated, and technically infeasible to create a convincing deepfake, or it will simply be ineffective against a skeptical public.”



However, it asserts that the threat is “very real and harmful” as noted by the victims of this type of material.



A 2024 Regula report, ‘Deepfake Trends 2024’, states that 57% of Crypto companies have reported audio deepfake incidents, compared to just 45% who were facing fake or modified document fraud.



Regula, an identity verification solutions provider, also says that 53% of Crypto firms have encountered video deepfake fraud, cementing deepfakes as a top concern.



Further to this, in 2023, research company, Sumsub, stated that South Africa had an “astounding rise” of 1200% in deepfake frauds. With AI-driven fraud remaining the most prominent challenge across various industries, crypto is the main target sector (representing 88% of all deepfake cases detected in 2023), followed by fintech (8%).



“South Africa faces a perfect storm of fraud challenges that impact the entire breadth of the economy,” Sameer Kumandan, Managing Director of SearchWorks, a data platform, said in a statement last year.



“From digital identity scams that affect consumers to complex procurement fraud that places organizations at risk, businesses need to adopt proactive strategies to mitigate financial and reputational damage as a matter of urgency.”



Geingos appealed to the public, stating, “Please don’t communicate with these fake accounts. Please report them… keep your money safe. Don’t give it to these crooks; the only intention is to rob you”.

2023 Concordia Annual Summit – September 19

Scammers Use Former Namibian First Lady’s Face To Con People As Deepfakes Continue To Rise

Following the presidential inauguration of newly-elected Donald Trump in the United States yesterday, SARB Governor Lesetja Kganyago told media in Davos today that the measures that Trump plans to take could lead to the “fragmentation of the global economy”.



“[This] could spur other countries to think that they can justify taking protectionist measures and these measures are negative for global trade. Global trade is the lifeblood of the global economy,” Kganyago told Bloomberg.



Kganyago’s observations comes on the heels of a statement by Trump, before being sworn into office, that he would enact threatened tariffs of as much as 25% on Mexico and Canada by February.



Mexico and Canada are two of America’s top three trade partners, with the U.S. reportedly importing $475 billion worth of goods from Mexico and $418 billion from Canada in 2024.



According to Reuters, when asked by reporters at the White House whether he would impose a universal tariff on all imports into the U.S., Trump reportedly said: &#8220;We may. But we&#8217;re not ready for that yet.&#8221;



The rand in South Africa gained early on Monday as markets awaited Trump&#8217;s inauguration and policy announcements ahead of a week packed with domestic data releases.



Kganyago said that if the measures taken are inflationary, it could slow down the disinflation process that the central banks had so steadfastly worked on since the great inflation of 2022.



“And the risk is then that the accommodation, or should I say, the reduction in the restrictiveness of monetary policy that we had seen over the past year, could then be brought to an abrupt halt,” he added.

Opening Day Of World Economic Forum (WEF) 2025

South African Reserve Bank Governor Warns In Davos That Trump’s Policies May Fragment Global Economy

Sudan&#8217;s economy has faced significant challenges, including a severe cash shortage and soaring prices for commodities.



<blockquote class="wp-block-quote has-medium-font-size is-layout-flow wp-block-quote-is-layout-flow">
“This resulted in the spread of large quantities of banknotes of unknown origin and not conforming to technical specifications in the SDG1,000 and SDG500 denominations, which has led to a clear increase in the level of cash liquidity and a negative impact on the stability of the general price level,” the Central Bank of Sudan says.
</blockquote>



Sudan is introducing new 500 ($0.20) and 1,000 ($0.50) Sudanese Pound banknotes, featuring advanced security specifications to combat counterfeiting and stabilize the exchange rate.



The value of the Sudanese Pound has plummeted by over 350% in recent months, leading to widespread protests.



To address these issues, the government launched a currency exchange initiative, allowing citizens to exchange old banknotes for new ones.



The deadline for this exchange was initially set for December 23 but has been extended twice, first to December 30 and then to January 6, 2025.



The currency exchange initiative aims to ease the liquidity crisis.



However, its implementation has been challenging, particularly in areas controlled by the Rapid Support Forces (RSF), which have prohibited the use of the new currency.

Sudan, Africa – African Money – Banknotes

Sudan Extends Currency Swap Deadline Twice Amid Economic Chaos

Cyber security is what nations and organizations need to be very wary of in 2025.



According to the recent World Economic Forum’s (WEF) Global Cybersecurity Outlook, the intricacies of cyberspace are complex and challenging, owing to rapid technological advancements, the growing sophistication of cybercriminals and deeply-interconnected supply chains.



“Collaboration between public and private sector stakeholders is paramount to secure the benefits of digitalization for all,” Jeremy Jurgens, Managing Director, WEF, said in a statement.



According to the report, 54% of large organizations identify supply chain interdependencies as the greatest barrier to achieving cyber resilience. Furthermore, the “prevailing turmoil” has affected the perception of risks. One in three CEOs cited in the report cyber espionage and loss of sensitive information and intellectual property theft as their main concerns.



“45% of cyber leaders are concerned about disruption of operations and business processes,” the report reads.



As artificial intelligence (AI) continues to be at the forefront of innovation, the report revealed that to ensure cyber resilience, there needs to be rapid implementation of the necessary security safeguards.



“While 66% of organizations expect AI to have a major impact on cybersecurity in 2025, only 37% report having processes in place to assess the security of AI tools before deployment.”



Skills development needs to be at the forefront of organizations, according to the report, as the cyber skills gap in 2024 was only at 8%. According to WEF, two in three organizations lack the essential talent and skills to meet their security requirements; only 14% of organizations are confident that they have the people and skills they need today.



Paolo Dal Cin, Global Lead, Accenture Security, said in the statement that cybersecurity threats are more complex and unpredictable than ever and can directly impact an organization’s financial stability.



“The disruptive force of AI, coupled with supply chain vulnerabilities and geopolitical tensions, calls for a more proactive and collaborative approach to ensure a strong cyber resilient posture across all industries. C-suite leaders must adopt a security-first mindset from the outset to confidently navigate these challenges with cybersecurity as an enabler that keeps our businesses and organizations resilient,” Dal Cin said.

Businesspeople in futuristic virtual reality environment

New Report Reveals The Landscape Of Cybersecurity In 2025

The railway project is part of China&#8217;s Belt and Road Initiative, which Nigeria joined in 2018.



<blockquote class="wp-block-quote is-style-plain has-medium-font-size is-layout-flow wp-block-quote-is-layout-flow">
&#8220;This railway will also promote the development of related industries along the route. The construction and operation of the project will create numerous job opportunities in Nigeria,&#8221; the bank said.
</blockquote>



The China Development Bank recently released a $254.76-million loan for the construction of a 203-kilometer standard-gauge railway linking Kano and Kaduna, two major states in northern Nigeria.



The railway is being built by China Civil Engineering Construction Corporation.



According to the bank, the railway will promote the development of related industries along the route, creating numerous job opportunities in Nigeria.



The bank has also supported other projects in Nigeria, including the Lekki Deep Water Port in the commercial capital Lagos.



The loan announcement preceded China&#8217;s Foreign Minister Wang Yi&#8217;s visit to Nigeria, part of his annual tour of Africa.



China is Nigeria&#8217;s largest trading partner, with bilateral trade valued at $13.6 billion in 2023.



The two countries, with 53-year-old diplomatic relations, have collaborated on several infrastructure projects, including the Abuja-Kaduna Railway and the Lagos-Ibadan Railway.

Category: Briefs