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Category: Business

  • Alex Otti unveils United Nigeria Airlines Aircraft named after Chinua Achebe, Obi of Onitsha

    Alex Otti unveils United Nigeria Airlines Aircraft named after Chinua Achebe, Obi of Onitsha

    LAGOS, Nigeria (NPA) — United Nigeria Airlines has named two newly acquired Boeing 737-800NG aircraft after renowned Nigerian literary icon, Professor Chinua Achebe, and the Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, in recognition of their enduring contributions to society.

    The aircraft were unveiled on Thursday in Lagos by Abia State Governor, Alex Otti, who commended the airline for honouring two distinguished Nigerians whose legacies continue to inspire generations.

    In a statement issued after the event, Otti described the gesture as a fitting tribute to individuals who have made significant contributions to national development and cultural heritage.

    “Today in Lagos, I had the honour of unveiling two newly acquired Boeing 737-800NG aircraft by United Nigeria Airlines, named in recognition of two exceptional sons of Nigeria: the late Professor Chinua Achebe, the globally celebrated literary icon, and His Royal Majesty, Igwe Alfred Nnaemeka Achebe, CFR, the Obi of Onitsha,” the governor said.

    Otti praised the Chairman and Founder of United Nigeria Airlines, Professor Obiora Okonkwo, for immortalising personalities whose impact has transcended generations.

    “I commend Professor Obiora Okonkwo for this thoughtful gesture. Honouring excellence and service inspires future generations and strengthens our collective national identity,” he said.

    The governor noted that the acquisition of the aircraft reflects growing confidence in Nigeria’s aviation sector and demonstrates the resilience and expansion of indigenous enterprises.

    He also lauded the Minister of Aviation and Aerospace Development, Mr Festus Keyamo, SAN, for implementing reforms aimed at creating a more conducive environment for private sector participation in the aviation industry.

    According to Otti, ongoing initiatives such as aircraft leasing arrangements would strengthen local airlines, improve access to aviation assets and enhance the competitiveness of indigenous carriers.

    “I particularly welcome ongoing efforts to strengthen local airlines through innovative initiatives such as aircraft leasing arrangements, which will enhance competitiveness, improve access to aviation assets and support sustainable growth across the sector,” he said.

    The governor further expressed appreciation for the Federal Government’s support for the Abia Airport project, disclosing that construction work on the runway had reached an advanced stage.

    He reaffirmed his administration’s commitment to delivering a world-class airport capable of boosting economic activities, improving connectivity and positioning Abia State as a major destination for commerce and investment.

    Otti congratulated United Nigeria Airlines on the milestone and wished the airline greater success in its efforts to contribute to national development, create employment opportunities and strengthen Nigeria’s aviation industry.

    He also commended the airline’s management and stakeholders for their vision and dedication in making the acquisition possible.

  • iDICE: Nigeria’s plan for its next generation of founders

    iDICE: Nigeria’s plan for its next generation of founders

    OPINION (NPA) — A $617 million program is putting money, skills, and infrastructure directly in the hands of young Nigerian entrepreneurs. And it’s already underway.

    Nigeria has produced some of Africa’s most celebrated technology and creative success stories. Yet for many founders across the country, the path from idea to investable business remains difficult. Early-stage capital, coordinated support, and clear pathways to growth have not existed at the level Nigeria’s digital and creative potential demands.

    This is not a talent problem. According to the Minister of Communications, Innovation and Digital Economy, Nigeria’s digital economy contributes nearly 19 per cent to GDP. The creative industry, per research by Jobberman and the Mastercard Foundation, employs more than 4.2 million people. Both sectors have expanded considerably in recent times, demonstrating what Nigerian entrepreneurs can achieve even within difficult conditions. The real question is whether that growth can be institutionalised effectively and extended beyond a few major urban centres.

    The answer requires deliberate public intervention. Data from the Bank of Industry’s 2025 Annual Development Impact Report, independently assured by KPMG and the Policy Innovation Centre, shows that 76 per cent of creative and digital businesses financed by the Bank either would not have proceeded at all, or would have been significantly scaled back, without development finance. That is not a market gap that growth alone will close. It is precisely the kind of structural gap that a deliberate, development-finance-backed intervention is designed to address.

    iDICE, the Investment in Digital and Creative Enterprises Program, is the Federal Government’s response to that need. Implemented by the Bank of Industry and financed by the African Development Bank, Agence Française de Développement (AFD), and the Islamic Development Bank, the program has mobilized $617 million to support young Nigerian entrepreneurs through financing, skills development, mentorship, and enterprise support. It represents one of Africa’s largest innovation and enterprise development programs and one of Nigeria’s clearest commitments to building the infrastructure required for a globally competitive digital and creative economy.

    BOI brings to this mandate an active and growing track record: in 2025 alone, the Bank financed 2,017 creative and digital businesses, deploying N41.35 billion into the sector. iDICE is built on that foundation and designed to extend it at the national scale.

    What iDICE is building

    The program is built around three pillars: access to finance, capacity development, and ecosystem strengthening. Its financing architecture combines equity funding, startup-friendly debt, and catalytic funding structures designed to support founders at different stages of growth. For entrepreneurs not yet ready for equity investment, the iDICE Debt Fund provides affordable growth capital through the Bank of Industry. The program is also working with Nigeria’s six non-interest banks to expand access to Shariah-compliant financing, ensuring broader inclusion within the innovation ecosystem.

    BOI’s existing portfolio in this space already validates the approach: across its 2025 creative and digital investments, 62 per cent of financed firms achieved capacity increases above 20 per cent, average revenue grew by 14.3 per cent, and 13 per cent of businesses began exporting for the first time following BOI support.

    The Startup Bridge Program, recently launched under iDICE, is designed to take founders from idea stage to investment readiness through structured training, mentorship, grants of up to N10 million, and pathways to equity investment of up to $100,000. The appetite for this kind of intervention was never in doubt. When iDICE launched its Founders Lab initiative in March 2025, more than 7,000 applications were received from across the country. Following a rigorous selection process, 185 founders were admitted into the inaugural cohort, representing all 36 states and the FCT. Female founders accounted for approximately 38 per cent of participants, surpassing the program’s own target. It was an early signal that the talent and ambition already existed. What had been missing was a credible platform to channel and grow them.

    The next phase is already underway. Applications for Growth Lab, an accelerator program focused on growth-stage startups, are expected to open in Q3 2026, extending the pipeline from early-stage innovation to enterprise development.

    Beyond financing, iDICE is also investing heavily in skills and infrastructure. The program aims to train more than one million Nigerians in globally competitive digital and creative skills over its lifetime. Sixty-six Innovation Hubs and Centres of Excellence are being established across universities and polytechnics nationwide, providing workspaces, mentorship, incubation support, and access to industry-relevant tools, designed to become active engines for enterprise creation and innovation across every part of the country. BOI’s support for Vatebra Tech Hub offers a preview of what this looks like in practice. With BOI support, Vatebra trained more than 5,300 entrepreneurs, incubated over 500 startups, and catalysed partnerships with Amazon, MTN, and Lagos Innovates. According to Vatebra’s Business Manager, without BOI support, the hub’s scale of training and community outreach “would have happened much more slowly, and we would have reached far fewer beneficiaries and startups.” The 66 hubs iDICE is establishing are designed to replicate and expand that model nationwide.

    One of the program’s most deliberate design choices is its emphasis on decentralisation. State focal persons, nominated across all 36 states and the FCT, are embedded within the program to ensure that opportunities reach founders in Sokoto, Calabar, Maiduguri, and other underserved locations, not just entrepreneurs with proximity to Nigeria’s established technology hubs.

    At the policy level, iDICE is backed by a high-level steering committee chaired by His Excellency, Vice President Kashim Shettima, bringing together ministries responsible for finance, digital economy, creative economy, and industry and trade. This level of coordination reflects a growing recognition that the digital and creative economy is no longer on the sidelines of Nigeria’s future growth story. It is increasingly central to it.

    The scale of the opportunity

    At its core, iDICE is also an industrial policy intervention, building the talent, capital, and enterprise infrastructure required for Nigeria’s next phase of economic growth.

    By the end of 2026, iDICE is expected to establish 66 Innovation Hubs nationwide, train between 250,000 and 300,000 young Nigerians in market-relevant skills, support more than 200 technology startups, and provide financing for over 100 creative enterprises. Independent projections by PricewaterhouseCoopers estimate that full implementation could generate more than 6.1 million jobs and contribute approximately $6.4 billion in economic value to Nigeria.

    These are ambitious projections. But they are backed by a program that is more coordinated, better funded, and more institutionally supported than previous interventions in this space.

    Building the Ecosystem for Growth

    Nigeria’s digital and creative sectors have already demonstrated their potential. The challenge now is whether the country can build the systems that allow innovation to grow consistently, sustainably, and beyond a few concentrated hubs.

    For the young founder with an idea but no capital, iDICE provides a pathway. For graduates with skills but limited opportunities, it creates access to training, mentorship, and enterprise support. For creative businesses that have built audiences but struggle to grow sustainably, it offers financing and institutional backing.

    The program is live, and the pipeline is growing. For Nigeria’s next generation of founders, developers, and creators, iDICE is not a distant policy commitment. It is an open door, and the moment to walk through it is now. To stay updated on the iDICE programme, visit https://idice.ng.

    Dr Olasupo Olusi is the MD/CEO of the Bank of Industry.

  • JUST IN: Bank of England MPC holds interest rate at 3.75% amid inflation concerns

    JUST IN: Bank of England MPC holds interest rate at 3.75% amid inflation concerns

    LONDON, United Kingdom (NPA) — The Bank of England has maintained its benchmark interest rate at 3.75 per cent, citing continued uncertainty over global energy prices, inflationary pressures and the broader economic outlook.

    The decision was announced on Thursday following a meeting of the Monetary Policy Committee (MPC) that ended on June 17.

    According to the bank, seven members of the committee voted to keep the Bank Rate unchanged at 3.75 per cent, while two members favoured a 0.25 percentage-point increase to 4.0 per cent.

    In its June 2026 Monetary Policy Summary, the MPC said global energy prices had declined since its previous meeting following developments in the Middle East, but remained above pre-conflict levels and continued to exhibit significant volatility.

    The committee noted that the full impact of the energy shock on the UK economy remains uncertain.

    “Monetary policy cannot influence energy prices but is being set to ensure that the economic adjustment to them occurs in a way that achieves the 2 per cent inflation target sustainably,” the MPC said.

    The committee stated that the appropriate policy response would depend on the scale and duration of the energy shock and how its effects spread through the wider economy.

    Official data showed that Consumer Price Index (CPI) inflation had eased to 2.8 per cent since the previous MPC meeting.

    However, the bank warned that inflation is expected to rise later in the year as the impact of higher energy costs continues to feed through to households and businesses.

    The MPC said the risk of sustained inflationary pressures through higher prices and wage demands would increase if elevated energy prices persist for an extended period.

    At the same time, it noted that the labour market continues to soften, while signs of weakening economic activity could help moderate inflationary pressures.

    The committee added that borrowing costs for households and businesses remain significantly higher than they were before the recent energy shock, a factor expected to contribute to lower inflation over time.

    “Taking all the risks to the economic outlook into account, the Committee judges that it is appropriate to maintain Bank Rate at this meeting,” the statement said.

    The MPC reiterated its commitment to achieving the bank’s medium-term inflation target of 2 per cent and said it would continue to monitor developments in the Middle East and their impact on the UK economy.

    The committee also signalled its readiness to adjust monetary policy if necessary to ensure inflation remains on track to meet the target sustainably.

    The next Bank of England interest rate decision is scheduled for July 30, 2026.

  • Kenya, South Korea sign maritime pact to boost seafarer employment

    Kenya, South Korea sign maritime pact to boost seafarer employment

    MOMBASA, Kenya (NPA) — Kenya and the Republic of Korea have signed a landmark Memorandum of Understanding (MoU) on the mutual recognition of seafarers’ Certificates of Competency, a move expected to expand employment opportunities for Kenyan seafarers and strengthen bilateral cooperation in maritime training and shipping.

    The agreement was signed in Mombasa on the sidelines of the 11th Our Ocean Conference and establishes a framework for the mutual recognition of maritime education, training and certification standards in line with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW).

    Under the arrangement, qualified Kenyan seafarers will be eligible to serve aboard Korean-flagged vessels, while Korean seafarers will be permitted to work on Kenyan-registered ships.

    The agreement was signed on behalf of Kenya by the Director-General of the Kenya Maritime Authority, CPA Omae Nyarandi, and witnessed by the Principal Secretary for Shipping and Maritime Affairs, Aden Millah.

    On the Korean side, the agreement was signed by Kim Hye-jung, Director-General of the Shipping and Logistics Bureau, and witnessed by Deputy Minister Jeongho Seo.

    Kenya’s Cabinet Secretary for Mining, Blue Economy and Maritime Affairs, Ali Hassan Joho, described the agreement as a significant milestone in the country’s ambition to become a leading maritime nation in Africa.

    “This agreement marks a new chapter in Kenya-Korea maritime relations. It demonstrates international confidence in the quality of Kenya’s maritime training institutions and certification systems.

    “More importantly, it opens doors for Kenyan seafarers to access opportunities in one of the world’s most advanced maritime economies, creating jobs, building skills and enhancing Kenya’s competitiveness in the global shipping industry,” Joho said.

    He noted that the partnership aligns with the government’s broader strategy of leveraging the Blue Economy to drive economic growth, youth employment and international trade.

    Millah described the MoU as a major breakthrough in Kenya’s efforts to build a globally recognised maritime workforce.

    “The mutual recognition of certificates means that Kenyan seafarers will have greater access to international labour markets while benefiting from enhanced professional mobility.

    “It also strengthens cooperation in maritime education, training, certification and knowledge exchange between our two countries,” he said.

    According to him, the agreement will support government efforts to increase the number of Kenyan seafarers serving aboard international vessels, boost remittance inflows and create sustainable career opportunities for young professionals.

    Also speaking, the Principal Secretary for the State Department for Blue Economy and Fisheries, Betsy Njagi, said the partnership reflects Kenya’s growing status as a regional maritime hub.

    “The Blue Economy thrives on partnerships, innovation and human capital development.

    “This agreement enhances our capacity to develop internationally competitive maritime professionals while strengthening Kenya’s position within the global ocean economy. It is a significant investment in our people and our future,” she said.

    The MoU commits both countries to recognising each other’s maritime education, training and certification systems while maintaining compliance with standards set by the International Maritime Organization (IMO).

    It also provides for information sharing, cooperation in training and assessment programmes, and verification mechanisms to ensure the authenticity and validity of seafarers’ certificates.

    Industry stakeholders have welcomed the agreement, noting that South Korea remains one of the world’s leading maritime nations, with a highly developed shipping, shipbuilding and logistics sector.

    Observers say the pact is expected to create new opportunities for Kenyan seafarers in international labour markets, strengthen maritime training standards and support Kenya’s ambition to become a leading maritime hub in the Western Indian Ocean region.

    The signing comes as Kenya continues to implement reforms aimed at improving maritime governance, expanding seafarer training opportunities and attracting greater maritime trade and investment.

    Analysts believe the agreement will accelerate skills development, facilitate technology transfer and deepen Kenya’s integration into global shipping networks, further strengthening the growth of the country’s Blue Economy.

  • Nigeria launches digital switch-over, marks milestone in broadcasting transformation

    Nigeria launches digital switch-over, marks milestone in broadcasting transformation

    ABUJA, Nigeria (NPA) — Minister of Communications, Innovation and Digital Economy, Dr. ’Bosun Tijani, has announced the official launch of Nigeria’s Digital Switch Over (DSO), describing it as the fulfilment of a longstanding national aspiration to transition broadcasting from analogue to digital.

    Speaking earlier today, Tijani said the DSO represents a major milestone in Nigeria’s broader digital transformation agenda and underscores President Bola Ahmed Tinubu’s commitment to investing in foundational infrastructure that will drive growth and prosperity for decades to come.

    “The Digital Switch Over is not just about television. By leveraging NigComSat’s satellite infrastructure, Nigerians will enjoy clearer access to information, richer educational and cultural content, improved quality of service, and greater inclusion — ensuring that no one is left behind simply because of where they live,” Tijani stated.

    He explained that the DSO is one of the first visible benefits of a larger national digital infrastructure strategy. Under this administration, Nigeria is embarking on the deployment of 90,000 kilometres of open‑access fibre through Project BRIDGE, connecting communities, businesses, institutions, and public services nationwide. In addition, President Tinubu has approved investments in two new satellites to further strengthen Nigeria’s communications and digital service capacity.

    Together, these initiatives will create a transformative digital backbone capable of reaching every Nigerian, regardless of geography. As the infrastructure expands, it will unlock unprecedented opportunities for broadcasters, content creators, entrepreneurs, and innovators to reach audiences across West Africa and beyond.

    “Infrastructure does not merely move signals; it amplifies culture, ideas, and influence,” Tijani emphasised, noting that the DSO marks Nigeria’s decisive step toward a more connected, inclusive, and prosperous future.

  • NNPC, TotalEnergies extend methane reduction partnership, deploy advanced emissions technology

    NNPC, TotalEnergies extend methane reduction partnership, deploy advanced emissions technology

    ABUJA, Nigeria (NPA) — NNPC Limited and TotalEnergies have renewed their partnership to accelerate methane emissions reduction across Nigeria’s upstream oil and gas sector through the continued deployment of advanced emissions-monitoring technology.

    The two companies signed an agreement extending the use of the Airborne Ultralight Spectrometer for Environmental Applications (AUSEA) technology for an additional 24 months.

    The agreement was signed at the NNPC Towers in Abuja by NNPC Ltd’s Executive Vice President, Upstream, Mr. Udy Ntia, and TotalEnergies Country Chair and Managing Director, Mr. Matthieu Bouyer.

    The renewed partnership builds on an earlier agreement signed in 2023 for the adoption of the AUSEA technology, which is designed to detect, measure, and reduce methane and carbon emissions across oil and gas operations.

    According to NNPC, the initiative forms part of its broader strategy to meet gas flare reduction obligations and advance its decarbonisation objectives under the Oil and Gas Decarbonisation Charter (OGDC), the Oil and Gas Methane Partnership (OGMP) 2.0, and its commitment to achieving near-zero methane emissions by 2030.

    Speaking at the signing ceremony, Ntia expressed satisfaction with the results recorded during the first phase of the project and called for wider deployment of the technology across additional assets.

    “Today’s signing represents a practical step in NNPC Limited’s journey to build a credible, transparent, and action-oriented decarbonisation programme,” he said.

    “Through the AUSEA initiative, we are strengthening our ability to detect, quantify, and prioritise methane abatement opportunities using advanced measurement technology.”

    He also advocated stronger progress reporting mechanisms to support regulatory compliance and stressed the importance of exploring opportunities for technology transfer.

    On his part, TotalEnergies Senior Vice President for Africa, Mr. Mike Sangster, described the partnership as a reflection of the strong cooperation between both companies.

    Sangster noted that TotalEnergies was the first oil-producing company in Nigeria to eliminate routine gas flaring across all its assets, adding that the AUSEA technology played a significant role in achieving that milestone.

    He said the company remains committed to its target of achieving near-zero methane emissions by 2030.

    The AUSEA system is a drone-based technology developed by TotalEnergies in collaboration with the French National Centre for Scientific Research (CNRS) and the University of Reims.

    The technology enables operators to identify previously undetected emission sources, improve emissions reporting processes, assess flare combustion efficiency, and generate data needed to implement corrective operational measures.

    Industry experts say methane reduction has become a major priority for the global energy sector because methane is one of the most potent greenhouse gases contributing to climate change.

    The renewed partnership underscores growing efforts by energy companies operating in Nigeria to align with global environmental standards, reduce carbon footprints, and support the transition to more sustainable energy production.

    NNPC said the collaboration with TotalEnergies will strengthen transparency, improve environmental performance, and contribute to Nigeria’s broader climate and energy transition goals.

  • Air Peace launches flights to Douala, Libreville, Bamako, Conakry

    Air Peace launches flights to Douala, Libreville, Bamako, Conakry

    LAGOS, Nigeria (NPA) — Air Peace has announced the launch of scheduled flight services from Lagos to Douala (Cameroon), Libreville (Gabon), Bamako (Mali), and Conakry (Guinea), effective August 1, 2026.

    The new routes form part of the airline’s expansion strategy aimed at strengthening connectivity across West and Central Africa while supporting trade, tourism, investment, and regional integration.

    Under the new schedule, Air Peace will operate the Lagos–Douala–Libreville route four times weekly on Mondays, Wednesdays, Fridays, and Sundays.

    The Lagos–Bamako–Conakry service will operate on Tuesdays, Thursdays, and Saturdays.

    The airline said the additional destinations will further strengthen Lagos’ position as a major aviation hub linking West and Central Africa with its extensive domestic and international network.

    Passengers travelling from Douala, Libreville, Bamako, and Conakry will have access to onward connections to several Nigerian cities, including Abuja, Port Harcourt, Enugu, Benin, Owerri, Kano, Asaba, Ibadan, Yola, Maiduguri, and Gombe.

    According to a report by The Travel Port, the new services will also provide easier access to Air Peace’s international destinations, including London Gatwick in the United Kingdom and Caribbean destinations such as Antigua and Barbados.

    Commenting on the development, Air Peace management said the expansion reflects the airline’s commitment to providing safe, reliable, and affordable air transportation across Africa.

    “The launch of these new regional services underscores our commitment to connecting Africa through safe, reliable, and affordable air transportation. By expanding our footprint across West and Central Africa, we are facilitating commerce, tourism, investment, and regional integration,” the airline said.

    Air Peace noted that the routes align with the objectives of the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM), which seek to improve connectivity and reduce travel barriers across the continent.

    Bookings for the new services are now available through the airline’s website, mobile application, contact centre, and accredited travel agencies.

    The carrier said it remains committed to expanding access to air travel while strengthening Nigeria’s position as a leading aviation gateway in Africa.

  • Google unveils Android 17 with new productivity, gaming and security features

    Google unveils Android 17 with new productivity, gaming and security features

    GOOGLEPLEX, California (NPA) — Google has announced the release of Android 17, describing it as a major update packed with new features designed to enhance productivity, entertainment, and security. The rollout begins today for Pixel devices, with other eligible Android phones set to receive the update throughout 2026.

    According to Seang Chau, VP and GM of Android Platform, “Android 17 is here, bringing a suite of features designed to enhance your productivity, entertainment, security and safety.” He added that select advanced devices will gain Gemini Intelligence later this summer, offering proactive assistance to help users manage daily tasks.

    Among the standout features is Bubbles multitasking, which allows any app to be converted into a floating window for quick access. On large‑screen devices, bubbles dock in a dedicated bar, enabling seamless switching and resizing.

    Another highlight is Screen Reactions, a tool that lets users record themselves with the selfie camera while capturing their phone screen, making it easier to share reactions over apps, sites, and trending videos without complex setups.

    For gamers, Android 17 introduces Foldable Gaming Mode, offering a split layout with gameplay on top and a dynamic gamepad below. The update also improves memory cleanup to reduce frame drops and stutters during high‑definition gaming.

    Security has been strengthened with features such as temporary location sharing, selective contact access, and an enhanced “Mark as Lost” option in Find Hub, which locks missing phones with biometrics. Updates to Live Threat Detection and Advanced Protection Mode further guard against suspicious apps and sophisticated threats.

    Additional improvements include expanded parental controls, a dedicated assistant volume control, more customisation for dark mode, and app memory limits to boost performance and battery life. Pixel devices also receive exclusive updates through the June Pixel Drop, including real‑time screen reactions, Gemini Omni creative tools, and expanded safety features like Car Crash Detection and Loss of Pulse Detection.

    With Android 17, Google positions its platform as more powerful, secure, and creative, aiming to meet the demands of an AI‑driven mobile era.

  • 1Password acquires Israeli cyber startup Apono in landmark $250M–$300M deal

    1Password acquires Israeli cyber startup Apono in landmark $250M–$300M deal

    TEL AVIV, Isreal (NPA) Canadian cybersecurity giant 1Password has acquired Israeli startup Apono in a deal valued between $250 million and $300 million, marking its first acquisition in Israel and a significant expansion beyond password management into access governance.

    Apono, founded in 2022 by Rom Carmel and Ofir Stein, operates an AI‑powered platform that manages permissions and access to cloud infrastructure. The company eliminates standing permissions by providing dynamic, real‑time access based on business needs and context. Its technology is designed to address the growing challenge of securing both human and non‑human digital identities in the AI era.

    All 80 of Apono’s employees, including 50 based in Israel, will join 1Password, which also plans to expand its local operations with new hires. Carmel, who previously held R&D leadership roles in the Prime Minister’s Office cyber division, and Stein, a former Air Force Ofek unit officer and early developer at Logz.io, bring decades of DevOps and cybersecurity experience to the acquisition.

    Apono has raised $54 million since inception, with investors including Meron Capital, USVP, 33N Ventures, New Era Capital, and others. In December 2025, the company announced its Series B round, led by USVP and 33N Ventures. Board member Ziv Conen of New Era Capital described Apono’s vision as “securing access for AI agents,” highlighting its role in the next frontier of cybersecurity.

    The platform serves Fortune 500 companies and enterprises across the United States, Europe, and Israel, with customers such as Hewlett Packard Enterprise, Jasper, and Bloomreach. It supports access management across AWS, Azure, Google Cloud, Kubernetes, Snowflake, and Databricks, and integrates with more than 200 enterprise applications including Slack, Jira, PagerDuty, and GitHub.

    1Password, valued at approximately $6.8 billion, reported annual recurring revenue of more than $400 million at the end of 2025. The acquisition of Apono strengthens its position in identity and access security, expanding its reach into governance and compliance — areas where Israeli firms like CyberArk and Wiz are already major players.

    The deal comes as organizations worldwide adopt artificial intelligence and face a surge in non‑human digital identities. Apono’s system grants access on a just‑in‑time basis and revokes it immediately after tasks are completed, reducing the need for permanent accounts and simplifying deployment.

    By acquiring Apono, 1Password positions itself at the forefront of identity security in the AI era, combining its global scale with Israeli innovation to tackle one of cybersecurity’s most pressing challenges.

  • Afreximbank secures positive investment grade rating from S&P Global

    Afreximbank secures positive investment grade rating from S&P Global

    CAIRO, Egypt (NPA) — African Export-Import Bank (Afreximbank) has been assigned a ‘BBB+’ long-term issuer credit rating and an ‘A-2’ short-term issuer credit rating by S&P Global Ratings, with a Stable Outlook. The move reinforces the Bank’s strong financial standing and its critical role in driving trade, industrialisation, and economic development across Africa and the wider Global Africa community.

    According to S&P, the rating reflects Afreximbank’s growing strategic importance, robust enterprise risk profile, and expanding role as a countercyclical institution supporting African economies through periods of global and regional uncertainty. The agency highlighted the Bank’s strong policy relevance and shareholder support, underscoring its role in advancing intra-African trade, supporting the African Continental Free Trade Area, and developing transformative platforms that strengthen regional integration and resilience.

    Between 2015 and 2025, Afreximbank’s total assets expanded from $7.1 billion to $42.3 billion, while shareholders’ equity grew from $1.3 billion to $8.4 billion, reflecting significant capital injections and lending growth.

    Commenting on the rating, Afreximbank President and Chairman of the Board Dr. George Elombi described it as “a strong endorsement of Afreximbank’s financial strength, stability, and international credibility, and a clear affirmation of its strategic importance to — and impact across — Global Africa.” He added that Africa’s economic transformation requires “deliberate, bold, courageous and decisive action by the continent itself, working with its diaspora.”

    S&P also noted Afreximbank’s track record in responding to external shocks, including the global financial crisis, commodity price downturn, COVID-19, the Russia-Ukraine conflict, and most recently the Middle East crisis. The Bank has announced a US$10 billion Gulf Crisis Response Programme (GCRP) to shield African and Caribbean economies from regional shocks.

    Afreximbank continues to strengthen systems supporting African trade and investment, including the Pan-African Payment and Settlement System, the Africa Trade Gateway, and the AfCFTA Adjustment Fund. The Stable Outlook reflects S&P’s view of Afreximbank’s strengthened role as a countercyclical lender, ongoing shareholder support, and consecutive capital increases.

    The Bank remains focused on delivering its mandate to transform the structure of African trade by supporting industrialisation, expanding intra-African trade, strengthening regional value chains, and increasing Africa’s participation in global trade.